Monday, June 8, 2020

JLL completes sale of Modera Davis High Rise in Portland, OR


Modera Davis Apartments, 204 units at  215 NW 10th Street
within the affluent Pearl District, Portland, OR


PORTLAND, OR – JLL Capital Markets announced  it has completed the sale of Modera Davis, a 204-unit, luxury high-end residential community located in Portland, Oregon’s Pearl District.

JLL marketed the property exclusively on behalf of the seller, a joint venture between Mill Creek Residential Trust LLC and their capital partner. VirtĂș Investments, purchased the asset free and clear of existing financing.

Carrie Kahn
Modera Davis is located at 215 NW 10th Street within the affluent Pearl District, and was sold prior to receiving a temporary certificate of occupancy.

The newly built, 12-story property features units averaging 658 square feet, 8,307 square feet of retail and 136 parking stalls.

The property boasts a Walk Score® of 100 and Transit Score® of 95 due to its location adjacent to some of the city’s most iconic restaurants, retailers and entertainment venues.

Ira Virden

Apartments feature spacious floor plans with private balconies and high-end finishes, including quartz countertops and backsplashes, stainless steel appliances, wine refrigerators, modern slab panel cabinetry, plank flooring, expansive windows and full-size washers and dryers.

Community amenities feature a top-floor fitness center, rooftop deck with grilling area and fire pit, sauna with rock salt wall, sensory deprivation float spa chamber, golf simulator, demonstration kitchen and electric vehicle charging stations.

The JLL Capital Markets investment advisory team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, Senior Director Carrie Kahn and Associate Frank Solorzano.

Frank Solorzano

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

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Contact:

 Kristen Murphy
 JLL Senior Manager
Public Relations
Phone: +1 617 848 1572


Voit Real Estate Services Directs Four Transactions Totaling $17 Million in Thriving Life Science Sorrento Mesa, CA Submarket


Chris Duncan 

           San Diego, CA – While COVID-19 has definitely created a wave of impacts and uncertainty throughout the commercial real estate industry, one commercial brokerage firm continues to get deals done in the current environment. 

Chris Duncan Vice President of Voit Real Estate Services  San Diego office has successfully directed four transactions in San Diego, California for a combined total of $17 million. The properties are all located in the thriving life science submarket of Sorrento Mesa and all closed within a three-week period.

5820 Oberlin Drive unit 104 and 5820 Oberlin Drive 
unit 106-108, submarket of 
Sorrento Mesa, San Diego, CA

            “There continues to be strong demand for quality assets in quality locations, especially in the life science sector,” explains Duncan. “San Diego, and in particular Sorrento Mesa, is the third largest life science hub in the country, behind San Francisco and Boston. 

"Bio tech and life science companies continue to relocate to the region, tapping into San Diego’s top talent pool.”

 10179 Huennekens Street , San Diego, CA
           
 According to Duncan, Voit’s long history and track record in the San Diego market was a key factor in driving these deals home in the current environment. Duncan has more than 13 years of commercial real estate experience with a focus on industrial/flex and biotech properties in the Central County San Diego market.

 6405 Mira Mesa Boulevard, San Diego, CA
            “We have a strong pulse on the local market and understand the value in having the right team in place to navigate in these uncertain times,” explains Duncan.

 “Because of this, we are able to adjust and adapt quickly to meet our clients’ needs, ultimately finding unique solutions that get deals done. These four recent deals are a prime example of this.”

Todd Holley
The four recent transactions include:

Sale of Two Office/Flex Properties in Sorrento Mesa

 Duncan directed the sale of two office/flex properties including four units totaling 12,569 square-feet in Sorrento Mesa, California for $3.55 million. Duncan represented the seller Eton Bioscience, a biotech company, in the sale.

“Eton Bioscience was looking to sell their current lab/office space and expand into a new location that would better fit the growing company’s needs,” explains Duncan. 

“Because of the high-quality location in San Diego’s life science epicenter, we were able to garner interest from several buyers.”

According to Duncan, demand for quality lab space in Sorrento Mesa is a growing commodity.

“The demand for lab space in Sorrento Mesa continues to outpace supply, which allowed us to obtain a premium for our client,” says Duncan. “In fact, many biotech and life science companies are continuing to purchase office and other asset classes and converting them to lab space due to a lack of available industrial/R&D space.”


Brant Aberg
The disposition included the sale of Unit 104 to AxisPharm, a biotech company and the sale of Unit 106-108 to American Testing Labs, a life science company.

“Our team knows the San Diego market like the back of our hands, especially in terms of what biotech and life science companies are looking for in their properties,” says Duncan who specializes in representing both Landlords and Tenants in leasing and sales with an emphasis on owner/user sales. 

“As a result, we were able to quickly sell unit 104 and sell units 106-108 approximately five days later.”

Located in the heart of Sorrento Mesa with access to the I-5 and I-805 Freeways, the properties are located at 5820 Oberlin Drive unit 104 and 5820 Oberlin Drive unit 106-108.

The buyers were represented by Voit’s Senior Vice President, Todd Holley.


Ryan Downing 
1031 Exchange Acquisition of an Office/Flex/R&D Building in Sorrento Mesa

            Duncan also directed the purchase of a two-story free-standing office/flex/R&D building totaling 21,278 square-feet in Sorrento Mesa for a total of $5.3 million. Duncan represented the buyer, Eton Bioscience, as part of a 1031 exchange.

            “Shortly after facilitating the sale of Eton Biosciences existing lab space, we were tasked with finding the firm a new space that would accommodate their needs, as well as execute this as part of a 1031 exchange,” explains Duncan.

 “Capitalizing on our deep expertise in the market, we were able to quickly identify a property that was still in the Sorrento Mesa submarket where they wanted to remain, but was nearly double the size of their previous space.”

            The property is located directly off Mira Mesa Boulevard on a prominent corner and features a flexible layout.

            “The location provided excellent visibility, as well as flexibility to customize the property to fit Eton Biosciences specific needs,” says Duncan. 



Matt Pourcho 
“The building features multiple private offices and an open area conducive to a functional lab floorplan, one grade level loading door, and ample parking, among other features. 

"It is also located in close proximity to UCSD and other top San Diego universities, which will allow them to continue to attract top level talent.”

Duncan adds, “Our ability to identify the property quickly, work within the time constraints of the 1031 exchange and structure a deal that fit our client’s needs, all within the current environment speaks to our strength as one of the most active brokerage firms in San Diego.”

            The property is located at 10179 Huennekens Street in San Diego, California. Brant Aberg and Ryan Downing at Cushman & Wakefield represented the seller Pangea Properties, LLC.

Acquisition of a 37,991 square-foot office building in Sorrento Mesa

 Duncan also facilitated the acquisition of a 37,991 square-foot office building for $8.5 million, on behalf of the buyer, BPS Bioscience, a national bioscience company.

            “Our client had been leasing a facility and was looking to expand and purchase a space in the Sorrento Mesa submarket,” says Duncan. “As a top bioscience firm, they wanted to be located within this life science hub and cluster of other top bioscience and bio tech companies. 

 Scott Kincaid
"Because of our deep knowledge of the San Diego market, they knew we were the right partner to find them a space that would fit their needs.”

            The property is a very prominent and recognizable building on the corner of Mira Mesa Boulevard, Sorrento Mesa’s most active thoroughfare connecting San Diego’s two largest freeways the I-805 and I-15. A MTS bus station is also located in front of the building with quick access to the Sorrento Valley Coaster Station.

            “This is an ideal location that provides quick and easy access to San Diego’s north, south, east and central submarkets,” explains Duncan. “The property’s flexible layout also provides the opportunity for multiple uses, which was also very attractive to our client.”

            BPS Bioscience plans to convert the two-story multi-tenant office space into a lab space, according to Duncan.

            “The Sorrento Mesa submarket is extremely supply constrained as demand for lab space is on the rise,” says Duncan. “We were able to identify a property in the heart of Sorrento Mesa that fit our client’s location needs and that will easily be able to be converted into lab space.

"This truly speaks to our local expertise in the market and our ability to find creative solutions to deliver on our client’s needs.

            The asset is located at 6405 Mira Mesa Blvd. in San Diego, California. Matt Pourcho and Scott Kincaid at CBRE represented the seller Courtyard II Holdings, LLC.


Contacts:

Katie Haga/Lexi Astfalk
(949) 438-6262


Shorenstein Executes 48,000-SF, Two-Floor Lease with Lewis Brisbois at Bank of America Plaza in Atlanta, GA


Bank of America Plaza, Atlanta, GA

ATLANTA, GA, June 8, 2020 – Shorenstein Properties announced today that it signed a multi-floor long term lease at Bank of America Plaza with Lewis Brisbois, a top 10 American Lawyer national, full-service law firm with nearly 1,600 attorneys and 53 offices in 30 states.

Nicole Goldsmith

Totaling more than 48,000 square feet, the new agreement represents one of the largest office deals signed in Metro Atlanta since the emergence of the COVID-19 crisis in March, and signals Bank of America Plaza’s continued strength and mass appeal to a variety of office users despite the recent economic turbulence.  

Molly Millard

Founded in Los Angeles in 1979, Lewis Brisbois is relocating their Atlanta offices to the iconic office tower from 1180 Peachtree Street, accommodating the firm’s continued expansion plans in the Southeastern U.S.


Jack H. Corey
 Bank of America Plaza’s strategic location in the heart of South Midtown and Tech Square played a significant factor in the firm’s decision to move as the neighborhood’s rapid emergence as a walkable live-work-play community continues to attract a diverse blend of Fortune 500 companies, TAMI sector firms and professional service providers.


Jeff Keppen
Lewis Brisbois is expected to move into its new offices in the high-rise floors on the 46th and 47th floors in April 2021 after completing build-out of its new customized state of the art workspace. 

“We’re thrilled to welcome Lewis Brisbois to our growing community at Bank of America Plaza, which continues to demonstrate strength and resiliency even in a time of economic challenge and uncertainty,” said Jack Corey, Vice President at Shorenstein Properties.

 “Shorenstein is committed to creating opportunities for a variety of companies in need of future-ready workspace that is accessible to top talent within the North Avenue smart corridor.

"We are optimistic on our long-term view of South Midtown and Atlanta’s office market as a whole, which continues to be one of the nation’s top performers.”

Lewis Brisbois offers legal practice in more than 40 specialties. The company’s attorneys have broad knowledge, experience, and sensitivity to their clients’ unique needs.


Jonathan Larsen
Through interaction among practice groups, Lewis Brisbois provides a wide range of legal services to each client with a continuity of representation across multiple disciplines.

Over the years, Lewis Brisbois has built longstanding relationships with corporate and institutional clients based on their ability to provide comprehensive service on a national scale.

“Securing a major lease with a top national law firm in this environment, is significant and demonstrates that premier office buildings located within emerging workplace hubs have added buffers during this short-term economic uncertainty,” said Jeff Keppen, Executive Vice President of CBRE.

“BOA Plaza continues to generate interest across a broad spectrum of industries given its location and broad array of amenities, further cementing its status as the submarket’s premier business address.”

Keppen and Nicole Goldsmith of CBRE represented Shorenstein in the transaction. Jonathan Larsen, Rick Nash, Chandler Larsen, and Molly Millard of Avison Young represented Lewis Brisbois.


Rick Nash
“We evaluated all relevant Class A office properties in the Midtown and Buckhead submarkets,” said Nash. 

“The newly repositioned Bank of America Plaza provided Lewis Brisbois with the best option for a long-term solution with prominent identity and a strong institutional landlord in Atlanta with the ability to continue to grow."

Shorenstein recently completed a $10 million renovation to the building’s West Wing that delivered modern amenities, workspace and Marketplace 600, a 17,000-square-foot food hall. 

Other amenities include the 17,000-square-foot RPM Health Club & Spa, expansive conference facilities, and a Starbucks in the main lobby.

Chandler Larsen
The crown jewel of Atlanta’s skyline, Bank of America Plaza is home to both fast-growing tech firms such as Featurespace, Flexport, Revel Systems, and Riskalyze, as well as established legal and professional services firms like Troutman Sanders and Bank of America.


CONTACT:

Nick Banaszak
The Wilbert Group

Historic Little Daisy Hotel in Jerome, AZ, Once Listed at $6.2 Million, Going To Auction


40-room Little Daisy hotel, Jerome, AZ

Photo credit:  John Lloyd


JEROME, AZ -- The Little Daisy in Jerome, Arizona that originally started out in 1919 as a small hotel for copper miners was completely remade as a luxury mansion when the current owners purchased it in 1995, according to TopTenRealEstateDeals.com.

James Stuart Douglas 
“Rawhide Jimmy" 
Originally listed for sale at $6.2 million,the Little Daisy is going to no reserve auction June 26 with Concierge Auctions. 

The history of Jerome and the 40-room Little Daisy Hotel is steeped in Americana. 

 At the start of the 20th century, the town was the site of an abandoned copper mine that was shut down due to lack of production. 

By accident, while on a work trip between Mexico and Arizona in 1912, assayer James Stuart “Rawhide Jimmy" Douglas happened to come across the mine. 

His assaying skills told him that the motherlode of copper had not been identified by the mine owners, so he bought the land from them and reopened the mine.  

It wasn’t long before Douglas hit that motherlode, the largest copper deposit in the United States, and put Jerome on the map.

By 1919, Douglas was a billionaire and in order to accommodate all his miners, Douglas built the Little Daisy Hotel, named after the mine, and was able to house most of the miners.  




When the production of the mine dwindled after World War II, Douglas shut it down in 1953 and sold the hotel to William Earl Bell, the man who created the world’s first atomic clock.

  In 1995, the Bell family sold the mine to its current owners, Walter and Lisa Acker, as a rundown shell of a building. The Ackers spent nine years restoring and updating the property with respect for its history while enhancing its architectural features and adding high-end upgrades.




Sited on 3.45 acres high above the town with panoramic views of the area’s hills and valleys, the new layout has an extensive master wing and a guest wing with a total of eight bedrooms and seven baths.

 Encompassing 12,000 square feet of climate-controlled living space, there are 2,900 square feet of interior porches, a 9,000-square-foot rooftop garden and four garages/workshops totalling another 2,600 square feet.



 The entrance lobby still retains its reception/check-in desk as a token of its illustrious past. The main floor, with its tall arched floor-to-ceiling perimeter windows and high ceilings houses the formal rooms that open to porches and terraces for lounging or enjoying alfresco dining.

There are fireplaces throughout, a game room, home theater, wine cellar, bar, large kitchen that opens to a private terrace, retro phone booth and an office and craft/sewing room. Porches surround the structure for commanding views from almost every room.




Even with the large size of the rooms, the architecture and quality of the restoration make each room’s atmosphere warm and inviting. 




Located about 100 miles north of Phoenix, Jerome has become a popular tourism destination with art galleries, history tours and a state park. 

The rare opportunity to own not just an exquisite desert mansion with stunning views, but also the opportunity to run an elite boutique hotel or spa - selling fully furnished.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504

Twitter:  @toptenrealestat
facebook.com/toptenrealestat