Wednesday, July 8, 2020

JLL arranges $10.71 million financing for industrial acquisition in Central New Jersey


Greg Nalbandian

MORRISTOWN, NJ– JLL Capital Markets announced it has arranged $6.3 million in debt financing and $4.4 million in joint venture equity for the acquisition of a 129,600-square-foot industrial building leased to a pharmaceutical company along with excess land for a future industrial development in the Central New Jersey communities of Freehold and Howell.

JLL exclusively worked on behalf of Camber Real Estate Partners to arrange the joint venture equity and acquisition financing with one of its life insurance company correspondents.

Situated on 42.58 acres, 569 Halls Mill Rd. spans three parcels split between two Monmouth County communities, Freehold and Howell.

The property is proximate to major thoroughfares within the region, including the Garden State Parkway, and near a fourway cloverleaf interchange of Route 33, which provides direct ingress/egress to New Jersey’s vast highway network.

The existing tenant, a credit-worthy, publicly traded global pharmaceutical company at the forefront of COVID-19 testing kits, has been a long-term tenant at the property.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Greg Nalbandian.

“Camber acquired this mission-critical warehouse facility off-market at a very attractive basis,” Nalbandian said. “We were excited to bring a new and unique capital relationship to our client with one of our life insurance company correspondents that provided both debt and equity financing at very attractive terms.”


 CONTACT:

Kimberly Steele
 JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420


Marcus & Millichap Promotes Scott Sandelin to Senior Vice President Investments in Miami, FL Office


 
Scott Sandelin
Miami, FL, June 8, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today that Scott Sandelin of the company’s Miami office has been promoted to Senior Vice President Investments according to Scott Lunine, Regional Manager. 

 Previously, Sandelin held the position of First Vice President Investments.

  “Scott has been instrumental in the growth of the Miami office.  He not only has helped his clients maximize property values, but he had also played an integral role in the development of new agents having twice been name Miami Trainer of the year,” says Lunine.

Sandelin is an investment sales professional, specializing in retail assets throughout the U.S. with a unique focus in urban high street retail in Miami-Dade County and net leased investment properties nationally.  

Scott Lunine
“It has been an extremely rewarding second career thus far and I am just getting going. I am looking forward to the future and all the opportunities this great business brings to meet incredible people and make money together.” Says Sandelin.

Sandelin has earned the Sales Achievement Awards consistently since 2011, was recognized as the Miami Office’s #1 Producing Agent in 2016 and consistently ranks among the Top Ten Performers in the Miami office. 

Scott entered the real estate world in 1995 when he decided to obtain a license and invest for himself. In 2008 and after making several successful investments, Scott’s love for real estate lured him to transition to a career in real estate brokerage.

In the fall of 2008, he began his new career with a focus on urban high street retail assets on Miami Beach. This start during the financial crisis led him to diversify his business plan to include the sale of single tenant net leased investments. 

CONTACT:

Scott Lunine
Vice President
 Regional Manager
 Miami, FL
(786) 522-7000


NAIOP Florida Chapters Celebrate Signing of Bill Removing Witness Requirements in Commercial and Residential Leases


Darcie Lunsford

FORT LAUDERDALE, FL, July 8, 2020 – Executing a commercial lease in Florida can now be streamlined and digitized to meet the post-COVID age.

The Florida chapter of NAIOP, the Commercial Real Estate Development Association, in partnership with Florida Realtors, Florida Apartment Association and the Florida Bar’s Real Property Probate and Trust Law Section, announces the enactment of a milestone bill removing witness requirements from commercial and residential leases.

Just signed into law by Governor Ron DeSantis, Florida House Bill (HB 469) went into effect on July 1.

“The witness requirement is a cumbersome and unnecessary holdover from the pre-digital era,” said NAIOP Florida President Darcie Lunsford, executive vice president of Butters Realty & Management.

Stephanie Rodriguez

 “This is particularly crucial in the post-COVID environment, where we are looking for ways to limit interpersonal contact while still trying to conduct business, keep our economy going and our buildings full.”

State law already allows for electronic signing of contracts, but the witness requirement for leases had to be addressed to remove the last hurdle to electronic execution of leases in Florida, one of seven states that still had the requirement. The law passed unanimously by both chambers.

“This is a huge win for our industry during an extremely challenging time,” Lunsford added. “The commercial real estate industry continues to grow and is important to the economic viability of our state.”

Gov. Ron DeSantis,

The 1,000-member NAIOP Florida is a coalition between the state’s five regional chapters in South Florida, Central Florida, Tampa Bay, Northeast Florida and Northwest Florida, and works to advance responsible commercial real estate development in the state and advocates for effective public policy.

“This achievement is a terrific example of NAIOP’s efforts to achieve legislative victories on behalf of commercial property owners and developers,” added NAIOP South Florida Chapter President Stephanie Rodriguez

 “During this unique time, it is critical that we work together, in partnership with other groups, to update our State’s policies and elevate the impact our industry has on state and local economies. This is a great win for our members.”

 CONTACT:

O: 954.776.1999  ext. 115 |C: 954.648.9132
6451 North Federal Highway, Suite 1200 
Fort Lauderdale, Florida 33308
More than 100 partner agencies in markets worldwide



Ware Malcomb Announces Completion of L'Oreal Pulp Riot Offices in Encino, CA


Alicia Zaro

LOS ANGELES, CA, July 7, 2020 – Ware Malcomb, an award-winning international design firm, today announced construction is complete on L’Oreal’s new Pulp Riot offices located at 16501 Ventura Boulevard, Suite 400, in Encino, Calif. Ware Malcomb provided interior architecture and design services for the project. 

Pulp Riot is a professional brand of hair color known for its portfolio of cutting-edge products featuring bold and vibrant colors and a dedication to artistic expression. 

Their new 6,600 square foot office space includes a hair demo salon, conference rooms, open offices, flex offices and a photo studio. The space serves as a training facility for stylists throughout the country who frequently visit to learn how to create innovative hair styles with Pulp Riot’s wide array of coloring products.

“This is a company with a very distinct brand, and we wanted the interior design to showcase that brand and tell a story throughout the space,” said Alicia Zaro, Director of Interior Architecture & Design for Ware Malcomb’s Los Angeles office. 

Pulp Riot office, 16501 Ventura Boulevard, Suite 400, Encino, CA
“In working closely with the team at L’Oreal and Pulp Riot, we created an environment where the company’s branding could speak for itself in a space that inspires innovation and creativity for employees and visitors alike.” 

Ware Malcomb selected materials that used simple textures in contrasting ways. Black, white, and greys were paired with simple white walls to allow blank canvases for the company’s branding, creating huge statement walls. 

Darker ceilings were incorporated to allow for a deep contrast with the pops of colors on the walls, which were provided by a graffiti artist who had also worked on Pulp Riot’s branding and packaging. 

Pulp Riot entrance
The conference rooms were designed around the names and color tones of Pulp Riot’s popular hair color products. Each one is unique and reflects a specific brand. 

Acoustical clouds were dropped in the main conference room with organic flowing carpet to create a grand entry for the space adjacent to the demo salon. Ware Malcomb also selected furniture colors that tied into the overall branding concept.

The General Contractor for the project was Pinnacle.

CONTACTS:

Rachel Devany
VP Public Relations, KCOMM for Ware Malcomb

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

Maria Rodgers, Public Relations Manager, 949.660.9128, mrodgers@waremalcomb.com