Thursday, September 24, 2020

$33.3 million secured for International House development in Philadelphia

Chad Orcutt 

PHILADELPHIA, PA – JLL Capital Markets announced it has arranged $33 million in acquisition and renovation financing for the International House multi-housing property located at 3701 Chestnut St. in Philadelphia, Pennsylvania.

 JLL represented the borrower, CSC Coliving, LLC (CSC), to secure the loan with PostRoad Group.

 International House sits on 1.33 acres, is 14 stories tall and consists of 10,016 square feet of occupied office space. CSC plans to convert the existing office space into apartments, with plans to fully renovate and update floors into 400 units.

The second-floor office space will continue to be occupied through 2028 and the ground floor will be available to other office/retail tenants.

The property is also perfectly positioned for additional 150,000 ground up development in the back portion without disrupting the existing building.

Blaine Fleming

 Located in University City, one of Philadelphia’s most dynamic locations and home to the University of Pennsylvania, International House is located near 5 million square feet of office space, providing over 85,000 jobs to the area.

For those commuting or wanting easy access around the city, the property is conveniently located near immense walking, biking and public transportation options with over 280 restaurants and bars and 136 retailers nearby.

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Chad Orcutt and Analyst Blaine Fleming.

 “It was a pleasure to represent CSC in arranging acquisition financing of this iconic building in the heart of Philadelphia’s University City submarket,” said Orcutt.

“CSC is an expert in the co-living and multi-housing market, and we are excited to have them make their first investment in the Philadelphia market.”

For more news, videos and research resources on JLL, please visit our newsroom.

CONTACT:

 Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

425 Quincy Street development opportunity in Boston, MA sold to Volnay Capital

425 Quincy Street, a multi-housing development opportunity
in the Dorchester neighborhood of Boston, MA

BOSTON, MA, Sept. 24, 2020 – JLL Capital Markets announced today that it has completed the $2 million property sale of 425 Quincy Street, a multi-housing development opportunity in the Dorchester neighborhood of Boston, Massachusetts.

 JLL represented the private seller to complete the property sale to Volnay Capital. The existing building will be renovated and re-leased, and the buyer will begin the permitting process for rental housing development.

Kellie Coveney

 The 425 Quincy Street property sits on 0.46 acres, some of which is covered by a three-decker house, and the buyer will begin to permit for ground-up residential development.

To remain aligned with the surrounding neighborhood, Volnay Capital will be proposing a three-story development with 27 units and surrounding the existing three-family. A portion of the sale price is subject to the approval of this development.

Ricky Beliveau

 “We are extremely excited about this opportunity to bring a beautiful three-family back to life while providing much needed workforce housing on an underutilized site,” said Ricky Beliveau, CEO Volnay Capital.

 The JLL Capital Markets team representing the seller were Directors Mike Restivo, Kellie Coveney and Lenny Pierce.

 “Volnay Capital has had a lot of success in outer urban locations like this one and this marks their second acquisition in Dorchester,” said Pierce.

Mike Restivo

 “The property is positioned between the neighborhood’s two major thoroughfares, Dorchester Avenue and Columbia Road, and should draft well off the nearby, 500-unit Dot Block project.

"Dorchester is also home to other large-scale developments such as The Beat, South Bay Center and the Bayside Expo site – making the geography one of the hottest development nodes in the region.”

Lenny Pierce

 For more news, videos and research resources on JLL, please visit our newsroom.

CONTACT:

 Natalie Passarelli

 JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com

 

Ware Malcomb Announces Ramzah Khan Has Joined as Studio Manager in DC Office

Ramzah Khan

 WASHINGTON, DC (Sept. 24, 2020) – Ware Malcomb, an award-winning international design firm, today announced Ramzah Khan has joined the Washington, D.C. office as Studio Manager, Interior Architecture & Design. In this role, she oversees the Interior Architecture & Design Studio for the Washington D.C. office and manages select projects.

“We are very excited to have Ramzah join our team in Washington, D.C.,” said Michael Christensen, Regional Director of Ware Malcomb’s Washington, D.C. office.

 “Her experience in both corporate interiors and commercial real estate will help strengthen Ware Malcomb’s ever-growing presence in the D.C. metro area and expand our reach in the market. We look forward to her contributions in the years ahead.”

Ramzah’s experience working in commercial and residential design includes a variety of project types such as corporate office, law firm, multifamily, nonprofit, associations and tech. In addition to her experience with project design and management, Ramzah also brings urban planning experience to the team. 


Michael Christensen

Ramzah earned a Bachelor of Arts degree in Urban Planning from the University of Calgary in Calgary, Alberta, Canada, and a Master of Arts degree in Interior Design from George Washington University in Washington, D.C.

 She holds the LEED Green Associate Accreditation from the U.S. Green Building Council (USGBC) and has been involved in numerous industry organizations.

They include IIDA, CoreNet Global, USGBC, Commercial Real Estate Women (CREW), NAIOP Commercial Real Estate Development Association and CREBA, and in prior leadership roles at the American Society of Interior Designers (ASID) Chapter. 

For more information, please visit http://www.waremalcomb.com/news and view Ware Malcomb’s Brand Video at youtube.com/waremalcomb.


CONTACTS:

 Rachel Devany

VP Public Relations, KCOMM for Ware Malcomb

Rachel@kcomm.com 


Maria Rodgers, Public Relations Manager, 949.660.9128

 mrodgers@waremalcomb.com

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


Hanley Investment Group Sells Rare Single-Tenant Amazon in Chicago

 

The 2,800-square-foot Amazon-occupied property is located
on the ground floor of a four-story, six-unit residential
 condominium building built in 2010

CHICAGO, IL – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm has arranged the sale of a single-tenant Amazon Hub Locker+ location strategically situated directly across the street from DePaul University in Chicago, the largest Catholic higher education institution in the country (with 24,000 students).



Kevin Fryman

Hanley Investment Group Executive Vice Presidents Kevin Fryman, Bill Asher and Jeff Lefko represented the seller, Westwood Financial of Los Angeles, California. The buyer was a private investor from Mexico, City, Mexico, and was represented by John Oks of Banco Santander International in Miami, Florida.

The 2,800-square-foot Amazon-occupied property is located on the ground floor of a four-story, six-unit residential condominium building built in 2010 at the signalized intersection of Webster Avenue and Sheffield Avenue, 1001 W. Webster Avenue. Amazon Hub Locker+ offers a secure, staffed pickup and return location for Amazon packages. 

“This is a critical Amazon Hub Locker+ location with a 4.7 Google rating (131 Google reviews) with customer feedback focused on the convenience of the location, great customer service, well maintained, and easy returns,” said Fryman. “Amazon Hub Locker+ locations provide customers ease of use without any concern about traditional doorstep package theft.”


Bill Asher 

Amazon started to grow its locker plan strategy in 2011 and now has locker locations in over 900 cities and towns including convenience stores, local groceries, apartment buildings and Whole Foods Market. 

Amazon is said to be planning significant growth of its locker program in the future.


During the height of the COVID-19 pandemic, consumers spent $200.72 billion online with U.S. retailers, up 44.4% from $138.96 billion for the same quarter the prior year, according to retail figures recently published by the Commerce Department


That means more than $1 in every $5 spent came from orders placed on the web during the April-June period. Amazon-owned sales alone accounted for nearly a quarter of all U.S. ecommerce in Q2 and is responsible for just over a quarter of ecommerce growth from April through June.



Jeff Lefko
In August, Amazon announced that it will invest more than $1.4 billion in new offices in Detroit, Dallas, Denver, New York, Phoenix and San Diego. The move is expected to create 3,500 jobs in total. 


It was also reported that the e-commerce giant is in talks with mall owner Simon Property Group to turn anchor stores into distribution hubs, the Wall Street Journal reported.


Amazon has been reported to be pursuing a multi-format growth strategy in both urban and suburban locations including taking over approximately 38,000 square feet of the 88,000-square-foot space owned by Kohl’s in La Verne, California. 


This is not the first partnership between Kohl’s and Amazon. Kohl’s sells Amazon smart home products in its U.S. stores, and last year began accepting Amazon returns at its stores, a move which helped boost foot traffic at Kohl’s. 



About Westwood Financial
Westwood Financial is a premier, fully-integrated real estate investment platform with a portfolio of 72 shopping centers primarily concentrated in California, Arizona, Texas, Colorado, North Carolina, and Georgia.

Westwood has owned and operated neighborhood and community shopping centers for nearly 50 years, beginning with a collection of small, West-Los Angeles strip centers and growing into a portfolio of over 150 primarily grocery-anchored and service-oriented shopping centers. 

Steven Fogel and Howard Banchik who serve as Co-Chairs on the Board of Directors along with three independent Directors, founded the company in 1970 out of a desire to provide investors and partners with stable, income-producing real estate investments. That focus continues today.


Amazon.com, Inc. (NASDAQ: AMZN) net sales increased 40% to $88.9 billion in the second quarter, compared with $63.4 billion in the second quarter of 2019. 


The tech giant’s net income increased to $5.2 billion in the second quarter, compared with net income of $2.6 billion, in the second quarter of 2019.


 The company also created over 175,000 new jobs since March 2020 and is in the process of bringing 125,000 of these employees into regular, full-time positions. 


The Amazon property is located at the signalized intersection of Webster Avenue and Sheffield Avenue, 1001 W. Webster Avenue, Chicago, IL


Amazon has received a host of awards and top rankings including #1 American Customer Satisfaction Index Internet Retail Category, 2020, ranked in the top 10, eleven years running; #2 Fortune World’s Most Admired Companies, 2017-2020; and #4 Forbes World’s Most Valuable Brands, 2019-2020.

Asher adds, “This is a high-profile site in a Lincoln Park/Chicago location. Lincoln Park is one of the densest and most affluent neighborhoods in the country. There are 1,000,000 residents within a five-mile radius and a $163,000 average household income within a one-mile radius.” 

“In addition to its proximity to DePaul University, it is only two miles from Wrigley Field along Sheffield Avenue,” Fryman notes. 

DePaul University, Chicago, IL

The city of Chicago (located in Cook County) is the most populous city in the Midwest and the third most populous city in the U.S. with 2.7 million residents. Cook County is the second-largest county in the U.S.

Chicago leads the nation in residential tower construction and corporate investment with numerous projects underway. There are more than 30 major high-rises under construction in the greater downtown area alone.

“Properties that are considered an essential business with long-term leases located in dense, affluent neighborhoods are commanding top dollar in today’s market,” said Fryman. “We expect this trend of ‘flight to quality’ single-tenant investing to continue.” 

CONTACTS:

 Kevin Fryman | Bill Asher

Hanley Investment Group Real Estate Advisors  
949.585.7674 | 949.585.7684
 

www.hanleyinvestment.com.

www.westfin.com