Sunday, October 4, 2020

Tricera Capital and LNDMRK Development Acquire Walgreens-Leased Building in Miami Shores, FL

Jamie Maniscalco 

MIAMI, FL – Tricera Capital, the Miami-based real estate investment firm, and Alex Karakhanian’s LNDMRK Development teamed up to acquire a Walgreens-leased retail building in Miami Shores. The joint venture closed the off-market purchase of the 9020 Biscayne Blvd. property on Sept. 30.

Scott Sherman 

 For the venture, the $4 million acquisition is a particularly desirable long-term investment. Walgreens is signed to a long-term single-tenant lease for the 14,850-square-foot building.

Tricera and LNDMRK purchased the property at an attractive land basis, offering significant upside through future redevelopment or re-leasing the existing building.

Ben Mandell

 The property is adjacent to a Publix supermarket on a stretch of Biscayne Boulevard that generates substantial traffic.

 “We are thrilled to partner with Alex and LNDMRK once again on this new investment,” said Tricera Co-Founders and Managing Principals Scott Sherman and Ben Mandell. “This acquisition underscores our firm’s unique ability to identify and execute on off-market opportunities in urban core neighborhoods.”

 Walgreens-leased building, 9020 Biscayne Boulevard, Miami Shores, FL

 The venture obtained a $2.5 million loan from First National Bank of South Miami for the acquisition.

 Miguel Pinto and Jamie Maniscalco of APEX Capital Realty represented both the buyer and seller in the off-market transaction.

Miguel Pinto

 Tricera and LNDMRK are collaborating on several investments and developments.

 The Related Group is partnering with the companies to develop The Dorsey, a 12-story apartment building with a parking garage and nearly 95,000 square feet of office and retail space in Wynwood. The joint venture acquired the project site, a former Coca Cola plant, in September 2019.

Alex Karakhanian

 Tricera and LNDMRK are also jointly developing a luxury retail project in Miami’s Design District.

 “It is exciting to expand on our successful partnership with Tricera,” Karakhanian said. “This new acquisition adds a strong asset with in-place cash flow and long-term upside to our growing portfolio.”

   CONTACT:

Eric Kalis

Vice President

 Boardroom PR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

  www.triceracap.com

 

JLL signs CommonSpirit medical office lease in Scottsdale, AZ, expanding COVID-19 testing

 

Mari Lederman 

SCOTTSDALE, AZ – Medical office experts in the Phoenix office of JLL have completed a 9,727-square-foot, long-term lease that brings a CommonSpirit Health Reference Lab to Scottsdale, Arizona.

The lab will more than triple the COVID-19 testing capacity for CommonSpirit Health’s 137 hospitals and more than 1,000 care sites nationwide, including Dignity Health clinics and hospitals across Arizona.

 The Reference Lab is located at 19001 N. Scottsdale Rd., just north of the Loop 101. It sits on the ground floor of Ilume Innovation Center, a 317,937-square-foot, state-of-the-art medical building featuring office, wet lab and research/development space.

 Katie McIntyre

 JLL Vice Presidents Mari Lederman and Katie McIntyre represented CommonSpirit Health in the lease negotiations. Vince Femiano from Transwestern represented Ilume Innovation Center owner, Stockdale Capital Partners.

 “JLL was tasked with finding move-in ready lab space in Arizona with close access to an airport and freeways for national COVID-19 testing,” said McIntyre. “Ilume Innovation Center has all of these advantages, and that has enabled CommonSpirit to stand up the Reference Lab in a matter of weeks.”

Vince Femiano

 “Ilume Innovation Center’s infrastructure suited this project very well, and Stockdale Capital Partners worked expeditiously – along with the equipment vendors and contractor – to have the lab up and running as soon as feasibly possible,” said Lederman.

 The CommonSpirit Reference Lab has the capacity to process up to 10,000 molecular tests per day, with an expected maximum 36-hour turn time from when the test was received at the lab.

 The Illume Reference Lab opened last week and testing has begun at the facility.

About CommonSpirit Health

CommonSpirit Health is a nonprofit, Catholic health system dedicated to advancing health for all people. It was created in February 2019 through the alignment of Catholic Health Initiatives and Dignity Health.

Ilume Innovation Center, Scottsdale, AZ

CommonSpirit Health is committed to creating healthier communities, delivering exceptional patient care, and ensuring every person has access to quality health care.

With a team of approximately 150,000 employees and 25,000 physicians and advanced practice clinicians, CommonSpirit Health operates 137 hospitals and more than 1000 care sites across 21 states.

Ilume Innovation Center entrance, Scottsdale, AZ

In FY 2019, Catholic Health Initiatives and Dignity Health had combined revenues of nearly $29 billion and provided $4.45 billion in charity care, community benefit, and unreimbursed government programs.

Contact:

 Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.jll.com.

 

Arbor Funds $177.8 Million Loans in Southeastern U.S.


                                          Alexander Kaushansky



UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, closed 18 deals totaling $177.8M in the Southeastern U.S.

 

Alexander Kaushansky of Arbor’s New York City office originated the loans.

 

“Providing our clients certainty of execution while tailoring optimum terms is what we do best at Arbor,” Kaushansky said. “We take pride in our ability to service our clients’ needs on diverse loans utilizing different products.”

 

Crestview Manor Apartments in Paris, TN, received $10.5M in refinancing through the Fannie Mae Multifamily Affordable Housing program in the second quarter of 2020. The pet-friendly community consists of 52-units with one-, two- and three-bedroom floorplans.

 

Concord View Townhomes in Concord, NC, received $10.5M in refinancing through the Freddie Mac Conventional program in the second quarter of 2020. The complex offers one, two- and three-bedroom units with granite countertops and stainless steel appliances. It also features basketball and tennis courts, a business center and clubhouse.

 

The following three properties located in the Carolinas were refinanced through the Fannie Mae DUS® program:



                                    Villas at Garden Way in Rock Hill, SC

 Villas at Garden Way in Rock Hill, SC, received $6.8M in the third quarter of 2020.The 96-unit complex offers studio, one-, two- and three-bedroom floorplans, and is within walking distance to historic downtown Rock Hill. Winthrop University and Piedmont Hospital are just minutes away.

 

Crown Point at Sunset in Salisbury, NC, received $8.3M in the third quarter of 2020. Built in 2002, the 108-unit property features granite countertops, stainless steel appliances and hardwood floors. The community also has a fitness center, pool, playground and game room.

 

Crown Point Townhomes in Charlotte, NC, received $20M in the second quarter of 2020. The newly renovated community includes two-bedroom units that boast large living spaces, walk-in closets and private patios. Shopping, dining and entertainment are nearby.

 

Four additional properties in South Carolina received refinancing through the Fannie Mae Small Loan program in the third quarter of 2019:

 

Country Club Apartments in Rock Hill received $5.4M. The beautiful garden-style multifamily property offers two- and three-bedroom townhomes with modern kitchens and large bedrooms. It features a playground, basketball area and pool, and is located 30 minutes from Uptown Charlotte.

 

Fort Mill I - Bollin Circle in Fort Mill received $4.4M. The townhome community has one- and two-bedroom units with hardwood floors and features a fitness center, fire pit, playground and picnic area.  

 

Fort Mill II - Drane Circle in Fort Mill received $3.6M. The property includes one- and two-bedroom floor plans and outside living space. It is conveniently located with shopping, dining and entertainment nearby.

 

Fort Mill III - Banks Road in Fort Mill received $3.2M. The pet-friendly complex offers one- and two-bedroom garden-style townhomes with hardwood floors and central air conditioning.

 

Bridge acquisition funding was secured for the following nine additional properties:



Crown Point Townhomes in Charlotte, NC


 

Capital Square Apartments in Savannah, GA, received $15.8M during the first quarter of 2020. The complex is made up of spacious one-, two- and three-bedroom apartments with patio and balcony options, and central air conditioning. Quaint local shops, market and boutiques are nearby.

 

Edge Townhomes in Charlotte, NC, received $3.6M in the fourth quarter of 2019. The two-bedroom community features a dog park, fitness, center and swimming pool. It is conveniently located halfway between Downtown Charlotte and the University of North Carolina at Charlotte.

 

The Edge at Noda in Charlotte, NC, received $17.5M in the fourth quarter of 2019. The 208-unit property includes one- and two-bedroom upscale floorplans with views of the skyline. It offers a dog park, fitness center, pool and courtyard for residents. 

 

Sage Point Apartments and Townhomes in Charlotte, NC, received $9.6M in the fourth quarter of 2019. The 144-unit community consists of one- and two-bedrooms with hardwood floors and granite kitchen countertops. Shopping and the city bus line are nearby.

 

Doral Apartments in Charlotte, NC, received $11M in the fourth quarter of 2019. The newly updated property features one-, two- and three-bedroom options with a 24-hour fitness center, outdoor pavilion, fenced dog park and pool. It is just five minutes to Central Piedmont Community College.

 

Tryon Forest Apartments in Charlotte, NC, received $10.8M in the fourth quarter of 2019. The 169-unit complex is made up of one-, two-, and three-bedroom apartments with spacious floor plans. Local shopping is nearby.

 

Bradford Commons in Charlotte, NC, received $5.6M in the fourth quarter of 2019. The garden-style property offers one- and two-bedroom units with spacious living rooms, walk-in closets, a community pool and pet park. Evergreen Nature preserve is a short driving distance away.  

 

Ponderosa Apartments in Charlotte, NC, received $5.7M in the fourth quarter of 2019. The property features one- and two-bedroom units with walk-in closets and a new breakfast/coffee bar. Local shopping is within walking distance.

 

Forestbrook and Sunset Village in Charlotte, NC, received $25.5M in the third quarter of 2019. These two properties offer a total of 360-units comprised one-,two-, and three-bedrooms and is pet-friendly. Downtown Charlotte is just minutes away.

 Contact:

 Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

 


KBS Sells 250 Holger Way at District 237, a 415,492 SF Office Complex in San Jose, CA for $38 Million


       An additional building at  250 Holger Way within District 237

a Class A, 415,492 SF office/R&D complex in San Jose, CA 


 

Robyn Foianini

SAN JOSE, CA – KBS, one of the largest investors in premier commercial real estate in the nation, announced today that it has sold an additional building at District 237, a Class A, 415,492-SF office/R&D complex in San Jose, CA  


 Gio Cordoves

District 237state Investment Trust II. The 76,410 square-foot building was sold to San Francisco Bay Area Bailard for $38.25 million.  


  Earlier this year, KBS sold two buildings comprising 142,710 square-feet at – 100 Headquarters Drive and 200 Holger Way – to an independent real estate fund and asset management company for $95.2 million.  


Joe Moriarty

The sale of 250 Holger Way at District 237 represents ongoing interest in high-quality office/R&D properties located in the epicenter of key markets throughout the country, according to Gio Cordoves, regional president, western region, for KBS.  

 

“KBS has a long history of identifying and acquiring assets positioned for strong performance in markets where tenants want to be located, and District 237 is clearly one of those assets,” says Cordoves. 


“The sale of three out of the eight buildings comprising more than 200,000 square feet at this property in less than four months in the midst of a global pandemic demonstrates investors’ confidence in this sector well into the future.” 

 

Scott Prosser

District 237, formerly known as Corporate Technology Centre, is located in the North San Jose submarket of the Silicon Valley, a highly desirable area of Northern California among office users, particularly in the tech industry, according to Brent Carroll, asset manager for District 237 and senior vice president for KBS.  

 

“San Jose enjoys tech spillover from the rest of Silicon Valley, including cities such as Palo Alto and Mountain View,” says Carroll. 


 Brent Carroll

“Tech tenants who are drawn to Silicon Valley are finding more competitive rates in this submarket, and office investors are realizing that institutional-grade assets like the buildings at District 237 can add tremendous value to their portfolio. 


KBS recognized how well-located District 237 is in this submarket and the potential for powerful value creation at this property. 


The fact that the firm has achieved this goal is evidenced in this latest sales transaction.”  

 

Built in 1999 and 2001, District 237 was constructed as eight one, two-and three-story buildings.


 In 2018, KBS sold three of the eight buildings. All of the buildings at this property feature excellent window lines and efficient floorplates, as well as superb visibility from over 3,000 feet of Highway 237 frontage, according to Carroll.  


Jack DePuy

“The Highway 237 corridor benefits from positive new developments and emergence as the prime linkage point for companies drawing employees from either side of the San Francisco Bay,” says Carroll. 


“The location has evolved into one of the most desirable in Silicon Valley, and District 237 is well situated within that location.”  

 

Carroll adds that the collection of buildings at District 237 ranged from 20,009 square feet to 101,194 square feet, with an average floorplate of nearly 31,500 square feet, which attracts larger, well-capitalized tenants with high credit quality.  


Russell Ingrum


“250 Holger Way is a natural fit for the portfolio, with a strong tenant base and located within a highly desirable and liquid submarket in the U.S.,” says James Pinkerton, senior vice president of Acquisitions & Portfolio Management at Bailard. 


“The Bailard team is continually looking to refresh and expand its portfolio with high-quality assets and is pleased to complete the acquisition of 250 Holger Way within District 237.”  

 

KBS recently repositioned and rebranded District 237, 

which resulted in a combined total of 315,622 square feet in new leases with three global companies at the property.  


Brad Zampa
 

Ratherthan white boxing the five buildings, KBS took one building and completely built out the interior which included a more open layout, updated common areas, a new tenant lounge, fitness center and private outdoor amenity areas that we believed would drive new leasing activity by infusing new energy into the project,” Carroll notes.  

 

The sale of 250 Holger Way at District 237 was brokered by the CBRE Northern California Capital Markets Team consisting of Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker. The buyer represented themselves.  


Mike Walker

“Investors are consistently drawn to this highly appealing property in an extremely popular submarket of Northern California,” says Moriarty. 


“KBS’ pride of ownership comes through for investors as they continue to seek out properties like District 237 throughout the area.”  

 

District 237 is located directly adjacent to @First retail center, which has attracted a rich mix of neighborhood amenities including Target, CVS Pharmacy, Fresh and Easy, Chipotle, Coffee Bean, Chick-fil-A, Panera, Chase Bank, Marriott Courtyard, Hotel Sierra and many others.  


James Pinkerton


Attorneys Bruce Fischer and Howard Chu, and paralegal, Robyn Foianini, of global law firm Greenberg Traurig, LLP’s Orange County office represented KBS as legal counsel in the disposition  

 

“We were very pleased to work with KBS in the disposition of 250 Holger Way during a pandemic which continues to show interest in high quality office assets,” said Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team.  

 


District 237 is located at 100 Headquarters Drive and 200-350 Holger Way in San Jose, California..  


Howard Chu

About KBS  


KBS is one of the largest investors of premier commercial real estate in the nation.


 As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $42 billion on behalf of private and institutional investors globally. 


Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. 


Bruce Fischer

The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of its investors, partners and tenants.


 SEC registration as an investment advisor does not imply any particular level of skill or training. 


For more information on KBS, please visit www.kbs.com.  

 

  

 

About Bailard, Inc.


With over 50 years of experience, Bailard is an independent wealth and investment management firm that combines proven, proprietary methodologies with innovative new strategies to drive success for clients.



Peter Bren

 For individuals and institutions alike, Bailard proudly serves as a trusted partner focused on achieving long-term results aligned with client values and goals. 


An independent firm since its founding in 1969, Bailard stands committed to its values and, most importantly, its clients.


 With $3.8 billion AUM as of June 30, 2020, Bailard’s high-touch client service and proven track record are grounded in the firm’s core values of accountability, compassion, courage, excellence, fairness, and independence.  

 



CONTACT:


 Micaela Fehrenbach 

mfehrenbach@brower-group.com

www.cbre.com.

https://www.bailard.com/.