Thursday, April 29, 2021

Hackensack, NJ apartments sold for $114.45 million

                    360-unit Prospect Place Apartments Hackensack, NJ


 Laurent Morali

MORRISTOWN, NJ –JLL Capital Markets announced it closed the $114.45 million sale of the 360-unit Prospect Place Apartments in Hackensack, New Jersey.

JLL represented the seller, Kushner Companies, to complete the sale to the buyers, Khosla Capital LLC and DKJ Equity LLC.



Prospect Place Apartments total 428,040 rentable square feet and consist of one-, two- and three-bedroom floorplan options.

Raman Khosla,
 Built in 1995 and 2005, the property was recently renovated, with updated units including in-home washers and dryers, hardwood-style flooring, stainless steel appliances and granite countertops. 

The building is pet-friendly and features top of the market community amenities including two fitness centers, game room, swimming pool, resident lounge and business center as well as garage parking. The buyer has immense opportunity to continue updating original units.

Jose Cruz
 Experiencing a renaissance, Hackensack’s central positioning in the county allows connectivity to everything the area has to offer, including over 9,000 acres of outdoor parks and recreation. 

The property is also proximate to the Bergen Museum of Art & Science, Hackensack University Medical Center and various retail, dining and entertainment options.

 The JLL Capital Markets team representing the seller was led by Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh. Khosla Capital LLC, representing the buyers, was led by Raman Khosla, CEO and founder.

Steve Simonelli

    
Khosla stated, “We are excited to be a part of a community that continues to expand, and to enhance and add value to a great asset.”

“The in-fill location and upside in these assets drove very strong interest from the investment community,” stated Cruz.  “Multi-housing demand is stronger than it was pre-covid.”

 “We are pleased with the excellent execution by our friends at JLL, and wish all the best to the buyers,” stated Laurent Morali, President of Kushner.

Kevin O’Hearn


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 sales 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 our newsroom.


 Michael Oliver

About Khosla Capital LLC and DKJ Equity LLC

Together these privately held real estate companies own, manage, acquire, rehabilitate and develop multi-family apartment complexes in the Northeastern and mid-Atlantic United States. 

With over 25 years of experience in investment real estate, Khosla Capital and DKJ Equity have a track record of securing superior risk-adjusted returns and preserving real estate values.


J.B. Bruno



 About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. 

Michael
Kavanagh
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

 

 

Contact: 

Natalie Passarelli

 JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

 

10 A-list celebs building their own real estate empires

 MANCHESTER, ENGLAND --If there’s one thing that the rise in property renovation TV shows can tell us, it’s that there’s BIG money to be made. So, whether you’re investing in commercial, rental or development properties, with the right advice and team, you’re highly likely to make a good profit.

 We all tend to think of celebrities or high profile individuals as people who make riches from their chosen craft. Although that may be the case for some, other business savvy stars have developed entrepreneurial mindsets, using their amassed earnings to make some very smart real estate investments and build their own empires.

 

The Celebrity Investments Index, created by the investment experts at money.co.uk, analysed the business activities of 30 A-list celebrities to determine which high profile stars are the most prolific investors and across which areas of business they operate.

Subsequently, the investing team at money.co.uk compiled the following list of celebrities currently leading the way with their impressive real estate portfolios.


Kylie Jenner

 

The reality TV star caused huge uproar after purchasing her first $2.7 million home in Calabasas at just 17. She didn’t stop there, as since then the 23-year-old Billionaire has gone on to purchase several more homes in her native California.

Since venturing into real estate she has bought and sold three more homes in Hidden Hills for $6 million, $5.4 million, and $12 million respectively.

Known for their passion for interior design, the Kardashian-Jenner family remodel and renovate properties before selling them for profits starting at $1 million. Kylie recently flipped a home and sold a vacant plot of land for $12 million (making over 700K profit in just two years).

Taylor Swift

 

 

Taylor Swift has spent a significant percentage of her wealth investing in real estate over the years, with an estimated spend of $100 million so far. A huge chunk of that, close to $50 million, was spent on a single block of apartments in Tribeca, New York City.

 

In 2014, she paid about $20 million for two adjacent penthouses acquired from “Lord of the Rings” director Peter Jackson. The units were combined into a single, suburban mansion-sized duplex with more than 8,300 square feet.

 

Then, in 2017, she surprisingly snatched up the 27-foot-wide townhouse next door in an off-market deal valued at $18 million. However, she wasn’t done there. In 2018, she ponied up another $9.75 million for a condo in the same building as her penthouse. Talk about loving where you live!

 

Swift’s other real estate holdings include several homes in the Nashville area, a Beverly Hills mansion she bought in 2015 for $25 million, and a prominently sited seaside mansion in Westerly, Rhode Island, which she snagged in 2013 for almost $18 million.

Leonardo DiCaprio

 

 

In 2005, the Oscar-winning actor bought an entire island off the coast of Belize for $1.75 million, covering 104-acres, on which he is developing an eco-resort. With this passion  project, the environmentalist plans to protect the small island and its ecosystem. Although it’s a sustainable real estate investment, it’s been reported that construction on DiCaprio’s expensive resort still hasn't started.

 

In terms of other properties, in 2016 the actor listed his ocean-front Malibu property for $10.95 million (nearly seven times more than what he’d paid for it 20 years earlier). 

 

DiCaprio’s Palm Springs property - 432 Hermosa - was being offered as a short-term rental in 2016, with daily rates starting from $3,750 per night. 

 

The actor has also bought and sold various properties in Manhattan, Hollywood, Palm Springs and The Hamptons in Long Island.

Jennifer Aniston

 

 

As one of the highest paid TV actresses of all time, the former Friends star can take her pick of luxurious properties to live in, then once she’s ready to move on, she knows exactly how to monetise the sale. Aniston bought her mid century Beverly Hills mansion for $13.5 million in 2006, then after two and half years renovating, and after featuring the masterpiece in Architectural Digest, she sold it for a whopping $35 million. Who doesn’t want to live in Rachel Green’s house?

 

Jennifer’s passion for renovating and real estate continued when she and ex-husband Justin Theroux spent $21 million on the purchase of their elegant Bel Air home, only to spend a few years renting nearby before their dream home was ready for moving in. Her mid-century home features four bedrooms, six-and-a-half bathrooms with a wine cellar, pool, and guesthouse; it also has city and ocean views sitting on almost two acres of land.

Brad Pitt and Angelina Jolie

 

 

Brad Pitt and Angelina Jolie, two of the most famous exes in the world, were (and technically remain) an unstoppable real estate power couple. 

 

Together, they own the impressive Château Miraval in France. The Hollywood couple bought the property in 2008 for an impressive €45 million (about $67 million), and held their wedding on the grounds later in 2014. Château Miraval is also an income-generating estate, producing quality wines and extra virgin olive oils.

 

The pair's impressive real estate portfolio also includes various properties in New Orleans, New York, Los Angeles, Santa Barbara and Mallorca, Spain. As well as this, Brad has also converted and developed properties in Los Feliz and Santa Barbara, which were purchased before meeting Angelina.

Tyra Banks

 

 

Tyra Banks has purchased four properties in the Pacific Palisades in Los Angeles. She bought a contemporary-style $6.95 million home, complete with an ocean view, wine cellar, gym and media room.

 

She also owns a 7,000-square-foot Manhattan duplex in Battery Park City that she purchased in 2009 for $10.13 million. The five-bedroom penthouse, though currently unlisted, was last put on the market for an impressive $17.5 million.

 

In May 2018, the former supermodel sold a two-bedroom townhome in Los Angeles for $1.47 million, and then in June she bagged $8.9 million for an updated ocean-view home in Pacific Palisades, originally listed for $9.2 million.

Madonna

 

 

Queen of pop Madonna owns properties around the world, from her 18th-century mansion in Portugal to her reported six properties in and around the city of London.

 

One of Madonna's most famous homes is her $40 million Upper East Side apartment in New York City. The townhouse boasts a two-car garage, nine fireplaces, an elevator, and a wine cellar.

 

Most recently, Madonna put her Beverly Hills mansion on the market for a whopping $35 million.

Arnold Schwarzenegger

 

 

Arnie first muscled his way into real estate when he was looking for a way to support his bodybuilding career by purchasing a six-unit building in Santa Monica and living in one of the apartments himself.

 

He upgraded by buying a 12, and then a 36-unit building. He currently owns hundreds of apartment units, office buildings and retail space in West Hollywood and Los Angeles, estimated to be worth over $300 million.

 

Schwarzenegger’s small collection of private estates also includes a 15,000-square-foot mansion in the Brentwood area of Los Angeles, as well as a multi-winged mansion near the ski resort community of Sun Valley, Idaho.

Ashton Kutcher

 

 

Since taking a step back from acting, Ashton has famously become a high profile investor, but he is also big in the real estate game. 

 

The actor owns several multi-million dollar homes across Southern California with his wife, actress Mila Kunis, including a $10 million beach house in Carpinteria, and a $10.2 million primary residence in the Beverly Hills area.

 

All credit to money.co.uk: https://www.money.co.uk/investing/celebrity-investment-index

 

All imagery can be found here: https://drive.google.com/file/d/1Ls6fSTvfHxUOk6lY6SFNElVMvo1UgckY/view?usp=sharing

 



Healthcare group acquires office building in San Diego, CA for $8.95 million

 

                                       Morgan Reno

SAN DIEGO, CA, April 29, 2021
           Chris Ross
 – JLL announced today that NextMed - San Diego Owner, LLC has paid $8.95 million for the Class A, three-story 36,073-square-foot building located at 5643 Copley Drive in San Diego, California

NextMed San Diego Owner, LLC, anchored by a surgery center developer and a group of doctors, will convert the building to a surgery center and medical offices.

Chris Ross, Paul Braun and Kelly Moriarty of JLL’s Healthcare Practice Group in San Diego represented NextMed San Diego Owner, LLC. 
The seller, Manchester Financial, was represented by Derek Hulse, Morgan Reno and Duncan Dodd of Cushman Wakefield.

                     Paul Braun
"Growth in the San Diego healthcare real estate market has been strong for several years, which has remained the case even through the challenges of the COVID pandemic," said Ross, Executive Vice President, JLL Healthcare Practice Group.

"Vacancy rates continue to drop and rents continue to inch up, with very few properties available for purchase.  
"We expect this trend to remain for the foreseeable future, which is making conversion opportunities like this extremely attractive to users and investors alike.”

          Kelly Moriarty 


5643 Copley Drive is ideally located immediately off of SR-52 at the “center of gravity” of San Diego’s largest hospital campuses. 

 It is easily accessible to most of San Diego’s major freeways, Clairemont Mesa Boulevard and Convoy Street, providing convenient access to healthcare services for the surrounding communities.


About JLL


JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.


JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020.


                 Derek Hulse




JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

                                                               
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 
Duncan Dodd

For further information, visit 
jll.com.

 

 

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”