Daum Commercial Directs Acquisition of Rare Infill Industrial Asset in Los Angeles County

PHOTO CREDIT: DAUM Commercial Real Estate Services directed the acquisition of a 64,109 square-foot industrial asset situated on 115,084 square feet of land in Temple City, CA

TEMPLE CITY, CA, Nov. 17, 2021 – DAUM Commercial Real Estate Services has directed the acquisition of a 64,109 square-foot industrial asset situated on 115,084 square feet of land in the Los Angeles County’s Temple City, California.

The property was purchased by Dunleer, a Los Angeles-based real estate investment firm that focuses on acquiring industrial and apartment assets in strategic western infill locations, according to Jordan Lara, an Executive Vice Principal at DAUM Commercial and member of LARA Team, who represented the buyer in the transaction.

Jordan Lara

“Acquisitions of infill industrial assets like these are becoming increasingly rare in the Los Angeles area, especially in the high-density, low-vacancy San Gabriel Valley submarket,” says Lara.

 “Drawing on our vast experience throughout Southern California, as well as insight into where the market and leasing activity is headed over the next several months, we were able to identify and secure this property as a prime opportunity for Dunleer to enact its proven strategy to bring a highly in-demand, upgraded asset to market.”

BJ Turner, Founder and CEO of Dunleer, adds: “As both consumer demand for last-mile delivery and supply chain costs rise, assets like these, which are located in dense submarkets that connect industrial pockets to affluent resident populations, are becoming nearly impossible to secure.

BJ Turner

"Due to lack of deliveries, users are often driven to look further east and incur high transportation costs, making this property highly competitive.”

Turner notes that the immediate area has recently attracted major companies including Amazon and Goodman. 

The property features freestanding, secured yards, 21-foot minimum clear height, seven roll-up doors and three dock positions, 2000-amp three-phase power, and ample parking.

Contacts: 

Arleeny Escarcega / Elisabeth Manville  
Brower Group  
(949) 438-6262 
aescarcega@brower-group.com 

www.daumcommercial.com.

 

JLL Capital Markets facilitates sale of a Class A industrial property in an infill area on Palmetto Commerce Parkway in Charleston, SC

7770 Palmetto Commerce Parkway, Charleston, SC

 

CHARLESTON, SC, Nov. 17, 2021 – JLL Capital Markets announced today that it has closed the sale of 7770 Palmetto Commerce Pkwy., a 196,540-square-foot, Class A industrial facility in Charleston, South Carolina.

 JLL marketed the property on behalf of the seller, a joint venture between The Beach Company and Samet Corporation. INDUS Realty Trust, Inc. (Nasdaq: INDT) acquired the asset.

 Pete Pittroff

7770 Palmetto Commerce Pkwy. is situated at an infill location adjacent to Interstate 26, which provides seamless connectivity to Interstates 526 and 95 and the surrounding region.

The property also benefits from its direct access to Charleston’s world-class logistics infrastructure, which includes Charleston International Airport (CHS) and the Port of Charleston terminals.

Charleston continues to transform into a premier logistical hub and rapidly developed locations near the major infrastructure drivers are becoming more difficult to reproduce.

 The property is a Class A rear-load warehouse facility possessing a multitude of above-standard features.

The facility is partially leased to Cummins, Inc., which carries a large presence throughout the Charleston market, among many other major regional manufacturers that include companies such as Mercedes-Benz, Boeing and Volvo.

Dave Andrews

The JLL Capital Markets team representing the seller was led by Senior Managing Director Pete Pittroff, Director Dave Andrews, Managing Director Patrick Nally and Analysts Josh McArdle, Michael Scarnato and Zach Lloyd.

 “As witnessed over the past year, the Charleston industrial capital markets environment remains exceptionally healthy and continues to progress rapidly,” Andrews said.

“Charleston has solidified itself as a top secondary market has become an incredibly attractive, high-growth market for allocators of core capital.

"The 7770 Palmetto Commerce Pkwy. transaction exhibits the continued influx of institutional investors to the Charleston market and showcases investor appetite for higher-yielding, value-add industrial opportunities.”

Patrick Nally

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 and advisory, debt advisory, equity advisory or a recapitalization.

 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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

 About The Beach Company

Founded in 1945 by J.C. Long, The Beach Company is well known for real estate development in South Carolina.

J.C. Long

With a history of establishing landmark properties and communities, The Beach Company evaluates each development opportunity for its potential to improve the quality of life for its neighbors and contribute to the long-term economic vitality of the region.

The Beach Company’s diverse real estate interests include residential and resort properties, office buildings, shopping centers, industrial parks and land across the Southeast.

With progressive vision, influenced by a deep reverence for tradition, The Beach Company’s mission is to create enduring value in every endeavor for generations to come.

 About Samet Corporation

Samet Corporation is a full-service general contractor and real estate development firm exceeding clients’ expectations across a broad range of markets since 1961.

Josh McArdle

The company’s project portfolio includes numerous educational, industrial, office, healthcare, retail, multi-unit residential and civic facilities.

Recently ranked No. 34 on the Engineering News and Record Southeast Top Contractors, Samet Corporation is headquartered in Greensboro, with offices in Charlotte, Raleigh, Charleston, Savannah and Wilmington.

 About INDUS Realty Trust, Inc. (“INDUS”)

INDUS is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/logistics properties.

Michael Scarnato 

INDUS owns 46 buildings totaling approximately 5.7 million square feet (including 36 industrial/logistics buildings aggregating approximately 5.3 million square feet) in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida in addition to over 3,100 acres of undeveloped land.

 

About JLL

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

Zach Lloyd

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 in 2020, operations in over 80 countries and a global workforce more than 95,000 as of September 30, 2021.

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

Contacts: 

 

Kimberly Steele

JLL Manager

Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

sametcorp.com.

 

Passco Cos. enters Baton Rouge, LA with two best-in-market multifamily acquisitions

Rendering of planned 276-unit 
Sweetwater Apartment Homes
 in Adis, LA

 

Baton Rouge, LA — Passco Companies, a privately held California-based commercial real estate company that specializes in real estate acquisition, development, and asset management throughout the U.S., has acquired two best-in-market luxury multifamily assets spanning 552 units in Baton Rouge, marking the firm’s entrance into the Louisiana State Capital.

Larry Sullivan

 “These acquisitions exemplify Passco’s long-term strategy of identifying exceptional assets in up-and-coming markets where value creation is still possible,” says Larry Sullivan, President at Passco Companies.

“Baton Rouge is an often-overlooked investment market with solid fundamentals poised for substantial long-term growth.

  "Driven by healthcare, education and government, the city’s employment is steadily growing, supporting a strong population of renters. In addition, The Port of Greater Baton Rouge in conjunction with strong chemical and industrial construction sectors add to a well-rounded and diversified local economy.”

Colin Gillis

 Regional multifamily demand is further bolstered by limited supply, with Baton Rouge recently reporting over a two-third decrease in properties available for rent since the start of the pandemic.

 “Each of these acquisitions is in a high barrier-to-entry pocket based on the localized dynamics of Baton Rouge’s development climate,” says Colin Gillis, Passco’s Vice President of Acquisitions.

“The majority of existing multifamily product in this market has been developed to only to address basic housing needs; however, these properties are built to national luxury design standard seen in most primary markets, reflecting an elevated offering for more discerning renters.”

Passco acquired 276-unit Tapestry Long Farm from the property’s developer, Birmingham, Alabama-based Arlington Properties in addition to the 276-unit Sweetwater Apartment Homes from that property’s developer, Hammond, Louisiana-based Stoa Group. Arlington Properties will manage both assets moving forward.

 

Tapestry Long Farm, a 276-unit luxury Class A multifamily asset  within the dynamic master-planned development of Long Farm Village.

Passco’s two recent acquisitions include:

Tapestry Long Farm

Passco Companies has acquired Tapestry Long Farm, a 276-unit luxury Class A multifamily asset situated within the dynamic master-planned development of Long Farm Village.

 “This property’s location is irreplaceable. Backed by a well-known and respected master-plan developer, Long Farm Village is only forty percent built out, giving Passco an opportunity to enter into this developing location at an early stage,” notes Gillis.

 Mike Kemether 

“This 235-acre mixed-use development comprises high-end single family residential, as well as retail, office, and entertainment/recreation options that will drive multifamily demand from the region’s strong demographic of workers.”

 Built in 2017, the property is less than six miles from the city’s most active medical campus and benefits from close proximity to the region’s most prominent employers.

 Tapestry Long Farm features a mix of one-, two-, and three-bedroom floor plans with luxurious interior finishes and a host of high-end amenities, including a fitness center, business center, auto car center, pet park and grooming station, sports pub, swimming pool, and yoga and spin studio, among others.

 Both Passco and the seller were represented by Mike Kemether and Larry Schedler of Cushman & Wakefield.

 Tapestry Long Farm is located at 16333 Columns Way, Baton Rouge, Louisiana, 70817.

 Sweetwater Apartments

Matthew J. Raitz

 Passco also completed the off-market acquisition of Sweetwater Apartments, a newly delivered and recently stabilized 276-unit Class A property in the town of Addis, a western suburb of Baton Rouge.

 “This is the only luxury multifamily property on the west side of the Mississippi River, giving Passco an opportunity to differentiate from local competition,” says Gillis.

  “The surrounding neighborhood boasts the most in-demand school system in the region, and residents have easy access to major employers in both West and East Baton Rouge while enjoying the quiet lifestyle this area provides.”

The community offers residents a lighted walking trail, resort-style pool, car wash and vacuum station, game room, dog park, and a resident coffee bar.

 Passco and the seller were represented by Jeffery Glassover and Matthew Raitz of Glassover & Raitz LLC.

 Sweetwater Apartments is located at 3476 Sweetwater Blvd, Addis, Louisiana, 70710.

 Contacts: 

 

Arleeny Escarcega / Elisabeth Manville

Brower Group

(949) 438-6262

aescarcega@brower-group.com

Phase I with 57 Homesites at Henin Group’s Elmwood Community in Tavares, FL Has Been Delivered

 

 TAVARES, FL – The Henin Group received Lake County approval of its 115 unit, single-family home subdivision in Tavares earlier this fall and homebuilder D.R. Horton has closed on 57 of the sites which represent Phase I of Elmwood.

The preferred homebuilder will start construction by late November in Phase I on the homesites measuring 60 by 120-feet, according to Jerome Henin, founder and CEO of the Winter Park based real estate development firm.  

Permits have been filed by D.R. Horton for the first models and sales of Phase I homes should begin in the first quarter of 2022.   “Due to Covid-19, this project took an additional 90 days to get started,” Henin said.

Jerome Henin

Three, four and five-bedroom homes ranging from 1,672 to 2,807 square feet of living area in seven distinct floor plans will be offered by homebuilder D.R. Horton at Elmwood. Prices are estimated to start from the mid-$300,000s.

Henin – founder and CEO of The Henin Group – purchased the 32-acre parcel in 2020 for $2 million with a vision of providing housing that would appeal to the demographic of homebuyers moving into the area.

Located off David Walker Drive and Old U.S. Highway 441, the family-friendly, lakefront city of Tavares will provide Elmwood residents endless fun and entertainment for all ages including parks, community events, nearby downtown shops and dining, and  fishing and water sports in Lakes Dora, Griffin and Harris.

Henin said D.R. Horton will close on the remaining 58 homesites in Phase II of Elmwood by mid-Spring. “We project this community will be sold out by the end of 2022,” he said.

Contacts: 

Jerome Henin, founder/CEO The Henin Group, 

386-668-7811, 407-644-8595

or Jerome@henin-co.com.

Beth Payan, Larry Vershel Communications,

 407-644-4142, 407-461-3781 or beth@larryvershel.com

Miami Based Befeler Group Sells 18 Unit Apartment Complex in Miami Beach, FL for $4.3 Million

 Mansion Apartments,1001 West 46^th Street, Miami Beach, FL 

 

MIAMI, FL – Befeler Group, a privately-held real estate investment company based in Coconut Grove, Florida, closed the sale of Mansion Apartments for $4.3 Million.

The 18-unit multifamily apartment building located in Miami Beach, Florida was acquired in 2005 for $1.6 Million. 

Deme Mekras

The property was operated by Befeler Group’s property management division.

 The transaction was brokered by Deme Mekras of MSP Group of Miami, Florida.  The buyer was Miami Beach Community Kollel, a not for profit corporation.

“We are pleased to have successfully completed our cycle of ownership of this quality asset and sold it at the appropriate time to the appropriate buyer” said George Befeler, CEO of Befeler Group.

 “This transaction is consistent with our practice of acquiring high quality assets, adding value, and either disposing of them at the right time or retaining them for long term growth” added Mark Rosencwaig, Vice-president of Befeler Group.

George Befeler

Mansion Apartments is located in an affluent residential neighborhood at 1001 West 46^th Street, Miami Beach, Florida, steps away from Mount Sinai Hospital, the new Ritz Carlton Residences development in mid beach, and the commercial hub of 41^st Street, Miami Beach, Florida.    

Headquartered in Coconut Grove, Florida, Befeler Group continues to actively pursue additional opportunities throughout the State of Florida.

The firm continues to target strategic value-add hotels, offices and multifamily apartment building deals that are below the institutional radar, with the intention of generating above-market returns.

Mark Rosencwaig

Befeler Group has been active in the South Florida market during the past 12 months. 

Two months ago, it acquired a 93-key Holiday Inn Express & Suites in Port St. Lucie for $8.9 Million and is performing a $3 Million PIP renovation. 

 Three months ago, it acquired a 26-unit multifamily asset in Hialeah, Florida for $4 Million.  Five months ago it sold a 152-unit multifamily asset in Gainesville for $13.1 Million.

George Befeler is the founder and CEO of The Befeler Group, a privately held real estate investment firm based in Coconut Grove, Florida, that focuses on acquiring, owning and managing hotels, multifamily, office and hospitality properties with strong real estate fundamentals. 

 The Befeler Group has owned and managed multiple commercial properties within the State of Florida for over 40 years.

  

Contact: 

Sabina Covo

www.sabinacovo.com

c. 13057816399

email - sabina@sabinacovo.com

IG sabinacovo FB sabinacovo LI sabinacovo

 

Miami Beach EDITION lands $180 million refinancing package crafted by JLL's Hotels & Hospitality Group

 Miami Beach EDITION, 2901 Collins Avenue, Miami Beach, FL

 

 MIAMI, FL– JLL’s Hotels & Hospitality Group has arranged $180 million in financing for the ultra-luxury, 294-key Miami Beach EDITION hotel in Miami Beach, Florida.

 The Miami Beach EDITION pairs the intimacy and style of a boutique hotel with the amenities of a luxury resort.

 Kevin Davis

Redesigned in 2014, the resort offers traditional guest rooms and suites, including 28 private bungalows and a rooftop penthouse, and direct access to 380 linear feet of beachfront.

Guests enjoy two outdoor pools with lush gardens, a high-end fitness facility, state-of-the-art spa and BASEMENT, an undergound nightclub with a bowling alley and ice skating rink.

The resort is also home to a private oceanfront beach club with approximately 300 active members and offers three high-end food and beverage outlets, Matador Room/Bar, Market at EDITION, and Tropicale and Lobby Bar.

 Located at 2901 Collins Ave., the Miami Beach EDITION occupies a 3.5-acre site in a coveted location between Collins Ave. and the Atlantic Ocean.

Miami Beach continues to be a top leisure destination in the United States hosting domestic and international travelers for events such as Art Deco Weekend, Ultra Music Festival and the Art Basel.

Barnett Wu

The JLL Hotels & Hospitality team representing the borrower was led by Senior Managing Director Kevin Davis and Senior Vice President Barnett Wu.

 JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. 

The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. 

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

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

 Contact: 

 Kristen Murphy

JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

American Landmark Acquires the 208-unit Waverly Place Apartments in Melbourne, FL. The property will be renamed “City Harbor”

 Christine DeFilippis

  

Melbourne, FL, Nov.16, 2021
– American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, announces it has acquired the 208-unit Waverly Place Apartments in Melbourne, Fla.

The apartments – the company’s third asset within the Palm Bay/Melbourne area – will be renamed “City Harbor.”

 So far this year, American Landmark has acquired more than $1.3 billion in apartment communities throughout the Sunbelt states of Texas, Florida, Georgia, and North and South Carolina, and has a significant presence in the Florida metros of Orlando, Tampa, Jacksonville and South Florida.

 “The growth of the aerospace and manufacturing industries along Florida’s Space Coast has generated a large number of jobs and significant demand for high-quality apartments with a variety of amenities,” said Christine DeFilippis, Chief Investment Officer of American Landmark.

City Harbor Apartments, formerly Waverly Place Apts, Melbourne, FL

“This property aligns perfectly within our strategy of targeting strong job and population growth markets in business-friendly states.”

 Built in 1987 and located at 2395 Woodwind Trail, Waverly Place/City Harbor offers resort-style living surrounded by tropical landscaping alongside a peaceful private lake.

With one-, two- and three-bedroom floor plans ranging from 700 to 1,025 square feet, the apartments offer generous space for any size family.

 

                           Melbourne, FL

Community amenities include a clubhouse, business center, state-of-the-art fitness center, swimming pool, summer kitchen/barbecue area, bark park and laundry facilities.

 The property is located just minutes from the historic downtown Melbourne, and within 20 minutes of several large employers including Harris Corporate and Space Coast Credit Union headquarters.

The property is approximately 10 minutes from Embry-Riddle Aeronautical University and the beaches; 15 minutes from Melbourne-Orlando International Airport; and one hour from Orlando International Airport.

 

 CONTACTS:

Marian Moreno 

Associate Account Executive 

Kreps PR & Marketing   

C. 786.286.5578 

 

Melinda Sherwood
Kreps PR
305.663.9802
msherwood@krepspr.com

 www.alapts.com.