Monday, October 14, 2024

Lee & Associates Brokers in South Florida and Tampa Bay Collaborate on $2 million Industrial Property Sale in Tampa, FL

Julia Silva

TAMPA, FL, Oct. 14, 2024 – Lee & Associates South Florida Principal Greg Milopoulos and Senior Vice President Christian Baena worked with Lee & Associates Tampa Bay’s

Julia Silva and Erika Thompson to successfully broker the sale of an industrial building in Tampa. The seller is a repeat client of Milopoulos and Baena.

Erika Thompson

The $2.3 million transaction was a testament to the brokers’ creativity and resourcefulness. The 8806 Venture Cove building was originally being marketed for lease, but Milopoulos was able to negotiate a desirable price for their client, Dram Margate, LLC, to instead sell the property to VC Properties, LLC.


Greg Milopoulos

Located within 301 Industrial Park, the 17,156-square-foot building features two drive-in doors, three truck-well doors for dock-high access, a 2,200-square-foot office, 18’ clear height and 10 parking spaces.

 

Milopoulos and Baena have brokered three additional sales for this client and are marketing properties in New Jersey and Massachusetts on its behalf.

 

“The efficiency and simplicity we are able to offer clients that hire our team to represent them in various markets across the U.S. truly shine through,” Milopoulos said.

 

“Between my background in construction management and our ability to travel anywhere to put the right team in place, we substantially streamline the real estate transaction process. We encourage anyone seeking a single point of contact for all of their real estate needs to reach out.”


 Christian Baena

Milopoulos and Baena have more than 20 years of development, investment sales, landlord and tenant representation experience in South Florida. They joined Lee & Associates South Florida in 2023, with Milopoulos heading up the firm’s Broward County industrial activities out of its Deerfield Beach office, and Baena working out of its Miami office.

 

Matthew Rotolante

The duo has closed on just over 150,000 square feet of sales and leases this year. They collectively work together representing clients in dispositions and generating investment sales opportunities throughout the tri-county area.

 

“Greg and Christian continue to find creative ways to leverage their relationships and the Lee & Associates platform to generate successful outcomes for their clients,” Lee & Associates South Florida President Matthew Rotolante said. “We applaud them on what has already been a prolific deal-making year and are excited to support their additional transactions over the rest of 2024 and beyond.”

 

 

CONTACT:

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

C 305-794-5123

O 954-370-8999

Web | Facebook | Instagram | LinkedIn

 

 

 

 

 

 

 

 

City of San Diego signs new 43,460 SF office lease in Downtown San Diego

Five50West, a 20-story, 362,822-square-foot
 office building located at 550 West C
Street in downtown San Diego, CA
  

SAN DIEGO, CA, Oct. 14, 2024 –– Confirming the attractiveness of high quality and well-located office space in urban submarkets, JLL has announced they have secured a 43,000-square-foot office lease with the City of San Diego at the recently renovated Five50West, a 20-story, 362,822-square-foot office building located at 550 West C Street in downtown San Diego.


Bess Wakeman

The City will be relocating its Development Services Department to the building with move-in planned for later this year.

 

The lease with City of San Diego is the latest tenant to relocate to Five50West.  In the past 12 months, JLL has seen a recent uptick in activity including additional  signed leases with SmithGroup Architects, Veritext Corp and Matthes Law.


Richard Gonor


Leading the office leasing at Five50West are JLL’s Richard Gonor, Tony Russell and Bess Wakeman.  The team secured the lease with City of San Diego and all other recent leases at the property.

 

  Five50West can accommodate a wide range of users, with current availability ranging from 2,000 to 80,000 square feet. 


Tony Russell

“Downtown and the overall San Diego office market is in a period of flux with landlords and developers working to create a new hub for businesses and residents,” said Gonor, JLL Executive Vice President. 

 

 “Employers and their employees want a dynamic workplace with amplified amenities, food & beverage offerings, outdoor collaborative spaces, all in a convenient location, and a safe environment.

 

Five50West has raised the bar downtown with their recent capital reinvestment into Frive50West which will be a model for other office landlords to emulate during the downtown transformation.”

 

 

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.”

 

 

 

 

 

 


Saturday, October 12, 2024

Prime US REIT and KBS Complete $550 Million Refinancing Facility

Cindy Teo

 Newport Beach, CA – Prime US REIT, a Singapore REIT with the principal investment strategy of investing, directly or indirectly, in stabilized income-producing office assets in the U.S. and KBS, one of the largest owners and operators of premier commercial real estate in the nation, announce the completion of a major refinancing for the Prime US REIT portfolio. 

The new agreement has an aggregate principal amount of $550 million, comprising a $400 million term loan facility and a $150 million committed revolving credit facility.

 Prime US REIT trades on the Singapore Exchange Securities Trading Limited ticker as: OXMU. KBS serves as the U.S.-based asset manager for the portfolio, which includes helping to negotiate the credit facility. Prime US REIT’s portfolio consists of extremely well-located Class A assets with highly desirable amenities.

 

Rahul Rana

“The completion of this refinancing further strengthens our capital position, allowing us to make significant capital improvements across our portfolio, ensuring our buildings meet the highest standards of quality, sustainability, and tenant satisfaction," says Rahul Rana, CEO and Co-Sponsor of Prime US REIT.

 

"We are committed to providing exceptional spaces for our tenants and ensuring continued value for our investors. We are now better equipped to seize new opportunities and reinforce our commitment to long-term success.”

 

The Prime US REIT refinance highlights the strength of Class A office as tenants reimagine how they use office space, shining a positive light on the sector, according to Marc DeLuca, CEO and Eastern regional president of KBS.

 

“KBS assisted Prime US REIT with the financing in 2019 in conjunction with the initial listing on the Singapore Stock Exchange,” says DeLuca.

 

 “This refinancing marks another strategic move by Prime US REIT and demonstrates the ongoing appeal of premier office assets. While Class B and C office properties may be struggling due to shifting trends in office use, companies are continuing to gravitate toward well-located Class A office buildings with state-of-the-art amenities in key U.S. markets – the essence of the Prime US REIT portfolio.

 

"Employers are utilizing this space to attract their teams to the office in an increasingly competitive business environment.”


Marc DeLuca

As the U.S.-based asset manager for the portfolio, KBS’ active asset management strategies are focused on leasing. Leasing volume in the Prime US REIT portfolio more than doubled year-over-year in the first half of 2024, increasing from 131.2k sf to 268.6k sf.

 

The increase in leases executed in the first half of 2024 highlights improving tenant confidence in executing leases. The weighted average lease was 4.2 years as of June 2024. While the recovery of the office sector remains bifurcated across markets, new leasing demand is encouraging.



One Washingtonian Center in Gaithersburg, MD
 is a 14-story office building with a lakefront view,
 adjacent to Rio Shopping Center.


 The portfolio secured renewals and new signings at several assets including Reston Square, Promenade, 171 17th Street, Tower 909, 101 South Hanley, and One Washingtonian Center. 

 

“Prime US REIT is in a strong financial position, bolstered by this refinancing,” says Cindy Teo, CFO of Prime US REIT.

 

“The additional liquidity allows us to invest in critical capital improvements across our properties, enhancing the quality and longevity of our assets. By focusing these resources on upgrades and modernizations, we are positioning our portfolio for continued growth and ensuring sustained value for both our tenants and investors.”

 

KBS is also assisting Prime US REIT in an asset enhancement initiative at One Washingtonian Center in Gaithersburg, Maryland. The iconic 14-story office building with a lakefront view, adjacent to Rio Shopping Center, offers a diverse and eclectic mix of restaurants, shops, cinema and entertainment options.

 

The repositioning is slated for completion in the fourth quarter of 2024 and will feature a fully renovated lobby entrance, renewed tenant lounges, conference center, new full-service gym, and Grab & Go Café with banquette seating and direct water views. 


 Robert Durand

Despite the high cost of debt creating challenges in the capital markets, and many lenders pulling back on office financing, KBS has worked successfully with its lending relationships to refinance multiple loans for Class A office properties in 2023 and 2024.

 

KBS’ ability to work with all stakeholders to reach mutually acceptable terms and complete complex transactions in a challenging capital markets environment was instrumental in the original Prime US REIT bank facility loan and in the successful refinancing of this facility on Prime US REIT’s behalf, according to Robert Durand, executive vice president of finance at KBS.

 

“Our firm worked with Prime US REIT to establish the original credit facility as well as its refinancing, demonstrating our experience and the depth of our long-lasting lending relationships,” says Durand.

 

“Our in-house financing team has deep expertise in commercial real estate and the capital markets. After 32 years in the industry, we recognize how economic and real estate cycles run, and we know what financial institutions require in a qualified borrower and operator.

 

"Our long-standing relationships with lenders and a solid track record of success in office properties and operating integrity helped bring this transaction across the finish line.”

 

 

CONTACTS:

 

vivian Liu

vliu@thesmartagency.com

 

Ginny Walker

KBS Senior Public Relations Director

949-417-6535

gwalker@kbs.com

 

Lexi Astfalk or Sophia Reznicek

The Smart Agency

949-438-6262

KBS@thesmartagency.com

 

www.kbs.com.

 

Prime US REIT Investor Relations

T: (65) 6951 8095

E: info@primeusreit.com

 

Wednesday, October 9, 2024

JLL Capital Markets brokers sale of Village at Stone Oak, a 476,000 SF high-performing retail center in San Antonio, TX

Whitney Snell

 DALLAS, TX – JLL Capital Markets announced the sale of Village at Stone Oak, a 476,371-square-foot high-performing retail center in San Antonio, Texas. The price was not disclosed.

 JLL worked on behalf of the seller, SITE Centers, in the sale to Sterling Organization.


Chris Gerard
Village at Stone Oak ranks in the top 5% of United States shopping centers, according to Placer.Ai. Additionally, the property boasts an 84% occupancy rate and features a diverse tenant mix including power, lifestyle, convenience and office space. 


Shadow-anchored by Target, the center houses notable retailers such as AT&T, Dollar Tree, DSW, Hobby Lobby, HomeGoods, Kirkland's, McAlister's Deli, Petco, pOpshelf, Ross Dress for Less, Spec's and ULTA.

 

Strategically located in Bexar County at the intersection of US 281 N and Stone Oak Parkway, the center also offers excellent visibility and access. 


Ryan West
It serves an upper-middle-class community north of San Antonio and is in close proximity to the JW Marriott Hill Country Resort, TPC Golf Course and Lady Bird Johnson High School. 


The property's location capitalizes on San Antonio's corporate presence, tourist attractions, educational institutions, tech industry and extensive military population.


The JLL Investment Sales and Advisory team was led by Senior Managing Directors Chris Gerard,  Ryan West, Director Whitney Snell, Associate Keenan Ryan and Analyst Andrew Griffin.

Keenan Ryan
“Village at Stone Oak occupies a prime position in one of the most vibrant areas of San Antonio,” said Gerard. “The submarket’s growth is fueled by population expansion, a robust local economy and strong consumer demand. 

"These factors, combined with the center's diverse tenant mix and immediate leasing upside, make it an exceptionally attractive retail investment.”

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. 

Andrew Griffin

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

For more news, videos and research resources, please visit JLL’s newsroom

 

About SITE Centers Corp.


SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.

 

About Sterling Organization


Sterling Organization is a vertically integrated private equity real estate investment firm whose national platform is focused on investing in retail real estate assets.


Village at Stone Oak, a 476,371-square-foot
high-performing retail center in San Antonio, TX

Sterling Organization, and its affiliates, own and manage 75 properties across the U.S. with more than 13 million square feet of primarily retail real estate across the U.S. worth over $2 billion in value. 


 

 CONTACT:

 

Grace Lewis

PR, Capital Markets

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com