Wednesday, July 1, 2020

Marcus & Millichap's Ahmed Kabani Arranges $10.5 Million Sale of 178-room SureStay Plus Hotel by Best Western Clearwater Central in Clearwater, FL

Ahmed Kabani

CLEARWATER, FL,  July 1, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of SureStay Plus Hotel by Best Western Clearwater Central, a 178-room hospitality property located in Clearwater, FL, according to Scott Lunine, regional manager of the firm’s Miami office.
The asset sold for $10,500,000.

 Scott Lunine
Ahmed Kabani, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor.   

SureStay Plus Hotel by Best Western Clearwater Central is located at 21030 US Hwy 19 N in Clearwater, FL. 

 “The courtyard-style hotel sits on 4.79 acres of land and was originally built as a Hampton Inn," says Kabani.

 "The premier location of this asset, close to the world class beaches of Clearwater, attracted the buyers to acquire the hotel. The buyer, who was represented by a local broker, has creative plans for this hotel.”

SureStay Plus Hotel by Best Western Clearwater Central


Scott Lunine
Vice President and
Regional Manager
 Miami, FL
(786) 522-7000

Prices on Office Assets Dropping 10% or More During Stock Market Rebound and Virus Crisis, According to Real Estate Capital Institute

John Oharenko

Chicago, IL, July 1, 2020 – The stock market rebound and rising COVID-19 cases, particularly in the Sunbelt and Western states, drive headlines, reports
The Real Estate Capital Institute®   
The commercial realty markets, too, regain momentum, particularly in the multifamily, industrial sectors.

Datacenters also attract higher investor demand, as demand for internet usage increases with more workers operating from home. 

 Two key CRE trends emerge for mid-year, including:

 Price Discovery:  Acquisition volume recovering, but price discovery surfaces with sellers and buyers assessing the pandemic impact on cash flow stability. 

Retail and hospitality properties witness the most stress, with office assets ranking close beyond with prices dropping ten percent or more.

That said, investors still attracted to CRE, as yield spreads remain attractive compared to alternative assets such as similar-risk investment-grade bonds (spreads of 75 basis points or more favor real estate). 

 Ample Funds:  Despite depressed market conditions in specific product sectors and markets, abundant funds exist for purchasing assets. 

 Numerous sources, including private funds, public syndicates, and institutional investors, remain flush with cash in search of yields.

For example, mid-teen yields attract development capital and preferred equity reaches mid-to-higher-single-digit returns.
 John Oharenko, director of the Real Estate Capital Institute, notes that "Investors search for bargains during the pandemic, but deals are hard to come by as too much sidelined cash floods the capital markets."

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  


John Oharenko
 Executive Director

The   Real Estate Capital Institute®
Chicago, Illinois USA 60622

Lee & Associates Promotes Alex Kuniega to Senior Associate in Columbus, OH Office

 Alex Kuniega
COLUMBUS, OH, July 1, 2020 –  Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced today the promotion of Alex Kuniega to Senior Associate in the Columbus, Ohio office.

 “Alex has been an incredibly important addition to our office, and we are very excited to announce his promotion to Senior Associate”, said Todd Spencer, Principal at Lee & Associates.  

“Alex came in day one and took ownership immediately as if he was already a partner in our firm.  

Todd Spencer

"He’s been a tremendous asset on multiple transactions and has now proven to be a deal maker in the Columbus marketplace, and we are excited for him to continue to expand our platform and grow his client base.”           
Prior to joining Lee & Associates, Alex spent three years at DHL following graduation from The Ohio State University.    
For the latest news from Lee & Associates, visit or follow us on FacebookLinkedInTwitter and Link, our company blog.


 Bailey Ludt
Lee & Associates Columbus
(614) 923-3300

Tuesday, June 30, 2020

Evergreen Real Estate Group Completes Renovation of Garden House of Maywood in Chicago’s Near West Suburbs

Polly Kuehl

CHICAGO, IL — Chicago-based Evergreen Real Estate Group, a leader in the acquisition, development, rehabilitation and management of both affordable and market-rate multifamily housing, announced it has completed its renovation of Garden House of Maywood, a 144-unit affordable senior rental community in Maywood, Ill., a western suburb of Chicago.

The 10-story building at 515 S. 2nd Ave. is owned by Housing and Human Development Corporation (HHDC), a nonprofit organization formed to develop and acquire affordable housing and provide supportive services to low-income seniors and families. 

Garden House of Maywood, a 144-unit affordable
senior rental community in Maywood, IL,
 a western suburb of Chicago.

Evergreen has managed the community since 2017, the year before it was acquired by HHDC using tax credits that also helped fund the capital improvements. 

Evergreen Construction Co., the firm’s full-service construction arm, managed the nine-month project as a phased, in-place renovation that allowed residents to remain in their homes as updates were made.

“Rising housing costs have made resources like Garden House of Maywood all the more important for low-income households, including seniors who have limited housing alternatives available to them,” said Kevin Beard, director of preservation for Evergreen Real Estate Group.

 “As a firm that regularly partners with nonprofit organizations, we were honored to work with HHDC on this project so that Garden House of Maywood can continue to serve the local community by providing area seniors with accessible, low-income housing for many years to come.”

Kevin Beard
In addition to securing the funds needed to make structural and cosmetic improvements, HHDC also provided for the addition of a full-time social services coordinator at no cost to residents or the building.

 A trained social worker, the coordinator will perform ongoing resident assessments; serve as a liaison with community service agencies, helping residents determine whether they meet eligibility requirements; coordinate health and educational programming, such as nutritional coaching and financial planning; assist residents with crisis situations; and perform daily check-ins throughout the COVID-19 pandemic.

Andre Pintauro

“We were able to complete the bulk of the work prior to the pandemic, allowing seniors to reside in their homes more comfortably and safely during the shelter-at-home period,” said Andre Pintauro, president of Evergreen Construction Company.

Evergreen helped secure financing for the $7 million renovation, including Low-Income Housing Tax Credits (LIHTC) awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Stratford Capital Group. 

Other financing partners included IFF, which provided predevelopment financing; CIBC Bank, which provided bridge financing and equity; and NorthMarq and Freddie Mac, which provided the property’s permanent loan.

“Garden House of Maywood was in dire need of physical repairs, but the addition of a full-time social services coordinator has been equally beneficial to residents’ quality of life,” said Polly Kuehl, executive director of Housing and Human Development Corporation

“It’s not enough to provide low-income seniors with a place to live; they require additional support in virtually every aspect of life – something we’re now better able to provide.”


Kathryn Kjarsgaard,, (312) 267-4514
Abe Tekippe,, (312) 267-4528

NAI Hiffman Brokers $7.5 Million Sale and Completes Lease of Cold Storage Building in Chicago’s Brighton Park Neighborhood

5115 S. Millard Avenue is a 42,000-square-foot modern freezer building in Chicago’s Brighton Park neighborhood

OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real estate services firm in the Midwest, announced it brokered the $7.5 million sale of 5115 S. Millard Ave., a 42,000-square-foot modern freezer building in Chicago’s Brighton Park neighborhood, less than 10 miles from downtown.

NAI Hiffman also announced the completion of a six-year lease with the sole tenant, Moesle Meat Co., a Chicago meat wholesaler.

John Basile, senior vice president of NAI Hiffman’s Industrial Property Group, represented the buyer, Chicago-based Karis Cold Storage.

Karis Cold Storage is a newly launched private investment and development company with deep expertise in the cold storage industry.

John Basile
The 5115 S. Millard Ave. purchase is Karis Cold’s first investment in the cold storage sector and the firm has a number of other projects in development and under contract nationally.

“Cold storage buildings are hot right now because the pandemic is driving more online food and grocery sales, increasing the need to keep inventory close at hand,” said Basile, who specializes in cold storage assets.

“Consumers were demanding more healthy, fresh foods even before the pandemic. 

"Despite the fact that cold storage properties are complex and require special due diligence, they’re increasingly popular with investors of all sizes who are seeking yield and a smart place to put their capital now.”

Basile said he has had more inquiries about cold storage properties since the pandemic began, particularly those in the city. He completed two other deals near 5115 S. Millard Ave. this spring: 5251 S. Millard Ave., a 67,000-square-foot refrigerated facility sold to an investor for $3.4 million in April, and 900 W. 40th St., a 50,000-square-foot temperature-controlled facility leased in May to a multi-national food manufacturer.

“Newer, Class A cold storage facilities like 5115 S. Millard are the types of assets we are looking to build and buy,” said Jake Finley, managing partner at Karis Cold Storage.

Jake Finley
 “Food companies and logistics businesses are looking for top-tier facilities to help them efficiently serve customers, and we want to provide them with those types of buildings.

“We were attracted to this property’s plug-and-play new condition and proximity to downtown, a major labor base and transportation hubs, as well as Chicago’s strength as the top food-producing city in North America,” Finley continued.

 “With John’s help, we’ve been able to enter this market with confidence and look forward to acquiring similar properties in Chicago and other cities.”

Built in 2016, 5115 S. Millard Ave. provides approximately 42,000 square feet of storage including a 2,840-square-foot USDA-approved processing room. The building can store 3,700 pallets. It offers easy access to I-55, is less than three miles from Midway International Airport and is located near the Kedzie and Pulaski Orange Line stations.

 For more information and cold storage investment parameters, please contact Jake Finley ( or Michael Smith (


Patty Cronin,, (312) 267-4513
Gretchen Muller,, (312) 267-4511

Ambling sells $106 million affordable housing portfolio across three states

Calhoun Gardens, Calhoun, GA

ATLANTA, GA – JLL Capital Markets announced it has closed the final transaction of a 20-property Project-Based Section 8 (HAP) portfolio sale totaling 1,763 units and $106 million across Georgia, North Carolina and South Carolina. 

 Doug Childers
JLL marketed the property on behalf of the seller, Ambling. Preservation Partners Development; Infinity Real Estate Advisors, LLC; and Jonathan Rose Companies each acquired parts of the portfolio.

Ambling has a deep history of developing and preserving best-in-class affordable housing communities throughout the Sunbelt, and this portfolio sale represents a culmination of those efforts” said Mike Godwin, CEO, Ambling. 

“We were excited to work with a group of buyers who were equally committed to preserving the portfolio’s long-term affordability. 

"We are thankful for the deal team’s collective efforts, including each buyer, as well as the successful process facilitated by the JLL Affordable Housing Team.”

Preservation Partners Development purchased 12 communities in Georgia, including Athens Gardens and Clarke Gardens in Athens; Glynn Isle Townhomes in Brunswick; Calhoun Gardens in Calhoun; Cartersville Gardens in Cartersville; Bridge Creek and Merrimac Village in Fitzgerald; 

Forsyth Gardens in Forsyth; Catoosa Gardens in Fort Oglethorpe; Riverside Gardens in Macon; Statesboro Summit in Statesboro and Burkestone Place in Waynesboro. 

Mike Godwin
Clarke Gardens, Athens Gardens, Calhoun Gardens, Catoosa Gardens, Cartersville Gardens and Forsyth Gardens are currently in the middle of a substantial rehabilitation, that will include updated interiors as well as updated and improved community spaces for residents.

Infinity Real Estate Advisors, LLC acquired two North Carolina properties, Fayetteville Gardens in Fayetteville and Salem Gardens in Salem, and five South Carolina communities, Anderson Village in Anderson, Phoenix Place in Greenwood, Manning Gardens in Manning, Mauldin Gardens in Mauldin and Seneca Gardens in Seneca.

Michael Fox
Jonathan Rose Companies acquired Savannah Summit in Savannah, Georgia.

The JLL Capital Markets team representing the seller was led by Senior Managing Director and co-head of JLL Affordable Housing Doug Childers and Director Michael Fox along with Senior Managing Director Ryan Clutter.

“The sale of the Ambling Portfolio represents an essential preservation of affordable housing, made possible by the tremendous, collective efforts of the Ambling team and each respective buyer Childers, said. 

The transaction was executed across a variety of acquisition strategies, requiring coordination between multiple capital sources, state agencies and HUD, the result of which was an accretive outcome for all parties involved.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Ryan Clutter
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment 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.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.


Kimberly Steele
JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420