Stos Partners Acquires Prime 170,805-SF Multi-Tenant Industrial Asset in Chula Vista, CA Submarket

  

 

CJ Stos

SAN DIEGO, CA (Aug. 2, 2017) – In a move that proves there is still good value to be found in the tight industrial market of San Diego’s sought-after South Bay region, Stos Partners, a privately held commercial real estate investment and management firm, has acquired a 170,805 square-foot two building multi-tenant industrial project at 1670-1690 Brandywine Avenue in Chula Vista, California

           

            Michael Mossmer of Voit Real Estate Services represented Stos Partners as the buyer in the $13.45 million acquisition, as well as the seller, a private family.

The property, which was acquired off-market, is widely considered desirable by private and institutional investors due to its size, location and mix of local and national tenants from many industries.

 “This is one of the most sought-after opportunities in the region, and we were able to acquire it at a price that many would think was not possible,” says Jason Richards, a Partner at Stos Partners. “Our investment platform is centered on identifying well-located office and industrial assets with a value-add component.”

Jason Richards

The project is currently 100% occupied by a mix of local and national credit tenants in various industries, including manufacturing, medical supply and distribution, as well as defense.

“Multi-tenant industrial remains the gem of the industrial investment sector, and is exceptionally hard to find in today’s supply-constrained market,” says CJ Stos, Principal of Stos Partners. “By working closely with our broker to source this deal off-market, we were able to acquire the asset 50% below replacement cost, and now have a tremendous opportunity to create and maintain value.”

Stos explains that this submarket is benefitting from exceptionally tight, 1-2% vacancy in neighboring National City, which is driving tenants to Chula Vista.

For a complete copy of the company’s news release, please contact:

Lauren Burgos / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

lburgos@browermillercole.com

www.stospartners.com

Stepp Commercial Names Mark Ventre as Vice President

Mark Ventre

LOS ANGELES, CA, Aug. 2, 2017 - Stepp Commercial, a leading multifamily brokerage firm in the greater Los Angeles market, has named 10-year industry expert Mark Ventre as vice president.

In his new role, Ventre will focus on servicing his clients in Hollywood and growing market share for the firm in prime Westside neighborhoods including Palms, Mar Vista, and West Los Angeles, as well as continue to represent owners, buyers and developers throughout Los Angeles County.

"Mark is an integral part of Stepp Commercial's growth strategy as we continue to strengthen our footprint in key markets throughout Los Angeles," said Kimberly Stepp, principal of Stepp Commercial. "His vast knowledge of the sector as well as his street-level understanding of the Hollywood and Westside markets is a game changer for our firm as we continue our upward trajectory as long-term market leaders."

Kimberly Stepp

"I chose to join Stepp Commercial because of its team-oriented and collaborative culture as well as its very focused specialty of providing institutional-quality experience and expertise to the private capital market." said Ventre.

"It is crucial that private owners receive the time and attention they deserve as their investment decisions directly affect their lives and legacies. I have echoed this mantra throughout my career and believe my clients will be best served within Stepp Commercial's proven business platform."

Ventre most recently served as director with Berkadia where he focused on providing solutions for high net worth private investors and syndicators. Prior to joining Berkadia, he was a senior sales director on one of CBRE's most successful teams.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

http://steppcommercial.com

The Astor Companies Obtains $59 Million Construction Loan for Merrick Manor; Luxury residential project in Coral Gables, FL on track for first quarter of 2019 completion

Merrick Manor, 301 Altara Avenue, Coral Gables, FL

CORAL GABLES, FL – Pioneering Miami developer The Astor Companies has obtained a $59 million construction loan for Merrick Manor, a luxury residential project rising in the heart of Coral Gables. Work is well underway at the 301 Altara Avenue site of the 10-story, 227-residence project.

Florida Community Bank provided the 24-month construction loan. Additional loan terms were not disclosed.

Henry Torres

“This is a significant step for our project,” said Henry Torres, President, CEO and Founder of The Astor Companies. “Securing this loan continues the momentum we have enjoyed since starting vertical construction during the first quarter of 2017. It sends a strong signal to the marketplace.”

The Mediterranean villa-style building is on track for a scheduled completion during the first quarter of 2019. Prominent architecture firm Behar Font & Partners, P.A. designed the building, with Witkin Hults Design Group providing landscape design.

Renowned South Florida-based interior design firm Interiors by Steven G. has continued a longstanding relationship with Astor by designing unit interiors at Merrick Manor. Jaxi Builders of Doral is the project’s general contractor.

For a complete copy of the company’s news release, please contact:

BoardroomPR

Todd Templin: ttemplin@boardroompr.com, 954-370-8999

Eric Kalis: ekalis@boardroompr.com, 954-370-8999

HFF arranges £27.6 million ($36.53 Million U.S.) financing for 43 Brook Green in London

Brook Green Office Building, London, England

LONDON, ENGLAND –– HFF Real Estate Limited (HFF) announced it has arranged £27.6 million ($36.53 million U.S.) in financing for 43 Brook Green, an 85,000-square-foot, single-tenant office building in London.

Claudio V. Sgobba

HFF advised NEO Capital Limited (NEO) to secure the bilateral floating-rate facility from Deutsche Asset Management for its first acquisition in the U.K. market.

43 Brook Green is located in the Hammersmith submarket of London.  The property is fully leased to CH2M, a United States-based global engineering company.  

CH2M’s predecessor company, Halcrow Group Limited, began occupying the transit-oriented building in 2003 with CH2M executing a lease extension in 2014 guaranteeing occupancy through 2030.

The HFF debt placement team representing the borrower was led by senior director Claudio V. Sgobba.

“This was a very competitive financing assignment given the high-quality asset and well-margined loan request,” said senior managing director and leader of HFF London’s debt advisory platform Michael Kavanau.  “Deutsche Asset Management did an outstanding job in structuring and closing an attractive package for our client.”

Michael Kavanau

“We are pleased to support NEO on their first U.K. real estate acquisition,” Sgobba added.  “NEO has been actively looking for a compelling “deep value” strategic location and asset in London, and 43 Brook Green represents a high-quality investment with a blue chip tenant we had previously financed in the U.S.”

“The average rent in Hammersmith is 50 percent higher than the passing rent of £33 ($43.68 U.S.) per square foot, and the Hammersmith submarket is 60 percent below the average leasing rates seen in Mayfair,” Sgobba continued. 

“Lenders are comfortable with the supply and demand fundamentals in Hammersmith, and we expect to see more capital from Asia and the Middle East on the hunt for the six to eight percent cash-on-cash return the location delivers.”

Andrea Vanni, head of European Real Estate Debt Investments at Deutsche Asset Management said, “We are very excited about this new relationship with both HFF and NEO, and we are very pleased to add this new investment to our senior real estate debt fund.”

Andrea Vanni

NEO Capital Limited (“NEO”) was founded by two seasoned investment bankers bringing together over 30 years of experience.  

The firm provides Gulf investors with bespoke investment commercial real estate and private equity deals.  With a presence in London, NEO’s investment strategies are focused on the developed markets of the United Kingdom, Germany and the United States.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

Public Voting Opens Aug. 1 for $120,000 Donation from Baird & Warner’s Good Will Network to Support Chicagoland Communities

Jennifer Alter Warden

CHICAGO (Aug. 1, 2017) — Baird & Warner, Chicagoland's largest locally owned independent residential real estate services company, has announced its charitable arm, the Good Will Network, will donate $120,000 in grants this year to nonprofit organizations that provide shelter and homelessness services to people at risk.

This year’s Good Will Network initiative, called “$24K of Solid Good,” invites the public to vote online in choosing the five winning organizations that will each receive $24,000. The donations mark a 20 percent increase from last year’s Good Will Network donation amount.

“Baird & Warner has been serving every corner of the Chicagoland area since 1855, and any time we see an opportunity to give back to the communities we serve, we seize it,” said Jennifer Alter Warden, chief operating officer and executive vice president of Baird & Warner, who leads the Good Will Network’s efforts.

“Homelessness affects an estimated 82,000 people in the city of Chicago alone. We increased the amount awarded this year to sustain a broader positive impact and help lower the number of homelessness in communities across the entire region.” 

For a complete copy of the company’s news release, please contact:

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-4523