JLL announces $58 million sale and $37.7 million financing of Tupelo Alley in Portland, OR

                                                       Photo by Red Studio Inc.
Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail at 3850 North Mississippi Avenue in the heart of the North Mississippi Avenue neighborhood in Portland, OR

PORTLAND, OR, July 31, 2019 – JLL announces that it has closed the $58 million sale and $37.7 million financing of Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail in the heart of the North Mississippi Avenue neighborhood in Portland, Oregon.

Carrie Khan

JLL marketed the property on behalf of the undisclosed seller and procured the buyer, a joint venture between Holland Partner Group and Pacific Life Insurance Company. Additionally, JLL worked on the new owner’s behalf to secure acquisition financing.

Ira Virden

Tupelo Alley is situated on 1.44 acres at 3850 N. Mississippi Avenue, the retail center of the Boise-Elliot neighborhood.

 Completed in 2009, the three-building, LEED Gold-certified property includes 10,000 square feet of ground level retail and 188 apartment units featuring a mix of studios, one- and two-bedroom units averaging 770 square feet. 

Charles Halladay

The community includes ample indoor and outdoor gathering spaces for residents for an abundance of activities, including billiards, ping-pong, barbecues and fitness.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn.

Rick Salinas

The JLL Capital Markets team representing the new owner was led by Senior Managing Director Charles Halladay and Directors Rick Salinas and Charlie Watson.

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 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 the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contacts: 

Ira Virden, JLL Senior Managing Director

Oregon License No: 200511080

Phone: +1 503 224 0444

Email: Ira.Virden@am.jll.com

 Charles Halladay, JLL Senior Managing Director

Phone: +1 503 224 0444

Email: Charles.Halladay@am.jll.com

 Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

International Aircraft Associates Expands Headquarters to 60,000 SF at Miramar Park of Commerce

 

Maridee Bell

MIRAMAR, FL – International Aircraft Associates (IAA) has expanded its corporate headquarters by 22,664 sq. ft. to occupy a total of 60,329 sq. ft. in the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida.

Lauren Pace

The aftermarket distributor of commercial jet engines, parts and components has been a leader of the aviation industry for more than 41 years.

IAA maintains a global client base consisting of commercial airlines, original equipment manufacturers (OEMs) and maintenance, repair and operations providers (MROs) accredited by the Federal Aviation Administration, the European Union Aviation Safety Agency and the Civil Aviation Administration of China.

“We find that the Miramar Park of Commerce offers innumerable benefits to our business, employees and customers,” said IAA President Mitch Weinberg. “The location, modern architectural appeal and professionalism of the management team make it a great place to call home.”

Mitch Weinberg

From its headquarters at the Park, IAA provides engine material and support services to clients in more than 24 countries. Clients include General Electric, Boeing, AerCap, Air France and Lufthansa Technik, among others.

“International Aircraft Associates is one of the largest aviation tenants that comprise our ‘aviation hub’ in the Park,” said Sunbeam Properties Vice President Maridee Bell, who along with Leasing Associate Lauren Pace, represented the Park in the transaction.

“Aviation-related companies account for more than 400,000 sq. ft. of space at the Miramar Park of Commerce, significantly benefiting the regional economy and business community through employment opportunities, contributions to the city and state’s tax roll and daily support of local retailers, housing providers and more.”

Miramar Park of Commerce

In addition to the corporate headquarters for IAA and Spirit Airlines, the eighth largest commercial airline in North America, aviation-related companies located at the Miramar Park of Commerce include 1st Choice Aerospace, Baron Group, LLC, Becker Avionics, DMS Aircraft Services, Jamaica Bearings Group, Kaba Benzing America, Meggitt, Ocean Air, PTS Aviation, Inc., Sunshine Avionics, Survitec Survival Products, Turbine Controls MRO and United Aerospace Corporation.

Contacts: 

Lexi Robinson

954-776-1999, ext. 255

lrobinson@piersongrant.com

Lauren Pace (lpace@wsvn.com)

or Maridee Bell (mbell@wsvn.com

10212 USA Today Way, Miramar, FL 33025

 or call 954-450-7900.

International Aircraft Associates,

 10875 Marks Way, Miramar, FL  33025,

 (954) 441-2234, 

sales@internationalaircraft.com

NAI Realvest Keeps Occupancy up to 100% at Hanging Moss CommerCenter in East Orlando, FL

Tom R. Kelley II

ORLANDO, FL – NAI Realvest recently negotiated five lease agreements totaling 22,150 square feet of industrial space at 6100, 6112, 6124 and 6148 Hanging Moss Rd. in east Orlando ’s Hanging Moss CommerCenter which is currently 100 percent leased.

NAI Realvest principal Tom R. Kelley, II, CCIM and Associate Chris Adams negotiated the transactions representing Hanging Moss RE, LLC, landlord at the unique small bay warehouse complex that the NAI Realvest team leases and manages.

Chris Adams

·        Tolah International Food, LLC, an international food market, leased 6,200 square feet;

·        Automatic Racing who prepares stock cars for racing competition, 6,000 square feet;

·        City Electric Supply leased 4,200 square feet;

·        Carroll Bradford Incorporated, a land management company 3,750 square feet; and

·        EuroCar Clinic Inc. leased 2,000 square feet.

Todd Davis

Jason Schrago

Todd Davis of Cushman & Wakefield represented Carroll Bradford and Jason Schrago of NGKF-Orlando represented Automatic Racing.

Contacts: 

Tom R. Kelley, II, CCIM, Principal NAI Realvest,

407-875-9989 Tkelley@relvest.com

Chris Adams, Associate, NAI Realvest

407-875-9989 cadams@realvest.com

Patrick Mahoney, President / CEO, NAI Realvest,

407-857-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications Inc., 407-644-4142 

or 407-461-3781  Beth@larryvershel.com 

 www.NAIRealvest.com.

Lincoln Property Co. Completes Lease Agreement with Urban Art Co at SunTech Commerce Park in Lake Mary, FL

SunTech Commerce Park, 41 Skyline Drive, Lake Mary, FL

LAKE MARY , FL – Lincoln Property Company, a full service commercial real estate firm, completed a long-term lease agreement for 8,112 square feet of flex space at 41 Skyline Drive in the SunTech Commerce Park in Lake Mary. 

Sean DuPree, CCIM Director of Sales/Leasing brokered the transaction on behalf owner/landlord RCS-Suntech, LLC of Louisville, CO. and the tenant, Urban Art Co. 

  Urban Art Co., which sells artists’ works on canvas, metal and apparel and handles all framing needs, has been a long time tenant at SunTech Commerce Park .  

Sean DuPree

DuPree heads the Lincoln Property Company team who handles the leasing at SunTech Commerce Park, a 224,359 square foot,  six-building office/flex campus.

Contacts: 

Sean DuPree, CCIM, Director of Sales/Leasing, Lincoln Property Company 

407-872-3500 sdupree@lpc.com

Beth Payan, Larry Vershel Communications Inc. Beth@larryvershel.com 

407-644-4142

Phoenix’s Southwest Valley ranks #1 in the nation for industrial prospects

Anthony (Tony) Lydon

  

PHOENIX, AZ, July 31, 2019 – Phoenix’s Southwest Valley submarket has placed top in the nation for industrial prospects looking for space to relocate or expand their operations, according to the newly released JLL Q2 Phoenix Industrial Insights report.

According to JLL, this includes 83 tenants in the market with a maximum requirement of more than 30 million square feet.

“When you consider the region’s robust in-migration, reasonable governmental regulations and sustained growth in global trade and regional consumption, the Phoenix economic machine appears to be hitting on all cylinders,” said JLL Managing Director Anthony Lydon.

“Not even the hot summer months have slowed the tide of inquiries, facility tours and letters of intent. As that interest turns to commitments – and then to absorption – I expect we will see even greater expansion of our industry supply chain, which is the backbone of the Phoenix industrial sector.”

According to JLL, nearly a decade of positive net absorption has pushed metro Phoenix industrial vacancy to a 10 year low of 6.7 percent, only decimals away from the Valley’s historic low point of 6.2 percent vacancy achieved during the third quarter of 2006.

As has long been the case, the Phoenix industrial sector continues to benefit from a large flow of manufacturing prospects, e-commerce, logistics and distribution interests – particularly for Southwest Valley space. 

“This quarter was a little unique in that Nestle and Ulta both vacated from the Southwest Valley, creating negative absorption in the submarket,” said Lydon. “But in our current environment, we expect that figure will quickly recover with broad demand from industrial big box, mid-bay and data center prospects.”

There is currently more than 6.3 million square feet of new industrial space under construction in metro Phoenix, with absorption continuing to exceed new space deliveries as it has done for five-and-a-half straight years.

To access JLL research for Phoenix and across the U.S., visit the company’s research page at https://www.us.jll.com/en/trends-and-insights#research.

Contact: 

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.jll.com.

JLL closes sale of Charlotte mid-rise apartments

Novel NoDa, a 344-unit, mid-rise apartment community at 424 East 36^th Street. Charlotte, NC

CHARLOTTE, N.C., July 31, 2019 – JLL announces it has closed the sale of Novel NoDa, a 344-unit, mid-rise apartment community in Charlotte, North Carolina.

Allan Lynch

JLL marketed the property on behalf of the seller, Charlotte-based Crescent Communities, which also developed the community in 2018.

Novel NoDa is situated on an approximately six-acre site at 424 E. 36^th Street. The property offers residents immediate access to light rail service, which directly connects to Charlotte’s largest employment centers, including the Uptown and University submarkets. 

Novel NoDa is surrounded by top-notch retail, including the Salud Beer Shop, The Barre Code, Wooden Robot Brewery, Rush Bowls and Idlewild cocktail bar. 

The NGBS Bronze-certified property consists of modern units with high-end finishes averaging 817 square feet. 

Community amenities include a saltwater pool with sun shelf; common courtyard with beer garden, grilling area and fire pit; clubroom with billiards, shuffleboard and oversized tables; indoor/outdoor skyline lounge with views of Uptown and NoDa; transit lounge with transit screen, coffee bar and Wi-Fi; flexible work spaces; electric car charging stations, pet salon with washing tubs and grooming tables; and 462 parking spaces.

Caylor Mark

The JLL Capital Markets team representing the seller was led by senior director Allan Lynch, director Caylor Mark, managing directors Justin Good and Jeff Glenn, and senior managing director Roberto Casas.

“Authenticity, connectivity and activity are the top traits that both residents and investors seek, particularly in high-growth markets like Charlotte,” Lynch said. “Novel NoDa embodies all of this. It is a truly unique asset woven into the fabric of the thriving North Davidson Arts District and 36^th Street light rail.”

“Crescent Communities only strengthened its impressive track record of delivering differentiated communities with the development of Novel NoDa,” Mark added. “Its market reception and this transaction is the latest endorsement for this unique community, neighborhood and the Charlotte market,” Mark added.

Justin Good

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 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 the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

About Crescent Communities

Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of multifamily, commercial and mixed-use communities.

Jeff Glenn

 Crescent creates high-quality, differentiated communities in desirable locations in many of the fastest-growing markets in the Southeast and Southwest.

 Since the company was founded in 1963, Crescent’s development portfolio has included more than 60 single-family master-planned communities, 57 multifamily communities and more than 20 million square feet of commercial space.

 Its multifamily communities are branded NOVEL by Crescent Communities. 

For more information, visit https://www.crescentcommunities.com/.

About JLL

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

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.

 In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019.

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

Contacts: 

Allan Lynch, JLL Senior Director

North Carolina License No: 277156

Phone:  +1 704 526 2819

Email: Allan.Lynch@am.jll.com

Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

Hospitality Ventures Management Group (HVMG) Appoints Dana Tsakanikas Executive Vice President & Chief Investment Officer

  

Dana Tsakanikas  

ATLANTA, GA, July 31, 2019 —Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, today announced it has named Dana Tsakanikas executive vice-president and chief investment officer. 

In the newly created role, Tsakanikas will work closely with Robert Cole, HVMG president & chief executive officer, and Mary Beth Cutshall, executive vice-president & chief development officer, along with the rest of the development & acquisitions team.

 They will support of the company’s growth efforts by sourcing new capital and structuring/transacting on acquisitions, joint ventures and dispositions, as well as executing on new and existing strategic partnerships and relationships. 

  

Tsakanikas also will support HVMG and its hotel partners with any property refinancing needs and assist with the oversight of existing investments and with value-creation asset management projects and routines.

Robert Cole

            “With more than 25 years of extensive experience in commercial real estate, transactions and capital-raising, Dana will be instrumental supporting our growth strategy and leading various projects and strategic initiatives that will expand upon our ability to support our hotels and our partners,” said Cole. 

“My history with Dana goes back more than 15 years.  In that time, he has proven himself to be a very adept real estate financier and savvy when it comes to structuring transactions and joint ventures. 

"I am confident Dana will help HVMG achieve its aggressive growth goals as we continue to expand our platform and portfolio of hotels.”

           

Tsakanikas most recently was executive vice-president with Stonehill, the financial arm of Atlanta’s Peachtree Hotel Group.  While there, he led strategic initiatives, sourced capital and structured and executed equity and debt transactions. 

 Prior to that, he advanced to the position of a senior vice-president with Rockbridge Capital, one of the largest hotel investors in the U.S. 

During his tenure there, he played a significant role sourcing, structuring and executing on more than $4 billion of debt and equity across 200-plus hotel transactions. 

 He also was heavily involved in asset management, completing due diligence and working on hotel dispositions. 

 A frequent speaker and panelist at industry conferences and events, Tsakanikas has spoken at the Hunter Hotel Conference, JMBM Meet the Money Conference and several conferences related to Opportunity Zone investments. 

Mary Beth Cutshall

              “I have been fortunate enough to have worked with some of the best hospitality companies in the industry over the years,” Tsakanikas said. 

 “Though I continue to learn from those around me, I am confident that my previous hotel real estate, transaction and capital markets experience can contribute to building on HVMG’s exceptional growth. 

 HVMG has an excellent reputation as a leading hotel ownership, management and investment group, and I look forward to doing my part within the team to help achieve the company’s goals and continued success.”

Contact:

Chris Daly

Daly Gray, Inc.

703-435-6293

chris@dalygray.com

www.hvmg.com 

JLL closes sale of residential tower in Stamford, CT

Jose Cruz

MORRISTOWN, NJ – JLL announces that it has closed the sale of AVA Stamford, a Class A, 18-story, luxury residential tower in downtown Stamford, Connecticut.

JLL marketed the property on behalf of the seller, AvalonBay Communities, Inc. West Coast-based Pacific Urban Residential (“PUR”) purchased the asset. 

The transaction represents PUR’s second investment in the East during the past 90 days.

Located at 50 Forest Street, AVA Stamford offers panoramic city views in a transit-oriented, urban infill location in the heart of downtown Stamford.

Stephen Simonelli

The property boasts a Walk Score® of 94 due to its proximity to numerous restaurants and shops as well as the Metro North and Amtrak train stations.

Completed in 2001, the institutionally maintained tower features a diverse mix of one-, two- and three-bedroom units averaging over 1,000 square feet.

Residences are equipped with in-unit washers and dryers and walk-in closets with some units also outfitted with dens and patios or balconies.

Community amenities include an outdoor heated pool, fitness center, resident clubhouse with TV lounge and kitchen, covered parking and an attached 1.1-acre private park with tennis courts. The property was 95 percent occupied at closing.

Kevin O'Hearn

The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman.

“AVA Stamford attracted multiple investors, including both institutional capital and private buyers given the strategic location and potential upside of the asset,” Cruz stated.

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 a sale, financing, repositioning, advisory or recapitalization execution.

Andrew Scandalios

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 the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Michael Oliver

About AvalonBay Communities, Inc.

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States.

These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.

Mark Mahasky

About Pacific Urban Residential

Founded in 1998 by apartment investors George Marcus and Al Pace, Pacific Urban Residential (“PUR”) owns and operates $4.1 billion of apartment communities on behalf of its own account and strategic partners. 

PUR actively transacts over $1.5 billion annually. For further information, visit www.purapts.com.

George Marcus

About JLL

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

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.

 In doing so, we will build a better tomorrow for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019.

Al Pace

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

Contact:

Olivia Hennessey 
olivia.hennessey@am.jll.com