JLL closes sale of 2767 East Imperial Highway in Orange County, CA

2767 East Imperial Highway, an 89,650-square-foot, single-tenant, net-leased medical office property in Brea, CA

Nick Foster

NEWPORT BEACH, CA – JLL announced  it has closed the sale of 2767 East Imperial Highway, an 89,650-square-foot, single-tenant, net-lease medical office property in the Orange County community of Brea, California.

JLL represented the seller, a joint venture between Healthcare Property Advisors and The Innovation Institute, and procured the buyer, LaSalle Investment Management, through their medical office fund.

2767 East Imperial Highway is fully leased to St. Jude Hospital for 14 remaining years. St. Jude is a network hospital of Providence St. Joseph Health (S&P: AA-). 

Andrew Milne 

The two-story property is positioned on 5.08 acres with frontage and visibility from Imperial Highway as well as convenient access to the 57 Freeway, one of Orange County’s most important north-south arterials. 

The property is the largest standalone physical rehabilitation center in Southern California with proximity to St. Jude Hospital in Fullerton, California.

The JLL Capital Markets team representing the seller included Nick Foster, who is part of the Net Lease Practice Group; Evan Kovac and Andrew Milne from the National Healthcare Capital Markets Team and Andrew Harper from the Los Angeles office investment advisory team. 

Additionally, John Chun, who is a member of the National Healthcare Capital Markets Team, advised from a debt and structured finance perspective.

Andrew Harper 

“JLL was fortunate enough to take this opportunity full circle for ownership, financing the original acquisition and then listing the asset after ownership was able to negotiate a long-term extension for the tenant,” Foster said. 

“We were extremely pleased with the level of interest in the opportunity, receiving twelve competitive offers. Ultimately, we had the good fortune of selecting an excellent new owner in LaSalle, who performed flawlessly.”

Jones Lang LaSalle Americas, Inc. is a licensed real estate broker with the California Department of Real Estate license #01223413.                                                                                                                                                                                    
 For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

John Chun

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. HFF is now part of JLL. Real estate brokerage services now provided by Jones Lang LaSalle Americas, Inc. 

Contacts:

Nick Foster, JLL Director

California License No: 01831851

Phone:  +1 949 253 8800

Email: Nicholas.Foster@am.jll.com

Evan Kovac, JLL Managing Director

California License No: 01750736

Phone:  +1 206 576 0033

Email: Evan.Kovac@am.jll.com

 Andrew Milne, JLL Director

California License No: 01868031

Phone:  +1 858 552 7690

Email: Andrew.Milne@am.jll.com

 Andrew Harper, JLL Managing Director

California License No: 01319640

Phone:  +1 310 407 2100

Email: Andrew.Harper@am.jll.com

 Kristen Murphy, JLL Director, Public Relations

Phone: +1 617 338 0990

Email: Kristen.Murphy@am.jll.com

 ii-hpa.com

 jll.com

  ii4change.com.

 info@ii-hpa.com.

JLL closes $31.5 million sale of Southern California retail center

Corona Hills Market Place, Pet Smart, Corona Hills, CA

NEWPORT BEACH, CA– JLL announced it has closed the $31.5 million sale of Corona Hills Marketplace, a 148,805-square-foot, grocery-anchored community shopping center located in the Southern California community of Corona Hills, California.

Gleb Lvovich

JLL marketed the property on behalf of the seller, a public REIT. An undisclosed private investor purchased the asset.

Corona Hills Marketplace is situated on 12.28 acres at 529-591 N. McKinley Street in the affluent master-planned community of Corona Hills, which is in Riverside County. 

Anchored by Vons, PetSmart and Howard’s Appliances, Corona Hills Marketplace is 98% leased to a diverse mix of daily-needs and service-oriented tenants and is shadow anchored by Walmart. 

The center serves as the community shopping center for the trade area and is along one of the most well-traveled regions in the Corona Hills submarket. 

Bryan Ley

The property’s location along McKinley Street in addition to visibility from the 91 Freeway exposes it to more than 209,000 vehicles per day.

The JLL Capital Markets team representing the seller was led by Managing Director Gleb Lvovich, Managing Director Bryan Ley and Director Daniel Tyner.

“We are seeing a wide variety of capital targeting grocery-anchored retail along the West Coast,” Lvovich said. 

“Demand and fundamentals remain strong, especially in key West Coast markets. We expect this to continue, especially if interest rates continue to help investors using leverage.”

Daniel Tyner

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 GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA 

Real Estate License No. 01223413.

              Corona Hills Marketplace, Vons, Corona Hills, CA

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 

Contacts: 

Gleb Lvovich, JLL Managing Director

California License No:  01496699

Phone: +1 949 798 4115

Email: gleb.lvovich@am.jll.com

 Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: kimberly.steele@am.jll.com

jll.com.

Foundation Capital Partners and Baker Development Break Ground on Tariff-Friendly Industrial Project in Goodyear, AZ

Anthony Lydon

PHOENIX, AZ – New York-based Foundation Capital Partners (FCP) and Chicago-based Baker Development Corporation (BDC) have broken ground on a two-building, Class A industrial project called VB/143. 

Located in the heart of Goodyear, Arizona, the project sits within a foreign trade zone magnet site, allowing for reduced real and personal property taxes and reduced or eliminated duty, tariff and U.S. customs reporting costs.

The joint venture has named JLL Managing Directors Anthony Lydon and Marc Hertzberg, and Vice President Riley Gilbert, as the project’s exclusive leasing brokers.

“We are excited to have picked the Southwest Valley and Goodyear, in particular, as our foray into the greater Phoenix industrial market,” said Daniel J. Slack, Principal with BDC.

Marc Hertzberg

 “The business-friendly environment propagated by the City of Goodyear and the Greater Phoenix Economic Council, coupled with a continued market momentum characterized by a flight to quality from companies fleeing neighboring states, was hard to ignore.”

“The delivery of VB/143 comes at a time when many companies are reevaluating their business plans to accommodate for unforeseen trade policy shifts,” said Lydon.

 “In this environment, VB/143 provides a modern, interstate-oriented supply chain solution with the protection of a Foreign Trade Zone, which can be a critical benefit for operations that are vulnerable to economic events such as rising regulations or tariffs.”

Riley Gilbert

Located on the southeast and southwest corners of 143^rd Avenue at Van Buren Street, VB/143 includes a 213,000-square-foot cross-dock building and a 112,000-square-foot rear loading building.

The project offers divisibility down to 30,000 square feet and includes all of the modern industrial amenities such as 36’ clear height, secured concrete truck courts, insulated dock doors, energy efficient clerestory windows, robust power, trailer drops, public transportation and outdoor employee amenity spaces.

VB/143 sits within Goodyear Gateway South, a Class A masterplanned industrial park, less than one mile to a full interchange at I-10 and Bullard Avenue, just north of Phoenix Goodyear Airport.

Daniel J. Slack

The general contractor for VB/143 is Layton Construction Company. Butler Design Group is the architect. The project is scheduled for completion by fourth quarter 2019.

Contact: 

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.bakerdevelopmentcorp.com.

www.jll.com

CBRE Hotels Research Finds U.S. Hotel Performance Decelerates Through 2020, But 2021 Improves

R. Mark Woodworth

                         

ATLANTA, GA -– Shifts in the depth and timing of an expected slowdown in the nation’s economy have impacted CBRE Hotels Research’s outlook for the U.S. lodging industry over the next few years. 

 According to the September 2019 edition of Hotel Horizons^®, CBRE’s forecasts for RevPAR changes in 2019 and 2020 have been adjusted slightly downward, but the outlook for 2021 has improved.

“Changes in various components of the U.S. economy and their relationship to U.S. hotel demand fluctuations are well understood," said R. Mark Woodworth, senior managing director, CBRE Hotels Research.

"This is what drives the econometric model that informs our forecasts for U.S. lodging market performance. As a result of the rapidly changing prospects for the nation’s economy, we have adjusted our forecasts of lodging demand and ADR appropriately.”

CBRE projects GDP growth to average 1.9 percent during the second half of 2019.  This is half the pace of growth during the first half of the year.  

Accordingly, CBRE Hotels Research forecasts a deceleration in U.S. lodging performance during the final six months of 2019.  After rising by 2.1 percent during the first half of the year, the pace of demand growth will slow to 1.4 percent for the balance of 2019. 

 As a result, CBRE now forecasts the national occupancy level to decline by 0.2 percent from 2018 to 2019.

“Fortunately, room rates alterations tend to lag occupancy changes.  Therefore, the annual increase in ADR will remain steady at 1.1 percent,” said Woodworth.  For the year, CBRE is now projecting a RevPAR increase of just 0.9 percent, 110 basis points below the forecast the firm published in June of 2019.

The 2019 demand slowdown will show its negative impact on ADR next year.  CBRE’s forecast for ADR growth in 2020 has been lowered to 2.0 percent.  

“Downward pressure on room rates also will come from a rise in new hotel openings,” Woodworth added.  “Our 2020 supply growth forecast now is 2.1 percent, which is greater than the long-run average of 1.8 percent. 

"This will drive a 0.8 percent national occupancy rate decline for the year.”  For 2020, CBRE is forecasting a RevPAR growth rate of 1.2 percent.  This, too, is a downward adjustment from 90 days ago."

CONTACTS:

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

patrick@dalygray.com | www.dalygray.com

Chris Daly

Daly Gray Public Relations

703 435 6293

chris@dalygray.com

JLL arranges $34 million financing for 7EMPIRE in San Jose, CA

7EMPIRE is  a 97-unit, Class A, art-focused multi-housing community in the Silicon Valley core.

SAN FRANCISCO, CA – JLL announced  it has arranged $34 million in debt financing for the development of 7EMPIRE, a 97-unit, Class A, art-focused multi-housing community in the Silicon Valley core.

Derek Allen

JLL worked on behalf of the developer, TriForge Capital Partners, to secure the 13-year, fixed-rate construction-to-permanent loan with Guardian Life Insurance Company of America. 

TriForge Capital Partners is led by development groups LandForge and developURBAN. The JLL Capital Markets team previously coordinated venture equity on behalf of the developer.

“The TriForge team appreciates the contributed value and insightful perspective provided by JLL,” echoed Derek Allen of LandForge and Neal Yung of developURBAN. “As a trusted partner, they’ve helped us kick off a meaningful and sustainable development, which integrates local community spirit into a boutique-sized, design-forward offering.”

Collin Eckles

“We set out to develop a community that fuses the way discerning residents want to live within spaces that world-class artists want to create,” added partner Collin Eckles, former president of Rose Rock Group, a Rockefeller company. 

“This effort will forge an inspiring exposé of youthful vigor and some of the best street art the world has ever seen, on par even with the Wynwood Walls murals of Miami, all within the aesthetic of Jtown.”

LandForge partner JIG Holding acknowledges the transaction as a good cultural fit for them as well, noting that, “Along with strong submarket fundamentals and a competent development team, it was the right time to enter the U.S. market after being active on multiple continents for the past 70 years.”

The JLL debt placement team representing the developer was led by Senior Director Chris Gandy.

Chris Gandy

7EMPIRE is currently under construction at 525 North 7th Street on the only remaining infill site in San Jose’s burgeoning Japantown neighborhood. 

The Japantown location provides direct connections to VTA light rail, bus and bike-share transit modes linked to nearby Silicon Valley employment centers.  

The 7EMPIRE site notably has immediate access to Jackson Street shops, grocers and restaurants as well as local artists, vendors and design studios, which comprise the Jtown Art Walk.

Due for completion in 2021, the USGBC LEED-designed property will encompass a mix of modish, forward-thinking residential dwellings; a 5,000-square-foot publicly accessible sculpture and street art park; 

Also: approximately 1,000 square feet of entry plaza retail and 131 parking spaces. An artist-in-residence program is currently planned, and the integral art park has been designed alongside the famed Empire Seven Studios to include community engagement activities.

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 GP Corp. (California Department of Real Estate, License Number 01385740) prior to being acquired by JLL on July 1, 2019.

Contacts: 

Chris Gandy, JLL Senior Director 

California License No: 01899208

Phone: +1 415 276 6928

Email:  Chris.Gandy@am.jll.com

Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

jll.com.

www.LandForgeCP.com.

www.developURBAN.com.

Blue Sky Hospitality Solutions Names Logan Jonas Corporate Revenue Manager

 

Logan Jonas

  

UNIONDALE, NY—Officials of Blue Sky Hospitality (BSHS), one of the leading and fastest growing hotel owner/operators in the United States, announced the company has named Logan Jonas corporate revenue manager. 

 In his new role, Jonas will be instrumental in assisting with market studies and identifying revenue opportunities as BSHS focuses on the continued growth of its portfolio.

                “With nearly a decade of corporate and property level revenue management experience at multiple hotels under myriad flags from Los Angeles to Texas to New York, Logan has proven he has the skill set we require to meet our aggressive growth goals,” said David Fincannon, COO, BSHS.  

 “Logan will work closely with both our corporate and field teams to improve bottom line results.  He will be one of many new executives joining our team in the coming weeks and months as we continue to expand our footprint across the United States.”

                Jonas most recently served as director of revenue management for The Conrad New York Midtown, where he led the commercial operations/strategy as the 562-suite hotel successfully converted from the independent London NYC.  

David L. Fincannon

Prior to that, he was director of revenue management for the 1,234-room Hilton Los Angeles Airport and the 349-suite Embassy Suites by Hilton Los Angeles International Airport South, where he was responsible for all revenue functions at both properties to help generate $100 million-plus of annual revenue. 

 Jonas held similar positions for numerous Hilton-branded hotels throughout the U.S.  He graduated summa cum laude and received his Master of Service in Hospitality & Tourism Management from the University of Central Florida. 

                “With its robust, active pipeline and growing portfolio, now is the perfect time to join the Blue Sky Hospitality Solutions team,” Jonas noted. 

 “The company recently doubled the size of its corporate offices to accommodate its sizable, though measured, growth.  I look forward to working with this dedicated team of hospitality professionals as we collectively work towards making BSHS the premier, most trusted partner in the hotel industry.”

Contact:

 Chris Daly, media

 (703) 435-6293

 chris@dalygray.com

  

NAI Realvest Completes New Lease for Academy for Children With Special Needs at Maitland Concourse in Maitland, FL

Camen Academy leased 5,040 SF in Maitland Concourse South
 to house a new school for children with special needs
 in Maitland, FL

Jeff Bloom

MAITLAND, FL ---NAI Realvest recently closed on a new lease for 5,040 square feet of professional office space in Maitland Concourse South to house a new school for children with special needs.  

 NAI Realvest Associate Jeff Bloom, CCIM represented the landlord, Maitland-based Congregation Ohey Shalom. 

Tenant Camen Academy LLC who leased the suite at 613 S. Concourse Parkway , Maitland , FL 32751 has several U.S. locations to conduct behavioral therapy for special needs children.  

The new school opened for the fall 2019 school year. 

Justin Walker

Justin Walker of Harbert Realty represented the tenant.

CONTACTS:

Jeff Bloom, CCIM, Vice President, NAI Realvest,

407-875-9989 jbloom@realvest.com

Patrick Mahoney, President & CEO, NAI Realvest,

407-875-9989 pmahoney@realvest.com

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

or 407-461-3781 beth@Larryvershel.com

www.NAIRealvest.com.