JLL arranges $41 million refinancing for Decatur Point Apartments in Denver, CO

                                            

Decatur Point, a 203-unit, Class A, mid-rise multi-housing property in Denver’s Jefferson Park neighborhood

DENVER, CO – JLL announced it has arranged the $41 million refinancing of Decatur Point, a 203-unit, Class A, mid-rise multi-housing property in Denver’s Jefferson Park neighborhood.

JLL worked on behalf of the borrower, Riverpoint I, LLC, to secure the 10-year, 3.56%, fixed-rate loan through a correspondent life company lender. 

The loan featured a forward-rate lock and interest-only amortization. The property is managed by Iron River Management, LLC whose principal, Jonathan Ringham, is also the lead investor in the property.

Josh Simon

The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon.

Decatur Point is located at 2700 Decatur Street just across the river from downtown and Union Station near some of Denver’s top dining, retail, recreation and nightlife destinations. 

The property is also minutes from the Cherry Creek and Platte River trails as well Speer Boulevard and Interstate 25. 

Completed in 2017, Decatur Point comprises a mix of studio, one- and two-bedroom units averaging 775 square feet with modern finishes and amenities, including full-size washers and dryers, private balconies and designated underground parking and bike storage. 

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.

CONTACT:

Olivia Hennessey

Public Relations Specialist

Jones Lang LaSalle Americas, Inc.

9 Greenway Plaza, Suite 700

Houston, Texas 77046

T +1 713 852 3403

Olivia.Hennessey@am.jll.com

us.jll.com/capitalmarkets

jll.com

Symmetry Companies and Troon Announce New General Manager at Talking Rock Golf Club in Prescott, AZ

Jay Frank

PRESCOTT, AZ  –– Symmetry Companies and Troon announce Jay Frank as the new General Manager at Talking Rock, a high country golf clubhouse and gated master planned community in Prescott, Ariz.

Frank is a 30-year PGA member and has been the general manager of private country clubs throughout the West and Midwest during his career.

Most recently, Frank was the General Manager of the Columbus Country Club, a private club in Ohio that hosted the PGA Championship in 1964.

 He managed a complete clubhouse and golf course renovation that enabled the club to regain its prominence in the Columbus and national golf scene.

Frank has also managed properties in the west including Spurwing Country Club in Boise, Idaho; Sidney Country Club in Sidney, Montana; and The Links of North Dakota in Williston, North Dakota. 

“I am excited about joining the Talking Rock team,” Frank said. “The club is a wonderful resource for golfers at every skill level, not to mention the one-of-a-kind views. I look forward to being part of this terrific golfing facility and residential community.” 

As for plans for the future of the club, Frank sees improvements all around.

“We will focus on continuing to improve all phases of the full-service club including dining, spa & fitness, pool operations, tennis, and golf for all abilities of players,” Frank said. “I’m excited to work with the talented team that’s in place at the club and getting to know all the members and homeowners.”

Talking Rock is a high-country master-planned golf community, private and tranquil, yet only minutes from vibrant downtown Prescott, Arizona.

At the heart of this Prescott real estate community is the inviting Ranch Compound, a high-country clubhouse. Here, with its cluster of ranch structures, people meet and seek refuge for recreation, connection and comfort.

CONTACT:

Kessa Merrill 

PR for Talking Rock

kessa@theferrarogroup.com

https://talkingrockaz.com/

Joint venture sells One Marina Park Drive in Boston

One Marina Park Drive, a 491,573-square-foot multi-tenant office tower with coveted street-level retail space in Boston, MA

BOSTON, MA – JLL announced  it has arranged the $482 million sale of One Marina Park Drive, a 491,573-square-foot multi-tenant office tower with coveted street-level retail space in Boston, Massachusetts.

Kerry Hawkins 

JLL exclusively represented the seller, a joint venture of The Fallon Company and Barings, on behalf of an institutional investor. JLL also procured the buyer, an affiliate of Clarion Partners, LLC. 

Designed by Elkus Manfredi, One Marina Park Drive is a stunning 18-story LEED® Gold trophy asset, perfectly positioned within Fan Pier — The Fallon Company’s three million-square-foot mixed-use development in the heart of Boston’s Seaport. Completed in 2010, the building is a towering focal point of the Boston skyline.

Coleman Benedict

Today the property is 100% leased to an all-star rent roll featuring prominent tenants like Fish & Richardson, Enel X, Intarcia Therapeutics, Gunderson Dettmer, Battery Ventures and Polaris Ventures.  

As such, this investment offers the unique combination of strong cash flow, near-term upside and long-term capital appreciation.

JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles. 

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. 

Matthew Sherry

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.

About Barings:

Barings is a $335+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of its clients and customers. 

Ben Sayles

Through active asset management and direct origination, Barings provides innovative solutions and access to differentiated opportunities across public and private capital markets. 

A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific. 

*As of September 30, 2019

Barings Real Estate:

Barings Real Estate offers a broad range of global investment opportunities across the public and private debt and equity investment markets.

David P. Manfredi

 Barings invests in all major property sectors and offer a broad range of financing solutions to real estate borrowers.

 The firm also specializes in providing government and government-sponsored entity lending products through its wholly owned subsidiary, Barings Multifamily Capital. 

Contact: 

Kristen Murphy, 
JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

barings.com
jll.com
falloncompany.com
clarionpartners.com.
linkedin.com/showcase/barings-alternative-investments

The Dilweg Companies Inks Leases With Several Companies at 101 Marietta Street in Downtown Atlanta, GA

The new spec suites at 101 Marietta Street
will overlook the firm’s future Centennial Yards
 mixed-use development in The Gulch.

ATLANTA, GA – A California-based development firm overseeing the multi-billion dollar repositioning of The Gulch will have a bird’s eye view of the project after signing a long-term lease agreement at 101 Marietta Street in Downtown Atlanta.

The Dilweg Companies announced CIM Group and nine other companies have signed new lease agreements or extensions at the iconic 36-story Downtown office tower known for its trademark chevron silhouette. 

CIM Group will occupy two of the new spec suites at 101 Marietta Street that overlook the firm’s future Centennial Yards mixed-use development in The Gulch.

Jerry Banks

The new lease agreements represent over 45,000 square feet of new and expanded occupancy at the building.

“We are thrilled to welcome this dynamic group of tenants to 101 Marietta Street,” said Jerry Banks, Managing Director at the Dilweg Companies. 

“The building’s future-ready spec suites and dynamic community culture have proven to be hot commodities, and continue to attract some of the industry’s biggest names.

 "With all five of the NELSON Worldwide-designed spec suites totaling 23,000 square feet now fully leased, we will proceed with design and construction for the next batch of spec suite offerings as part of our ongoing commitment to craft a workplace environment that allows all of our tenants to flourish.”

CONTACT:

Aliya Seymour

Account Coordinator

1718 Peachtree St., Suite 1048 

 Atlanta, GA 30309

M: 678-477-3630

www.thewilbertgroup.com

$1 Million Sale of Hancock Center in North Fort Myers, FL brokered by Marcus & Millichap

NORTH FORT MYERS, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Hancock Center, a 10,462-square foot retail property located in North Fort Myers, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,130,000.

                    Chris Travis

Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also secured and represented by the three brokers.

“Our team sold this center for 96.2% of List Price by generating multiple offers & creating a competitive purchase environment," stated. Shiebler.

James Garner 

 "Our proven process facilitated an expeditious timeline from List to Contract in just 12 days.

"The ultimate purchaser recognized the strong core real estate fundamentals and property facts including the fact that the property was located on the main commuter artery adjacent to 72,000 average daily traffic count, positioned in a dense market with 23,000 Households and 30,000 daytime employees within 3 miles.

"We also emphasized the fact that this specific submarket has a huge level of population migration and boasts below market rents with short term leases providing the opportunity to increase income and equity position through increasing rents to market in the future.”

 James Medefind

Hancock Center is located at 3443 Hancock Bridge Parkway in North Fort Myers, Fla.  The subject property is currently 100 percent occupied, with lease expirations staggered over the next five years.

An investor can realize significant upside by gradually replacing the office tenants with retail tenants and bringing the current below market rents up to market rates.

           Offered at just $112 per square foot, Hancock Center is ideally located on Hancock Bridge Parkway, a busy commuter artery that connects Fort Myers with Cape Coral. Many residents and visitors heading to or from Cape Coral use this route to bypass the paid toll bridges. 

CONTACT:

Whitney Davis

Whitney.Davis@marcusmillichap.com

Marcus & Millichap Arranges $3.3 Million Sale of Taco Bell property in Naples, FL

Taco Bell, 8835 Davis Boulevard, Naples, FL

Jim Shiebler

 

NAPLES, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Taco Bell, a 2,441-square foot net-leased property located in Naples, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,300,000.

Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

James Garner

 The buyer, a private investor, was secured and represented by Armond Aivazyan, an investment specialist in Marcus & Millichap’s Palo Alto office.

“Our team sold this asset for 99.1% of List Price and went from List to Contract in just 15 days," said Shiegler.

"Marcus & Millichap’s platform and exposure yielded a buyer from Colorado which was sourced from a Marcus & Millichap broker in California.

"This is yet another example Marcus & Millichap’s unparalleled access and exposure to the largest national investor pool and how we leverage this platform to yield the highest prices for our sellers.

James Medefind

"The ultimate purchaser recognized the strong core real estate fundamentals and property facts including that the property is ideally located adjacent to 79,000 average daily traffic count, boasts a 6.35% blended cap rate over the base term, is operated by a top 10 Taco Bell franchisee in the U.S., is ideally positioned next to McDonald’s and is surrounded by four large hotels.”

Taco Bell is located at 8835 Davis Boulevard in Naples, Fla.  The property is perfectly situated in the epicenter of this highly desirable retail and dining destination.

 In the immediate area surrounding the subject property, there are numerous retail and hotel developments under construction which ensures enhanced positioning of this property to appreciate in value in the future.

For $3,330,000, this asset provides an investor a rare opportunity to purchase a true pride of ownership asset in a highly desired and world-famous township.

Chris Travis

           Naples is a principal city of the Naples-Marco Island, Florida MSA, which has a population of 322,000+. With a convenient location in Southwest Florida, 

Naples is known for its world-class fishing and average annual temperature of 75 degrees.

 It is one of the wealthiest cities in the United States, with the second-highest proportion of millionaires per capita in the United States.

CONTACT:

Davis, Whitney 

Whitney.Davis@marcusmillichap.com

JLL arranges $19.6 million acquisition loan for Bay Area retail center

Fairmont Shopping Center, 705-799 Hickey Boulevard, Pacifica, CA

NEWPORT BEACH, CA – JLL announced it has arranged $19.6 million in acquisition financing for Fairmont Shopping Center, a 102,982-square-foot, coastal, shopping center anchored by Safeway in the San Francisco Bay Area community of Pacifica, California.

JLL worked on behalf of the borrower, GRI Fairmont, LLC, an affiliate of First Washington Realty, Inc., to place the 10-year, fixed-rate loan with PGIM Real Estate Finance.

Greg Brown

Anchored by a high-performing Safeway, the 96%-leased Fairmont Shopping Center is also home to an internet-resistant tenant lineup, including Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry. 

Completed in 1966, the retail center was remodeled in 2015 and 2018. Fairmont Shopping Center is situated on 7.46 acres at 705-799 Hickey Boulevard in Pacifica, a coastal community between San Francisco and Half Moon Bay.

 It is at the high-traffic intersection of Hickey and Skyline Boulevards, where it is visible to approximately 45,860 vehicles per day.

 Less than half a mile south of the Pacific Coast Highway, the retail center is in a growing trade area with an anticipated population increase of 4.2% over the next five years, and more than 163,953 residents earning an average annual household income of $134,610 live within a three-mile radius of the property.

John Marshall

The JLL Capital Markets team representing the borrower was led by Managing Director Greg Brown, Director John Marshall and Director Bercut Smith.

“JLL was able to negotiate attractive loan terms and found the ideal lender for this asset,” said Daniel Radek, President of First Washington Realty. “The transaction went very smoothly, and we could not be more pleased with the outcome.”

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. 

Bercut Smith

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.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license#01223413.                                         

Contacts: 

Greg Brown

California License #:  01335204

Phone: +1 949 253 8800

Email: gregf.brown@am.jll.com

 Kimberly Steele
 JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: kimberly.steele@am.jll.com

firstwash.com
jll.com

JLL arranges $127.5 million financing for EON at Flagler Village, Fort Lauderdale, FL

Raimundo Onetto

MIAMI, FL – JLL announced it has arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multi-housing community in one of Fort Lauderdale’s most vibrant neighborhoods.

JLL worked on behalf of the borrower, Alta Developers, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies, L.P. Loan proceeds will be used to retire the existing construction loan on Phase I and will fund the construction of Phase II.

The properties are located within the popular Flagler Village neighborhood of Fort Lauderdale, which is within one mile of the city’s downtown core.

Brian Gaswirth 

 Residents benefit from proximity to seven million square feet of office space, one million square feet of retail along Las Olas Boulevard and public transportation options, including the new Virgin train station, which is within walking distance of the property. 

Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units along with 3,320 square feet of retail. 

Phase II, which is currently under construction, and expected to be completed by Spring 2021, will consist of 270 residential units and 2,400 square feet of retail space.

"Ahead of the curve with fresh concepts and design, our exclusive sky lounges have panoramic views of downtown Las Olas and the Atlantic Ocean delivering a creative new lifestyle in the heart of Flagler Village," said Raimundo Onetto, Principal of Alta Developers.

The JLL Capital Markets team representing the borrower was led by Director Brian Gaswirth and Associate Reid Carleton.

 Reid Carleton

“Alta Developers flawlessly executed on their business plan for Phase I, and are experiencing tremendous lease-up velocity,” Gaswirth said. 

“Identifying Mack as a strategic partner moving forward will help set the stage for the future success of the project. 

"The new partnership gave Alta Developers the ability to realize the value it created in Phase I while providing funding to develop Phase II thereby creating a denser, more efficient project.”

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.

Contact:

 Olivia Hennessey

JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: olivia.hennessey@am.jll.com

jll.com