Daum Commercial Directs Acquisition of Prime Developable Land Parcel in Los Angeles, CA

Ben Spinner

Los Angeles, CA – DAUM Commercial Real Estate Services has directed the acquisition of a 2.2-acre land parcel in the Eastside submarket of Los Angeles, California, on behalf of both the buyer and the seller.

The buyer, Irvine, California-based real estate investment company Westport Properties, plans to develop a three-story, approximately 152,000 square-foot self-storage facility on the site, according to Ben Spinner, Associate Vice President at DAUM’s Los Angeles office, who represented the buyer.

The land parcel was sold for a total purchase price of $5.4 million and is located at 4800-4830 Valley Boulevard in Los Angeles, California.

James Vu

Westport Properties recently completed a self-storage facility development at 2500 W. Hellman Ave, Alhambra, and is currently underway on an additional development at 1901 W. El Segundo Blvd, Compton.

DAUM Commercial Vice President James Vu and Vice Chairman Michael Collins represented the private seller, who previously operated a metal and plumbing business at the location, in the transaction.

“This was a rare opportunity for the buyer to acquire more than 95,000 square feet of developable land in close proximity Downtown Los Angeles and offering ease-of-access to major freeways,” explains Spinner.

Michael Collins

“Westport strategically recognized the value in bringing a large-scale self-storage development to the site due to the lack of storage facilities in the immediate area.”

According to a recent industry report, self-storage and moving service revenues in the United States are forecast to grow 2.7 percent yearly through 2022, indicating a growing demand for the product type.

Spinner also cites the land parcel’s prime location surrounded by residential neighborhoods, and in a submarket experiencing high levels of upcoming multifamily and commercial development, as strong demand drivers for self-storage.

“After we identified this site as an excellent location for Westport, DAUM participated in several complex negotiations to secure the land amid several competing offers, including from other self-storage developers,” says Spinner.

“Ultimately, we were able to help ensure that the developer’s vision for the site was feasible, and complete a win-win transaction for both the buyer and the seller.”

  

CONTACTS:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 955-7940

mfehrenbach@brower-group.com

www.daumcommercial.com.

Hubbard Street Group Starts Pre-Leasing at The Field's Lofts in Chicago, IL

John McLinden

CHICAGO. IL — Chicago-based Hubbard Street Group (HSG) announced the start of pre-leasing at The Field’s Lofts, a 123-unit loft-style rental community housed in a portion of the redeveloped Marshall Field’s warehouse at 4000 W. Diversey Ave., near Chicago’s Logan Square neighborhood.

 Located in the easternmost portion of the 1.5 million-square-foot building, The Field’s Lofts is scheduled to welcome first move-ins on April 1.

“We take great pride in adaptive reuse projects, so we were eager to bring life back to this beautiful building,” said John McLinden, managing partner of Hubbard Street Group.

The Field's Lofts, 4000 West Diversey Avenue
 near Logan Square neighborhood, Chicago, IL

 “Central to our redevelopment efforts is the preservation of rustic architectural details like 24-inch-round columns, 14- to 17-foot ceilings and steel-frame windows that, together, make The Field’s Lofts an authentic loft living experience.

“This building is rich in character and charm and is different from the thousands of typical white boxes in the sky that have recently been developed in new high- and mid-rises throughout Chicago,” McLinden added.

“This pocket of the Logan Square/Belmont Gardens neighborhood is full of history and culture and we are excited to be a part of it.”

Jaclyn Moser

Comprising approximately 144,000 square feet within the larger mixed-use building, The Field’s Lofts offers junior one-, one-, and two-bedroom residences ranging from approximately 542 to 1,330 square feet.

Rents start at $1,495 per month for junior one-bedrooms; $1,795 per month for one-bedrooms; and $2,395 per month for two-bedrooms.

Chris Sommers

Designed by architectural firm Hirsch MPG and design firm Harken Interiors, the common areas offer a nod to the building’s rich history through use of color – the Marshall Field’s signature shade of green is featured prominently throughout — as well as accessories such as original signage.

“Authentic loft space deserves authentic design," said Jaclyn Moser, partner of Harken Interiors. "As a Chicago-based firm, we understand the love affair this city has with the Marshall Field’s brand and wanted to pay tribute through thoughtful design."

Kage Brown

Harken Interiors partner Chris Sommers added: “As evidenced by everything from the splashes of ‘Marshall Field’s green’ on the exposed columns to the red-lettered furniture sale sign that was repurposed as artwork, the history of the building is very much a part of its resurgence as a modern residential community that embraces its roots.”

Located on the sixth floor, common areas will include a co-working space with Wi-Fi and printing station; fitness center with state-of-the-art equipment including Peloton bikes, as well as a private yoga and meditation studio; and resident lounge and café with chef’s-grade kitchen.

Graham Palmer

“Creating a sense of community is an important theme throughout Hubbard Street Group’s residential projects and the impressive suite of amenities at The Field’s Lofts will really distinguish this building from what’s currently available in the market,” said Kage Brown, partner and chief investment officer at Hubbard Street Group.

Outdoors, an expansive rooftop deck with unobstructed views of the Chicago skyline will be equipped with a grilling station, dog run, fire pit and sun chairs. The Field’s Lofts also provides complimentary bike parking; storage lockers; and garage parking for 87 vehicles.

Aaron Galvin

“The Field’s Lofts offers modern, brand-new apartments at an attainable price point,” said Aaron Galvin, CEO of Luxury Living Chicago Realty, the exclusive marketing and leasing brokerage for the development.

“The thoughtful apartment interiors combined with the character of both the building and the location near the Logan Square neighborhood sets The Field’s Lofts apart in the Chicago rental market.”

Convenience is another selling point of The Field’s Lofts, noted Galvin. The property’s lower-level retail space is anchored by Cermak Fresh Market, while numerous shops, restaurants and parks are within walking distance.

For more information or to schedule a showing, visit www.fieldslofts.com or call (773) 451-6452.

Founded in 2016 by real estate veteran John McLinden, Hubbard Street Group (HSG) is a real estate investment and development company that creates modern, lifestyle-oriented residential, retail and office developments, with a focus on urban infill sites.

The partners at HSG are industry leaders in neighborhood-level development, capitalizing on hyperlocal market opportunities and working alongside community stakeholders to realize the vision for each project. McLinden is joined at HSG by partners Graham Palmer and Kage Brown.

CONTACTS:

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Trez Forman Closes $20.8 Million Loan for Large Residential Development near Wilmington, NC

Brett Forman

Wilmington, NC and Palm Beach, FL –Trez Forman Capital Group has completed a $20.8 million loan for a significant single-family residential development on 158 acres in Surf City near Wilmington, N.C.

The financing pays off an existing $2.5 million land loan provided to the borrower byTrez Forman and covers land development costs for 415 single-family lots.

The transaction closed on February 15. Trez Forman President and CEO Brett Forman arranged the transaction.

Major homebuilder DR Horton has a contract to purchased 170 of the single-family lots from the borrower, who plans to secure a buyer for the remaining 245 lots.

The site is located at the intersection of Belt Road and NC Highway 50. It is conveniently positioned near a new Publix, 1.5 miles from the beach, with access provided by a new 3,600-foot bridge that opened in December 2018.

The master-planned community will be known as Waterside.

CONTACT:

Eric Kalis

Vice President, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.trezforman.com.

Core5 Industrial Partners Announces Sale of 581,475 SF Desoto 55 Logistics Center Building A and Lease of 300,145 SF Building B in Greater Memphis Industrial Market

Building A, Desoto 55 Logistics Center, 1241 Commerce Drive
Horn Lake, Desoto County, TN

ATLANTA, GA – Atlanta-based Core5 Industrial Partners announced the sale of a 581,475-square-foot building located in Desoto 55 Logistic Center, a 173-acre park situated at US Highway 51 in DeSoto County along the I-55/I-69 corridor in the greater Memphis industrial market.

Lisa M. Ward

The initial cross-dock facility, located at 1241 Commerce Drive, Horn Lake, MS, and known as Building A, was sold to a Fortune 500 company to use as a key facility in their distribution network.

Elliot Embry with NAI in conjunction with NAI Global Corporate Solutions represented the undisclosed buyer.

Elliot Embry

The second existing building in the park, Building B, is a 300,145-square-foot rear-load building that has been fully leased to DSV Solutions, LLC and EPE Industries USA which will both occupy in first quarter 2019.

DSV Solutions was represented in-house and EPE Industries was represented by Jacque Beeson of CBRE.

With the initial two buildings being fully committed within three months of completion, Core5 will immediately begin design and construction on the final three buildings in DeSoto 55 Logistics Center, totaling 1.5 million square feet.

The largest building of the three, Building D will be a 860,915- square-foot cross-dock building and feature 36’ clear height, 326 auto spaces and up to 196 trailer spaces. 

Jacque Beeson

 The two additional buildings will be a 328,355 – square foot cross-dock with 36’ clear height and a 316,885 – square foot rear-load building with 32’ clear height. All three buildings are anticipated to deliver in the last quarter of 2019.

Rodney Davidson

At full build-out, DeSoto 55 Logistic Center will accommodate just under 2.5 MSF in five separate buildings.

DeSoto 55 Logistics Center provides an outstanding business environment in a park-like setting with proximity to the I-55 transportation corridor and a deep and qualified labor pool from which to draw potential workforce.

Other key attributes that have proven successful to the property are the pro-business environments of both DeSoto County and the City of Horn Lake, MS. 

“The two key factors considered by logistics operators is immediate access to transportation infrastructure and access to a qualified labor pool. DeSoto 55 Logistics Center offers unparalleled  access to both,” said Lisa Ward, Senior Vice President and Managing Director of Core5.

“The State of Mississippi, DeSoto County and the City of Horn Lake have created a pro-business environment that is both responsive and easy for prospective tenants seeking to do business in the area,” declares Rodney Davidson, Vice President Investments for Core5.

Dan Wilkinson

Colliers International’s Memphis team of Dan Wilkinson, Brad Kornegay and Allen Wilkinson will continue to handle marketing and leasing for DeSoto 55 Logistics Center on behalf of Core5.

About Core5 Industrial Partners

Core5 Industrial Partners is an industrial real estate property company with expertise in development and acquisition of Class-A industrial properties featuring the latest innovations throughout the United States.

Headquartered in Atlanta, Georgia, Core5, has development activity in Atlanta, Chicago, Cincinnati/Northern Kentucky, Dallas, Los Angeles/Inland Empire, Memphis, Pennsylvania and South Florida with expansion plans to additional key logistic hubs in the US.

Allen Wilkinson

Founded in 2015, the company has developed 10 million square feet in three years and has plans to begin development on another 10 million square feet in 2019.

Immediate access to capital, coupled with the ability to financially support deals on their balance sheet without utilizing third party resources on most transactions, Core5 executes quickly without layers of bureaucratic, time-consuming processes.

The company is privately held by 170-year-old Japanese-based Kajima Corp – one of the world’s largest A credit-rated construction companies with whom C5 leadership has sustained a 30+ year working relationship.

Brad Kornegay

Named for its five core principles, the company values are centered around a highly flexible entrepreneurial spirit promising follow through on commitments with an emphasis on relationships, excellence in quality, attention to detail and quick decision making.

CONTACTS:

Rodney Davidson

Core5 Industrial Partners

404-262-5432

rdavidson@c5ip.com

RITA SKAGGS

 RED DART Real Estate Consulting

404.788.3231

rita@reddart.co

www.c5ip.com.

Hostmark Hospitality Group Names Ronald L. Vlasic Chief Operating Officer

Ronald L. Vlasic

SCHAUMBURG, IL —Officials of Hostmark Hospitality Group, an award-winning hotel management company specializing in unique lifestyle hotels and resorts as well as branded properties, announced it has named Ronald L. Vlasic as chief operating officer. 

 In his new role, Vlasic will oversee and grow the company’s third-party management portfolio of branded and independent hotels across the U.S., helping the company expand into new markets and segments.

Jerome F. Cataldo

                “With more than 25 years of hospitality experience, Ron has an unmatched track record utilizing his unique skillset and relationships to grow regional hotel companies into national powerhouses,” said Jerome F. Cataldo, president & CEO, Hostmark Hospitality Group. 

 “He was instrumental in Kimpton Hotels & Restaurants’ growth from 16 properties concentrated in the Bay Area to 63 hotels nationwide by 2018.  Ron’s expertise in high-end, boutique properties will prove particularly useful as we expand that segment of our own third-party managed hotel portfolio.” 

CONTACT:

Chris Daly

(703) 435-6293

chris@dalygray.com

www.hostmark.com