Done Deals: Apr 19, 2019

Friday, April 19, 2019

Henin Launching Phases 3 and 4 of Springview Woods Sooner than Planned in DeBary, FL; Phases 1 and 2 nearly Sold Out

Jerome Henin

DeBary, FL--- Henin Group’s Springview Woods, which opened in 2018, will launch Phases 3 and 4 with another 97 homesites at the 64-acre community of single-family homes by D.R. Horton.

Nine new homes were just sold in March. Phases 1 and 2 at Springview Woods are nearly sold out less than a year after the homebuilder opened its model home at 400 Tallow Wood Circle at the community off U.S. 17-92, down the street from West Volusia SunRail Station.

West Volusia Rail Station

New one and two-story single-family homes in six distinct designs with three to five bedroom floor plans are priced starting from the mid $200s.

D.R. Horton is the preferred builder at the community with ongoing successful sales from their model home.

“We’re pretty sure the remaining homes in Phases 1 and 2 will go pretty fast, so we have launched final phases 3 and 4 sooner than expected. Infrastructure and site development is already underway there with completion anticipated in October,” said Jerome Henin, president of Henin Group.

“Sales are going extremely well at this development as more and more homebuyers who commute are open to public transportation and living near the SunRail,” he explained.

There will be 195 homes in all four phases of Springview Woods. Buildout is projected to be in 2022. The Junction, a new town center that will be getting underway nearby on 17-92 is also slated for completion by 2022.

CONTACTS:

Jerome Henin, Founder / President, Henin Group,

386-668-7811; jerome@henin-co.com

Rob Lawson, VP of Sales, D.R Horton,

407-466-4363 RLawson@DRhorton.com

Larry Vershel or Beth Payan, Larry Vershel Communications,

407-644-4142 lvershelco@aol.com

Proper Title, LLC Earns Two Awards; named one of Chicago’s “Best Places to Work” by Crain’s Chicago Business; awarded 2018 'Excellence in Action' award by Fidelity National Title Group, Inc.

The Proper Way

CHICAGO, IL – Proper Title, LLC, a full-service title insurance firm serving the commercial and residential real estate industry, today announced two recent award recognitions. It has been named one of Chicago’s “Best Places to Work,” an annual ranking of 100 companies compiled by Crain’s Chicago Business.

Separately, Proper Title also received the “Excellence in Action” award from Fidelity National Title Group, Inc., which is a member of the Fidelity National Financial (NYSE: FNF) family of companies and the nation’s largest group of title companies and title insurance underwriters.

This is the first time Proper Title has earned a spot on the competitive list of Crain’s “Best Places to Work.”

David Garside

“While we’ve rapidly added and expanded offices throughout the Chicago metropolitan area, we never lost sight of our vision of providing an enjoyable and supportive place for our employees to work,” said David Garside, executive vice president of title and escrow operations at Proper Title.

“The positive energy of our team results in efficient closings that the real estate attorneys and brokers really appreciate, and we highly value the relationships we’ve built with our customers.”

Proper Title was also recognized this month by Fidelity National, earning the “Excellence in Action” award for the fifth year in a row. The award is given to title insurance agencies that exemplify outstanding performance in best practices, customer service and operations, among other criteria.

Contacts:

Paula Widholm, pwidholm@taylorjohnson.com, (773) 726-7993

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

propertitle.com.

JLL Q1 Phoenix Industrial Report highlights rise of 50,000 SF-- to 200,000-SF sector; Mid-bay product represents nearly half of all industrial construction

Kyle Westphall

PHOENIX, AZ – According to JLL’s Q1 Phoenix Industrial Market Report, the mid-bay industrial market now represents 42.1 percent of the Valley’s under construction industrial stock.

The report points to a lack of product in the 50,000- to 200,000-square-foot size range as a driver of this new construction.

“For many years, demand for Phoenix industrial space has centered around very large, e-commerce and distribution-focused tenant requirements,” said JLL Vice President Kyle Westfall.

9494 West Buckeye Road, Phoenix, AZ

“The rise of the mid-bay sector is a welcome addition to that demand. It balances out our industrial landscape and allows the large-scale and mid-size sectors to grow in tandem and complement each other – a trend we think will continue in a very robust way.”

As noted by JLL, mid-bay product has recorded more than 5 million square feet in gross leasing in the past 18 months, at an average rate of three deals per month and an average lease size of just under 100,000 square feet. The first quarter continued to reflect that trend, recording nine deals that collectively total just under 900,000 square feet.

The Southwest submarket enjoyed the lion’s share of mid-bay leasing activity with 528,410 square feet, or 72.6 percent, of all first quarter commitments. The largest of these deals was CHEP Pallets, taking the full 186,336-square-foot building at 9494 W. Buckeye Rd. for warehousing and distribution.

In metro Phoenix, there are currently 23 mid-bay projects underway. Together, these total more than 2.5 million square feet, or 42.1 percent, of all local industrial stock currently under construction.

“Mid-bay industrial demand is rising at a rapid enough pace that some of these projects are already starting to see pre-lease activity,” said Westfall.

“One example is 777 South 67^th Avenue, which has already secured a 109,620-square-foot lease by United Foods International that will take over half of the 187,920-square-foot building.”

777 South 67th Avenue, Phoenix, AZ

As demand increases, so are mid-bay industrial rents, now sitting at an average $0.67-per-square-foot, a 28.8 percent premium over the Valley’s average asking rate of $0.52-per-square-foot.

Across the Phoenix industrial sector, first quarter industrial fundamentals remain strong. Six million square feet of new space is under construction alongside 1.3 million square feet of net absorption, and overall rental rates have increased by 4 percent year-over-year.

To access JLL research for Phoenix and across the U.S., please 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

HFF arranges equity for 1629 Market Street in San Francisco

Rendering by David Baker Architects
1629 Market Street Apartments, San Francisco, CA

Scott Bales

SAN FRANCISCO, CA –– HFF announces it has arranged joint venture equity for the development of 1629 Market Street, a fully entitled, 420-unit multi-housing project in San Francisco, California.

Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the approximately $320 million project.

1629 Market Street will encompass 420 units averaging 732 square feet along with nearly 9,000 square feet of retail situated within three mid-rise buildings that will share a sub-grade parking garage.

Charles Halladay

The project will be constructed on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub.

The 24/7 location provides access to more than 400 restaurants and bars within an eight-block radius along with immediate access to public transportation options and approximately 30 percent of the city’s largest technology-based companies, all of which has garnered the site a Walk Score® of 99. The project is due for completion in mid-2021.

Jordan Angel

The HFF equity placement team representing the developer included managing director Scott Bales along with senior managing director Charles Halladay, managing director Jordan Angel, director Peter Yorck and analysts Eric Bet and Nolan Moore.

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

About Strada Investment Group

Jesse Blout

Headquartered in San Francisco, Strada is a vertically integrated real estate investment company with a proven track record in acquisition, development and advisory services.

The firm was founded in 2010 by principals Jesse Blout, Michael Cohen and Scott Stafford, with a unique mix of public and private sector real estate experience.

Supported by a team of real estate professionals with expertise in research, acquisitions, asset management, and construction and development, Strada has managed more than $1 billion of real estate assets with top-tier institutional capital partners, and currently has more than two million square feet in the development pipeline.

Michael Cohen

About Stockbridge Capital Group

Stockbridge Capital Group (http://stockbridge.com) is a real estate investment management firm headquartered in San Francisco, California, with offices in New York, Chicago and Atlanta.

The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States. As of December 31, 2018, the firm’s total assets under management totaled approximately $13.5 billion.