JLL closes sale of Sunrise Lake Mixed Use Property in Pearland, TX

Sunrise Lake, a 74,612-SF mixed-use property 
in the Houston-area community of Pearland, TX

HOUSTON, TX – JLL announces that it has closed the sale of Sunrise Lake, a 74,612-square-foot mixed-use property in the Houston-area community of Pearland, Texas.

Dan Miller

 JLL marketed the property on behalf of the seller, TIG Real Estate Services, and procured the buyer.

 Sunrise Lake is located at 9307 and 9223 Broadway Street along the primary east-west thoroughfare in in Pearland, one of Houston’s fastest-growing southern suburbs. 

Pearland has grown to be one of Houston’s most sought-after residential areas outside the city’s urban core due a high quality of life with top-rated schools and convenient accessibility to a variety of employment, shopping and entertainment opportunities.

 From 2010 to 2017, Pearland ranked as the 10th fastest-growing city in the U.S., compared to other cities with a population of 50,000. 

Commercial properties in Pearland continue to be in high demand for investors; especially when coupled with today’s low interest rates and attractive debt options.

John Indelli

 The property is primarily leased to medical office tenants and is positioned less than 30 minutes from the Texas Medical Center, the world’s largest medical complex, and just west of Highway 288. 

Completed in 2006 and recently renovated, Sunrise Lake offers 50,000 square feet of office/medical office space and 24,500 square feet of retail space, which, combined, is 86% leased.

 The overall Houston economy has also experienced tremendous growth over the past few years. 

As reported by the Bureau of Labor Statistics, Houston added 73,300 jobs in the 12 months ending December 2018, driven by growth in professional and business services and construction. 

Bryan Strode

Additionally, according to the U.S. Census Bureau, 91,689 new residents migrated to Houston from July 2017 to July 2018 (third in the nation), and the Dallas Federal Reserve reports the Houston business cycle index grew by 3.8% in 2018, solid evidence of a steadily growing economy.

 The JLL Capital Markets team representing the seller consisted of Senior Managing Director Dan Miller, Director John Indelli and Analyst Bryan Strode.

 “TIG Real Estate Services did a great job stabilizing the asset,” Indelli said. “Investor sentiment for real estate in Pearland, one of the fastest-growing markets in Houston, continues to strengthen, and we feel there is still plenty of room to run.”

 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.

Claims to be the world's largest medical center

 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 Webpage: 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: 

H. Dan Miller, CCIM, SIOR, JLL, Senior Managing Director

Texas License No:  0289851

Phone: +1 713 852 3500

Email: Dan.Miller@am.jll.com

John Indelli, JLL, Director

Texas License No:  696391

Phone: +1 713 852 3407

Email: John.Indelli@am.jll.com

 Kristen Murphy, JLL, Director, Public Relations

Phone: +1 617 338 0990

Email: Kristen.Murphy@am.jll.com

 jll.com.

NAI Realvest Closes on Industrial Lease for Growing Manufacturer’s Relocation in Sanford’s Airport North Industrial Park

  

Paul Partyka

 ORLANDO, FL and SANFORD , FL -- NAI Realvest recently closed on the multi-year lease of 3,000 square feet at 3725 Naseem Lane in Sanford ’s Airport North Industrial Park to accommodate the relocation of A&L Toolings, Inc. from Longwood.

Paul P. Partyka, CCIM, MICP, Partner at NAI Realvest brokered the lease on behalf of the tenant and the landlord AIM 786, LLC.  

A&L Toolings, which specializes in the design/build of workstations for the general engineering industry, selected the location to be closer to Orlando-Sanford International Airport with its proximity to major transportation networks.

CONTACTS:

Paul P. Partyka, CCIM, MICP,  Partner NAI Realvest,

 407-875-9989 PPartyka@realvest.com

Patrick Mahoney, President / CEO, NAI Realvest,

 407-875-9989 PMahoney@realvest.com

Beth Payan, Larry Vershel Communications

407-644-4142 beth@larryvershel.com

Arbor Funds $12.8 Million Fannie Mae DUS® Loan in Tucker, GA

                                     

Robert Mendeles

  

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae Dus Loan in Tucker, GA.

 Pinewood Townhomes, a 98-unit multifamily property, received $12.8M in acquisition funding through the transaction. The hybrid loan provides a five year, fixed-rate term.

Robert Mendeles of Arbor’s Englewood Cliffs office originated the loan.

“Pinewood represents another example of Arbor being in tune with our clients and their borrowing needs,” said Mendeles. “This borrower has completed more than 20 transactions with us, covering nearly our entire product line. 

Pinewood Townhomes, Tucker, GA

"This is their first loan using Fannie Mae’s Green Financing Program, which we’re particularly excited about.

"As soon as we presented them with the benefits and reduced borrowing costs of ‘going green’, they saw the obvious advantages and knew they wanted to use Arbor’s expertise to close the loan!”

CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Voit Real Estate Services Directs Sale of Three-Building Futura Business Park in San Diego, CA

Futura Business Park, a three-building multi-tenant office property at 9445, 9455, and 9465 Farnham Street totaling 51,229 square feet in the Kearny Mesa submarket of San Diego, CA

Randy LaChance

San Diego, CA  – Voit Real Estate Services has successfully directed the 11.2 million sale of Futura Business Park, a three-building multi-tenant office property at 9445, 9455, and 9465 Farnham Street totaling 51,229 square feet in the Kearny Mesa submarket of San Diego, CA.

Randy LaChance, Ryan Bracker, and Arthur Bleier of Voit’s San Diego office represented both the buyer, La Jolla-based Hill Properties, and the seller, Otay Terminal – Farnham St., LLC , in the transaction.

 “This sale represents continued strength in the sought-after Kearny Mesa submarket, which benefits from San Diego’s record low unemployment rate of 3.8 percent,” says LaChance, Senior Vice President, SIOR, at Voit Real Estate Services.

Ryan Bracker

 “With 90 percent occupancy among a diverse roster of tenants, this asset delivers immediate stable cash flow as well as a tremendous opportunity for future value creation.”

The new owner, Hill Properties, plans to implement significant upgrades to the property, including exterior and interior improvements, as well as a repositioning into a more creative offering to meet current tenant demand.

“Hill Properties specializes in the selective acquisition of well-located, functional properties that are poised for value creation through our proven execution,” says Jason Hill, a principal at Hill Properties.

Arthur Bleier 

“Futura Business Park meets this criteria based on its location directly off the I-15 freeway and across the street from the new Kaiser hospital. After acquiring this asset well below replacement cost, we now plan to invest significantly into Futura in order to create a unique, state-of-the-art environment for our tenants.”

The single-story property is designed with an extensive glass line and multiple entry points to accommodate a variety of suite sizes, which deepens the opportunity to build out creative suites that attract new tenants from a variety of sectors, according to LaChance.

“San Diego County is of the most populous and diverse economic regions in the country, fueled by biotechnology, international trade, high tech, defense, tourism and a host of other industries,” says LaChance.

 “This property will continue to benefit from the region’s growing economic base and demand for creative space.”

CONTACTS:

Micaela Fehrenbach /Jenn Quader

Brower Group

(949) 438-6262

emanville@brower-group.com

www.voitco.com

Passco Cos. Acquires Premier Class A Multifamily Community in Thriving Augusta, GA

  

Grand Oaks at Crane Creek, a 300-unit, fully stabilized Class A apartment community at 680 Crane Creek Drive in Augusta, GA

Augusta, GA — Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired Grand Oaks at Crane Creek, a 300-unit, fully stabilized Class A apartment community in Augusta, Georgia.

Colin Gillis

 Passco acquired the asset directly from the property’s developer, Southeastern Development Associates, for a total consideration of $58 million. 

The property, which was completed in 2016, is distinctly Class A, including luxury amenities and finishes such as granite countertops, stainless steel appliances, faux wood flooring, and a contemporary resident amenity package.

“This is a proven asset that has demonstrated impressive pent-up demand for luxury housing in the Augusta market,” says Colin Gillis, Vice President of Acquisitions East at Passco Companies. 

 “Driven by sound market fundamentals and an affluent resident base, the property is well-aligned with Passco’s continued investment strategy, through which we acquire strong-performing assets in secondary markets with robust in-place growth drivers.”

Mark Senn

The Augusta market is uniquely positioned for continued growth, according to Gillis, who points to the relocation of the U.S. Army Cyber Command – the country’s headquarters for cyberspace operations, development, and training – from Alexandria, Virginia to Fort Gordon in Augusta as a driving force behind local economic expansion.

Chris Senn

“Driven by a cyber boom and tremendous capital investment into this new military hub, this market is slated to add 7,000+ new military and civilian jobs, with an annual economic impact of $150+ million,” says Gillis, who also notes that Augusta is projected to be the #1 growth market in the state of Georgia in 2019.

Grand Oaks at Crane Creek also benefits from its exceptional location, according to Gillis. The property is walkable to a newly developed 50,000 square-foot Class A retail center anchored by high-end organic grocer, Sprouts. 

The asset is in close proximity to Interstates 20 and 520, and is a two-minute drive from the 750,000 square-foot Augusta Exchange shopping center – one of the largest retail centers in the region.

John W. Lee Jr.

“By acquiring an asset in the center of this vibrant activity that is already equipped with modern amenities and a strong renter base, we are able to execute on proven strategies to deliver additional value to residents while improving efficiency and increasing NOI,” says Gillis.

Passco plans to implement a series of eco-friendly upgrades to the property, including new LED lighting, low-flow toilets and showerheads, and Nest thermostats. The company will also add washers and dryers to each unit.

Grand Oaks at Crane Creek already offers a host of competitive community amenities, including a pet wash station and dog park; a 24/7 fitness center with high-tech cardio stations, a spin room, and a yoga studio; a resort style saltwater pool with a sundeck and a pool pavilion with outdoor kitchen and grilling areas; controlled access gates; shuffleboard; a cybercafe and Wi-Fi enabled amenity areas; as well as several courtyards with fireplaces.

Grand Oaks at Crane Creek is located at 680 Crane Creek Drive in Augusta, Georgia.

Grand Oaks at Crane Creek interior

Mark Senn, President of Southeastern, the developer and seller of the luxury apartment community, explains: “We were not necessarily eager to sell this exceptional property. It took us several years to acquire the 35-acre, best-in-market development site, located within walking distance to several restaurants and retail with great interstate visibility.”

He also notes that of the approximately 1,000 units that Southeastern develops each year, this is the first in Augusta, where the firm is based.

John Lee, Jr., Senior Vice President of Southeastern adds: “We chose to sell this asset to Passco based on our long relationship with their team and their diligent and respectful pursuit to purchase this community.

Purchased from Southeastern Development Associates, 
the property is the first luxury apartment development 
in the Fort Gordon, GA military community

"Our Vice President Chris Senn and Colin Gillis at Passco were instrumental in spearheading this transaction. It has been a very smooth and professional process.”

Coinciding with the acquisition of Grand Oaks, Passco has just sold The Glen at Alexander, a 216-unit multifamily community in Augusta that the firm acquired in 2012.

“During our seven-year hold period, the Passco team created tremendous value in this asset, making this a well-timed sale that will deliver strong disposition proceeds,” says Gillis. “We remain focused on our investments in this market, and look forward to achieving similar success with Grand Oaks.”

CONTACTS:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

emanville@brower-group.com