JLL arranges financing for Englewood, NJ apartments

Rendering of planned 220-unit Englewood Circle Apartments, Englewood, NJ

MORRISTOWN, NJ – JLL announces that it has arranged financing for the development of Englewood Circle, a 220-unit, Class A multifamily property in Englewood, New Jersey.

Jon Mikula

JLL worked on behalf of the developers, a joint venture between The Claremont Companies and Cypress Equity Investments, to secure the five-year construction loan through Principal Real Estate Investors.

Englewood Circle is being constructed on 2.54 acres at 40 Bennett Road directly across from MacKay Park. Due for completion in 2020, the transit-oriented community offers convenient access to major thoroughfares, including Interstate 95, Route 4 and Palisades Interstate Parkway.

The JLL Capital Markets team representing the developers was led by Senior Managing Director Jon Mikula, Managing Director Michael Klein and Analyst Andrew Zilenziger.

“We are excited to be a part of Claremont’s foray into Englewood, a town that has seen tremendous growth, specifically in the luxury multi-housing space,” Mikula stated. “Englewood Circle will provide the newest and most amenity intensive project in Englewood.”

Michael Klein

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.

  

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.

About Claremont Companies:

The history of the Claremont Companies, and its affiliate, Claremont Construction Group, Inc. is one of generational growth and progress. 

Andrew Zilenziger

Established in 1954, Claremont evolved from a commercial painting business to one of the country’s largest carpentry and drywall operations, providing interior construction services throughout the Mid-Atlantic States.

 In 1991, the current principals of Claremont strategically transitioned the company into a full-service development and general construction company. 


Since then, the company has completed thousands of residential units and millions of square feet of commercial/retail projects as both a principal developer and third-party general contractor. 

Now, in its third generation, Claremont is experiencing considerable growth with a real estate development pipeline approaching $500 million and third-party general construction projects valued in excess of $350 million.

Contacts:

 Jon Mikula, JLL Senior Managing Director 

Phone: +1 973 549 2000

Email: Jon.Mikula@am.jll.com

Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

U.S. newsroom

jll.com.

JLL closes $39 million sale of Creeksides at Centerpoint in Kent, WA

Logan Greer 

Creeksides at Centerpoint, a three-building suburban office campus in Kent, WA

SEATTLE, WA – JLL announces that it has closed the $39 million sale of Creeksides at Centerpoint, a three-building suburban office campus totaling 218,650 square feet in the Seattle suburb of Kent, Washington.

The JLL Capital Markets team representing the seller, Menashe Properties, consisted of directors Logan Greer and Kevin Freels. The JLL Capital Markets team also partnered with local leasing experts Scott Sulman and Michael George of NAI Puget Sound Properties.

 

Kevin Freels

Creeksides at Centerpoint is 97.6% leased to a diversified rent roll of local, regional, national and government tenants, including Blue Nile and the State of Washington.

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.

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. 

Scott Sulman

About Menashe Properties:

Menashe Properties is a family-owned business committed to excellence in commercial real estate investment and management.  

The company has the unique ability to move quickly and expertly. 

Founded over thirty-five years ago, its roots run deep.  Menashe Properties has a broad network of contacts and resources that enable the company to provide extremely responsive service to all. 

Business owners consistently turn to Menashe Properties for the best service and financial value. 

The company has earned its reputation for being responsive and trustworthy, and it works every day to meet and exceed the expectations of its customers.  For more information on Menashe Properties, visit menasheproperties.com or contact Jordan Menashe.

Jordan Menashe

About JLL:

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

 Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. 

In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contacts:

 Logan Greer, JLL Director

Washington License No: 135647

Phone: +1 503 224 0444

Email: Logan.Greer@am.jll.com

 Kevin Freels, JLL Director

Washington License No: 129840

Phone: +1 206 576 0050

Email: Kevin.Freels@am.jll.com

 Kristen Murphy, JLL, Director, Public Relations

Phone: +1 617 338 0990

Email: Kristen.Murphy@am.jll.com

U.S. newsroom.

KW Property Management & Consulting Honored as one of America’s Fastest-Growing Private Companies on Inc. Magazine’s Annual Inc. 5000 List

Paul Kaplan

MIAMI, FL – KW Property Management & Consulting, a classic South Florida entrepreneurial success story celebrating its 15th year as one of the residential property management industry’s premier companies, made a banner year even more special with a prestigious national recognition.

KWPMC was featured on Inc. magazine’s annual Inc. 5000 list, a ranking of the nation’s fastest-growing private companies. 

The company is No. 3,827 on the 2019 list. 

Since former Certified Public Accountants Paul Kaplan and Robert White launched the residential property management company in May 2004, KWPMC has evolved into an industry leader and the largest private company in the market with more than 1,700 employees and 80,000 units under management.

Robert White 

The company has experienced particularly impressive growth over the past three years, culminating in the recognition from Inc. magazine.

The Inc. 5000 companies will be honored during a special event in Phoenix, AZ from Oct. 10-12.

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.kwpmc.com.

www.inc.com/inc5000.

JLL arranges $20 million financing for new Denver, CO retail property

Central Park Retail, 1400 Plaza Drive, Highlands Ranch, CO

DENVER, CO – JLL announces that it has secured a $20 million refinancing for Central Park Retail, a 61,443-square-foot, Class A, multi-tenant retail center in the Denver-area community of Highlands Ranch, Colorado.

 

 Eric Tupler 

JLL worked on behalf of the borrower, Shea Properties, to secure the 12-year, 3.65%, fixed-rate loan with a correspondent life insurance company lender. Loan proceeds will be used to refinance the borrower’s construction loan.

Completed in 2018, Central Park Retail is leased to 21 nationally and regionally recognized tenants, including Ent Credit Union, Rock Bottom Restaurant & Brewery, Shake Shack, Starbucks, Old Chicago Pizza and Taproom, Torchy’s Tacos and Orangetheory Fitness. 

The nine-building property can be expanded to 64,243 square feet via development of the final pad site.

The JLL Capital Markets team representing the borrower included Senior Managing Director Eric Tupler and Senior Director Kristian Lichtenfels.

Central Park Retail is at 1400 Plaza Drive within the Central Park Master Planned Community, which houses the 87-bed UCHealth Highlands Ranch Hospital; more than 300 high-end, under-construction multi-housing units; 

Kristian Lichtenfels

Also, 200 under-construction, for-sale single-family residential units; and a three-acre park. 

Additionally, there are 2.1 million square feet of office space within a one-mile radius of the property and 90,085 residents with an average annual household income of $138,705 within a three-mile radius. 

The property is approximately 15 miles southwest of downtown Denver on one of only three gateway entry points of the broader Highlands Ranch community.

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: 

Eric Tupler, JLL Senior Managing Director

Phone: +1 303 515 8000

Email: Eric.Tupler@am.jll.com

 Kristian Lichtenfels, JLL Senior Director

Phone: +1 303 515 8000

Email: kristian.lichtenfels@am.jll.com

 Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: Kimberly.Steele@am.jll.com

U.S. newsroom.

jll.com.

https://sheaproperties.com

Passco Cos. Adds Third Multifamily Asset to Texas Portfolio

384-Unit Sapphire Bay Apartments, formerly Boterra Bay Apartments, Baytown, TX

Baytown, TX — 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 Boterra Bay Apartments in Baytown, Texas.

The firm is rebranding the 384-unit, Class A+ multifamily community as Sapphire Bay Apartments.

Sapphire Apartments, 99 West Cedar Bayou Lynchburg Road
Baytown, TX

This is Passco’s third multifamily acquisition in the state, and second within the Houston MSA, in less than four months, according to Jake Niles, Director of Acquisitions – West at Passco Companies.

“While we’ve been bullish on the greater Houston area for some time due to its solid fundamentals, the Baytown submarket also uniquely benefits from a strong economic and employment base driven by the largest petrochemical hub in the world,” explains Niles.

Jake Niles

 “Several company expansions totaling over $12.5 billion, including those of ExxonMobil and Covestro, are currently underway or were recently completed within 10 miles of the asset.

"This growth will bring more than 650 new jobs – and many potential residents – to the immediate area.”

The property is located at 99 W. Cedar Bayou Lynchburg Road in Baytown, Texas.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

Chris Black

Thomas Alleman and Brandon Miller of Newmark Knight Frank represented the sellers in this transaction: A joint venture between Houston-based The Boterra Group and Dallas-based Edison Capital Holdings.

Niles also points to continuing increases in the volume of petroleum and other chemical exports from the Port of Houston, the second busiest port in the United States, as indicators of future growth.

 “The opportunity to acquire a best-in-class multifamily asset in this thriving and expanding economy was one that we could not pass up,” continues Niles.

“Despite its reputation as an industrial base, Baytown is also seeing growth throughout diverse sectors including hospitality and healthcare, for a total of more than 6,000 jobs projected to be added over the next five years.”

Caleb Marten

Niles adds: “Further, the city has a thriving suburban community and local leaders dedicated to maintaining a high quality of life for their residents.

"For example, Baytown is served by the Goose Creek Consolidated Independent School District, which was recently granted a nearly $500 million bond for school improvements.”

He also notes that the $100 million redevelopment of the San Jacinto Mall into the San Jacinto Marketplace, which will be a 1 million square-foot open-air shopping center, as well as a revitalization of Baytown’s downtown area, further drive the appeal of the city as a place to not only work, but to live and play as well.

Thomas Alleman

“This asset was also attractive to our team because it experienced a rapid lease-up following its 2018 construction,” Niles says.

“While projected apartment absorption in Baytown is nearly 1,300 units over the next five years, there are only 336 units currently under construction, so we anticipate resident demand for the property will only increase.”

According to Niles, the multifamily development pipeline is likely to remain limited due to tight zoning restrictions. Apartment communities in Baytown cannot occupy more than 15 acres and must be at least a half mile from each other. 

Alleman notes: “We were excited to play a role in the sale of this best-in-class asset located in one of the strongest performing submarkets of Houston. It was a pleasure to work with the Passco team, who ran the process very professionally.”

Brandon Miller 

On the property level, the three-story, garden-style Sapphire Bay Apartments offers luxury amenities including a large lounge pool with in-water tanning deck and private poolside cabanas, fully equipped fitness center with top-of-the-line Precor fitness equipment.

Also, yoga and spin studio with Fitness On-Demand technology, outdoor kitchen with gas and charcoal grilling stations, courtyard fire pit.

Also, an expansive dog park with puppy pool, a pet grooming station, a business center, a clubhouse with large kitchen for entertaining, and 24-hour resident package lockers.

CONTACTS:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com

JLL closes sale of Courtyard by Marriott hotel portfolio

Part of a portfolio consisting of five Courtyard by Marriott hotels totaling 731 rooms in San Antonio, Baltimore and Washington, D.C

DALLAS, TX – JLL announced the sale of a hotel portfolio consisting of five Courtyard by Marriott hotels totaling 731 rooms in San Antonio, Baltimore and Washington, D.C. markets has closed.

JLL marketed the property on behalf of the seller, Colony Capital, Inc. A partnership between Flynn Properties Inc. and EMA Lodging Group, Inc. purchased the assets. Flynn Properties Inc. is entering the select-service hotel market with this five-property acquisition.

The hotels, which have been institutionally owned and Marriott-operated over the last decade, are well positioned in established markets with exceptional access to a wide mix of demand generators. 

 Courtyard San Antonio Medical Center

The portfolio comprises two properties in San Antonio, Courtyard San Antonio Airport and Courtyard San Antonio Medical Center, and two suburban Washington, D.C. locations, Courtyard New Carrollton Landover in Landover, Maryland, and Courtyard Fairfax Fair Oaks in Fairfax, Virginia. 

The portfolio has one Baltimore-area property, Courtyard Baltimore Hunt Valley in Hunt Valley, Maryland.

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: 

Andrew Levy, JLL Senior Managing Director

Texas License No:  0413696

Phone: +1 214 265 0880

Email:  andrew.levy@am.jll.com

Stephen C. Conley, JLL Executive Managing Director

Maryland License No:  47647

Virginia License No:  0225 123295

Phone: +1 202 533 2500

Email: stephen.conley@am.jll.com

 Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: kimberly.steele@am.jll.com

U.S. newsroom.

www.emalodginggroup.com 

www.flynnholdings.com

www.clny.com.

Megan Markle's Former L.A. Home Priced at $1.8 Million

Megan Markle, now Duchess of Sussex and a princess of the United Kingdom, prices her former Los Angeles, CA home at $1.8 million

Photo credit: The Bienstock Group        Source: thebienstockgroup.com


LOS ANGELES, CA -- When Megan Markle, now Duchess of Sussex and a princess of the United Kingdom, first got her acting part in Suits in 2011, she was married to Trevor Engelson and they rented this charming Colonial-style home in L.A.’s Hancock Park neighborhood - a stone’s throw from downtown Hollywood.

Megan Markle

Though it was necessary for her to live nine months of the year in Toronto while filming, this is where she would return between filming and where she called home until her divorce in 2013.

 According to TopTenRealEstateDeals.com, It has recently been put on the market staged in pure Megan style, almost as if she had just stepped out for a quick trip to the grocery. It is now for sale priced at $1.8 million.

Prince Harry and Megan

Filled with sunlight bouncing off of white walls and bright minimalist decor, the 1924 Colonial measures 2,262-square-feet with four bedrooms, three baths, family room, living room with fireplace and dining area, all on an open plan.

The eat-in kitchen is also filled with natural light and white cabinets are covered with marble countertops. The dining room opens onto a patio for entertaining and there is a two-car garage with additional parking.

Although romantics love to believe that Markle’s marriage to Prince Harry was a real life Cinderella story, she had been starring in Suits for six years and was paid, at what Fortune estimates, $450,000 per show.

 In addition, her two clothing lines were popular, selling out quickly and her fashion-lifestyle blog was also pulling in about $80,000 annually.

Not one to sit back and waste time, she had a number of small acting roles in between and made about $200,000 for each of her minor film roles.

Sheri Bienstock

By the time Markle became engaged to Prince Harry, her estimated wealth was already hovering at $5 million.

Although Markle was divorced from Engelson in 2013 and married Prince Harry in 2018, with whom she now has a child, it is rumored that the Sussexes may be looking for a second home in California where Megan’s mother still lives.

But would they be interested in this home? Not likely, as times and fortunes have changed and security needs have changed, but for Megan followers who themselves have big dreams, it is the perfect house. The  listing agent is Sheri Bienstock of The Bienstock Group, Los Angeles.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat