JLL secures $43 million financing for Morris County, NJ apartments

Signature Place, a 197-unit, luxury apartment community
in Morris Plains, Morris County, NJ

MORRISTOWN, NJ – JLL announced  it has arranged $43 million in financing for Signature Place, a 197-unit, luxury apartment community in Morris Plains, Morris County, New Jersey.

Jon Mikula

JLL worked on behalf of Mack-Cali Realty Corporation, acting on behalf of Roseland Residential Trust, to place the five-year, fixed-rate loan with Nationwide Life Insurance Company. Loan proceeds replaced the existing construction loan.

Signature Place is located at 250 Johnson Road on a site that was formerly improved with a vacant Mack-Cali office property. 

Completed in 2018, the property provides access to employment centers in Northern New Jersey and New York via NJ Transit’s Morris Plains train station and Interstates 287 and 80. 

Additionally, the property offers access to Morris County’s recreational, dining and shopping destinations along Route 10. Signature Place consists of a mix of one-, two- and three-bedroom units featuring high-end finishes such as wood-plank flooring, tiled bathrooms with soaking tubs and Moen fixtures, USB ports and private balconies or terraces. 

Greg Nalbandian 

The community offers a variety of resort-like amenities, including an outdoor swimming pool with hot tub; designer club room with a communal fireplace, lounges, billiards and shuffleboard; state-of-the-art movie theater; two upscale conference rooms; golf simulator; fitness center; tennis courts; alfresco social venue with fire pit, TV, gas grills and dining areas; dog run and pet spa; and a walking trail.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Greg Nalbandian and Analysts Andrew Zilenziger and Carlos Silva.

“Roseland was seeking a five-year, fixed-rate loan with maximum prepayment flexibility,” Nalbandian said. “Nationwide delivered an overall excellent deal with very tight pricing, full-term interest only and optimum prepayment structure.”

 

Andrew Zilenziger 

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.

About Roseland Residential Trust

Roseland Residential Trust is an owner, manager and developer of luxury lifestyle-oriented multifamily and mixed-use properties in select waterfront and transit-oriented markets throughout the Northeast. 

A subsidiary of Mack-Cali Realty Corporation, one of the country's leading real estate investment trusts (REITs), Roseland is the master developer for several nationally recognized mixed-use destinations, including Port Imperial, a $3 billion, 200-acre community on the Hudson River Waterfront in New Jersey.

Carlos Silva

A recognized leader in multifamily innovation, Roseland is known for creating locally inspired communities that enhance the beauty, economic vitality and energy of their surrounding environs. 

Fully integrated and self-managed, the company comprises a team of professionals committed to enriching the quality of life in each of its communities.

Contacts: 

Jon Mikula, JLL Senior Managing Director 

Phone: +1 973 549 2000

Email: Jon.Mikula@am.jll.com

Gregory Nalbandian, JLL Senior Managing Director

Phone: +1 973 549 2000

Email: Gregory.Nalbandian@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.

roselandres.com.

JLL secures $28 million financing for suburban Boston office complex

Lauren O'Neil

BOSTON, MA – JLL announced it has secured $28.077 million in financing for 10 and 20 Mall Road, two best-in-class suburban office buildings totaling 154,378 square feet in the Boston-area community of Burlington, Massachusetts.

JLL worked on behalf of the borrower, R.J. Kelly Co., Inc, to secure 10-year, fixed-rate financing with Peoples United Bank.

10 and 20 Mall Road are situated at the intersection of Route 128/Interstate 95 and Route 3 in Burlington, which is located just 12 miles north of Boston.  

Brett Paulsrud

Considered one of the strongest suburban office markets in the country, Burlington is home to major corporate tenants such as Oracle, Keurig and Raytheon, and is one of the most sought after live/work/play neighborhood’s for Boston’s highly educated workforce.  

10 Mall Road contains 58,160 square feet and is leased to four tenants while  20 Mall Road is leased to approximately 20 tenants and consists of 96,218 square feet.  

10 Mall Road contains 58,160 square feet and is leased to four tenants in Burlington, MA 

Amenities at the buildings include fitness centers, locker rooms, showers, dramatic light-filled atriums, on-site restaurant and conference facilities and ample parking.  

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Lauren O’Neil, and Senior Director Brett Paulsrud.

“JLL was able to work closely with the R.J. Kelly team to secure a loan that met their long-term objectives for the assets,” said Paulsrud. “It is great to see R.J. Kelly’s long-term commitment to Burlington and is always a pleasure working with such a best-in-class organization.”

20 Mall Road is leased to approximately 20 tenants
and consists of 96,218 square feet in Burlington, MA

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 GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker.

Contact:

 Kristen Murphy, JLL Director, Public Relations 

Phone: +1 617 338 0990

Email: Kristen.Murphy@am.jll.com

U.S. newsroom.
 jll.com.

OTL Makes a Splash -- Announces New Headquarters to Accommodate Global Growth

New headquarters location for Outside the Lines (OTL)
at 2150 S Towne Centre Place, Suite 100
 in Anaheim, CA

            ANAHEIM, CA – Outside the Lines (OTL), a design-build construction company that specializes in creating one-of-a-kind water features, rockwork and themed environments for shopping centers, resorts, theme parks, zoos, aquariums, and other attractions, has announced a new headquarters location to accommodate the firm’s rapid global growth.

            OTL’s new location is in Anaheim, California, and offers more than double the space of its predecessor.  The firm, creates immersive and entertainment-driven water, light, and fire elements for commercial and public properties throughout the globe.

 J. Wickham Zimmerman

            “OTL has long been an industry leader in the world of water features and themed environments, and worldwide demand for our services continues to grow,” says J. Wickham Zimmerman, Chief Executive Officer of Outside the Lines. “We plan to capitalize on this uptick in activity, and continue to rapidly expand throughout the industry.”

          
CONTACTS:

Katie Clendening or Jenn Quader                                               

Brower, Miller & Cole

(949) 955-7940

kclendening@browermillercole.com

Berger Commercial Realty Leases Last Vacancy at Sawgrass Plaza in Fort Lauderdale, FL to New Pan-Asian Restaurant

  

 

Mary Harris

  

FORT LAUDERDALE, FL, Aug. 26, 2019 – Berger Commercial Realty/CORFAC International Sales Associate Mary Harris recently represented Bergeron Sawgrass Plaza, LLC in leasing 3,900 square feet of restaurant space at Bergeron Sawgrass Plaza to Tini Gardens, which plans to open a new Pan-Asian restaurant concept.

Located at 12705 W. Sunrise Blvd., Bergeron Sawgrass Plaza is a 27,000-square-foot retail building situated on the west side of the White Seahorse Way entrance to Sawgrass Mills.

Tini Hui 

 Tenants include Don Pan Sawgrass, America’s Escape Game, Jimmy John’s and UPS. With the transaction, the property was brought to 100 percent occupancy.

The tenant was represented by Tini Hui of the Keyes Company in the transaction.

For more information about Berger Commercial Realty’s landlord representation services, please call 954-358-0900.

CONTACT:

Lexi Robinson 

lrobinson@PiersonGrant.com

JLL sells two buildings for $11.7 million in Phoenix, AZ and Tempe, AZ for Southwest Kidney Institute

The buildings are located at 8410 West Thomas Road in Phoenix and 2149 East Warner Road. in Tempe.
They total 21,483 and 9,942 SF, respectively.

PHOENIX, August 26, 2019 – The Phoenix office of JLL has completed the sale of two medical office buildings owned by SKI Properties.

Together, the buildings total 31,425 square feet and are 100 percent leased by Southwest Kidney Institute (SKI) and a partnership between SKI and DaVita dialysis services (NYSE:DVA).

The two-building sale achieved a cumulative price of $11.17 million. JLL Executive Vice President Brian Ackerman facilitated the transaction as an off-market, sale leaseback on behalf of SKI Properties. The buyer is Canvass Capital, representing a large family office.

Brian Ackerman

The buildings are located at 8410 W. Thomas Rd. in Phoenix and 2149 E. Warner Rd. in Tempe and total 21,483 and 9,942 square feet, respectively.

“Both of these buildings reflect key attributes that investors look for in medical office space,” said Ackerman. 

“That includes strategic locations next to a major hospital and credit tenants who are likely to remain in place because of area demographics and high-end build-outs.”

The Thomas Road building sits near the intersection of 83^rd Avenue and is minutes from Banner Estrella Medical Center.

 The Warner Road building is near the Loop 101 freeway, Chandler Regional Medical Center, Banner Gateway Medical Center and Chandler Fashion Center. It also sits just south of ASU Research Park.

Contact: 

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com   

www.jll.com.

Strand Hospitality Services Launches 50th Anniversary Celebration: Expects to Grow by 70 Percent within Next Two Years

John Pharr

 Myrtle Beach, SC, Aug. 26, 2019 -- Strand Hospitality Services announced today that it has launched a year-long celebration of its 50^th anniversary as a hotel operator/owner/developer.

Strand officials said that they expect the company to grow from 30 opened hotels to at least 50 properties by 2021.

The company is working with several investment groups on 15 development projects and expects to open at least five new hotels in 2019 and the remainder in 2020 and 2021. 

Jay Keller

 Strand’s parent company is a joint venture owner in several of the properties that currently are being developed.

The company is providing development assistance, help in arranging financing and pre-opening services for all the hotels. 

The under construction/development properties are in Florida, N.C., S.C.  and Texas and include the Marriott, Hilton, IHG and Cambria franchise flags. 

The company also anticipates adding a select number of third-party management contracts annually. 

               

“Strand’s success revolves around embracing change and building strong, long-term relationships,’” said John Pharr, Strand president. “Over our five-decade history, we’ve developed, owned, joint-ventured, third-party managed and acted as special servicer for more than 350 hotels.  In the end, it’s all about trust and creating win-win situations.” 

Rounding out the senior management team is Jay Keller, chief operating officer, a 30-plus-year hotelier who has been with Strand for more than a decade.  

John Johnson

John Johnson, a 22-year Strand veteran, is chief financial officer and is responsible for all aspects of financial and administrative management at all Strand properties.

Andrew J. Pace, with more than two decades of real estate and hotel experience, is senior vice president and is responsible for building relationships with current and future investors and owners. 

Pharr said the company’s longevity is a result of sticking to five unbendable core values, but otherwise reinventing itself annually, based on emerging trends it foresees over the next five to 10 years. 

“Not many companies remain in business for five decades, and we are fortunate to reach that milestone,” he said.  “We’re already looking out 50 years so we can celebrate our centennial.

“Our business model today focuses on building relationships with investment groups to develop and manage high quality, full- and focused-service, premium-branded hotels, while adding a select number of third-party management contracts.  

"When appropriate, we prefer to co-invest with owners,” he noted.  “Strand has a long history with Hilton and IHG brands and has been aggressively developing Marriott-branded hotels the past five years.”

Andrew J. Pace

Pharr pointed out that the industry is in the longest sustained growth period in the last 50 years, but that Strand is prepared to turn on a dime to respond to unforeseen positive and negative changes in the hotel economy.

“While we certainly haven’t seen it all, we’ve been involved in just about every aspect of hotels over the past five major hotel cycles.  Change is the only constant.”

Getting into the Business

Strand is a division of Pharr, a family of companies covering multiple industries, that  was formed in 1939 after acquiring the bankrupt mill town, McAdenville, N.C., which consisted of shuttered textile plants, 400-plus homes and extensive real estate.  

 CONTACTS:

Chris Daly
 chris@dalygray.com

www.strandhospitality.com
apace@strandhospitality.com.  

Jaime Sturgis Hired to Market Affiliated Development’s Transformative Project on Fort Lauderdale’s Sistrunk Boulevard

The Six13 mixed-use project is named
after its 613 NW Third Avenue
address in Fort Lauderdale, FL

FORT LAUDERDALE, FL –– Jaime Sturgis, Founder and CEO of pioneering commercial real estate firm Native Realty, is increasingly being called on to market properties and new developments located in Qualified Opportunity Zones within Fort Lauderdale’s Flagler Village, 13th Street and Sistrunk Boulevard neighborhoods.

 In the latest example, Affiliated Development has retained Native to exclusively market The Six13, the first vertical project rising in newly renovated Sistrunk.

The Six13 – named after its 613 NW Third Ave. address – has generated significant attention due to the project’s location within an Opportunity Zone and the attainable rent structure proposed for the 142 apartments.

Sturgis is marketing the ground-floor restaurant space, which includes 3,424 square feet of interior space and 576 square feet of outdoor seating. Affiliated is scheduled to complete the project in June 2020.

Including The Six13, Native is working with owners and developers of about 10 Opportunity Zone sites in Fort Lauderdale’s emerging urban neighborhoods.

CONTACT:

Eric Kalis

Vice President, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

A 12,946-SF Net-Leased CVS Pharmacy Trades for $3 Million in Venice, FL

                                                         

Casey Barker

VENICE, 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 CVS Pharmacy, a 12,946-square foot net-leased property located in Venice, Fla., according to Justin W. West, vice president/regional manager of the firm’s Orlando office. The asset sold for $3,000,000.

  The buyer, a private investor, was secured and represented by Casey Barker, an investment specialist in Marcus & Millichap’s Orlando office.

CVS Pharmacy is located at 3520 Laurel Road East in Venice, FL. CVS Pharmacy has 16 years remaining in the original NNN ground lease with six 5-year options to renew. 

The lease is corporately guaranteed by CVS Health Corporation. The CVS Pharmacy is located in a rapidly growing market with strong demographics – highest growth area in Sarasota County.

Contact:

 Justin W. West

Vice President / Regional Manager, 
Orlando, FL

(407) 557-3800

Tucker Development Relocates Headquarters to Chicago’s Fulton Market

Richard H. Tucker

CHICAGO, IL – Tucker Development announced it has relocated its headquarters from the northern suburb of Highland Park, Ill., to 954 W. Washington Blvd. in Chicago’s Fulton Market.

The family-owned commercial real estate firm, known for its mixed-use and retail developments, has leased office space in the Fulton Market building since 2016 and, as part of the relocation, will substantially expand its footprint to accommodate the corporate headquarters.

“We’ve had a presence in this dynamic neighborhood for some time now, both with our existing office space and through 900 West, our mixed-use development on the 900 block of West Randolph Street,” said Richard Tucker, founder and CEO of Tucker Development.

“The move to Fulton Market after being in Highland Park for 23 years marks a very exciting next chapter for our firm.”

CONTACTS:

 Mimi Simon, msimon@taylorjohnson.com, (312) 267-451

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

  

www.tuckerdevelopment.com.