JLL arranges preferred equity financing for Utah development south of downtown Salt Lake City

Rendering of Upper West, a planned207-unit, Class-A,
 transit-oriented, multi-housing property in West Jordan, UT

SALT LAKE CITY, UT – JLL announced it has arranged preferred equity financing for the development of Upper West, a 207-unit, Class-A, transit-oriented, multi-housing property to be constructed adjacent to the TRAX light rail stop in the suburban Salt Lake City community of West Jordan, Utah.

JLL worked on behalf of the borrower, Salt Lake City-based Boulder Ventures Development, Inc., to place the non-recourse financing with a private capital fund. The total project cost is $52 million.

Mike White

Upper West will comprise four levels of residential space housing a mix of studio, one- and two-bedroom units over a parking structure. 

Planned community features include an outdoor pool, cabanas, spa, clubroom, outdoor bar and kitchen, fire pit and vegetable garden. 

Situated on 2.43 acres at 3283 West Jordan, the development will be part of the Jordan Valley master development, which includes 1,396 multi-housing units, 83,200 square feet of office space and nearly 35,000 square feet of retail and restaurant space. 

The property site is adjacent to the Jordan Valley Station TRAX stop and about 13 miles south of downtown Salt Lake City. 

Additionally, the site is surrounded by the Jordan Valley Medical Center, Salt Lake Community College Campus and the Jordan Valley Station high-density TOD development that will contain residential, retail, restaurant and commercial space.

Jordan Valley Medical Center

The JLL Capital Markets team representing the borrower was led by Managing Director Mike White in JLL’s Denver office.

“The unbeatable TOD proximity, experienced sponsor and excellent product design for this market were balanced by a 30-day closing time frame involving coordination of four separate stakeholders,” White said. 

“This deal required such an extraordinary effort by everybody that one attorney was actually hospitalized mid-stream. Few capital sources could have pulled this off, and we were extremely pleased to have identified capital for our client that delivered as promised in just 30 days from first-look to funding!”

 For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact:

 Kimberly Steele

 JLL Digital Content/PR Specialist 

Phone: +1 713 852 3420

Email: Kimberly.Steele@am.jll.com

 bvdincorp.com 

jll.com.

Marcus & Millichap Arranges $275,000 Sale of Dollar General Property in Steeleville, IL

Dollar General
700 East Broadway,
Steeleville, IL

STEELEVILLE, IL  – 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 Dollar General, an 8,250-square foot net-leased property located in Steeleville, Ill., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $275,000.

Daniel Hurd and Edward Kemp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 
 

Daniel Hurd 

The buyer, a private investor, was also secured and represented by the two brokers.  Broker Steven Weinstock, assisted in closing this transaction.

Dollar General is located at 700 East Broadway in Steeleville, Ill.  The site was built to suit for Dollar General in 1998 and consists of 8,250 rentable square feet.  

Dollar General has operated at this site for 20+ years and serves as the main retailer in town. 

Contact:

 Chris Travis

Sales Manager, Tampa

(813) 387-4700

NAI Realvest Closes $750,000 Sale of Office Condo in Maitland, FL for Shared offices of Law Firm and Real Estate Company

Jeff Bloom

ORLANDO, FL - NAI Realvest recently brokered the $750,000 sale of a 4,200 square foot professional office suite in the Keewin Lexington Office Park at 175 Lookout Place in Maitland. 

Jeff Bloom CCIM, vice president brokered the transaction on behalf of the local seller, Maitland Law Centre, Inc.  The buyer 175 Lookout Place LLC, was represented by Amy Calandrino of Beyond Commercial.

  The new owner-occupants who will relocate from Winter Park are Amy Calandrino principal of Beyond Commercial and Phillip K. Calandrino, Esq. specializing in employment, business and estate planning law. 

   The firms will open in their new location once interior renovations to contain the two businesses are completed by Nov. 1  

Amy Calandrino

About NAI Realvest

NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

Phillip K. Calandrino

 NAI Global is an international commercial real estate network with over 400 offices spanning the globe. 

 Since 1978, clients have built businesses on the power of NAI Global’s expanding network.  

Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. 

To learn more, visit www.nairealvest.com.

CONTACTS:

Jeff Bloom, CCIM,

 Vice President,

 NAI Realvest

407-875-9989 

JBloom@realvest.com

Patrick Mahoney,

 President / CEO,

NAI Realvest,

407-875-9989

 PMahoney@realvest.com

Beth Payan, Larry Vershel Communications,

407-644-4142

 beth@larry vershel.com 

Homebuilder Taylor Morrison Awards Blackton 4th Multi Year, Multi Million Dollar Flooring Contract, Budgets 300 Homes Per Year

                          Michael (Micky) Blackton

ORLANDO, FL and KISSIMMEE, FL -- Blackton, Inc., ranked as one of Central Florida’s largest and most active distributors of materials to homebuilders, has been awarded a contract to provide flooring at Solivita a 55+ community on Village Drive in Kissimmee. 

The award represents the 4th one this year Taylor Morrison awarded Blackton to supply flooring for new home construction at single-family home communities in Osceola County .

Michael “Micky” Blackton, chairman and CEO of Blackton Inc., said the family-owned firm will provide flooring for over 300 homes at Solivita within the next year with a value of approximately $3.5 million and they have enough land for this product for at least another 20 years.

Work will begin on the new model homes at Solivita when all permits are received by the end of the year.

 Blackton is already underway on the flooring for the three other Taylor Morrison communities in Osceola County , including Hickory Grove in St. Cloud , Reedy Reserve and Stepping Stone in Kissimmee .

Blackton, Inc. a family owned business located on Alden Road near downtown Orlando has been supplying the home building industry from Jacksonville to Tampa for over 60 years.

CONTACTS: 

Michael “Micky” Blackton

 Chairman, Blackton, Inc.

407-898-2661 

Micky@Blacktoninc.com

Beth Payan, Larry Vershel Communications

407-644-4142

 beth@larryvershel.com 

 

Carolina Construction Firm and Mobile Food Truck Builder Ink New Multi Year Leases at Poinciana CommerCenter East in Kissimmee, FL

 

Kevin O’Connor

Orlando, FL and Kissimmee, FL -- NAI Realvest closed on two new long term leases at Poinciana CommerCenter East for two growing industries. 

 Both businesses expect to open in the next 60-90 days at the office-warehouse campus on US 17-92/Orange Blossom Trail just east of Poinciana Blvd.   

CRM of the Carolinas, LLC leased 4,950 square feet at 1793-1797 Business Center Lane to better serve clients in central Florida .  The Pawleys Island, S.C.-based company with multiple locations serves HOAs and property managers 24-7 with residential and commercial construction repairs and maintenance.

 CRM’s operations are planned to start at Poinciana in November or December once tenant improvements are complete.

Matt Cichocki

Heat Custom, LLC, a custom manufacturer of food trucks and mobile kitchens will move into a 3,780 square foot unit at 1821 Business Center Lane . 

The company has a West Park, Fla. 

(Broward County) location and plans to open their new Central Florida operation by late October.

NAI Realvest Principals Kevin O’Connor and Matt Cichocki brokered both transactions on behalf of the landlord Hanover Poinciana Commercial East, LLC. 

CONTACTS:

Matt Cichocki or Kevin O’Connor

Principals, NAI Realvest,

407-875-9989 

mcichocki@realvest.com or 

moconnor@realvest.com

Patrick Mahoney

 President / CEO, NAI Realvest

 407-875-9989 

pmahoney@realvest.com

Beth Payan, Larry Vershel Communications Inc.

 407-644 4142 or

407-461-3781

 Lvershelco@aol.com or beth@larryvershel.com

www.NAIRealvest.com.

JLL closes $103 million sale of 500 Harbour Island in Tampa, FL

500 Harbour Island, Tampa, FL

John E. Jacobs 

TAMPA, FL – JLL announced it has closed the $103.45 million sale of 500 Harbour Island, a 235-unit, luxury high-rise community in Tampa.

JLL marketed the property on behalf of the seller, a joint venture between Forge Capital Partners and Intown/Framework Group, and procured the buyer, Northwestern Mutual. The property was acquired free and clear of existing financing.

500 Harbour Island is located on Harbour Island at the intersection of Knights Run Avenue and Beneficial Drive immediately south of downtown Tampa.

 The island boasts some of Tampa’s most expensive homes and condominiums and has a variety of on-island amenities, including restaurants, coffee shops, boat rentals and Harbour Island Athletic Club. 

Darren Pierce

Completed in 2017, the 21-story property offers a variety of spacious studio, one- and two-bedroom units averaging 1,087 square feet.

 The property offers five-star, hotel-style amenities, including an expansive two-story lobby with concierge; outdoor amenity deck with skyline views, al fresco dining and grilling, lounging areas and bocce court; private dog run with washing station; full-service spa and treatment rooms; heated, infinity-edge pool with waterfall, deck speaker system and cabana area; 

Also: a state-of-the-art fitness center; social spaces throughout the building for gaming, lounging, reading and entertaining; conference room with video conferencing and library area; and catering kitchen.

Matt Mitchell

“Harbour Island is a wonderful place to live and will only get better as downtown Tampa continues to emerge as a premier live-work-play environment,” said John Jacobs of Northwestern Mutual Real Estate. 

“500 Harbour Island offers residents spacious, condominium-quality units with great amenities just a short distance from the excitement of the central business district.”

Northwestern Mutual has engaged ZRS Management, a leading property management company specializing in upscale apartment communities, to oversee 500 Harbour Island.

“With the acquisition of 500 Harbour Island, Northwestern Mutual has purchased a preeminent community in one of Tampa’s most sought-after neighborhoods” said Darren Pierce of ZRS Management. 

Zach Nolan 

“ZRS is honored to expand our relationship with Northwestern Mutual and excited to create the highest caliber living experience for the residents of 500 Harbour Island.”

The JLL Capital Markets team representing the seller was led by Senior Managing Director Matt Mitchell and Senior Directors Zach Nolan and Brett Moss.

“This transaction is another example that the Tampa market is a top-tier market for commercial real estate investment,” Mitchell added. 

Brett Moss.

“The capital markets view Tampa’s growth and fundamentals very favorably, and the continued transformation of downtown Tampa is very appealing to investors.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: 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.

Contact:

 Olivia Hennessey, JLL Public Relations Specialist 

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

jll.com

https://realestate.northwesternmutual.com/

intowngroup.com and www.frameworkgroup.net.

 www.ForgeCapitalPartners.com.