JLL completes sale of value-add Houston, TX office portfolio including three office buildings totaling 254,225 SF

The building is part of a three-property office portfolio sale totaling 254,225 SF in Houston, TX

HOUSTON, TX – JLL announced it has closed the sale of a three-property office portfolio totaling 254,225 square feet in Houston, Texas.

JLL marketed the property on behalf of the seller, HighBrook Investors, and procured the buyer, Hartman Income REIT.

The portfolio comprises 16420 Park Ten and 1400 Broadfield, which are located in the Park 10 Business Park in Houston’s Energy Corridor, as well as 7915 FM 1960, which is located adjacent to the Willowbrook Mall in northwest Harris County. 

Martin Hogan

All three properties are situated in busy commercial corridors and have exceptional freeway access being located along Interstate 10/Katy Freeway and Texas State Highway 249. Overall, the portfolio is 55% leased. 

The JLL Capital Markets team representing the seller was led by Senior Director Martin Hogan.

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., a licensed real estate broker.

Contact:

Kristen Murphy

JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

highbrookinvestors.com

jll.com

hi-reit.com

Atlanta Hawks Expands Office Space to 53,865 SF in Downtown Atlanta, GA

Thad Sheely

ATLANTA, GA – The Dilweg Companies announced a major lease expansion at 101 Marietta Street with NBA franchise and long-time tenant, the Atlanta Hawks, that marks the latest victory for an office building that has emerged as a new hub of innovation and energy in Downtown Atlanta. 

“Physical spaces matter, and we believe 101 Marietta Street offers the right location, views and floor plates to allow the Hawks to build thriving team member culture that will enhance our community and capabilities as we enter our next decade of growth,” said Thad Sheely, Chief Operating Officer of the Atlanta Hawks & State Farm Arena.

Jerry Banks

“101 Marietta Street is a new creative hub for companies seeking to cultivate a positive work culture and generate meaningful business results,” said Jerry Banks, Managing Director at The Dilweg Companies. 

“We are thrilled to grow our relationship with the Hawks as they deepen their roots in one of Atlanta’s fastest-growing office communities.


"The pace of change happening at 101 Marietta Street is rapid and invigorating, and we anticipate sharing more news on our leasing momentum in the months ahead.”

Chris Port 

The new multi-year agreement represents three full floors totaling 53,865 square foot of premium office space, and will allow the team to consolidate all of its front-office operations just two blocks from State Farm Arena after a recent hiring expansion that included the addition of the club’s NBA G League affiliate, the College Park Skyhawks.

Beginning in October, the Hawks will renovate each of their three floors to deliver a new series of updated workspaces to reflect the organization’s brand and culture, strengthen employee connectivity, and allow the club to attract and retain top talent.

Kyle Kenyon

Highlights include a new employee lounge and break room that will contain a full-service kitchen with a mix of seating, break-out spaces, flat-screen televisions and several other tech-infused amenities. 

Other plans include revamped offices for the Hawks sales team that will feature a variety of sales and training areas, open-floor layouts, socializing areas as well as a new coffee bar to welcome employees and guests in the reception area.

John Dolan 

All of the planned improvements by the Hawks will help to streamline the organization and encourage employees to move across the floors and interact across departments on a daily basis.

The Dilweg Companies has executed more than 171,000 square feet of new and expanded leases at 101 Marietta Street over the last 12 months.

The building is currently 82 percent leased and includes notable tenants such as WeWork, Steady, Cogeco Peer 1, The Associated Press, CH Robinson, NAGRA/Kudelski Group, and Southern Education. 

Chris Port and Kyle Kenyon with CBRE represented the owner. John Dolan with CBRE represented the tenant.

CONTACT:

Aliya Seymour

 Account Coordinator

1718 Peachtree St., Suite 1048 

 Atlanta, GA 30309

M: 678-477-3630

www.thewilbertgroup.com

 www.hawks.com/membership
866-715-1500

www.hawks.com
 www.dilweg.com

Daum Commercial Helps West Harbor Capital Secure National Courier Tenant with Lease of 8.67-Acre Land Parcel in Orange County, CA

 Chris Migliori

La Habra, CA – DAUM Commercial Real Estate Services recently completed the lease of an 8.67-acre land parcel located in the city of La Habra in North Orange County, California on behalf of the lessor, West Harbor Capital, a Torrance, California-based private equity firm which focuses exclusively on the investment and asset management of industrial properties throughout Southern California.

DAUM also helped the owner acquire the land earlier this year. 

West Harbor Capital is currently working through the horizontal development of the site as part of this last-mile facility for the new tenant, a major national courier company, according to Chris Migliori, an Executive Vice President at DAUM’s Newport Beach office, who completed the lease alongside Paul Gingrich, also a DAUM Executive Vice President.

Paul Gingrich

“The strength of our Client’s investment in this land and repositioning strategy was quickly realized when interest from this large credit tenant was secured before the acquisition was even finalized,” says Migliori. 

“Through identifying the opportunity for West Harbor Capital to purchase this rare parcel when we did, the firm was able to add this well-located asset to their portfolio. 

"With e-commerce last-mile distribution demand continuing to place upwards pressure on prices and rental rates, West Harbor’s strategic acquisition will allow them to see the upside almost immediately.”

The tenant will benefit from close proximity to freeways including State Routes 57, 91, 60, and Interstate 5. Migliori notes that the site is located in the tight North Orange County submarket, with vacancies remaining in the 3-percent-range despite an influx of new product.

Eric Ruehle (left) and Adam Deierling 

According to Adam Deierling, a Managing Partner of West Harbor Capital along with Eric Ruehle, the company leveraged a long-term relationship with the tenant’s broker in order to ultimately secure the lease.

Deierling adds: “We understood the unique nature of this property and leveraged our existing relationships to immediately find the ideal user for this asset. 

"Collaborating with this tenant, we are creating a cutting-edge distribution facility in one of the tightest infill markets in Southern California. 

"Once repositioned, this asset will be a one-of-a kind last mile facility that will provide the market with a look into the future of the e-commerce business while providing our investors a remarkable property-level returns.”

Migliori notes that with the influx of vertical development, offering primarily horizontal development with build-to-suit opportunities with convenient access to population centers can be increasingly attractive to accommodate today’s courier and distribution tenants.

The land parcel is located at 551-555 South Harbor Boulevard in La Habra, California. The site is expected to be ready for occupancy by the first quarter of 2020.

Contacts:

Elisabeth Manville / Jenn Quader

Brower Group

(949) 438-6262

emanville@brower-group.com

Stonemont Financial Hires Industry Veteran Steve Yeager as Company Expands Asset Management Platform

 Steve Yeager

ATLANTA, GA, Oct. 14, 2019 – Stonemont Financial Group, a privately held real estate investment firm with specialized experience in build-to-suit developments, sale-leaseback acquisitions and speculative development, today announced the hiring of Steve Yeager as the company’s first Senior Vice President of Asset Management. 

A widely respected industry veteran with more than 30 years of experience managing a variety of asset classes in markets across the U.S., Yeager will join Barry Howell in formalizing a new asset management platform that caters to Stonemont’s growing base of private and institutional investors.  Howell, who serves as Executive Director of Asset Management, joined Stonemont from GTIS Partners.

Barry Howell

Yeager comes to Stonemont from Jamestown LP, Inc., and has managed, pursued and acquired more than 23 million square feet of commercial real estate assets ($9 billion) over the course of his career on behalf of both international and domestic high-net-worth and institutional capital sources. 

He brings a proven track record in a variety of commercial real estate verticals, including industrial, retail, office, multifamily and mixed-use, and has cultivated relationships with key decision-makers across the industry.

Zack Markwell

Yeager’s appointment coincides with Stonemont’s push into a new realm of institutional investing, with the firm recently surpassing $2.0 billion in total assets under management (AUM). 

“Steve possesses a rare combination of exceptional leadership skills, senior level asset management experience and keen industry acumen that makes him the ideal person to help lead the next chapter of our growth story,” said Stonemont Managing Principal and CEO Zack Markwell.

“His resume of industry-leading investment partners and projects will add great value as Stonemont tackles new challenges and expansion opportunities in the decades ahead.”

For more information on Stonemont and its initiatives, please click here.

CONTACT:

Patricia Bacon

Account Coordinator

1718 Peachtree St., Suite 1048 · Atlanta, GA. 30309

M: 912-596-7946

www.thewilbertgroup.com