JLL brokers $34 million loan for 920 Belmont Avenue development in North Haledon, NJ

JLL arranged construction financing for the development of a multi-housing property at 920 Belmont Avenue in North Haledon, NJ

MORRISTOWN, NJ – JLL Capital Markets announcedthe arrangement of a $34 million construction loan for the development of a multi-housing property at 920 Belmont Ave. in North Haledon, New Jersey.

Jon Mikula

JLL worked on behalf of the borrowers, Tulfra Real Estate and The Hampshire Companies, to secure the loan through Investors Bank. The development is expected to be completed in 2021.

The 180-unit, affordable luxury apartments will contain modern amenities including a fitness center, lounge area, coworking space, pet wash center, bike storage, outdoor pool and patio area with grilling stations and a fire pit.

The development is also conveniently located near northern and central New Jersey and New York City’s most prominent employment centers. 

Ideally situated for those wanting easy access to urban life, the property is within a five-mile radius of three train stations: Glen Rock Borough Hall, Hawthorne Station and Paterson Station with access to Hoboken, Jersey City and Manhattan.

 Nearby highways include New Jersey Route208, I-80, I-287 and The Garden State Parkway. Additionally, 920 Belmont Avenue is just 0.3 miles from William Paterson University and residents will benefit from a variety of shops, restaurants and entertainment that support the university. 

Michael Klein

The property is also located in the burgeoning Passaic County submarket, where multi-housing properties make up roughly 29.3% of the local market inventory with a total of 6,278 units across 112 properties.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein.

“We are pleased to have been able to close this transaction on behalf of Tulfra Real Estate and The Hampshire Companies despite the difficult market conditions we are working in,” stated Klein. “The bank really stepped up and was able to provide a structure that met the unique nuances of this project.”

“This project has been years in the making and will finally come to fruition due to the persistent efforts of the borrower,” continued Mikula. “Kudos to Investors Bank for helping us get to the finish line during COVID.”

 CONTACT:

Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 jll.com.

us.jll.com/investorservices

JLL brokers $13 million loan to develop high-end 39Tenn apartments and retail in Denver, CO neighborhood

 Leon McBroom 

DENVER, CO – JLL Capital Markets announced it assisted in arranging a $12.99 million construction loan for 39Tenn Apartments, a 39-unit multi-housing and retail development located at 3870 Tennyson Street in the Berkeley neighborhood of Denver, Colorado. 

 JLL worked on the assignment on behalf of the borrower, Alpine Investments, to secure the construction loan with a Colorado-based bank.

JLL’s Capital Markets team representing the borrower was led by Senior Directors Leon McBroom and Brock Yaffe.

 The 39Tenn development will be a total of 36,278 square feet, consisting of 39 upscale units totaling 31,633 square feet sitting atop 4,645 square feet of retail space. The development is expected to be completed in late 2021.

Brock Yaffe

 Boasting a sophisticated, contemporary style, units will have high-end finishes, engineered hardwood flooring, quartz countertops, European-style solid-core cabinets with soft-close hardware, high-end appliances, energy-efficient LED lighting and efficient water-source heating and cooling systems in each unit.

 With a Walk Score® of 92, the development is located in one of Denver’s most sought-after neighborhoods.

The Tennyson Street corridor is a premiere entertainment district with various art galleries and retail options and has been recently acclaimed the “next hottest dining area,” due to its burgeoning restaurant scene.

 In addition to being an entertainment hotspot, the property is proximate to Denver’s largest employment centers, offering about 136,000 jobs, and positioned just five minutes from downtown.

The population within a one-mile radius of the property is 22,181, with a 1.76% estimated growth rate over the next five years.

For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

us.jll.com/investorservices

jll.com.

DAUM Brokers 10-Year, 42,000-SF, $4.3 Million Lease for Empire Metal Products in Phoenix, AZ

  

Rendering of Empire Metal Products' new facility located in Phoenix’s Metro Industrial Center

  

PHOENIX, AZ – DAUM Commercial Real Estate Services recently secured a 10-year lease of a 42,000 square-foot industrial building on behalf of the tenant, Empire Metal Products, Inc., and the landlord, a private investor.

David Wilson

The lessee, a metal production company specializing in sheet metal, stainless steel, aluminum, mild steel, and copper, is moving and expanding from its current Phoenix headquarters, according to DAUM Executive Vice President David Wilson, who completed the lease transaction with DAUM Associate Carter Wilson.

The Wilson Team, which represents and manages the private owner’s properties throughout Arizona, felt that this facility would be a great fit for Empire Metal Products.

“Empire Metal has experienced significant growth in recent years and was seeking a larger manufacturing facility with more capabilities to accommodate the increase in operations,” explains Carter.

He notes that the property is located in Phoenix’s Metro Industrial Center, within just two miles of Empire Metal Products’ previous long-time headquarters, which allowed for a seamless transition.

Carter Wilson

David adds: “The building is ideally positioned less than a mile from a full diamond interchange to Interstate 17, providing easy access throughout the Central Phoenix and Deer Valley markets.”

The facility is fully air conditioned and features 3,600 amps, 277/480-volt three phase power, fence-secured parking for 125 spaces, 18’ clear height, and 12’ by 16’ grade-level overhead doors.

The building sits on 2.2 acres and is located at 2362 W. Shangri-la Road in Phoenix, Arizona. The total consideration of the lease is $4.3 million.

Contacts: 

Katie Haga / Elisabeth Manville  
Brower Group  
(949) 438-6262 
khaga@brower-group.com 

www.daumcommercial.com.

Tricon Announces $300 Million Investment led by Blackstone Real Estate Income Trust, Inc.

Gary Berman

Toronto, Ontario, CANADA –– Tricon Residential Inc. (TSX: TCN) ("Tricon", “Tricon Residential” or the "Company"), a rental housing company focused on serving the middle-market demographic in North America, announced  that a syndicate of investors led by Blackstone Real Estate Income Trust, Inc. (“BREIT”), a non-listed, perpetual-life real estate investment trust advised by an affiliate of Blackstone Real Estate, has agreed to make a $300 million (C$395 million) preferred equity investment (the “Investment”) in Tricon through the purchase of newly-created units (the “Preferred Equity”) which are issued by a Tricon subsidiary on a private placement basis and are exchangeable into a minority investment of Tricon. BREIT will acquire $240 million of the Preferred Equity. The Investment provides several immediate benefits to Tricon.

“This investment in Tricon illustrates Blackstone Real Estate’s confidence in our business fundamentals and the value in our stock,” said Gary Berman, CEO of Tricon Residential.

 “Blackstone inherently understands our business and is exceptionally well-positioned to help us bring our tech-enabled operating platform to its full potential. 

Frank Cohen

"We are excited to have the support of one of the world’s largest real estate investors, and we are confident that this investment will create significant value for both Tricon’s and BREIT’s shareholders.”

Frank Cohen, Chairman and CEO of BREIT, said, “We are pleased to make this preferred equity investment in Tricon. 

"We continue to see strong underlying fundamentals in the rental housing sector and believe the company’s high quality, income-generating assets are poised to generate stable performance under the leadership of its best-in-class management team.”

The closing date is expected to occur in late August or early September, subject to receipt of TSX approval.

CONTACTS: 

Greg McGunagle
President & Founder
Transmitter
O: 212.967.1449
C: 914.912.0841
gmcgunagle@transmitterpr.com
www.transmitterpr.com

Wissam Francis
EVP & Chief Financial Officer
Tel: 416-323-2484
Email: wfrancis@triconcapital.com

Ilana Mouritzen
Tel: 212-583-5776
Email: Ilana.Mouritzen@Blackstone.com

www.triconresidential.com.

**** Additional Early Warning Disclosures of BREIT

Wojtek Nowak
Managing Director, Capital Markets Tel: 416-925-2409
Email: wnowak@triconcapital.com

  

 at www.sedar.com under Tricon’s profile. 

The Investor’s address is 345 Park Avenue, New York, NY USA 10154. Tricon’s head office is located at 7 St. Thomas Street, Suite 801, Toronto, Ontario M5S 2B7.

Lincoln Earns Back-to-Back NAIOP Arizona Owner/Developer of the Year Honor

Spec Office Project of the Year award for the Grand2 at Papago Park Center in Tempe, AZ

PHOENIX, AZ – The Desert West region of Lincoln Property Company (LPC) has been named NAIOP Arizona’s Owner/Developer of the Year for the second year in a row.

The honor – which was accompanied by three additional awards given to LPC at NAIOP’s annual “Best Of” award event – reflects the strength and diversity of the Desert West regional office.

In addition to Owner/Developer of the Year, LPC Desert West earned “Talk of the Town” and Spec Industrial Project of the Year awards for Lincoln Logistics 40 in Goodyear, Arizona, and a Spec Office Project of the Year award for the Grand2 at Papago Park Center in Tempe, Arizona.

Spec Industrial Project of the Year award for Lincoln Logistics 40 in Goodyear, AZ

“We approach every LPC project as an opportunity to move Arizona’s commercial real estate market forward with new technology, creative amenities and comprehensive property management,” said LPC Desert West Executive Vice President David Krumwiede.

“We are honored to receive NAIOP’s recognition of these efforts, and we extend our greatest thanks to our business partners and the Desert West team, who are the foundation of our success.”

David Krumwiede

In 2019, LPC Desert West broke ground on or delivered landmark projects including the Grand2 and Union Class A office buildings in the East Valley, and the ultra-modern Lincoln Logistics 40 and Park 303 industrial projects in the West Valley.

 Over the past 12 months LPC Desert West has also completed two of Arizona’s most significant project transactions, including the $107.6 million sale of the four-building Waypoint Class A office campus in Mesa, Arizona, and the $70 million sale of the 901,770-square-foot Lincoln Logistics 40.

Since its founding in Phoenix in 2001, LPC Desert West has developed or acquired approximately 16 million square feet of space and manages an office, industrial and retail portfolio of approximately 7 million square feet. 

In May, LPC Desert West kicked off a strategic regional expansion with the acquisition of Hughes Airport Center, its first-ever industrial acquisition in Las Vegas. It is currently pursuing additional acquisition opportunities that expand the division’s footprint into Utah.

To discuss development, investment, leasing or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.

 CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

 www.lpc.com or www.lpcphx.com.

Concord Summit Capital Completes $38.3 million Loan Through New York Life on Suburban Fort Lauderdale Office Building

Art Falcone

MIAMI, FL -- Concord Summit Capital, LLC (“Concord Summit”) announced  the successful financing of a 172, 959 square-foot Class A office building in Fort Lauderdale, Florida in the amount of $38.3 million.  

The property is located within a 27-acre mixed-use development which includes ±760 multifamily units, ±150,000 square feet of high-end retail and ±400 hotel rooms being delivered in two phases from 2Q 2020-2022.

The office building, owned by Encore Capital Management (“Encore”), recently underwent $15 million in renovations, including a redesigned modern building lobby, full elevator upgrades, new corridors, new bathrooms and new modern tenant buildouts. 

 Kevin O’Grady

Encore is a full-service real estate investment and development company with land acquisition, entitlement, development, construction sales and marketing capabilities in-house.

Concord Summit served as financial advisors to Encore Capital Management on this transaction.  

During a COVID-affected lending environment, Concord Summit successfully structured, negotiated and secured several competitive bids that resulted in the selection of New York Life.

“Art Falcone and Encore have been valuable clients for us for many years and hopefully many more years to come, and we are very proud to have brought New York Life to them as a new relationship,” said Kevin O’Grady, Managing Director of Concord Summit.

CONTACT:

Todd Templin

Executive Vice President

BoardroomPR

ttemplin@boardroompr.com

O 954-370-8999

C 954-290-0810

Web | Facebook | LinkedIn | Twitter | Instagram

www.concordsummit.com

summit-investment.com

concordwilshire.com

Top-performing Kroger-anchored retail center near Atlanta sold for $18.6 million

Hickory Flat Commons, 6764-6776 Hickory Flat Highway, Canton, GA

ATLANTA, GA – JLL Capital Markets announced it has closed the $18.6 million sale of Hickory Flat Commons, a stabilized, Kroger-anchored retail center in the high-growth, suburban Atlanta community of Canton, Georgia.

JLL marketed the property on behalf of the seller. Phillips Edison & Company purchased the asset as part of a 1031 Exchange.

 With an occupancy rate of 97%, Hickory Flat Commons is home to one of the top-performing Kroger stores in Georgia along with a tenant roster comprising a mix of essential, restaurant, apparel and service-oriented retailers.

 Jim Hamilton

The asset was constructed in 2008 at 6764-6776 Hickory Flat Hwy. in the highly sought-after Cherokee County/Canton corridor, an affluent and high-growth Atlanta-area submarket.

 The Hickory Flat Commons trade area is one of the most active home-building markets in the state and has more than 1,400 new homes that are either recently delivered or under construction within a three-mile radius of the property.

Nearly 60,000 residents who earn an average annual household income of $129,148 live within a five-mile radius of the property.

 The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton.

“Hickory Flat Commons’ Kroger anchor is one of the top-performing Kroger stores in Georgia and is complemented by unparalleled residential growth in the immediate trade area,” Hamilton said.

“The property is a dominant shopping center with extended drawing power and benefits from limited retail competition nearby.”

For more news, videos and research resources on JLL, please visit our newsroom.

Contact:

 Kimberly Steele,

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

phillipsedison.com.

 

CIP Real Estate Acquires $240 Million of Industrial Park Assets in Southeast Market Within 90 Days

 Eric C. Smyth

ATLANTA, GA, Aug. 28, 2020 – Real estate investment company, CIP Real Estate LLC, has completed four off-market industrial and business park acquisitions in the East Coast’s sought-after Charlotte and Atlanta markets within the last 90 days, totaling $239.4 million. 

 The entire portfolio, which consists of 34 buildings that total 1,981,720 square feet, is over 91% leased by more than 100 tenants.

Stewart Calhoun

“Each of these transactions demonstrates our overarching investment strategy, which is to acquire quality product in thriving submarkets in order to generate strong cash flow and returns over time,” says Eric C. Smyth, CEO of CIP Real Estate. 

 “Industrial real estate continues to outperform other commercial property types, so these acquisitions were a great value opportunity for our firm. 

"They provide for critical mass in both Atlanta and Charlotte, two of our company’s primary investment markets.”  CIP Real Estate’s recent acquisitions include:

Gwinnett Commons

Acquisition #1: CIP Acquires Industrial and Flex Office Space in Atlanta, GA

Casey Masters

Gwinnett Commons was acquired in August 2020 for $126.6 million. The portfolio, located in Atlanta’s I-85 Northeast corridor consists of 1,089,000 square feet of multi-tenant industrial mid-bay and flex office space in 16 buildings, plus two land parcels totaling 678,664 square feet (15.58 acres) for future development. 

 The Cushman & Wakefield team of Stewart Calhoun and Casey Masters represented the Seller.  J.R. Wright of Strategic Real Estate Partners will remain as a leasing broker for the portfolio.

Charlotte, NC Industrial Park Portfolio

Acquisition #2: Four Multi-Tenant Industrial/Business Parks Acquired in Prime Charlotte MSA

 J.R. Wright Jr.

A Charlotte Industrial Park Portfolio was purchased in June 2020 by CIP Real Estate for a total of $75.5 million.  The portfolio encompasses approximately 560,000 square feet across 14 buildings in four separate multi-tenant industrial and business parks situated in strategic locations in the greater Charlotte MSA.

 The Charlotte CBRE team of Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, and Grayson Hawkins represented the Seller in the sale. 

Acquisition #3: Two-Building Industrial Project and Land Parcel 

Whitehall Tech Center, 10 miles from Downtown Charlotte, NC

Whitehall Tech Center was acquired by CIP Real Estate in June 2020 for $28 million.  The portfolio is a two-building industrial project of 205,000 square feet and a 7.5-acre land parcel for development of a third multi-tenant mid-bay building or a build-to-suit opportunity consisting of 75,000 square feet. 

Grayson Hawkins

Whitehall Tech Center is located in a prime sub-market just ten miles from downtown Charlotte at the confluence of the 485 and 77 freeways in the large Whitehall master-planned community.

Acquisition #4: CIP Acquires Mid-Bay Industrial and Distribution Units in Atlanta

Pleasantdale Industrial Park

Pleasantdale Industrial Park was also acquired in June 2020 by CIP Real Estate for $9.3 million.  This two-building Atlanta portfolio is ideally located immediately adjacent to the I-85 freeway just five miles south of Gwinnett Commons at the intersection of the I-285 Beltway.  The project consists of approximately 127,000 square feet of mid-bay industrial and distribution units. 

Ryan Blackburn of Foundry Commercial represented CIP Real Estate while the Seller represented itself in the transaction. 

Bryan Crutcher

CIP Real Estate plans to allocate significant funds to the overall portfolio for capital improvements relating to development opportunities, major interior renovations, and tenant improvements. 

 The firm currently owns and manages nearly 2.9 million square feet of industrial and business park product in the Southeast market. 

Ryan Blackburn 

“Multi-tenant industrial remains a sought-after product in the industrial investment sector, which will likely continue to increase in demand as we move into Q3 and Q4 as a direct result of stay-at-home buying and the resurgence of factory production,” Smyth adds. 

“We look forward to continuing to build on our strategic partnership with Almanac Realty Investors and focus on acquiring more industrial park assets in the Southeast as we grow our portfolio to over $1 billion nationally in the next three years.”

About CIP Real Estate LLC

CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast, and Southwest markets. 

Patrick Gildea

Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 6.4 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, and Atlanta. 

Anne Johnson

About Almanac

Almanac Realty Investors, a division of Neuberger Berman, together with its predecessors, has been making growth capital investments into private and public companies which own and operate real estate in North America since 1996. 

Matt Smith

Almanac managed funds have committed over $5.5 billion to 44 companies. 

Almanac’s portfolio companies are designed to combine proven management teams within a specific real estate sector together with ownership of focused portfolios of real estate assets and interests.

 CONTACT:

Miki Akil

Kitchen Table Marketing + PR

832.260.4414  |  miki@kitchentablepr.com

www.kitchentablepr.com

www.ciprealestate.com

www.almanacrealty.com