 |
| Jillian Mariutti |
TAMPA,
FL, Oct. 14, 2020 – JLL Capital
Markets announced today that it has closed the $31.75 million sale of and
arranged $26.25 million in financing for
Breckenridge Park, a 15-building, 334,000-square-foot office and flex
complex in Tampa, Florida.
 |
| Bret Felberg |
JLL marketed the property on behalf of the seller, MLG/PF Breckenridge Investment LLC, which is affiliated with MLG Capital.
A joint venture partnership between The
Arden Group and Avistone purchased the asset.
Additionally, JLL worked on behalf of the borrower to place a floating-rate loan with BlackRock.
Loan proceeds will be used to acquire the property and
implement a capital improvement plan.
Completed
between 1982 and 1998, the complex is leased to a diverse mix of local and
national tenants, the largest of which occupies 11.8% of the GLA.
 |
| Jeff Morris |
Breckenridge Park is situated on 30 acres at Breckenridge Parkway in eastern Tampa, near multiple major Central Florida thoroughfares.
Those include Interstates 4, 75 and 275, U.S. Route 301 and the LeRoy Selmon Expressway, all providing access to Florida’s largest metro areas, along with several major MSAs in the southeastern United States.
The
JLL Capital Markets Investment Sales team representing the seller included
Senior Director Bret Felberg, Senior Managing Director Jeff Morris,
Managing Director John Dunphy and Associate Peter Cecora.
The
JLL Capital Markets Debt Placement team representing the new owner was led by
Director Jillian Mariutti, Senior Director Brian Gaswirth and
Associates Michael DiCosimo and Drew Jennewein.
“There was a lot of lender interest for this high-quality asset due to its industrial component, high performance throughout the market volatility due to COVID and best-in-class sponsorship with The Arden Group and Avistone,” Mariutti said.
 |
| John Dunphy |
“The buyers are well positioned to take advantage of the increased demand for flex product and ideal market fundamentals of greater Tampa.”
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 sales, debt placement,
equity placement or a recapitalization.
For
more news, videos and research resources on JLL, please visit our newsroom.
 |
| Peter Cecora |
Founded
in 1987, MLG Capital has created a diverse series of real estate-focused funds
aimed at generating generous cash flow and appreciation over time.
The company focuses on apartments, industrial, retail and office investments, and employs a value-add private real estate investment strategy with acquisition values ranging from $5 million to $60+ million in the small to mid-cap space.
MLG Capital and related entities have
acquired more than 24 million square feet of property, inclusive of over 19,300
multi-family units, with exited and estimated current value exceeding $2.5
billion across the United States.
 |
| Brian Gaswirth |
Arden
Group is a privately held, vertically integrated real estate fund manager,
investor, and operator that owns and finances properties across the United
States.
Since being founded in 1989, Arden Group has managed more than $8.8 billion of real estate assets and acquired and/or developed more than $4.4 billion of properties through joint ventures and discretionary investment funds.
Through
equity and debt funds, Arden Group is focused on investing in and lending to
value-add properties located in larger U.S. markets with demonstrated positive
demand factors and historical market resiliency.
 |
| Michael DiCosimo |
Avistone is
a commercial real estate investment firm specializing in the acquisition and
operation of multi-tenant flex/industrial and business parks nationwide.
Avistone
has acquired and managed more than 3.6 million square feet of industrial space
in California, Georgia, Ohio, Texas and Florida.
About
JLL
JLL
(NYSE: JLL) is a leading professional services firm that specializes in real
estate and investment management.
 |
| Drew Jennewein |
JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020.
JLL
is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, please visit jll.com.
CONTACT:
Kimberly Steele
Senior
Associate
Public Relations
JLL
Capital Markets
9
Greenway Plaza, Suite 700
Houston,
TX 77046
T
+1 713 852 3420
M
+1 832 244 9994
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