Lincoln Property Co. Enters Nevada Market with Major Industrial Portfolio Buy; Six-building Hughes Airport Center positions LPC in the heart of Las Vegas

Barbara Emmons Perrier

LAS VEGAS, NV – Ramping up a strategic expansion effort, the Desert West Region of Lincoln Property Company (LPC) has purchased its first-ever asset in Nevada.

Called Hughes Airport Center, the industrial portfolio totals 425,752 square feet and six buildings within the desirable Las Vegas airport submarket.

                                  Darla Longo

At 98 percent occupancy, Hughes Airport Center is located in one of the most supply-restricted submarkets in Las Vegas. It is part of the larger 3.3 million-square-foot Hughes Airport Center master planned business park, which includes office and industrial product across 420 acres.

David Krumwiede.

“The fundamentals that attracted us to Hughes Airport Center are the same that are driving our regional expansion strategy,” said Lincoln Property Company Executive Vice President David Krumwiede.

“Our focus is on maximining the opportunities of the Desert West, which ranks near the top in the nation for population growth, quality of life, workforce, infrastructure and strong and steady demand.”

LPC’s Desert West Region includes Arizona, Nevada, Utah and New Mexico. The company is focused on growing their footprint in each of these states, expanding an already award-winning presence in Arizona that includes almost 6 million square feet of development, more than 10 million square feet of acquisitions and 7 million square feet of office, industrial and retail product currently under management.

 John Orsak

“Between its diverse occupancy, location and quality, the Hughes Airport asset fits perfectly within our existing portfolio,” said LPC Vice President of Real Estate John Orsak.

“It represents some of the best industrial product in Las Vegas and a level of stability that will return value across market cycles.”

The Hughes Airport Center portfolio is located at 890 and 950 Pilot Road; 111, 1151 and 1181 Grier Drive; and 6700 Paradise Road. It sits within the Las Vegas infill Airport submarket, where vacancy is just 1.6 percent and there is minimal new construction activity due to lack of land.

Kevin Higgins

Unit sizes within the Hughes Airport portfolio range from 4,352 to 86,674 square feet, with the ability to support a range of uses including distribution, warehouse, office and flex.

Tenants at Hughes Airport Center enjoy 3.5 acres of on-site parking and near-immediate access to McCarran International Airport, I-215 and I-15, making the project equidistant from the area’s major employment bases.

CBRE’s National Partners Team, led by Darla Longo and Barbara Emmons, represented the seller.

Hughes Airport Center Aerial, Las Vegas, NV

 CBRE’s Kevin Higgins is the exclusive leasing broker. LPC will lead all property management services for the asset in partnership with its affiliate, Lincoln Harris.

LPC continues to actively evaluate new commercial real estate investment and development opportunities across the Desert West region.

For more, please contact Krumwiede or Orsak at 602.912.8888.

CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

www.lpc.com or www.lpcphx.com. 

DIX Development’s University Econ Executive Center in East Orlando, FL is Moving Forward

 Renderings of planned $9 Million Class A office campus 3.5 miles from University of Central Florida at the signalized intersection of University Boulevard  and Econlockhatchee Trail, East Orlando, FL 

EAST ORLANDO, FL – DIX Developments LLC which specializes in high-quality innovative real estate developments throughout Central Florida is moving forward with plans for a new $9 Million Class A office campus 3.5 miles from University of Central Florida at the signalized intersection of University Blvd. and Econlockhatchee Trail. 

James Dicks

 University Econ Executive Center’s strategic location offers a bank drive-through opportunity, several 1,520 square foot shell condition office condos and 4,640 square foot medical buildings and up to a 20,000 square foot, highly visible office building ideal for a corporate headquarters.

 “Earlier this year we gave a summary overview of our plans to County officials, who said they liked it, and we are preparing a formal application and bidding out the project, says James Dicks, CEO of the firm.  Construction documents are currently being reviewed for processing, according to Dicks.  

 Only 3,500 feet from the Central Florida Greeneway (SR417), University Econ Executive Center affords quick and convenient access to all of Central Florida especially its two International Airports.  

Downtown Orlando and Executive Airport are each only 10 minutes away.  

John Kurtz

DIX Developments, an award-winning firm that focuses on land acquisition, real estate development and real estate investment has been developing Central Florida real estate for seven generations with creative vision, acquisition strategy, expert due diligence and superior results.

 John Kurtz, CCIM of Stirling International Real Estate is marketing the office condos and buildings. 

 For more information, please visit https://dixdevelopments.com/econ-executive-centre/   

Contacts:

 Scott Prewitt, Executive Vice President of Business Development, DIX Developments, LLC, 407-542-6120 or scott@dixdevelopments.com

James Dicks, CEO, DIX Developments LLC,

 407-542-6120 james@dixdevelopments.com 

Beth Payan, Larry Vershel Communications, Inc.

 407-644-4142 or 407-461-3781; beth@larryvershel.com 

JLL closes sale of 216-Unit Avalon Tinton Falls Apartments in Monmouth County, NJ

Avalon Tinton Falls is situated on 35 acres at 100 Autumn Drive, less than one mile from Exit 100B of the Garden State Parkway, in Tinton Falls, Monmouth County, NJ

Jose Cruz

MORRISTOWN, NJ – JLL Capital Markets announced it has closed the sale of Avalon Tinton Falls, a 216-unit, Class A garden-style apartment property in Tinton Falls, Monmouth County, New Jersey.

JLL marketed the property exclusively on behalf of the seller, AvalonBay Communities, Inc. A private investor purchased the asset free and clear of existing financing.

Avalon Tinton Falls is situated on 35 acres at 100 Autumn Drive less than one mile from Exit 100B of the Garden State Parkway, which offers unmatched regional accessibility.

Michael Oliver

The community is also near affluent beach communities, including Spring Lake, Sea Girt and Avon-by-the-Sea, and more than 3.3 million square feet of Class A corporate office parks within a 10-mile radius.

Completed in 2008, the property has been institutionally maintained and comprises contemporary amenities, including a clubhouse with a modern fitness center, swimming pool with sundeck, playground, car care center, lounge, grilling stations and dog park.

Kevin O’Hearn

Units include a diverse mix of one-, two- and three-bedroom floor plans averaging 1,101 square feet. Apartments feature in-unit washers and dryers, private patios or balconies, crown molding and spacious walk-in closets.

The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli, Mark Mahasky and J.B. Bruno.

“Multifamily continues to be a safe haven for investment capital in the suburban New York area given all the challenges that the markets are currently facing,” stated Cruz.

Steve
Simonelli

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.

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

Mark Mahasky 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

 JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

J.B. Bruno

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020.

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 

CONTACT:

Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com.

JLL closes sale of Atlanta distribution facility

Matt Wirth,

ATLANTA, GA – JLL Capital Markets announced it has closed the sale of PVH Distribution Center, a fully leased, 851,349-square-foot, Class A warehouse and distribution facility leased to an investment-grade tenant in the metro Atlanta community of McDonough, Georgia. 

 JLL marketed the property on behalf of the seller. FHR Capital, LLC, on behalf of an unnamed institutional investor, purchased the asset.

 Completed in 2006, PVH Distribution Center is triple net leased to PVH Corp. (NYSE: PVH), one of the largest fashion and lifestyle companies in the world with $9.7 billion in revenue in 2018 and a current investment grade credit rating of Baa3 'Stable' from Moody’s.

Dennis Mitchell

Situated at 127 Liberty Industrial Parkway, PVH Distribution Center is 37 miles southeast of downtown Atlanta and adjacent to Interstate 75, one of Atlanta’s critical industrial corridors.

The property’s McDonough location allows it to draw from a strong local labor force and provides easy access to Hartsfield-Jackson Atlanta International Airport, which is 23 miles away, and the Port of Savannah, which is 218 miles away. PVH has occupied the facility since 2010.

 The JLL Capital Markets team representing the seller was led by Matt Wirth, Dennis Mitchell, Britton Burdette and Crosby Taylor.

 “This transaction is really a testament to the quality of buyer and seller involved,” Wirth said. “Each side navigated the current market conditions with a collaborative and sensible mindset and executed flawlessly to bring the transaction to fruition.”

Britton Burdette

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.

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

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

 Crosby Taylor

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

CONTACT:

Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com