JLL closes sale of Baltimore cold storage facility

Principio Commerce Center II, 585 Principio Parkway West,
 North East, MD

WASHINGTON, DC, June 3, 2020 – JLL Capital Markets announced today that it has closed the sale of Principio Commerce Center II, a new, fully leased, Class A, 550,050-square-foot cold storage distribution facility in the Baltimore-area community of North East, Maryland.

 Bruce Strasburg

 JLL marketed the property on behalf of the seller, Stewart Properties, which developed the property. CBRE Global Investors purchased the asset.

 Principio Commerce Center II is fully leased to KeHE Distributors, LLC, one of the oldest and most respected natural food distributors in the industry.

Completed in February 2020, the property features 36-foot clear heights; LED lighting; wide column spacing; loading positions including 43 dry, 14 cold and 36 additional punch-outs; four drive-in doors; and significant freezer and cooler buildouts.

Dave Dannenfelser 

 York, Pennsylvania-based Stewart & Tate Construction, a sister company to Stewart Properties and part of the Stewart Companies group, handed the sitework and construction of the KeHe facility. 

This inter-company partnership allows Stewart Properties to provide an efficient, turnkey deliverable solution.

 Principio Commerce Center II is at 585 Principio Parkway West within the Principio Business Park less than 1.25 miles from Interstate 95, the primary East Coast distribution arterial.

 It is also located at the midpoint between the greater Baltimore and Philadelphia metropolitan regions and is proximate to the Port of Baltimore, one of the country’s most efficient deep-water ports.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Bruce Strasburg, Managing Directors Dave Dannenfelser and Jay Wellschlager, Senior Vice President Tyler Boykin and Associate Craig Childs.

Jay Wellschlager

 “Given the current circumstances, completing a deal in the last two months doesn’t just show the strength of the industrial market but is a prime example of how a buyer and seller can work together to get a deal done,” Strasburg said.

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.

 Tyler Boykin

 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.

 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.

Craig Childs

About Stewart Properties

Stewart Properties is the real estate development and investment company of the Stewart Companies group.

 With offices in York, Pennsylvania, and at the historic Principio Furnace in Perryville, Maryland, they are a Mid-Atlantic leader in real estate leasing and development with over two million square feet of office, flex and retail space, 4,000 acres under residential, industrial and commercial development and 8,000 additional acres for development.

CONTACT:

Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Graycor Selected to Build Phase I of Hines/Oaktree G303 Industrial Project in Glendale, AZ

                              

Courtney Schneider

GLENDALE, AZ – The Southwest Division of Graycor Construction Company has been selected as the general contractor for Phase I of Glendale 303 (G303), a Class A industrial development that, at build-out, will total up to 1.2 million square feet along the booming Loop 303 corridor in Glendale, Arizona.

G303 is being developed by international real estate firm Hines and funds managed by Oaktree Capital Management LP (Oaktree). The industrial park will be constructed in two phases, with two buildings each totaling 569,520 square feet.

 Todd Ostransky

 To meet the space needs of a major tenant, G303 has the flexibility to transform into a single, 1.2 million-square-foot building.

As the Phase I general contractor, Graycor will manage grading for the full project site and build G303’s first 569,520-square-foot building. The company will begin construction for Phase I on time this July, and complete during the first quarter of 2021.

“Demand for freeway-fronting, logistics-focused product remains at an all-time high in Phoenix and across the U.S.,” said Todd Ostransky, Graycor Construction Company Vice President of the Southwest Division.

Bill Honsaker 

“G303 is being built to meet that demand head on, with the amenities that tenants need now to satisfy exponential e-commerce and distribution activity. We are honored to have been chosen by Hines and Oaktree to build out that vision.”

“Hines is excited about partnering with Graycor on the first phase of our latest development in the Phoenix metro area, which will deliver in March of 2021 with the highest standards of design and quality,” said Courtney Schneider, Director at Hines who oversees industrial development for Arizona and Colorado. 

John Lydon 

Located immediately off the Loop 303 freeway between Glendale Avenue and Bethany Home Road, G303 will offer 40-foot clear height, 60-foot speed bays and 80 dock-high loading doors within highly functional footprints and with a sleek exterior design. Phase I alone will be able to accommodate more than 550 cars.

The architect for G303 is Ware Malcomb. JLL Managing Director Bill Honsaker and Vice President John Lydon and are the project’s exclusive leasing brokers.

“Arizona’s affordability and our strong employment pool make us a prime location for businesses who are looking for high-quality industrial options with a comparatively low cost of doing business,” said Honsaker.

Aerial of planned two-phase Graycor-Hines industrial park, Glendale, AZ

“That combination, along with modern, move-in-ready projects like G303, will keep us extremely competitive as we move through – and recover from – a COVID-19 economy.”

According to the latest JLL Industrial Insight report, the metro Phoenix industrial market closed out first quarter 2020 with a 6.7 percent vacancy rate – the lowest recorded since 2008 – with the Southwest Valley submarket accounting for 75 percent of the market’s total absorption for warehouse and distribution space.

CONTACT:

Stacey Hershauer

 P 480.600.0195

www.focusaz.com

www.hines.com 

oaktreecapital.com.

www.graycorconstruction.com.

Arbor Funds $6.3 Million Freddie Mac SBL Loans in Miami, FL

                              

Jonathan Chaim 

UNIONDALE, NY, June 3, 2020 – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded Freddie Mac Small Balance loans in Miami, FL. The three properties, totaling 55 units, received $6.3M in financing.

 Jonathan Chaim of Arbor’s New York City office originated the loans.

Morningside Apartments, Miami, FL

 “We take pride in getting to the heart of our clients’ needs and helping them achieve their short- and long-term goals,” Chaim said. 

“These transactions demonstrate Arbor’s ability to build ongoing and successful financial partnerships with our sponsors.”

Bayshore Apartments,

located one block from Biscayne Bay and a short distance to Miami Shores, received $2.7M in acquisition financing. The 24-unit multifamily property is made up of one- and two-bedroom floorplans.

 Morningside Apartments, an 11-unit garden-style complex, received $1.2M in refinancing. The property is within walking distance of retail shopping and public transportation is nearby. 

63rd Street Apartments, Miami, FL

The 63rd Street Apartments received $2.4M in refinance funding. 

Renovated in 2018, the 20-unit garden-style property features one- and two-bedroom units. 

The complex is within a short driving distance to Miami International University of Art and Design and Miami Dade College.

 About Us

Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, seniors housing, healthcare and other diverse commercial real estate assets.

Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products.

Bayshore Apartments, Miami, FL

Arbor is a Fannie Mae DUS® lender and Freddie MacOptigo Seller/Servicer. 
Arbor’s product platform alsoincludes CMBS, bridge, mezzanine and preferred equity loans.

Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

Contact:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

The Babb Group Brokers $3 Million Sale of 40-Unit Beneva Oaks Apartments in Sarasota, FL

Casey Babb

SARASOTA, FL, June 2, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Beneva Oaks, a 40-unit apartment property located in Sarasota, Fla., according to Chris Travis, regional manager of the firm’s Tampa office.

The asset sold for $3,100,000.

Luis Baez, CCIM, Miles Tombrink, Casey Babb, CCIM, and Shawn Rupp, investment specialists of The Babb Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also secured and represented by the four brokers.

Luis Baez

“Due to our track record and marketing platform, we were able to overcome several hurdles to close at the full contract price,” said Miles Tombrink.

Beneva Oaks is located at 650 North Beneva Road in Sarasota, Fla. Beneva Oaks is a 40-unit, project-based, head of household disabled, section 8 community in proximity to Downtown Sarasota.

The property was originally developed in 1991 under the HUD Section 202 program and has provided affordable housing for head of household disabled residents since inception.

There is one, three-story, elevator serviced apartment building which is constructed of poured concrete load-bearing exterior walls with a low pitch built-up flat roof.

The property sits on a 1.8-acre site featuring shady mature oak trees throughout the site. The building houses 40 residential homes, a leasing office, and a community recreation room for the residents featuring wide-screen television for entertainment and a fully equipped kitchen.

Miles Tombrink

Apartment homes are a mix of twenty-one-bedroom/one-bathroom units, which are 521 square feet, and twenty-two-bedroom/one-bathroom units which are either 668 or 702 square feet.

The property offers handicap accessible units in both floor plans. The units feature fully equipped kitchens, wall A/C units, semi-private entries via air-conditioned common interior corridors, durable wood-flooring (select units), hard-wired smoke detectors, and emergency call button in the bathrooms.

Beneva Oaks is located off Beneva Road, a major north-south thoroughfare, with bus service conveniently located directly in front of the property.

The property is in proximity to many desired destinations including Downtown Sarasota (2.5 miles), Siesta Beach (9 miles), St Armand's Circle (2.5 miles), and Sarasota-Bradenton International Airport (6 miles).

 Shawn Rupp

For the convenience of the residents, there are also desirable destinations within walking distance including two major tenant anchored shopping centers featuring Publix, Bealls, fast food, and banking establishments.

Within 3.5 miles of the property are medical facilities including Sarasota Memorial Hospital, an 806-bed regional medical center which is the county's second-largest employer with 4,000 staff members and 1,000 volunteers.

 Located 3.5 miles from the property is Interstate-75 giving access to other parts of the county and the region including Bradenton and Tampa Bay to the north and Port Charlotte, Cape Coral, and Fort Myers to the south.

CONTACT:

Chris Travis

Regional Manager

 Tampa, FL

(813) 387-4700

Hospitality Ventures Management Group (HVMG) Assumes Management of The Inn On Broadway in Lexington, KY

Inn on Broadway, 1301 South Broadway, downtown Lexington, KY

LEXINGTON, KY—Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company,announced it has signed a management agreement to operate the Inn On Broadway in Lexington, Kentucky. 

          

  “Particularly during the current environment, hotel owners are turning to trusted and proven operators to help their hotels maximize performance and weather the on-going crisis,” said Robert Cole, president & CEO, HVMG.

Robert S. Cole

 “HVMG has been through the highs and lows of multiple cycles, making us as prepared as possible to navigate through the pandemic. 

"We have come up with a number of solutions and adjustments to our business model and operating cost structure to mitigate the downturn in revenue while also keenly focused on revenue share shifting.”

          

 Situated at 1301 South Broadway in downtown Lexington, the four-story hotel is well suited to meet the needs of business and leisure travelers.  

        Nearby attractions include the University of Kentucky, Red Mile and Lexington Convention Center and multiple, local eateries.  In addition, the property is less than six miles from the Blue Grass Airport and the legendary Keeneland Thoroughbred Racecourse.  

 CONTACT:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

www.hvmg.com