Thursday, August 6, 2020

$9.26 million financing secured for The Forum apartments in Boca Raton, FL


 Nic Desiato
MIAMI, FL –– JLL Capital Markets announced it arranged a $9.26 million refinancing for The Forum, a 73-unit mid-rise apartment community located at 1361 Federal Highway in Boca Raton, Florida.

JLL worked on behalf of the borrower, Rosemurgy Properties, to secure the 120-month, fixed-rate loan through Freddie Mac.

 The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Elliott Throne
The Forum features a pool and tropical courtyard, balconies, spacious floor plans, walk-in closets and more.

The property is currently undergoing $1.3 million in renovations, including interior unit remodeling, concrete restoration, new exterior painting and repaving of the parking lot and walkways.

To date, Rosemurgy Properties has contributed $2 million in upgrades, including HVAC systems, windows, roofing and elevators.

“We are proud to continue providing outstanding apartment homes to the heart of Boca Raton,” said Nic Desiato, CFO of Rosemurgy Properties.

Amit Kakar
 “In addition to the $2 million that Rosemurgy Properties has contributed in upgrades, this financing will further support improvements at The Forum apartments for current and future residents to enjoy, including interior unit remodeling and amenity upgrades.”

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne and Directors Amit Kakar and Jesse Wright.

“The Borrower was able to successfully capture very attractive agency financing,” said Wright. “This will now allow Rosemurgy Properties to continue providing an excellent product to residents of east Boca Raton, as they have been over the last 25 years.”

Jesse Wright.

 CONTACT:



Natalie Passarelli
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307

us.jll.com/investorservices


Leading Texas CRE firm nabs industry vet Scott Lunine from competitor Marcus & Millichap in Miami




Houston, TX – NAI Partners  announces the formation of its Texas Investment Sales division, successfully recruiting seasoned industry leader, Scott Lunine, to lead the effort.
Mr. Lunine—previously regional head of Investment Sales at Marcus & Millichap in South Florida—joins the firm to lead and build its Investment Sales offering as Executive Vice President.
 In this newly created role, Mr. Lunine will be responsible for driving the strategic growth and profitability of NAI Partners’ overall Investment Sales practice across all product lines and geographies. 
NAI Partners is the 5th-largest Commercial Real Estate Brokerage in Houston, and the largest independently owned commercial real estate services firm in the state of Texas.
Jon Silberman
“We continue to be laser-focused on growth at NAI Partners—even more so as we navigate through these uncertain times—and building the leading Investment Sales group in Texas has been a top priority of ours for a while,” said Jon Silberman, Managing Partner, NAI Partners. 
“Adding an executive of Scott’s caliber, experience and capabilities will turbocharge the growth of our Investment Sales business, further enhance the scope of property types we sell and acquire for our clients, and elevate the overall level of service we provide. We’re very excited to welcome Scott—both to the firm, and to Texas from Florida!”

“From the day they first reached out to me, I was deeply impressed by NAI Partners’ platform, professionalism, and accomplishments, and I couldn’t be more excited to join the world-class team here,” said Mr. Lunine. 
“We’ve already hit the ground running with key senior hires in our Austin and San Antonio offices, and I intend for us to be the top Investment Sales team in the state of Texas in five years.”
Mr. Lunine joins NAI Partners from Marcus & Millichap, where he led the Miami, Florida office’s Investment Sales practice. During his time at Marcus & Millichap, Mr. Lunine grew the South Florida region’s team from 29 to 80 agents, and doubled sales revenue in just three years.

“One of our core values is always putting our clients first, and doing so requires us to have the very best talent, which is why we work hard to identify top-level professionals who are great at what they do and are looking for the right culture and career-building opportunity,” said Travis Rodgers, Executive Vice President, NAI Partners. 
“Scott not only met but exceeded that criteria, and brings a tremendous track record of helping seasoned agents and top producers grow their business exponentially.”
Travis Rodgers
Prior to Marcus & Millichap, Mr. Lunine was the Managing Principal of the Southern California division for Waddell & Reed, a publicly traded, full service financial services company specializing in comprehensive financial planning. 
Previous to that, he was the Managing Partner of NAI Capital in Los Angeles, specializing in the sale of Regulation D, nontraded REITS, DSTs, investment properties, and involved in the successful closing of over $4 billion of multifamily and retail properties in over 24 states. 

He also served as Managing Director at Sperry Van Ness, overseeing 15 offices. Earlier roles at Sperry Van Ness also included National Director of Retail; and National Director of Multifamily.

Mr. Lunine is a three-time honoree as one of the South Florida Business Journal’s Power Leaders (2018, 2019, 2020); has been a keynote speaker at numerous investor conferences around the U.S.; and has trained, coached and mentored over 3,000 commercial real estate agents, brokers and investors.

For additional information, please contact Larry Koestler, Senior Vice President of Marketing & Communications, at 713.629.0500.


Chatham Lodging Trust Announces Second-Quarter Results



Jeffrey H. Fisher
WEST PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the second quarter ended June 30, 2020.

 "We successfully secured unique sources of demand through exhaustive sales and revenue sourcing efforts and certainly believe we are benefitting from the concentration of extended-stay rooms in our portfolio,” commented Jeffrey H. Fisher, Chatham’s president and chief executive officer.

“Even as hotels have reopened over the last few months, we have sustained our outstanding RevPAR market share gains with an average RevPAR index during the second quarter of 145 compared to our 2019 RevPAR index of 118.

"By keeping all hotels open, we were able to book meaningful revenue and provide rooms to important long-term customers. 

"Fortunately, we have been able to leverage those wins to capture more of the oncoming demand which allows us to better bridge the gap to recovery.”



Second Quarter 2020 Operating Results

  • Portfolio Revenue per Available Room (RevPAR) – Declined 77 percent to $33, compared to the 2019 second quarter. Average daily rate (ADR) decreased 43 percent to $98, and occupancy dropped 59 percent to 34 percent.
  • Net income (loss) – Declined $36.7 million to a loss of $(27.2) million for the 2020 second quarter compared to the 2019 second quarter. Net loss per diluted share was $0.57 versus net income per diluted share of $0.20 last year.
  • Adjusted EBITDA – Decreased $42.0 million to $(3.3) million.
  • Adjusted FFO – Declined $40.1 million to $(12.4) million. Adjusted FFO per diluted share was $(0.26), compared to $0.58 in the 2019 second quarter.

CONTACTS:

Dennis Craven (Company)                                         Chris Daly (Media)

Chief Operating Officer                                              Daly Gray, Inc.
(561) 227-1386                                                           (703) 435-6293

PATRICK DALY
OFFICE MANAGER
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289


Next Wave Investors Sells 98-Unit Luxury Multifamily Community in Las Vegas After Completing Strategic Value-Add Program

 Harlow Luxury Apartments, a 98-unit Class A luxury multifamily community in Las Vegas, NV


Jordan Fisher
Las Vegas, NV – Next Wave Investors, LLC (“Next Wave”) a private equity firm focused on value-add multifamily investments, has sold Harlow Luxury Apartments, a 98-unit Class A luxury multifamily community in Las Vegas, Nevada.

The asset was purchased by a Southern California-based private equity firm for $21.5 million.

Next Wave originally acquired the resort-style property in March 2019 for $17.1 million and increased its value by more than 25% during less than 16 months of ownership, according to Jordan Fisher, Principal at Next Wave.

“The quick disposition of Harlow Luxury Apartments, especially in the midst of a pandemic, is a prime example of the success of our strategy and demonstrates the continued desirability of this market,” says Fisher.

“Our team has the ability to identify multifamily assets with the potential for high performance, located in key growth markets. Upon acquiring these assets, we implement our proven value-add strategy in order to serve renters in those markets and maximize return for our investors.”

David Sloan
Fisher additionally notes, “Harlow Luxury Apartments is located near Lone Mountain, in the expanding northwest region of Las Vegas. 

"It is within five miles of Summerlin, one of the most prestigious communities in the Las Vegas Valley.  Summerlin offers direct access to numerous entertainment and shopping centers, which positioned Harlow the opportunity to draft off the rapid growth trajectory of the submarket.

"We recognized this positioning and capitalized on the opportunity to purchase a promising asset in the region and improve upon it.”

Before the sale, Next Wave performed major interior renovations, including the installation of new countertops, flooring, appliances, lighting, miscellaneous fixtures and paint in nearly 30 units at Harlow Luxury Apartments, proving the company’s underwritten value-add strategy, according to David Sloan, Principal at Next Wave.

“Our efficient operations model, coupled with achieving higher revenues in newly-renovated units, resulted in our investors realizing an IRR above projections for this investment,” says Sloan.

Sloan adds: “Prior to the pandemic, Nevada was ranked number one in job growth in the U.S. While the region is currently suffering an economic downturn due to the circumstances, we believe that the favorable business climate, transportation accessibility, and affordable cost of living will lead to resumed growth as the national economy recovers from the COVID-19 outbreak.”

Next Wave has extensive experience repositioning assets in the Las Vegas market. Harlow is the company’s seventh disposition in Las Vegas since it first began investing there in 2015.

According to Sloan, Next Wave currently has three assets with 304 units remaining in its Las Vegas portfolio and expects to add to its holdings in market in the coming months. 


CONTACTS:
Katie Haga / Elisabeth Manville
Brower Group
(949) 438 6262


PEBB Enterprises and Falcone Group Partner on Expanded Retail Development Across from Beachwalk Community near Jacksonville, FL


Ian Weiner
JACKSONVILLE, FL –– PEBB Enterprises and Falcone Group are teaming up to significantly expand a Publix-anchored retail development under construction across from the master-planned Beachwalk community in St. Johns County, part of the Jacksonville metropolitan area.
The joint venture purchased 14.88 acres of land surrounding the Publix and plans to develop additional retail, medical and restaurant space.
The venture paid $4.95 million to acquire the land. The transaction closed on Aug. 4.
PEBB and Falcone plan to develop approximately 65,000 square feet to complement the 48,400-square-foot Publix and 10,500 square feet of in-line retail space at the 855 County Road 210 West site.

Art Falcone
The project will include up to six (6) outparcels with frontage along the southside of County Road 210 positioned to the East and West side of the Publix development, with an additional +/- 35,000 sf of medical and retail improvements proposed to the southwest of the Publix.

The project’s site plan is approved and shovel ready, with all site civil permits in place.


“This site acquisition allows our joint venture to enhance the Publix ground-up development with outparcels and neighboring improvements which are well merchandized to consist of retail shops, restaurants and medical tenants,” PEBB Chief Development Officer Eric Hochman said.


Eric Hochman
 “We will continue to execute on delivering a forward-thinking, well-designed project for the community.”
For leasing inquiries, contact PEBB’s Chris Stewart or Jenny Schuemann at (561) 613-4020.
The venture is negotiating with numerous national and regional retail, medical and restaurant tenants for ground leases, build-to-suit agreements, or partial land sales at the project.
“We are thrilled to partner with a renowned developer like Falcone Group on a project that will greatly benefit this fast-growing section of St. Johns County,” PEBB Enterprises President and CEO Ian Weiner said.


Jenny Schuemann
“Our venture is already getting tremendous interest from potential tenants, which underscores the demand for - and desirability of - this location.” 
The 3,000-acre Beachwalk community includes luxury residences, a planned 100-room hotel, retail, offices, industrial facilities, an elementary school and an existing 14-acre Crystal Lagoon – the largest of its kind in the U.S.


Chris Stewart 
The Publix location will share a new traffic signal intersection with Beachwalk’s northern commercial component, which is planned to include 300 multifamily units and 150,000 square feet of commercial space around the Crystal Lagoon.
“It is exciting to embark on this development and further complement all of the additional residential development happening in and around Beachwalk,” Falcone Group Chairman and CEO Art Falcone said.  “We look forward to a successful project and partnership with PEBB.”

 PEBB closed on the Publix site acquisition on July 10. Construction of the Publix-anchored center is expected to be completed by summer 2021. In addition to Publix, signed tenants include Publix Liquor Store and Lavender Spa.

 CONTACTS:

Eric Kalis
954-370-8999


Daniel Benjamin
Senior Account Executive, BoardroomPR
O 954-370-8999
C 954-618-8287
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322

Tricera Capital Completes Renovation of Historic Building in St. Petersburg’s Edge District


 Scott Sherman

MIAMI, FL and ST. PETERSBURG, FL –– Tricera Capital, the Miami-based real estate investment firm, completed the extensive renovation of a historic commercial building on Central Avenue in St. Petersburg’s emerging Edge District.

The firm is marketing the top two floors of the boutique building for lease and is already generating strong interest.

 The 1110 Central Ave. building is one of numerous real estate assets Tricera owns on the block, which is the city’s main pedestrian thoroughfare. Tricera has a portfolio of more than 10 properties in downtown St. Petersburg.



Ben Mandell 
 Tricera embarked on a gut renovation of the building’s upper floors, creating nearly 8,000 square feet of modern office space with open floor plans. 

The two available floors can be customized for tenant buildouts. The firm also freshened up the building’s exterior.

 Full-floor tenants also have the opportunity to secure prominent signage in multiple locations on the building.

“This office space is positioned perfectly for the post-COVID era,” Tricera Co-Founder and Managing Principal Scott Sherman said. “Companies are increasingly looking to occupy full-floor office spaces with their own bathrooms and common areas to limit exposure to others.

 "The building, with two entire floors available to be leased individually, is a great fit for a broad range of creative and entrepreneurial tenants.”

 Shortly after launching in early 2017, Tricera identified downtown St. Petersburg as a market with untapped potential. It identified several underperforming assets prior to entering the market and moved quickly to acquire and reposition the properties, attracting quality tenants and driving rent growth.

Justin Lustig 
“Downtown St. Petersburg is experiencing tremendous office growth, fueled by increased residential density and out-of-town companies relocating their corporate headquarters from New York and other markets,” Tricera Co-Founder and Managing Principal Ben Mandell said. 

“Companies like Dynasty Financial Partners are recognizing that the city offers incredible lifestyle and financial benefits, along with a deep talent pool of professionals to recruit from.”

Tricera’s Justin Lustig is overseeing leasing at the building. He can be reached at justin@triceracap.com.
 
 CONTACT:

Eric Kalis
Vice President, BoardroomPR
O 954-370-8999 
C 305-794-5123


Virginia net-lease retail portfolio sold for $35.2 million

     


Marc Mandel
PHILADELPHIA, PA – JLL Capital Markets announced it has closed the $35.2 million sale of a five-building retail portfolio totaling 24,867 square feet on long-term, triple net leases with Wawa in Richmond, Virginia, markets.

 JLL represented the seller, a joint venture partnership between Provco, Goodman Properties and Pineville Properties. The buyer purchased the assets in a 1031 exchange transaction.

 Wawa, Inc., is a privately held company based in Wawa, Pennsylvania, with a chain of more than 850 convenience retail stores, more than 600 of which offer gasoline.

Steve Schrenk
The company employs more than 35,000 people and operates its stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C.

The portfolio comprises properties at 6001 Iron Bridge Rd. in Richmond; 8800 Brook Rd. in Glen Allen; 3840 N. Bailey Bridge Rd. in Midlothian; and 600 E Hundred Rd. and 11021 Iron Bridge Rd. in Chester.

Completed between 2000 and 2001, each store is in a high-traffic area with strong demographics and recently received lease extensions to 20 years.

 Jordan Lex 
The JLL Capital Markets Net Lease team representing the seller was led by Managing Director Marc Mandel and Director Steve Schrenk along with Senior Directors Jordan Lex and Chris Hew.

This transaction came together and successfully closed amid the COVID-19 pandemic, which speaks to the strength of Wawa as a tenant as well as the quality of real estate for these assets.

 “We launched the portfolio in the third week of March during the height of the shutdown and quickly selected a 1031 investor for the entire portfolio,” Mandel said.

 Chris Hew
 “The buyer was comfortable due to the essential, necessity-based tenancy of Wawa, along with the gas/convenience store sector as a whole."

 “We continue to see strong demand through this time for properties with good real estate fundamentals and high-quality, essential retailers where pricing has remained relatively the same for many of these assets,” Schrenk added.

 “There was a flurry of 1031 money in the market during the second quarter through the extended July 15th 1031 exchange deadline, and that was evident here with the portfolio sale.”

Patrick Luther
 The buyer was represented by Patrick Luther of SRS Real Estate Partners and Phil Sambazis of Marcus and Millichap.

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. 
Phil Sambazis 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.


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 CONTACT:   
    
Kimberly Steele
JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420