Growing Title Insurance Firm Proper Title, LLC, Opens New Naperville, Ill., Office

Kathy Kwak

 CHICAGO, IL – Proper Title, LLC, a full-service title insurance firm serving the commercial and residential real estate industry throughout the Chicagoland area, has announced the opening of a new office at 552 S. Washington St., Suite #120, in Naperville, Ill., to accommodate its fast-growing business. 

The firm now offers a total of 10 closing locations across Chicago and its suburbs.

Kim Behrens

“The timing is great due to the summer surge of home sales as the typically busy spring season was postponed due to the pandemic,” said Kathy Kwak, executive vice president of operations and counsel for Proper Title. 

Quickly after shelter-in-place orders began, the firm expanded closing options to include curbside and remote service to help prevent the spread of COVID-19.

“I’m so proud of our staff that got creative and persevered through the initial stages of this pandemic to develop safe solutions to serving our clients and making closings happen with the same high standards Proper Title is known for,” said Kwak. 

Richard (Dick) Bales 

“To open a new office on top of all the other challenges is another incredible accomplishment. Since we expanded into the western suburbs two years ago, we have been capturing more and more market share of the area’s title business. 

"This new Naperville office is a perfect complement to our existing offices in Oak Brook and St. Charles, and is convenient for so many of our real estate attorneys, brokers and lenders.”

The new 1,100-square-foot Naperville office offers three closing rooms and curbside capability to accommodate its steady stream of residential and commercial closings. 

As the state’s fourth-largest city, Naperville continues growing in population, and this new Proper Title office is expected to complete a high volume of closings, according to Kwak.

In July, Proper Title hired two industry veterans to serve clients in the Naperville office: Richard (Dick) Bales as a senior underwriting consultant and counsel, and Kim Behrens as an escrow officer. 

Proper Title's new offices at 552 South Washington Street, Suite #120 Naperville, IL

Both new hires came to Proper Title after long tenures at Chicago Title Insurance Company, including 31 years for Bales and 20 years for Behrens.

 In addition to his previous role as assistant regional counsel, Bales traveled the state as a guest lecturer on all aspects of title insurance and has written numerous articles for the Chicago Bar Association, the DuPage County Bar Association and the Illinois State Bar Association.

 Behrens most recently was an escrow closer in Chicago Title’s Aurora/Yorkville office.

                                      

CONTACTS:

 Paula Widholm, pwidholm@taylorjohnson.com, (312) 267-4525

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

 propertitle.com.

Charlotte-area flex portfolio sold for $31.75 million

Patrick Nally

CHARLOTTE, NC – JLL Capital Markets announced it has closed the $31.75 million sale of Oates Crossing, a four-building, Class A light industrial/flex portfolio totaling 235,400 square feet in the Charlotte community of Mooresville, North Carolina.

 JLL marketed the property on behalf of the seller, Corporate Center Properties.RealOp Investments bought the asset.

 Oates Crossing is a best-in-class light industrial portfolio that is one of only two Class A parks in the submarket. Originally developed by the seller in 2005 and expanded through 2018, the portfolio is leased to 13 tenants.

The property is situated on 15.94 acres at 105 and 115 Corporate Center Drive and 120 and 128 Talbert Road in the Lake Norman area adjacent to Interstate 77.

Hunter Barron 

 The JLL Capital Markets team representing the seller was led by Senior Directors Patrick Nally and Hunter Barron and Senior Managing Director Pete Pittroff.

 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 our newsroom.

 

 Pete Pittroff

Contact:

Kimberly Steele, JLL Senior Associate, Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Hold-Thyssen Negotiates $549,000 Sale and Lease of Administrative Offices in Tampa Bay’s Westchase Commons and Covington Professional Park

Theresa Margaris

Tampa Bay, FL --- Hold-Thyssen, Inc. recently negotiated the $549,000 sale of a stand-alone professional office building built in 2007 with 3,000 useable square feet at 13041 W. Linebaugh Ave. in Westchase Commons.

Transaction specialist Theresa Margaris at Hold-Thyssen’s Clearwater office brokered the sale representing both the seller, Oldsmar-based J. Murphy Enterprises, Inc.  and the buyer, ECA Property Holdings, LLC,  of Tampa .  The buyer – an established retail leasing and property management company – acquired the property for a new HQ and administrative offices.   

Covington Professional Park

At the same time, Margaris brokered a new multi-year lease at 13668 W. Hillsborough Ave. in Covington Professional Park on behalf of the landlord Alder Creek, LLC and the tenant IT service provider Ballast Services. Inc.  The tenant is establishing a brick and mortar location in the 1,089 square foot suite to facilitate collaboration and growth.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States . 

* * *

 CONTACTS: 

Richard J. Fisher, Vice President/Investor Services, Hold-Thyssen, Inc. 

813-880-7100 ext303 rfisher@HoldThyssen.com

 Robert P. Hold, Principal, Hold-Thyssen, Inc.

407-691-0505, bhold@HoldThyssen.com

 Beth Payan, Larry Vershel Communications Inc.

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

Jude Sullivan Joins Ackerman & Co. as Investment Sales Broker

Jude Sullivan 

ATLANTA, GA, Aug.18, 2020 – Continuing the growth of its Investment Sales platform, Ackerman & Co. has added Jude Sullivan to its Atlanta-based Brokerage team.

 Jude will advise clients in the acquisition and disposition office properties in the Southeast U.S., with a focus on key submarkets in metro Atlanta.

 Jude joins Ackerman & Co. from Bull Realty, where he was a broker in the firm’s National Office Group and represented a wide range of investors in the sale and purchase of single and multi-tenant properties. 

F. Keene Miller

During his time at Bull Realty, Jude received a Top 10 Broker Award for annual production.

 “Jude will help us expand our investment sales capabilities with his specialized expertise in the office sector,” said F. Keene Miller, President of Brokerage for Ackerman & Co. “He brings outstanding market knowledge and a dedication to helping buyers and sellers implement the optimal investment strategy.”

Ackerman & Co.’s other recent additions to its Brokerage team include KB Yabuku and Daniel Yi, who joined Ackerman Retail as Vice Presidents and focus on representing buyers and sellers of multi-tenant and specialty retail properties.

 CONTACT:

Steve Webb 

swebb@ACKERMANCO.NET

Kevin Davis to lead debt capital markets for JLL’s Hotels & Hospitality Group, Americas

Kevin Davis

NEW YORK, NY – JLL Hotels & Hospitality Group announced Kevin Davis has been named a Senior Managing Director of the firm’s Americas Hotels & Hospitality Group reporting to CEO Gilda Perez-Alvarado. 

Based in New York, Davis will head the debt capital markets efforts for the Americas business and the collaboration between the firm’s Hotels & Hospitality business and JLL’s Capital Markets Group, specifically the loan sales and financing teams.

Davis will continue working closely with the lending community, including banks, life insurance companies, debt funds, mezzanine providers and CMBS lenders, as well as institutional owners of commercial real estate within the hotels and hospitality business. 

Gilda Perez-Alvarado

Davis will also continue working closely with the investment sales teams across North America, Latin America and the Caribbean, to ensure the greatest level of connectivity between buyers, sellers and capital funds. 

“There's isn't anyone as accomplished and seasoned as Kevin in this business,” Perez-Alvarado noted. “His impressive track record and experience, along with his client-first attitude, brings tremendous value to the work we do. 

"Going forward we expect a significant portion of our business to derive from the debt and loan sales platform and in anticipation, created this unique role to maximize Kevin’s capabilities while we respond to our clients changing needs. 

"With approximately $2 billion of loan sales currently in the market under his advisory, I look forward to his leadership guiding our clients through these uncertain and unprecedented times.” 

Since joining JLL in 2013, Davis has been involved in excess of $20 billion of financings ranging from ground-up construction projects to stabilized properties. 

Mark Gibson

Widely recognized in the industry, Davis recently won the Jack A. Shaffer Financial Advisor of the Year Award at the American Lodging Investment Summit, which honors industry leaders that showcase outstanding ability to foster client relationships and close deals that benefit both parties in a transaction. 

With immense experience in leading high-profile transactions, Davis has coordinated financings, including the JW Marriott Essex House, the Standard High Line, the One Hotel Central Park, Loews Regency San Francisco, Boca Raton Resort & Club, the Walt Disney World Swan & Dolphin, Turtle Bay Resort and the Ritz Carlton St. Thomas.  

“Adapting to a changing investment landscape and our client’s needs is crucial in our current market,” added Mark Gibson, CEO, Americas for JLL Capital Markets. 

“Kevin’s role spearheading the debt capital efforts for the Hotels & Hospitality Group in close collaboration with JLL Capital Markets loan sales and financing teams marks one more step in our progress towards One JLL and client service collaboration.”

Prior to joining JLL, Davis spent almost a decade as a lender at Merrill Lynch and UBS, where he was involved in sourcing and executing over $7 billion of first mortgage and mezzanine financings for securitization and balance sheets. 

He also spent three years as a partner and co-founder of FundCore Finance, a high yield lending platform that made opportunistic investments following the financial crisis.

Davis holds a B.A. with Honors in Economics from the University of North Carolina at Chapel Hill, a J.D. from the UCLA School of Law and an M.B.A. from the Wharton School of Business at the University of Pennsylvania.

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

Contacts:

 Kristen Murphy

JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

Natalie Passarelli

 JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

Striker Leases 70 Luxury Apartments in 100 Days for Blackstone 360 in East Orange NJ

 Blackstone Lotus 315 apartments, East Orange NJ

Clifton, NJ — Luxury apartment firm Striker Apartment Leasing announces a fully-leased marquee mixed-use building in seemingly record breaking time. The site is in East Orange, NJ, now brimming with tenants who are reveling in its inspired silhouette and high-life amenities.  

The project marks Blackstone 360’s fourth luxury project and first mixed-use development in East Orange.

Alina Zafar

To realize their vision of creating "true connection within the community through our developments," Blackstone 360 chose Striker as the exclusive firm of record for both Lotus 315 and its sister asset, Aura 240,” says Alina Zafar, Blackstone 360 director of marketing and corporate relations.

“The team at Striker is helping translate our vision into meaningful relationships with the Lotus residents." 

Michelle Streicher

Since the Striker takeover of Lotus 315 on September 1st, 2019, the team successfully tenanted 70 apartments in just 100 days, a commendable achievement at a luxury property.

Striker's Apartment Leasing division, under the leadership of Brian Jaffe, succeeded to reach 95% occupancy while the property was still under construction.

In a four-month-record timeframe, the entire 180 unit building was fully leased—during a global pandemic which speaks volumes of their team to work under these unique circumstances.  

The units represented a mix of studios and I-t 1.5- and 2-bedroom apartments. Rent contracts averaged at $2,200, equating to a boost in annual rent rolls. 

White-glove guided site visits, a reputation of exceptional tenant services, and the promise of Striker's Leasing division all elevated this coveted asset into an irresistible home to New Jersey's upper dwellers. 

 Brian Jaffe

"We cherished our wonderful partnership with Blackstone 360," says Michelle Streicher, the beating heart and firing mind at the helm of Striker's 4-division company.

With The William -- a new 62-unit luxury apartment project in Downtown Newark now in development -- the team at Striker Leasing gears up for its grand opening in September.

  

Contact 

777 Passaic Ave. Suite 518 • Clifton, NJ 07012 

P. 973.437.3955 F. 973.497.9393 

info@strikerapartmentleasing.com or call 973.437.3955. 

NAIOP Florida Chapters Announce Enactment of HB 1339

Affordable housing bill requires developers to receive full offset of linkage fee costs 

FORT LAUDERDALE, FL, Aug. 18, 2020 – Florida commercial real estate developers who faced costly linkage fees imposed by local governments to help fund affordable housing initiatives will receive legislative relief with the enactment of Florida House Bill 1339 (HB 1339).  

The Florida chapter of NAIOP, the Commercial Real Estate Development Association, worked in partnership with other industry organizations to deliver the new legislation, which now requires local governments that levy linkage fees on new development projects to fund affordable housing within their jurisdictions to fully offset those costs.  

Darcie Lunsford

 The new law went into effect on July 1 and provides clear guidance and standards for using development incentives to render linkage fees as net neutral cost factor on development. Incentives may include: 

• allowing the developer density or intensity bonus incentives or more floor space than allowed under the current or proposed future land use designations; and  
• reducing or waiving fees, such as impact fees or water and sewer charges. 

HB 1339 is an adjunct bill to Florida House Bill 7103 (HB 7103), which passed last year and also requires full offsets for inclusionary zoning mandates, which generally require a developer to provide a specific number of affordable housing units or to contribute to a housing fund. 

HB 1339 goes a step further by specifying that linkage fees for affordable housing are also subject to the same cost offsets.  

 Stephanie Rodriguez

 “This new law clarifies any potential ambiguity the earlier legislation’s silence on linkage fees may have created.  The latest bill unequivocally declares cost burdens borne by developers through linkage fees be mitigated,” said NAIOP Florida President Darcie Lunsford, executive vice president at Butters Realty & Management.

“With more local governments looking to shift costs for affordable housing initiatives onto commercial projects, this became a priority for NAIOP chapters across the state, and a bonafide deal-killing threat for development.” 

Such linkage fees in the state can range from $0.37 per square foot up to $2.42 per square foot for new developments, according to a Florida House staff analysis of the legislation.  

“Considering that commercial real estate is nearly a $26 billion industry in Florida, supporting 227,512 jobs, it was imperative that we protect its viability, particularly in this fragile economic climate,” Lunsford said. “Despite the challenges of COVID-19, the commercial real estate industry has continued to push forward with new projects and impactful legislative wins.”  

The 1,000-member NAIOP Florida is a coalition between the state’s five regional chapters in South Florida, Central Florida, Tampa Bay, Northeast Florida and Northwest Florida, and works to advance responsible commercial real estate development in the state and advocates for effective public policy. 

“One of the distinct advantages of membership in NAIOP South Florida is that it provides our members with an opportunity to have a seat at the table when it comes to policy making and policy changes at the state level,” added NAIOP South Florida Chapter President Stephanie Rodriguez.

“This is critical to our work as developers in the market. This legislation is an example of how the power of our organization can impact how we do business across the state.” 

Contact:

Samantha Van Nuys

Senior Account Director

O: 954.776.1999  ext. 115 |C: 954.648.9132

6451 North Federal Highway, Suite 1200 |Fort Lauderdale, Florida 33308

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naiopsfl.org. 

naiop.org.