Thursday, August 27, 2020

CIBC funds refinance of historic Portland, OR office building


American Bank Building, 621 SW Morrison Street, Portland, OR

PORTLAND, OR — JLL Capital Markets announced it has refinanced the American Bank Building, in Portland, Oregon, a 15-story, creative office property totaling 170,382 square feet.

 JLL worked on behalf of a joint venture between Lionstone Investments and ScanlanKemperBard to secure the financing through CIBC.

Laura Sellingsloh

 Funds will be used to complete tenant and capital improvements, including increasing the square footage to 175,956 square feet and stabilizing the asset.

The American Bank Building is positioned within the epicenter of Portland’s central business district fronting the city’s 57-block transit mall and adjacent to Pioneer Square, which is commonly referred to as “Portland’s Living Room.”

Tom Wilson
Due to its location at 621 SW Morrison Street, the property has been bestowed with a Walk Score®, Ride Score® and Bike Score® of 99, 98 and 96, respectively.

 Additionally, it is located within minutes of all four MAX light-rail lines, numerous bus routes and streetcar line stops as well as a wide variety of dining, shopping and entertainment offerings.

The asset has been updated throughout the years, most recently in 2015, and offers 24,000 square feet of ground floor and mezzanine level retail space that is fully leased, plus 144,551 square feet of office space that is 54% leased.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Tom Wilson and Colby Mueck and Associate Laura Sellingsloh.


Colby Mueck
 “The American Bank Building is one of Portland’s treasured assets and through a carefully planned improvement program, is well positioned to continue to provide tenants with a safe and healthy work environment,” said Frank Ortiz, Head of Asset Management at Lionstone Investments.

“Portland is one of the most diversified economies in the U.S. and is less vulnerable to the work from home disruption compared to other cities,” Wilson added.

“This paired with the continued technology industry migration from high cost cities bodes well for tenant demand and the overall long-term performance of the real estate market.”

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.


Frank Ortiz
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.






CONTACTS:

Kristen Murphy
JLL Senior Manager
 Public Relations
Phone: +1 617 848 1572



$33.28 million financing arranged for San Jose, CA mixed-use acquisition


Stevens Creek Executive Park in San Jose, CA, includes about 137,500 square feet of office and 28,000 square feet of retail space

SAN FRANCISCO, CA  JLL Capital Markets announced it has arranged $33.28 million in acquisition financing for Stevens Creek Executive Park, a five-building, multi-tenant, mixed-use asset totaling 165,500 square feet of office and retail space with additional entitlements in San Jose, California.

Alex Witt
 Stevens Creek Executive Park currently includes approximately 137,500 square feet of office and 28,000 square feet of retail space.

The property is situated on 9.24 acres at 4300-4400 Stevens Creek Blvd. in a transit-oriented Silicon Valley location that is exposed to more than 100,000 vehicles per day.

 Stevens Creek Executive Park is also entitled for a major redevelopment that would include 582 residential units, additional office space and 10,000 square feet of retail.

The San Francisco JLL Capital Markets Debt Placement team representing the borrower was led by Alex Witt, Brandon Roth and Spencer Bergthold.


Brandon Roth 
“Despite the market uncertainty caused by Covid-19, California Bank and Trust delivered accretive financing for the acquisition,” Witt said.

 “This speaks to the quality of the sponsor’s reputation and business plan that they successfully obtained non-recourse bank financing at a time of limited liquidity for like kind assets.”

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. 

 Spencer Bergthold
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.



CONTACTS:

Alex Witt
CA Lic.: #01223413
Phone: +1 415 395 4976

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

  

Seefried Industrial Properties and Crow Holdings Capital to develop Amazon Delivery Station in Deer Valley, AZ (Maricopa County)


  
 Robert Guerena
PHOENIX, AZ -- The Phoenix office of Seefried Industrial Properties along with a private equity real estate fund advised by Crow Holdings Capital have acquired a 35-acre site with plans to develop an Amazon last mile delivery station, also known as “Project Andale.”

Located at northeast corner of 7th Avenue and Pinnacle Peak Road, the project will include a 145,470 square-foot standalone package delivery facility used to complement Amazon’s larger fulfillment center in west Phoenix. 

 Additional features include over 13,000 square feet of office and break room space and parking for 780 delivery vans and 305 employee vehicle spaces.

 “Demand for state-of-the-art last-mile logistics space is something that we expect to continue to rise as shorter delivery times influence the way e-commerce companies conduct business," said  Robert Guerena, Senior Vice President for Seefried Properties.

 "The northwest Phoenix market presents an ideal opportunity for this new industrial build, offering strong transportation infrastructure and a growing residential market. 

"Our capital partner, Crow Holdings, recognized the same and we are proud to bring this last mile addition to the growing Amazon footprint within the Phoenix metropolitan area.”

The project is scheduled for shell completion during the fourth quarter of 2021.

Layton Construction has been engaged as the general contractor; Ware Malcomb is the Architect and Hunter Engineering, Inc is the civil engineer.

CONTACTS:

Mr. Robert Guerena
Senior Vice President, Western Region
602.337.8730


Barbara Bennett
Marketing Coordinator
Seefried Industrial Properties
3333 Riverwood Parkway · Suite 200
Atlanta, Georgia 30339
O: 770.702.8207 │ M: 520.661.9641
bbennett@seefriedproperties.com