Thursday, October 15, 2020

JLL Q3 Office Insight: One size doesn’t fit all in new Phoenix office landscape

 

PHOENIX, AZ – Phoenix’s business-friendly environment and diverse workforce continues to attract new tenants to the market and support existing companies as they develop short- and long-term strategies in the new pandemic economy, according to the new JLL Q3 Phoenix Office Insight Report.

 According to the report, the Phoenix market posted just over 300,000 square feet of positive absorption during the third quarter and average asking rents increased from $28.05 in Q2 to $28.29 in Q3.


 At the same time, office activity remains slower than this time last year, with tenants seeing more landlord concessions and under-construction space holding steady at just under 1.9 million square feet, with no new projects breaking ground at this time.

 John Pierson

 “The figures we’re seeing are still a mix of deals that were signed pre-COVID and ones that were initiated and signed after the pandemic was well underway,” said JLL Managing Director and office specialist John Pierson.

 “I don’t expect activity to slow in Phoenix over the next 18 months, but I do think it will look different as tenants evaluate their corporate cultures and determine how that translates to the kind of real estate they’ll need in the long-term.”

 According to Pierson, this includes an exercise to right-size space on the tenant side, balanced by landlords who are still bullish on the future of the Valley and are holding rates steady, expecting a continued inflow of new-to-market requirements.

 “Whether they are coming to Phoenix or already here, the tenants I’m working with see this as an opportunity to evaluate what works for them and strike their own, personalized balance between in-office and work-from-home,” said Pierson.

“As a broker, I’m here to supply companies with the right questions to ask so that we can establish that plan and then find the right space for them in the modern new workplace.”

 


Questions asked in this process reflect on a company’s culture, type of workers and need for in-person collaboration versus an ability to manage work via remote technology.

 As noted in the JLL report, this will include not only local companies but also an anticipated increase in out-of-state companies looking at Phoenix as a cost-effective, long-term real estate solution.


 To access JLL research for Phoenix and across the U.S., please visit the company’s research page at https://www.us.jll.com/en/trends-and-insights#research.

For more news, videos and research resources on JLL, please visit www.jll.com.

 

 CONTACT:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

 

Arbor Funds 14 FHA Loans for $180.3 Million Across Eight States

Carriage Hill East Apartments, East Lansing, MI

                     

UNIONDALE, NY, Oct. 15, 2020 – Arbor Realty Trust, Inc(NYSE:ABR), a leading multifamily and commercial mortgage lender, recently closed several FHA transactions totaling nearly $200M across the U.S.

The loans, which span from Texas to Michigan, consist of refinance and new construction executions.

 “As we continue to grow our FHA platform, this recent volume of funding speaks to the capabilities of Arbor’s dedicated FHA Lending Group and demonstrates our commitment to executing loans that advance workforce housing and energy-efficient properties,” said John Caulfield, Chief Operating Officer, Agency Lending.

 Clearfield Station, Clearfield, UT

 “We are pleased to support our clients’ financial needs in this low interest rate environment through our diverse suite of FHA-insured products to help them achieve their individual investment goals.”

 Details of the Transactions

 Two properties received new construction financing each with a 40-year term through the FHA 221(d)(4) program:

 Dolce Vita in Granbury, TX, received $24.7M. When the multifamily property opens in 2021, it will consist of 145-units with granite countertops, stainless steel appliances and walk-in closets. The gated-community will also include a pet play area, fitness center, courtyard and Zen Garden.

 Lake Forest Apartments, Norton Shores, MI

 Odyssey at Laurel Island in Kingsland, GA, received $23.4M. The complex will feature 192-units once construction is completed. 

 Three additional properties received refinancing through FHA’s Interest Rate Reduction program:

 Inverness Apartments in Hutchinson, KS, received $4M with a slightly more than 33-year term. The 54-unit pet-friendly property is across the street from the Fair Grounds Park, which features tennis courts, a playground and splashpad. Entertainment and restaurants are nearby. 

 Carriage Hill East Apartments in East Lansing, MI, received $13.3M with a 33-year term. The community offers one- and two-bedroom apartments and two- and three-bedroom townhomes with walk-in closets and central air-conditioning. A resort-style swimming pool and playground are available for residents. 

Alpine Slopes Apartments, Comstock Park, MI,

 Austin Heights in Waterbury, CT, received $4.6M with a 22-year term. The low-income housing complex includes one-, two-, three- and four-bedroom options.

 A property in Utah received refinancing through the FHA 223(a)7 program:

 Clearfield Station in Clearfield, UT, received $27.3M with a 40-year term. Built in 2018, the 216-unit complex includes one-, two- and three-bedroom options with private balconies and patios. The property features a fitness center, pool, playground and courtyard.

 Eight properties received refinancing, with 35-year terms through the FHA 223(f) program:

 717 Indiana Court in El Segunda, CA, received $22.5M. The multifamily property is pet-friendly and includes a pool. Local transit and retail shopping are within walking distance.


 Summerhill Estates, Lansing, MI

 Lake Forest Apartments in Norton Shores, MI, received $18.4M. The pet-friendly multifamily property is comprised of one-, two- and three bedroom floorplans with granite kitchen countertops and walk-in closets. Muskegon County Airport is a short driving distance away.

 Alpine Slopes Apartments in Comstock Park, MI, received $16.8M. The apartment community offers one- and two-bedroom units with wood-burning fireplaces and cathedral ceilings. The pet-friendly property features an indoor swimming pool, large playground and business center.

 3435 Artesia Blvd. in Torrance, CA, received $12.9M. The multifamily complex features hardwood floors and a courtyard. It is conveniently located with retail shopping nearby.

 Summerhill Estates in Lansing, MI, received $7M. The 128-unit property offers one- and two-bedroom luxury apartments with gas fireplaces, vaulted ceilings and walk-in closets. The community includes a fitness center, clubhouse and picnic area. Local shopping is nearby. 

John Caulfield

Live Oak Villas in George West, TX received $2M. Built in 2004, the 48-unit low-income housing complex includes one, two-, and three-bedroom floorplans.

 Woodsview Apartments in Henderson, KY, received $2M. Built in 1978, the two-story complex includes one to four bedroom units with eat-in kitchens. The property features a playground, tennis court, walking and hiking trials, and courtyard.

 Sisson Manor in Owensboro, KY, received $1.4M. The 200-unit community features walk-in closets and a clubhouse. Retail shopping is less than a mile away.

 

Arbor Funds $5 Million Fannie Mae Small Loans in Tampa, FL

 

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded two Fannie Mae Small Loans in Tampa, FL. The properties, totaling 90 units, received $5M in acquisition financing.

Sam Schwass

 Sam Schwass of Arbor’s New York City office originated the loan.

“We were happy to help repeat sponsors expand their portfolio in this growing market,” Schwass said. “At Arbor, we value nurturing long-lasting partnerships and take pride in offering customized solutions that fulfill our clients’ short- and long-term financial needs.”

Royal Village Apartments received $4M. The 68-unit multifamily complex is made up of one- and two-bedroom floorplans. Retail shopping and the University of South Florida at Tampa are nearby.

 Sophia Villas received $910,000. Built in 1974, the two-story, 22-unit property is close to local shopping. The University of South Florida Botanical Gardens and Busch Gardens Tampa is a short driving distance away.

 CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Stos Partners Sells 27,500-SF Industrial Building in Miramar, CA Submarket

 

 CJ Stos

SAN DIEGO, CA – Stos Partners, a privately held commercial real estate investment and management firm, has sold a 27,500 square-foot industrial asset in Miramar, California to a private investor.

Industrial Buiding,  8330 Arjons Drive, Miramar, CA Submarket

 
Brooks Campbell 

“Our firm has been extremely active in 2020 and will remain focused on the successful execution of our existing portfolio and sourcing new deals,” according to
CJ Stos, Principal at Stos Partners.

 “As one of the more active investors in Southern California, both as a buyer and a seller, we continue to pay close attention to the market in order to position our assets for success, even in the midst of the COVID-19 pandemic,” says Stos.

  “Our team has been able to navigate these relatively choppy market conditions and make informed decisions that increase our ability to successfully execute.”

Bryce Aberg

 Stos Partners initially acquired the vacant asset in July of 2019 with Long Wharf Capital and they were able to reposition, lease up, and sell the property at a profit within a relatively short timeframe.

“The key value-add factor in this transaction was the rapid lease-up to 100% occupancy, which we accomplished in just four months from taking ownership,” says Jay Boyle, Executive Vice President at Stos Partners.

 “As an owner of 14 buildings in the Miramar submarket alone, we understood the potential in this property from the beginning. 

"This vision enabled our team to implement our business plan and exceed our proforma, ultimately delivering a strong return to our capital partner with this sale.”

 Brant Aberg 

 Stos initially acquired the property in a joint venture with Boston-based private equity firm Long Wharf Capital for $4.2 million. 

After implementing strategic upgrades including new landscape, a new parking lot, new roof, exterior building paint and office interior improvements, the partnership sold the asset for $7.525 million.

 “This sale speaks to our expertise in acquisitions and execution, and to the depth of our broker relationships, through which we were able to identify this ‘diamond in the rough’ asset and complete its strategic lease-up and sale,” says Jason Richards, partner with Stos Partners.

 Jason Richards

 “The transaction also reflects continued demand in the industrial sector, buoyed by strong local fundamentals and sustained demand from both national and regional users.”

 “Stos Partners continues to be bullish on industrial, and we are actively seeking additional acquisition opportunities in Southern California and other select markets,” says Stos.

  “As seasoned owners with more than six million square feet acquired and three million square feet in assets under management, our portfolio is well-positioned to withstand current economic headwinds and deliver long-term value to our tenants and partners.”

Bryce Aberg, Brant Aberg and Brooks Campbell of Cushman and Wakefield represented Stos Partners as the seller in the transaction.

 

 CONTACTS:

Jenn Quader / Katie Haga

Brower Group

(949) 438-6262

jquader@brower-group.com

 

 www.stospartners.com.

 www.longwharf.com.


The Keyes Company’s Denise Talboy Receives Award at Global Real Estate Symposium

 Denise Talboy
 

MIAMI, FL Denise Talboy was the recipient of the prestigious Global Ambassador Award from Leading Real Estate Companies of the World®. The award was presented September 30 at the LeadingRE Global Symposium.

Ms. Talboy, who serves as Vice President of Global Relocation & Corporate Services for The Keyes Company, was awarded for her active participation in LeadingRE on many levels, her promotion of the network worldwide and her service as a role model for other members.

Ms. Talboy has demonstrated a strong history of business development throughout her career. At Keyes, she oversees the Global Relocation & Corporate Services Division for 58 offices and 3,500 agents.

She is responsible for the day-to-day operations of the division, business development, client services and facilitating agent and management training. In her 16-year career with Keyes, she has consistently shown the skill and determination needed to grow the business in all aspects.

Diane M. Ramirez

  The two-day event, originally scheduled to take place in Dubai, was held virtually. It offered top real estate professionals affiliated with Leading Real Estate Companies of the World® (LeadingRE) the opportunity to discuss trends in the international real estate market.


.Topics included technological innovation in real estate, new development marketing, branding and public relations strategies, insights on the luxury segment, and more.

Participants also had the opportunity to network with one another virtually in small groups, a key component of LeadingRE events adapted to fit today’s environment.

 This year marks the fourth time formal awards were presented in the event’s 13-year history.

 Paul Boomsma

 “We are thrilled to recognize Denise for her many contributions to our network,” said LeadingRE President/CEO Paul Boomsma, who presented the awards along with LeadingRE Chairman of the Board Diane M. Ramirez, Brown Harris Stevens (New York, N.Y., U.S.).

For more information about (The Keyes Company), please visit (https://www.keyes.com/).

 

CONTACTS:

Eric Kalis

BoardroomPR

ekalis@boardroompr.com

(954) 370-8999

 

Daniel Benjamin

Senior Account Executive

 BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

Wabtec Becomes First Manufacturing Anchor Tenant for Pittsburgh’s Additive Hub at Neighborhood 91

 

 Christina Cassotis

 PITTSBURGH, PA – Wabtec Corporation (NYSE: WAB) announced it will join Neighborhood 91, the additive manufacturing production campus at Pittsburgh’s International Airport Innovation Campus.

 

Neighborhood 91 is the first development in the world to both condense and connect all components of the additive manufacturing and 3D printing supply chain into one powerful production ecosystem.

 

The agreement makes Wabtec the first manufacturing anchor tenant at Neighborhood 91 and builds upon the company’s growing additive technology capabilities and footprint in western Pennsylvania, which includes 3D-printing labs in Erie and Grove City.  


Eric Gebhardt

“Additive technology is a key focus area for us that provides new capabilities to drive innovation where traditional manufacturing could not,” said Eric Gebhardt, Wabtec’s Chief Technology Officer.

 

 “This agreement continues our investment in resources that enable our engineers to design new and complex products for the industries we serve.

 

"As the first development in the world to connect all elements of the additive manufacturing supply chain into a single location, Neighborhood 91 is the ideal location to fully realize the potential of this technology.”

 

“Part of our vision as an airport is to advance the region’s role as a world leader,” said Pittsburgh International Airport CEO Christina Cassotis.

 

 “Additive manufacturing is looking for a place to call home and now, with Neighborhood 91, that vision is becoming reality. 

 

”Neighborhood 91 is designed for industry leaders like Wabtec to advance the application of additive technologies for their customers. By condensing the supply chain, this campus will accelerate the adoption of additive in the manufacturing space.”

 

Wabtec will employ the latest in additive manufacturing technology to produce state-of-the-art, large-scale, lightweight parts for transit rail customers and reduce lead times by up to 80 percent.

 Rich Fitzgerald

 Production will include metal aluminum transit components like brake parts and heat sinks for freight locomotives. By 2025, the company plans to use additive manufacturing in the production of over 25,000 parts.

“Wabtec’s commitment to Neighborhood 91 is the latest example of our region continuing to move forward even in a pandemic,” said Allegheny County Executive Rich Fitzgerald.

 

 “A Fortune 500 company, Wabtec’s decision to select Neighborhood 91 for its next manufacturing facility is a huge step for the development and Pittsburgh International Airport.”

 

The Neighborhood 91 concept is based on co-located capital resources at the core of the development. It will house a complete end-to-end ecosystem.

 

Neighborhood 91, developed in conjunction with the University of Pittsburgh, is the first development of the 195-acre Pittsburgh Airport Innovation Campus.  Wabtec will occupy more than 11,000 square feet of space at Neighborhood 91, which is currently under construction and targeting completion by Spring 2021.

 

 

CONTACT:

 

Christina Forrest

Account Manager

Violet PR

7 N Willow St

Suite 8C, Mailbox 11

Montclair, NJ 07042

646.586.9932 (direct)

201.790.1179 (cell)

www.violetpr.com

 

www.WabtecCorp.com.

 

Neighborhood91.com