Monday, November 30, 2020

Lee & Associates Pasadena Closes 17,000-SF Lease with Grocery Outlet Bargain Market in Arcadia, CA

Jodi Shoemake 
 

 ARCADIA, CA, Nov. 30, 2020   – Grocery Outlet, a publicly traded company which is recognized as one of our nation’s largest value-oriented grocery chains has signed a 17,000 sq. ft. lease at The Shoppes @ Highlander Center located at 165 E Foothill Blvd. in Arcadia, California, formerly occupied by Rite Aid.

Carol Springstead

  Dan Bacani and Jodi Shoemake of Lee & Associates-Pasadena as well as David Maltzman of Globe Street Properties represented the landlord. 

 Nathan Cromeenes of Newmark Knight Frank and Carol Springstead of Springstead & Associates represented the tenant. The project is scheduled for completion in January 2021.

  The new lease will position Grocery Outlet as the anchor tenant and complete the repositioning and renovation of the center, which began in 2015 when Fresh & Easy closed their doors.

  Dan Bacani 

“We were chasing Grocery Outlet back in 2016 but ultimately they signed a lease in Duarte”, Shoemake pointed out. “In reality, the F&E space was too small for GO in addition to the belief from GO that the two sites were too close to each other.

 "We knew the Rite Aid’s option was coming up, and always felt the Arcadia Foothill community would welcome the Grocery Outlet brand with open arms, so we kept asking.”

The City of Arcadia will have the good fortune of a second Grocery Outlet location at 140 E Live Oak, a former Walgreens. The opening date is projected for mid-2021. 

David Maltzman 
 

Although Bacani and Shoemake were not involved in the transaction, Grocery Outlet turned to the retail team to assist with an appeal against the CUP for alcohol sales.

“I feel that our team’s extensive local knowledge as commercial real estate brokers and past experience as municipal consultants for Arcadia definitely helped in defeating the surprising legal challenge,” Bacani remarked.

 Nathan Cromeenes

Grocery Outlet Bargain Market (NASDAQ: GO) is a publicly traded discount supermarket that supplies primarily name brand discounted and overstocked products with locations in California, Oregon, Washington, Idaho, Nevada, and Pennsylvania. Grocery Outlet has over $2 billion in annual sales. 

 CONTACT:

Kimberly Barbata

Lee & Associates - Pasadena, Inc.

(626) 240-2790

kbarbata@lee-associates.com

 

$21.65 million in refinancing secured for The Lexington apartments in Hoboken, NJ

 The Lexington, a multi-housing community consisting of 50 apartments across two, five-story buildings in Hoboken, NJ
 

 MORRISTOWN, NJ, Nov.30, 2020 – JLL Capital Markets announced today that it has arranged $21.65 million in refinancing for The Lexington, a multi-housing community consisting of 50 apartments across two, five-story buildings in Hoboken, New Jersey.

 JLL worked on behalf of the borrower, JDA Group, LLC, to secure the 10-year loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. 

Gregory Dell’Aquila

 Constructed in 2007, the 100%-occupied property spans across 7th St., between Adams St. and Grand St. with a central courtyard separating the two buildings.

The Lexington consists of nine one-bedroom, 40 two-bedroom and one three-bedroom units, averaging 1,037 square feet per unit. In-unit amenities include modern, open concept floor plans with hardwood floors, stainless steel appliances, granite countertops, bay windows, walk-in closets and the convenience of in-unit washer and dryers.

 The Lexington also boasts an array of community amenities including a fitness center, a 10,000-square-foot central courtyard, that features a tranquility garden, playground, grilling stations, a fire pit, secure building access with intercom, covered parking and storage units.

 “JDA Group, LLC made the decision to refinance this property and went through a lengthy interview process choosing JLL for a variety of reasons,” said Gregory Dell’Aquila, Chief Executive Officer, JDA Group, LLC. “We provided parameters required to make the deal work, JLL not only met our expectations but exceeded them.”

Michael Klein 

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Director Matthew Pizzolato.

 “We were excited to be a part of this transaction and help our client take advantage of these historically low interest rates,” said Pizzolato.

“The agencies continue to be the most competitive lender for stabilized multi-housing product, and we were able work with Freddie Mac to lock in a competitive interest rate for 10-years while also achieving full term interest only.”

 “JDA Group built a fantastic community back in 2007 that has continued to stand the test of time,” adds Klein. “Freddie Mac quickly recognized the strength of the borrower’s management capabilities and the pride they put into maintaining a Class A community that still has many of its original tenants.”

 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 sales 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.

 

Matthew Pizzolato

About JDA Group, LLC

Headquartered in Hoboken, N.J., JDA Group, LLC and its companies (JDA) are a privately held commercial and residential development firm serving the metropolitan area. 

With a growing portfolio of sought-after properties, JDA is known for its ability to establish distinctive development practices in varying locations, building types and cities. 

The company brings a common attention to detail in all phases of the development process providing a results-oriented, hands-on approach beginning with acquisition and development right through construction, leasing and property management.     .

 CONTACT:

  Natalie Passarelli

Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 

us.jll.com/investorservices

 jdagroupllc.com

jll.com.

 

Investor buys Charlotte’s Residence at SouthPark

  

Andrea Howard

CHARLOTTE, NC, Nov. 30, 2020 – JLL Capital Markets announced today that it has closed the sale of the 150-unit Residence at SouthPark  

 JLL closed the property sale from institutional investors advised by J.P. Morgan Asset Management to a fund sponsored by CBRE Global Investors.

 Built in 2007, the Residence at SouthPark offers one-, two- and three-bedroom apartments that average 1,573 square feet each.

150-unit Residence at SouthPark, Charlotte, NC

The property sits on 5.56 acres and totals 236,189 square feet, holding 96% occupancy. All units include 10-22’ ceilings, built-in bookcases and workstations, gourmet kitchens, washers and dryers, granite countertops and stainless-steel appliances.

 Additionally, the Residence at SouthPark offers penthouse and loft apartments. Community amenities include a rooftop deck with a saltwater pool and firepits, club level with skyline views, 24-hour fitness center, business center, game room and a coffee, tea and wine bar.

 

Allan Lynch
The SouthPark submarket has been noticing a boom in interest because of the area’s recent urbanization in response to demand from young families desiring more space with suburban schooling without sacrificing city-life amenities.

 With walkability to local dining, retail and grocery top-of-mind, the apartments are in close proximity to Whole Foods and the premier SouthPark Mall and Sharon Square shopping destinations, among others.

 SouthPark is near other elite Charlotte neighborhoods such as Myers Park, which is just five minutes from the property and offers more than 675,000 square feet of office and 247,000 square feet of retail; and Dilworth, which offers over 767,000 square feet of additional retail, restaurants, galleries, pubs and more.

 The JLL Capital Markets team representing the seller was led by Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Jeff Glenn. 

Caylor Mark

 “Residence at SouthPark is an iconic Charlotte address that is primed for renovation after originally delivering in 2007,” said Lynch. 

“The community’s concrete construction and oversized units also make it one of the most attractive assets in the Carolinas.”

 “The Residence at SouthPark is a well-maintained and well-located asset in suburban Charlotte, where we believe we will continue to see outsized demand for high-end apartments,” said Robert Perry, Executive Managing Director of CBRE Global Investors.

  “This particular asset performed well throughout the COVID-19 pandemic, in part due to its oversized layouts and boutique unit count. We are looking forward to the continued successful operation of the property by our team.”

 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 sales advisory, debt placement, equity placement or a recapitalization.

John Currin 

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.

 About J.P. Morgan Global Alternatives

 J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management.

  With more than 50 years as an alternatives investment manager, $145 billion in assets under management and more than 600 professionals (as of June 30, 2020), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds.

 Operating from offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. 

Jeff Glenn

 About CBRE Global Investors

 CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.

 CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE: CBRE). 

It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors.

  CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide.               

 *Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans.

Robert Perry
 This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.

 CONTACT:

 

 Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 

us.jll.com/investorservices

 

jpmorganassetmanagement.com.

www.cbreglobalinvestors.com

 

University of California, Riverside Completes Development of New Student Housing and Dining Hall Buildings

The University of California, Riverside (UCR) has completed the development of Dundee Residence Hall (below) and Glasgow Residential Restaurant (above)) at 900 University Avenue in Riverside, CA.

                                   Dundee Residence Hall
RIVERSIDE, CA, Nov. 30, 2020 – The University of California, Riverside (UCR) announced that it has completed the development of Dundee Residence Hall and Glasgow Residential Restaurant on its campus located at 900 University Avenue in Riverside, California.  This is the University’s first new student housing project completed in six years.

            Thomas Toepfer

JLL project management oversight included the two building, 176,000-square-foot Dundee Residence Hall which features 820 beds, fitness center, lounges, study rooms on multiple floors, laundry room and a large multipurpose room.
The two buildings create a landscaped courtyard with gardens, trees, outdoor seating and areas designated for table tennis.  
Adjacent to Dundee Residence Hall, the 51,000-square-foot Glasgow Residential Restaurant offers 830 seats and features a state-of-the-art commercial kitchen, presentation kitchen, nine walk-in freezers, private dining rooms, four food stations, retail store, bakery and outdoor terrace seating area on the second floor.
              Gerry Bomotti
“The completion of the Dundee-Glasgow project positions UCR to meet immediate and long-term growth needs and also reflects the direction of the campus by enhancing the campus community experience for all students at UCR,” said Thomas Toepfer, UCR Executive Director, Real Estate Services.
Gerry Bomotti, UCR Vice Chancellor, Planning, Budget & Administration continued by saying “The Dundee-Glasgow project was delivered on time and on budget, concluding a long-term process that has delivered a great facility that will fulfil current and future campus needs by serving our students for years to come.”
JLL’s Project and Development Services group, led by Osvaldo Diaz, oversaw project management services including design, procurement and construction management on behalf of UCR. 
                  Osvaldo Diaz
“This was a team effort where we were able to bring much needed housing and dining to the students at UCR,” said Diaz, JLL Vice President. 

 “We were able to effectively and efficiently deliver on time while managing complex construction dynamics in a challenging time.”


JLL Project and Development Services is a leader in the development, design, construction and branding of commercial real estate projects for the world’s most prominent corporations, educational institutions, public jurisdictions, healthcare organizations, industrial facilities, retailers, hotels, sports facilities and real estate owners.

Ranked No. 2 in Building Design + Construction’s 2018 Construction Management Giants survey and No. 6 on Engineering News-Record’s 2018 list of Top 100 Construction Management-for-Fee Firms, JLL’s project management team comprises 6,000 project managers across 56 countries and is actively managing $45 billion under construction.


CONTACT:
David Ebeling

Phone: 949 861 8351

Email: david@ebelingcomm.com