AEW and MRP Realty complete $27.9 million sale of 845 East 136th Street in Bronx, NY

845 East 136^th Street, Bronx, NY

 

 NEW YORK, NY — JLL Capital Markets has completed the sale of 845 East 136^th Street in the Port Morris section of the South Bronx on behalf of  AEW Global Real Estate Investment Management Services and MRP Realty.

 

 Andrew Scandalios

The 94,675-square-foot distribution facility property was acquired by Brookfield Properties for $27.9 million.

 845 East 136^th Street is ideally located in the South Bronx, providing easy access to New York City, including toll-free access to Manhattan’s Upper East Side.

 

It also provides accessible highway transit to the Tri-State region’s vast population base of over 20 million people -- New Jersey, Westchester and Connecticut are all within 30 minutes.

 

 It is located in the Port Morris submarket in a Federal Empowerment Zone, which offers tenants access to many municipal and federal incentive programs, reducing occupancy cost.

 

The JLL Capital Market’s team representing the seller included Senior Managing Director Andrew Scandalios, Senior Director Tyler Peck, Senior Managing Director Rob Kossar and Managing Director Karl Brumback.

Tyler Peck

“This is an ideally located, urban-infill property with market-leading, last-mile property specifications in the extraordinarily dense New York City market,” said Scandalios.

 

“The property will benefit from the accelerated shift in retail dynamics and the associated increase in demand for fulfillment facilities.”

 

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.

Rob Kossar 

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

 

           

About JLL

 

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and

investment management. 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80

countries and a global workforce of over 92,000 as of September 30, 2020.

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

Karl Brumback

 CONTACTS:

Kimberly Steele

Senior Associate

 Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX  77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

 us.jll.com/capitalmarkets

 

 George Shea, Rachel Tate

 Shea Communications

 Phone: +1 760 519 4596

 Email: rachel@sheacommunications.com

 

jll.com.

75 Condominium Units Sold for $7.85 Million in Cape Coral, FL by Marcus & Millichap

 The Isles of Porto Vista, 2904 Tuscan Drive, Cape Coral, FL

 

Ryan Nee

 CAPE CORAL, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 75 condominium units out of 216 at The Isles of Porto Vista, located in Cape Coral, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,850,000.

Evan P. Kristol, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was secured and represented by Ned Roberts, vice president investments, Jason Hague, first vice president investments and Adam Podbelski, senior associate, in Marcus & Millichap’s Tampa office

Evan P. Kristol

“Isles of Porta Vista was an exceptional opportunity to acquire one-third of a condominium community at roughly a 30% discount off of current condominium sales," says Kristol. 

"The transaction closed at just over $104,000 per unit and $73 per square foot, not including the 51 separate garages that were part of the sale. 

"Not only can the buyer turn around and resell individual condominiums at a profit, but also the condos were leased and generating an excellent cash flow.”

“The buyer has a unique business plan to which this opportunity is ideally suited,” said Roberts.  “Because of Marcus & Millichap’s deeply collaborative culture we were able to partner with Evan Kristol to help bring this deal across the finish line.”

 Jason Hague

CONTACT:

Daniella Aragon Marketing Coordinator/ Certified Agent Support Specialist 5201 Blue Lagoon Drive, Suite 100, Miami, FL 33126 O: (786) 522-7122 C: (786) 454-0094 E: Daniella.Aragon@marcusmillichap.com NYSE: MMI

www.MarcusMillichap.com.

Stan Johnson Company Announces Sale of The Shoppes at Olde Towne in Suburban Atlanta, GA

The Shoppes at Olde Towne, 425 Buford Highway, Suwanee, GA

 

Suwanee, GA -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of The Shoppes at Olde Towne, a 33,387-square-foot mixed use property located at 425 Buford Highway in Suwanee, Georgia.

 The property was marketed on behalf of the seller by Douglas Clyburn of Shane Investment Property Group prior to the brokerage firm being acquired by Stan Johnson Company.

 The commercial asset was purchased by a family trust from California. The property was listed for sale at approximately $6.0 million, although the sold price and cap rate were not disclosed.

Douglas Clyburn

 “We were able to address early objections to this two-story office/retail building during the COVID-19 pandemic, and we positioned the property to sell at nearly its full asking price,” said Clyburn, Associate Director, now with Stan Johnson Company in its Alpharetta, Georgia office.

  “All tenants remained in place during the shut-down, which was a testament to the strength and stability of the property. By completing the sale in a timely manner, the seller was able to redeploy funds for a new development in Ohio.”

 Located 30 miles from downtown Atlanta, the commercial property is situated in an affluent area with strong demographics. Due to its prime location within the walkable downtown Suwanee district, the two-story office and retail building has maintained high occupancy and was fully leased at the time of sale to 14 tenants.

 The asset offers its tenants and customers excellent access and on-site parking.

   CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

 

 www.stanjohnsonco.com

IEC Appoints Bakari Adams Director of ESG to Lead New Initiatives

Bakari Adams

   

Los Altos, CA, Dec/ 16, 2020 – Institutional fund manager and value-add investor, Interstate Equities Corporation (IEC), has announced the appointment of a new Director of ESG, Bakari Adams.

 Adams, the current Director of Asset Management and an Investment Committee Member, will be focused on amplifying IEC’s current ESG program through eco-friendly measures throughout the portfolio and creating strong corporate social responsibility and diversity initiatives.

 According to Marshall Boyd, Co-President at IEC, a focus on ESG has always guided IEC’s investment decisions and has been a major component of who the firm is over the last four decades.

 

Julia Boyd Corso

            “ESG initiatives have been a part of what we have been doing for a number of years and something that has been ingrained in our culture from the start,” explains Boyd. “Appointing Bakari to Director of ESG allows us to ramp up our existing efforts and continue to lead on this front.”

             IEC invests in value-add multifamily properties across California. The firm strategically acquires dated, multifamily apartment communities and transforms them into affordable, updated, boutique-style assets.

             “Our focus on acquiring, improving, and keeping rents affordable for residents in the communities we serve while still creating value for investors is something in which we take strong pride,” says Adams. “This commitment to social impact for our residents has been one of our driving goals since IEC was started in 1981.”

 

Marshall Boyd

In Adams’s new role, he will be responsible for continuing to champion social impact initiatives aligned with IEC’s communities, driving new environmental initiatives across IEC’s $1 billion portfolio, and expanding the firm’s recruitment and vendor pool to ensure diversity and inclusion at all levels.

 “IEC has a very diverse culture. In fact, along with Julia Boyd Corso, our Co-President, our senior leadership team is quite diverse and reflective of the communities we serve. That said, we can always be doing more,” explains Adams.

 

   CONTACTS:

Katie Haga / Lexi Astfalk

Brower Group

(949) 438-6262

khaga@brower-group.com

 

www.interstateequities.com.