Long Island, NY distribution center sold for record pricing of $74.5 million

 

Leslie Lanne 

NEW YORK, NY – JLL Capital Markets announced it has closed the $74.5 million sale of Lincoln Logistics @ Hicksville, a brand new, 195,610-square-foot distribution warehouse in the densely populated Long Island community of Hicksville, New York.

 Jose Cruz

 JLL marketed the property on behalf of the seller, Lincoln Equities Group. An institutional investor purchased the asset. 

 

Completed in December of 2020, Lincoln Logistics @ Hicksville is fully occupied by The Home Depot (S&P Rated A) and serves as the tenant’s market distribution operation on Long Island.

 

The building features 36-foot clear heights, 50-by 54-foot wide column spacing, 29 dock-high doors, two drive-in doors and 4,185 square feet of office space.

 

The building is situated on 10 acres at 344 Duffy Ave. in an infill area with limited new supply. This location allows the tenant to reach Long Island’s growing population of eight million people.

 

Additionally, the property is less than 22 miles from John F. Kennedy International and LaGuardia Airports.

 Jordan Avanzato

The JLL Capital Markets team representing the seller was led by Senior Managing Director Jose Cruz; Directors Marc Duval, Jordan Avanzato and Tyler Peck; Vice Chairman Rob Kossar; Managing Director Leslie Lanne; and Executive Vice President Tom DiMicelli.

 

“There was a very strong response to the offering from the institutional buyers given the credit, term, location and quality of the real estate,” Cruz said. “Surety of cash flow today is top of the investor list of requirements, and the pricing is reflective of that.”

 

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

Marc Duval

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.

 About Lincoln Equities Group, LLC

Lincoln Equities Group owns, operates, develops and manages commercial and residential properties throughout the tri-state area for its own account and for third-party owners. Currently, Lincoln has roughly 4 million square feet of modern industrial warehouse under development.

Tyler Peck

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.

Rob Kossar

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

CONTACT:

 Kimberly Steele

Senior Associate

 Public Relations

JLL Capital Markets

9 Greenway Plaza

 Suite 700

Tom DiMicelli

Houston, TX  77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

 us.jll.com/capitalmarkets

  jll.com.

 

 

Two regional retail centers sold for Walton Street Capital

 

 Amy Sands

CHICAGO, IL, Jan. 4, 2021 – JLL Capital Markets announced today that it has closed the sale of Town Square, a 138,571-square-foot, regional shopping center in Schererville, Indiana, and Silver State Plaza Shopping Center, a 155,471-square-foot, regional retail center in Sparks, Nevada.

Clinton Mitchell

 JLL marketed the properties on behalf of the seller, Walton Street Capital, in two separate transactions. Albanese Cormier was the buyer of both centers.

 Town Square is positioned about 45 minutes from downtown Chicago, along Indianapolis Blvd. (Highway 41), which has a daily traffic count of more than 40,000 vehicles.

Gleb Lvovich 

Completed in 2001, the retail center is anchored by Bed Bath & Beyond and TJ Maxx and features top-tier national and regional tenants, including Old Navy and Shoe Carnival, among others.

 Silver State Plaza Shopping Center is located at 410-790 N McCarran Blvd. at the high-traffic intersection of McCarran Blvd. (29,300 cars per day) and Prater Way (17,700 cars per day).

Daniel Tyner

 The 26.15-acre site also offers direct access to Interstate 80, expanding the center’s reach. The 96.7%-leased property is home to a diverse mix of daily needs and service-oriented tenants, including Ross Dress for Less, Dollar Tree, Planet Fitness, Wendy’s and CVS Pharmacy.

Tony Ensbury

 The JLL Retail Capital Markets team representing the seller for Town Square was led by Managing Directors Clinton Mitchell and Amy Sands.

 JLL’s Retail Capital Markets team representing the seller for Silver State was led by Managing Director Gleb Lvovich (NV. Lic. #S.0189602) and Directors Daniel Tyner and Tony Ensbury. 

Town Square, a 138,571-square-foot, regional shopping center
 in Schererville, IN

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

About Walton Street Capital

Walton Street Capital, L.L.C. is a private equity real estate investment firm. Since its founding in 1994, affiliates of Walton Street Capital have received total equity and loan commitments of approximately $14 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals.

Silver State Plaza Shopping Center, a 155,471-square-foot, regional
retail center in Sparks, NV

Affiliates of Walton Street Capital have invested and/or committed to invest over $12 billion of equity in more than 500 separate transactions.

 CONTACT:

 Kristen Murphy

Senior Manager

Public Relations

 Investor Services JLL

One Post Office Square

 Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

  jll.com.

 

$59.6 million construction loan secured for Lynwind at Championsgate near Disney

 

Jennifer (Jen) Swanson

ORLANDO, FL,  Jan. 4, 2021 – JLL Capital Markets announced today that it has arranged $59.6 million in construction financing to build Lynwind at Championsgate, a luxury mid-rise apartment development located in Orlando, Florida’s bustling southern submarket of Davenport.

Bercut Smith

 JLL worked on behalf of the borrower, The Latigo Group, to secure a structured loan through a private real estate investment firm and a regional bank. Construction is planned to begin immediately and complete in May 2022.

 Lynwind at Championsgate will consist of 384 one-, two- and three-bedroom apartments boasting high-end finishes. The property will comprise six four-story buildings and offer 661 parking spaces for residents.

Charles Halladay

The apartments will also offer best-in-class community amenities including a clubhouse, crystalline pool with cabanas, fitness center, yoga studio and dog spa.

 Located at Town Center Blvd. and Grey Heron Blvd., Lynwind at Championsgate is within 20 minutes of Orlando’s largest employers, with the population anticipated to grow 20% in the next five years.

Tarik Bateh 

Nearby, residents have access to Walt Disney World and Universal Studios, among other shopping, dining, entertainment, hospitality and golf options, including the Reunion Resort & Golf Club, Omni Orlando Resort at Championsgate, Encore Club and three Publix supermarkets within just a few miles of the property.

 Lynwind at Championsgate is also proximate to major roadways such as I-4, SR 429, SR 417 and the Turnpike for regional connectivity.

 The JLL Capital Markets team representing the borrower was led by Director Bercut Smith, Senior Managing Director Charles Halladay, Senior Director Tarik Bateh and Associates Jonah Aelyon and Jen Swanson.

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

CONTACT:

  Natalie Passarelli

 JLL Senior Associate

Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

 jll.com.

 

Bell Summit at Flatirons apartments in Broomfield, CO sold for $154 million

Pamela Koster

DENVER, CO, Jan. 4, 2021 – JLL Capital Markets announced today that it has closed the $154.05 million sale and arranged $103 million in acquisition financing for the Bell Summit at Flatirons (“Bell Summit”) multi-housing property located in Broomfield, one of the fastest-growing suburbs in the Denver metro area. 

 Jordan Robbins

JLL worked on behalf of the seller, Bell Partners, to complete the sale to the buyer, an affiliate of Treeline Multifamily Partners Ltd. JLL also worked on behalf of the borrower to secure the seven-year loan through Freddie Mac. 

 The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. 

Josh Simon

 Bell Summit at Flatirons was built in 2004 and consists of 500 one- and two-bedroom units offering spacious floorplans. 

 In 2016, the property underwent more than $13 million in unit and common area renovations.

Robert (Rob) Bova

 The JLL Capital Markets team representing the seller was led by Managing Directors Jordan Robbins and Pamela Koster.

The JLL Capital Markets team representing the buyer was led by Managing Director Josh Simon and Director Rob Bova. 

  CONTACT: 

 Natalie Passarelli 

 JLL Senior Associate 

Public Relations 

Phone: +1 224 477 7307 

Email: Natalie.Passarelli@am.jll.com

One of America’s first surface-parked shopping centers sells for $39 million

Susan Carras

WASHINGTON, DC, Jan. 4, 2021 – JLL Capital Markets announced today that it has closed the $39 million sale of and arranged the acquisition financing for Sam’s Park & Shop, a fully leased, 50,355-square-foot retail center anchored by an urban-format Target store in the Cleveland Park area of Washington, D.C.

Sam’s Park & Shop, 3501-3529 Connecticut Avenue
Washington, DC

JLL marketed the property on behalf of the seller, Federal Realty Investment Trust. Asana Partners purchased the asset. Additionally, JLL worked on behalf of the new owner to place the seven-year, fixed-rate, non-recourse loan with an insurance company.

Bill Moylan

 Constructed in 1931, Sam’s Park & Shop is a designated Historic Landmark, as it was one of the first retail centers designed around the automobile.

The retail property – the leading retail destination for the Cleveland Park neighborhood – last sold in 1995 and currently is anchored by a new, urban-format Target store.

The center is also home to a diverse mix of first-class credit tenants alongside local favorite food and service-based retailers. 

Additionally, the property boasts 50 surface parking spaces, a rarity in Northwestern D.C.

 Situated on 1.19 acres at 3501-3529 Connecticut Ave., Sam’s Park & Shop is on the “going home” side of a heavily trafficked commuter corridor that sees approximately 26,789 vehicles per day.

Jordan Lex

The Red Line Cleveland Park Metro Station is nearby and brings an additional 3,818 daily riders by the property. The center is in Cleveland Park, a historic, high-density, affluent northwest D.C. neighborhood.

About 31,950 residents earning an average annual household income of $181,763 live within a one-mile radius of the property.

 The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Susan Carras, Bill Moylan, Jordan Lex and Daniel Naughton.

 The JLL Capital Markets Debt Placement team representing the new owner included Carras, Evan Parker and Anthony Fertitta.

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

Daniel Naughton

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.

 About Federal Realty Investment Trust

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles.

 Evan Parker 

Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply.

Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California; Pike & Rose in North Bethesda, Maryland; and Assembly Row in Somerville, Massachusetts.

Federal Realty's 104 properties include approximately 2,800 tenants, in 24 million square feet and approximately 2,800 residential units.

 Federal Realty has increased its quarterly dividends to its shareholders for 53 consecutive years, the longest record in the REIT industry.

Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. 

Anthony Fertitta

 About Asana Partners

Asana Partners is a real estate investment company that creates value by acquiring, enhancing and operating distinctive mixed-use and retail properties in dynamic urban markets in the United States.

 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.

 CONTACT:

 Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

federalrealty.com.

jll.com

 newsroom.