Industrial boom leads to key appointment in Seattle, WA

 

John Paul Mulhern

 

 

SEATTLE, WA, Jan. 13, 2021 – JLL Capital Markets announced today that
John Paul Mulhern has been appointed as a Director in the firm’s Seattle office.

 In this role, Mulhern will lead industrial investment advisory sales in the Pacific Northwest, working closely with Mark Detmer, a Senior Managing Director in JLL Capital Market’s Los Angeles office.

 Mulhern has more than eight years of commercial real estate experience, including investment sales advisory and valuation advisory knowledge.

He joins the team from JLL’s International Capital Group, where he provided global investor intelligence on more than $100 billion of commercial real estate holdings, covering all major and alternative asset classes in gateway, secondary and tertiary markets across the U.S.

Mark Detmer

 Mulhern holds a Bachelor of Science degree from University of Dallas and is an active member of the National Association of Industrial and Office Properties.

 “Given the growth of the industrial sector that we’ve seen throughout the pandemic, we felt it was important to build out our suite of services to include an industrial expert who will serve our industrial clients in Seattle and throughout the Pacific Northwest,” said Tom Wilson, Senior Managing Director and co-head of JLL Capital Markets Seattle.

 Tom Wilson

 “John Paul is an important addition to our team and brings with him many years of global capital experience that will serve him well as the industrial sector increasingly attracts the attention of global investors.”

 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. 

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.

 CONTACT:

Kristen Murphy

 JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

Stan Johnson Company Arranges Sale of Freestanding Retail Center in Lubbock, TX

      3,025-SF freestanding retail property, 2625 50^th Street, Lubbock, TX

Evan Altemus

LUBBOCK, TX -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a freestanding retail property located at 2625 50^th Street in Lubbock, Texas.

 The 3,025-square-foot building is leased to two tenants: AT&T and Rita’s Donuts.

Stan Johnson Company’s Evan Altemus represented the Texas-based private buyer who acquired the asset in a 1031 exchange for approximately $1.0 million.

The property was sold by NetCo Investments Inc., a developer from Santa Monica, California. The cap rate was not disclosed.

“The buyer had been looking for an asset with a higher cash flow and cap rate but decided to acquire something lower risk due to COVID-19,” said Altemus, Associate Director in Stan Johnson Company’s Dallas, Texas office.

“Overall, deals with less risk located in markets with a lower impact from the pandemic have been in high demand from buyers since last March.”

Originally built in 1986, the dual-tenant property sits on a 0.36-acre outparcel to Home Depot, adjacent to a highly visible shopping center anchored by Dollar Tree and Ross Dress for Less. Both AT&T and Rita’s Donuts feature net leases with regular rent increases.

“The buyer liked the asset because it was on a major thoroughfare in Lubbock in front of a Home Depot, which has been doing well through the pandemic,” Altemus added. “The motivation behind this transaction is a great example of the type of deals getting done in this environment.”

  CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

www.stanjohnsonco.com.

 

Windemere Apartments in Raleigh, NC sold for $26 million

 

Andrea Howard

RALEIGH, NC, Jan. 13, 2021 – JLL Capital Markets announced today that it has closed the $26 million sale of the 168-unit Windemere Apartments in North Raleigh, North Carolina. 

John Currin

 JLL represented the seller, Northland Investment Corporation, in completing the sale to the buyer, S2 Capital.

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

 Windemere is a garden-style community that was originally completed in 1990.

With 77% of units still in true “classic” condition, the property offers attractive value-add upside for the buyer.

Proposed unit upgrades include granite countertops in kitchens and bathrooms, new hardware and painted cabinets, stainless-steel appliances, plank flooring and new lighting and plumbing fixtures. 

Jeff Glenn

 Located in the supply-protected North Raleigh submarket, equidistant to North Hills and Crabtree Valley Mall, the asset is one of the best-located in the entire MSA.

Raleigh’s leading population growth has put tremendous upward pressure on rents across the market, and with just 450 multi-housing units delivered in the last 10 years in this pocket, Windemere is poised for continued revenue growth.

Windemere is also located just 10 minutes from key employment hubs, including Downtown Raleigh, which employs over 45,000 people, and Research Triangle Park, employing over 50,000 people.

  Howard says, “Windemere is the quintessential Raleigh value-add asset, with its access to the Triangle’s premier employment hubs, differentiated architecture and floor plans, and immense renovation potential.

Allan Lynch

"Our team was thrilled to have the opportunity to represent Northland on such a prized Raleigh property.”

 “North Raleigh has been one of the most consistently resilient and high-growth submarkets in our region and we are excited to have worked with S2 on their first multi-housing acquisition in Raleigh-Durham,” Currin added.

 Northland owns and operates a diversified multi-housing portfolio that includes more than 25,000 units across the U.S. In North Carolina, the firm currently owns Inspire SouthPark and Randolph Park within the Charlotte market.

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

 Caylor Mark.

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.

Windermere Apartments
North Raleigh, NC

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

jll.com.