STOS PARTNERS SUCCESSFULLY LEASES UP AND SELLS MULTI-TENANT R&D PROPERTY IN CARLSBAD, CA

22,156 square-foot multi-tenant R&D
in the San Diego County submarket
of Carlsbad, CA

 

CJ Stos

SAN DIEGO, CA, March 2, 2021) – Stos Partners, a privately held commercial real estate investment firm, has sold a 22,156 square-foot multi-tenant R&D in the San Diego County submarket of Carlsbad, California after completing renovations and bringing the asset to full occupancy within just 18 months.

 The firm initially acquired the asset in September 2019 in a sale-leaseback transaction, according to CJ Stos, Principal of Stos Partners. 

 “Upon acquisition of this property, we leased approximately 85% of the space back to the seller, Professional Rugby team San Diego Legion,” says Stos.

Jason Richards

  

“This provided us with immediate cashflow as we implemented our strategic renovation plan to upgrade the asset, which included new landscaping, fresh paint, and modern interior office imporvements.”

 Stos notes that the firm ultimately secured a national credit tenant, Sierra Wireless, to occupy the remaining 4,700 square feet of ground-floor office space, despite COVID-19’s impacts on the sector.

According to Jason Richards, Partner at Stos Partners, expertise in carrying out strategic and cost-effective capital improvements allowed the firm to deliver competitive office space to the market.

 “Once the pandemic hit, our team immediately improved the vacant office portion,” explains Richards. “We were able to offer the lowest cost in Carlsbad for space of that caliber, which ultimately attracted interest from several potential tenants, even with more than 90 available spaces on the market in that size range.”

 Jay Boyle

Jay Boyle, Executive Vice President at Stos Partners, affirms: “This sale speaks to our capabilities in acquisitions and execution, as well as to the depth of our broker relationships, through which we were able to identify this value-add opportunity, implement strategic upgrades, and secure a reliable tenant in the midst of unexpected circumstances.”

 The property, which was purchased for $3.78 million and sold for a total consideration of $5.24 million, is located at 5816 Dryden Place in Carlsbad, California.

 Matt Pourcho of CBRE represented Stos Partners as the seller in the transaction. Fred Aframian of CBRE represented the buyer in the transaction

 CONTACTS:

Katie Haga / Elisabeth Manville

Brower Group

(949) 438-6262

khaga@brower-group.com

San Francisco multi-housing lease up financed for $104 million

 

             City Gardens, 333 12^th Street in the Western Mission/SOMA                                      neighborhood of San Francisco.

SAN FRANCISCO, CA, March 2, 2021 – JLL Capital Markets announced today that it arranged the $104 million refinance of City Gardens, a recently developed multi-housing property located in San Francisco, California.

Lauren Mezzanotte

 JLL worked on behalf of the borrower, Panoramic Interests, to secure the three-year, floating-rate loan through Ready Capital.

Charles Halladay

 City Gardens consists of 200 two-, four- and five-bedroom micro-units, boasting strategic, efficient design.

The property totals 152,445 square feet and features fully furnished bedrooms and living areas, expansive windows with beautiful city views, 9’ ceilings and was sustainably built; including high-efficiency lighting and plumbing, laminated heat resistant glass and energy recovery ventilation.

 Located at 333 12^th St. in the Western Mission/SOMA neighborhood, City Gardens is positioned near many shopping and grocery options, including Costco and Trader Joe’s, and various dining, bars and cafes.

Alex Witt 

Additionally, the property is nestled between two burgeoning areas, including Hayes Valley; a revitalized neighborhood filled with high-end boutiques and vibrant restaurants and watering holes; and the Design District; which features renowned designer and furnishing showrooms.

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Charles Halladay and Managing Directors Alex Witt and Jordan Angel, Associate Jonah Aelyon and Analyst Lauren Mezzanotte.

Jordan Angel

 Patrick Kennedy, CEO of Panoramic Interests, says, "Alex Witt, Jordan Angel and the JLL team did an amazing job in a challenging market. We were grateful to have them on our team.”

 “Panoramic Interests has built an extraordinary high-density multi-housing building uniquely positioned to capture San Francisco’s renter demand,” says Angel.

Patrick Kennedy

“The San Francisco JLL Capital Markets team feels fortunate to have been able to partner with the Panoramic Interests team to secure a refinance with Ready Capital, allowing for the lease up of City Gardens.

 "This was a great loan closing with a best in class developer and lender.”

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

 

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

 

 

$60 million refinancing secured for Excelsior II luxury apartments in Hackensack, NJ

 

Gregory Nalbandian 

MORRISTOWN, NJ – JLL Capital Markets announced it has arranged a $60 million refinancing for Excelsior II, an exceptionally maintained 18-story multi-housing tower located in Hackensack, New Jersey. 

Located at 170 Prospect Ave., Excelsior II is one of the most well-known properties in Hackensack. 

The property is within walking distance of one of New Jersey’s best hospitals, Hackensack University Medical Center. 

 JLL worked on behalf of the borrower, Tidewater Real Estate Company, to secure the 30-year self-liquidating loan through its correspondent relationship with John Hancock.  

Michael Lachs

Excelsior II features 267 units available in a wide array of one- and two-bedroom options, many featuring sweeping views of Northern New Jersey.

The community offers market-leading amenities, including an indoor pool, sauna, fitness center covered parking and access to a top-rated restaurant on the bottom floor. 

Since its construction in 1999, the community has been maintained to the highest standards.

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Gregory Nalbandian and Vice President Michael Lachs.

Excelsior II apartments
 Hackensack, NJ

 “We were pleased to place this long-term, 30-year fixed rate loan through our correspondent relationship with John Hancock,” said Nalbandian.

“This asset is the most desirable apartment project along Prospect Ave. and the greater area, and there was no shortage of interest to finance this trophy property. Our client took advantage of historically low interest rates and locked an extremely attractive rate for the next 30 years.”

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

 

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

 

Construction financing secured for new Publix development at award-winning Babcock Ranch near Fort Myers, FL

 

Jennifer Swanson

ORLANDO, FL – JLL Capital Markets announced it has arranged construction financing for the development of Crescent B Commons, a 82,640-square-foot, Publix-anchored neighborhood shopping center in the Babcock Ranch community, northeast of Fort Myers, Florida.

 JLL represented the developer, Kitson & Partners, to arrange the loan through Ameris Bank.

Tarik Bateh

The JLL Capital Markets team representing the borrower was led by Senior Director Tarik Bateh and Associate Jennifer Swanson.

 “Babcock Ranch is among the most exciting, fastest growing communities in Florida; thanks to the vision and commitment of Kitson & Partners,” said Bateh.

“These traits, combined with Publix’s status as Florida’s dominant grocer, enabled us to attract robust interest in the construction loan request for Crescent B Commons.”

Tom Hoban

 “As Babcock Ranch continues to grow, we are excited to offer our residents and neighbors in the area the convenience of a nearby Publix and additional services, shops and multiple dining  options,” said Kitson & Partners’ President and Chief Investment Officer, Tom Hoban.

Construction on Crescent B Commons began in August 2020, and the Publix-anchored shopping center already boasts significant pre-leasing momentum and drawing power for best-in-class, daily needs-based retailers. 

Construction is slated to be completed in Summer 2021, with the Publix opening shortly thereafter to serve the burgeoning Babcock Ranch community.

 Renderings of planned Crescent B Commons

 Crescent B Commons is located at the front door of Babcock Ranch, Kitson & Partners’ award-winning master-planned community.

America’s first solar-powered town topped RCLCO’s 50 Top-Selling Master-Planned Communities’ (MPC) rankings in 2020 with the highest year-over-year growth of 121 percent.

Babcock Ranch was also named Master-Planned Community of 2020 by Lee Building Industry Association.

 Babcock Ranch’s wide array of homes are being built to Florida Green Building Coalition standards, which emphasize energy and water conservation and offer residents a full gig of fiber-optic connectivity.

Builders include Lennar, Pulte Homes, DR Horton and Meritage Homes, among others. Babcock Ranch was created with respect for the natural environment and the philosophy that smart growth and sustainability work hand in hand.

 

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

 

 

Covid-19 forces many investors to mull over pros and cons in the short-term rental industry

 

Julie Brinkman

CHICAGO, IL -- COVID-19 has crushed several industries and the short-term rental industry has not been immune to the pandemic, according to Julie Brinkman, CEO of Beyond– the world’s first revenue management platform for short-term rental owners and managers to maximize revenue.

Brinkman says: “While we expect the travel industry to have stops and starts in 2021, with different geographies and sectors of the industry reacting, adapting, and recovering at different paces, we see a steady, upward trend in travel and spending moving forward.

"In conclusion, we are overall optimistic about the future and growth of the travel industry in general and the short-term rental market in specific.”

Beyond recently released its new Short-Term Rental Industry Trends Report, analyzing what happened to the industry in 2020 and what’s expected to happen in 2021. 

Key findings include: 

--  Short-term rentals will see an increase in demand with remote work and distance learning continuing to prevail due to COVID-19. Not only do people want to take advantage of this flexibility while they still can, but they are also choosing rental properties over hotels to avoid staying in highly trafficked public areas.

--  Lead time for when a rental is booked to when it actually takes place has fallen in half from 2020, and signs indicate it will stay that way for most of the year. 

--   People continue to make bookings for short-term plans as usual with the caveat that the pace is still not on par with previous years.

--  Property managers and owners will need to settle on less profit during this year’s high season due to cancellations and discounts provided last year that need to be honored in 2021.

    -- Property owners need to brace themselves for a possible continuation of cancellations in 2021.

   --  Amid the uncertainty of COVID-19. Adjusting booking projections and canceling policies will be important as the year carries forward.

  -- Property managers will need to consider diversifying their offerings by providing more long-term stay options to help stabilize their portfolios and have some regulatory and tax benefits. This will bring less money to their pockets (in RevPAR) as people continue to book more through direct-site offerings versus OTAs.

 CONTACT:

Allie Baron
Publicist | Beyond
allie.baron@prhacker.com
682-551-7172 (m) 

 

Mark Fisher joins JLL’s Hotels & Hospitality Investment Banking team

 

Mark Fisher 

NEW YORK, NY – JLL’s Hotels & Hospitality Group announced 20-year+ industry veteran Mark Fisher joins JLL’s Hotels & Hospitality Investment Banking teamhas joined its Hotel Investment Banking team as a Managing Director in the company’s New York office.

 

Fisher is joining the Hotels’ team from JLL’s New York Capital Markets Group.

 

Fisher will be working closely with Senior Managing Director and Head of Hotels Debt Capital Markets, Kevin Davis, and will be leveraging his successful experience in JLL’s Capital Markets Group originating and executing financing transactions in all asset classes.

 

Fisher will work with hotel owners to creatively structure debt and equity solutions from a variety of lenders, including insurance companies, commercial banks, investment banks, debt funds, family offices and private lenders.

 

 Kevin Davis

“Mark and I have partnered on a number of hotel financings over the years and he is the consummate professional,” says Davis.

 

 “He has great relationships with the lending community and has a long track record of successfully closing complicated transactions.

 

"’m extremely excited to welcome him to the team and look forward to Mark’s contributions in growing our debt platform.”

  

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

 

  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

 

Rennert Vogel Mandler & Rodriguez Promotes Andrew J. Cohn to Partner

 Andrew J. Cohn 

Miami, FL – Rennert Vogel Mandler & Rodriguez, P.A.  (“RVMR”), the renowned Miami-based business and real estate law firm, announces the promotion of Andrew J. Cohn to Partner.

 Cohn has been an integral part of RVMR’s ad valorem taxation and commercial and real estate litigation practice areas for many years.

 A South Florida native, Cohn concentrates his practice in the areas of complex commercial, business and real estate litigation, as well as all aspects of ad valorem property taxation. 

 

Cohn has experience in challenging valuation and classification issues on behalf of real estate owners, managers and developers for a wide range of property types including multi-family portfolios, office buildings, retail centers, industrial properties, hotels, condominium buildings, vacant land and tangible personal property.

 Cohn joined RVMR in 2013 after spending five years focusing his practice on title insurance litigation, title insurance claims investigation, financial fraud and creditors’ rights.

 “RVMR has been an incredible professional home for me, with a passionate and dedicated team of attorneys and staff members,” Cohn said.

 

“I am excited to take on this new role and grow in lockstep with the firm. This is a particularly pivotal time for our ad valorem practice, as commercial property owners throughout Florida navigate the ongoing impacts of the pandemic.”

 Before embarking on his legal career, Cohn was a standout pitcher and member of the University of Miami baseball team that won the 2001 College World Series.

 He received a Bachelor of Business Administration there and went on to earn his Master of Business Administration and Juris Doctor from Stetson University.

  Contact

Eric Kalis

Vice President

BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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