Done Deals: Mar 29, 2021

Monday, March 29, 2021

Upper East Side multi-housing development site in New York City sells for $32 million

SOLD: 1303-1309 Third Avenue, Upper East Side, New York City

Guthrie Garvin

NEW YORK, NY, Mar. 29, 2021 — JLL Capital Markets announced today that it has completed the $32.325 million sale of 1303-1309 Third Ave., a premier corner development site on New York City’s Upper East Side.

JLL worked on behalf of the seller Gastonia, LLC to complete the sale to the buyer, EJS Group.

The assemblage, located at the southeast corner of Third Ave. and E. 75^th St., provides a unique development opportunity with more than 150 feet of wraparound frontage.

Jonathan Hageman

The site is ideally positioned for a developer seeking to build in the heart of one of Manhattan’s most desirable and established neighborhoods.

The property is within walking distance to major attractions and amenities, including Central Park, world-class museums, leading hospitals, premier schools, fine dining and shopping.

It is located in close proximity to the Q, 4, 5 and 6 subway lines, providing direct access to Midtown and the rest of Manhattan.

The JLL Capital Markets team representing the seller was led by Managing Directors Guthrie Garvin, and Jonathan Hageman; Directors Jack Norton and Solomon Michailow; and New York Investment Sales Chairman Bob Knakal.

Jack Norton

“1303-1309 Third Ave. is a unique development opportunity with extraordinary potential,” said Garvin.

“Its location within one of Manhattan’s most sought-after neighborhoods offers developers the chance to create a stand-out residential property.”

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

Solomon Michailow

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.

CONTACTS:

George Shea and Rachel Tate

Shea Communications

Phone: +1 212 627 5766

Email: rachel@sheacommunications.com

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

Hampton Inn & Suites in the Florida Panhandle sold

Hampton Inn & Suites I-10 North hotel, Pensacola, FL

Steve Leslie

MIAMI, March 29, 2021 – JLL Hotels & Hospitality announced today that it has closed the sale of the Hampton Inn & Suites I-10 North hotel located in Pensacola, Florida.

JLL represented the seller in completing the transaction to the buyer, Omega Hotel Group.

The Hampton Inn & Suites I-10 North was built in 2006 and is located at 7050 Plantation Road and totals 85 keys.

The Property is strategically positioned near the junction of Interstates 10 and 110 and proximate to Pensacola International Airport, Port of Pensacola, Pensacola Beach and the Naval Air Station.

The Florida Panhandle is continuously demonstrating positive market fundamentals, with drive-to leisure located hotels showing one of the fastest paces of industry recovery.

Gregory Rumpel

The market has shown tremendous resilience with Q4 2020 RevPAR significantly outpacing prior year (up 31 percent YOY).

The JLL Hotels & Hospitality team representing the seller was led by Vice President Steve Leslie and Senior Managing Director Gregory Rumpel.

“We experienced a tremendous amount of interest on the sale of the Hampton Inn & Suites Pensacola with a buyer pool that has even expanded from pre-Covid-19 levels motivated by strong branding, improving RevPAR fundamentals and a revived focus on drive-to-markets,” said Leslie.

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

Redevelopment opportunity sold in high-growth Los Angeles, CA market of Koreatown

SOLD: Redevelopment opportunity on 0.21 acres at 513 Western Avenue on the southwest corner of West 5th Street and South Western Avenue, just north of Wilshire Boulevard
in Koreatown, Los Angeles, CA

NEWPORT BEACH, CA, March 29, 2021 – JLL Capital Markets announced today that it has closed the $2.9 million sale of a covered land play consisting of a 3,600-square-foot value-add retail building with future development potential in the heart of Koreatown, one of the most active and emerging neighborhoods in Los Angeles, California.

JLL marketed the property on behalf of the seller, a private family office based out of Los Angeles. A private investor purchased the asset.

Completed in 1920, the one-story building is currently fully leased to Ace Hardware on a month-to-month basis, providing the new owner with an income stream while they go through the re-entitlement process with the city.

Adam Friedlander

Based on current zoning, the new owner could eventually redevelop the property into a multi-housing asset with between 23 and 41 units, depending on if they take advantage of Los Angeles’ Transit Oriented Communities (TOC) program that would allow for a larger unit count.

The property consists of 0.21 acres at 513 Western Ave. on the southwest corner of West 5th Street and South Western Avenue just north of Wilshire Boulevard in Koreatown, one of the most impressive growth submarkets in Los Angeles.

This central Los Angeles location puts the site between Downtown LA, Hollywood, Miracle Mile and Hancock Park, making it ideal for retail or multi-housing uses.

Additionally, the property has near immediate access to the Purple Line’s Wilshire / Western Station and is 2.8 miles from both the 101 and Interstate 10, providing quick, convenient and affordable access to the majority of Los Angeles’ robust employment and cultural hubs.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Director Adam Friedlander (Ca. Lic. #1806555).

Los Angeles' Purple Line’s Wilshire / Western Station

“The ACE Hardware investment offering was a unique opportunity to acquire a single-tenant storefront retail building at a below market rent,” Friedlander said. “In addition, the ACE Hardware lease was month to month.

“Opportunistic buyers were attracted to the property and understood the future development potential of the site,” he added. “Dense, in-fill locations of Los Angeles continue to be highly sought after by developers looking to redevelop commercial properties into its highest and best use.”

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

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

CONTACT:

Kimberly Steele

JLL Senior Associate

Public Relations

Phone: +1 713 852 3420

Email: Kimberly.Steele@am.jll.com

$220 million construction loan secured for National Real Estate Advisors to build Jefferson Health’s new ambulatory clinic in Center City, Philadelphia

Rendering of planned Jefferson Health,
452,000-square-foot, specialty care pavilion,
at 1101 Chestnut Streetin Center City, Philadelphia.

PHILADELPHIA, PA – JLL Capital Markets announced t it has arranged $220 million in construction financing for the new Jefferson Health, 452,000-square-foot, specialty care pavilion to be constructed at 1101 Chestnut St. in Center City, Philadelphia.

Serving as exclusive advisor to the joint venture partnership between National Real Estate Advisors, LLC on behalf of a client (“National”), Joss Realty Partners, SSH and Young Capital, JLL secured the construction financing through a syndicate of banks.

Located at the corner of 11^th and Chestnut Streets, the 19-story, specialty care pavilion will also include a three-story underground garage, access to loading docks and parking for some 320 vehicles.

Chad Orcutt

The build-to-suit project is being developed by National Real Estate Development, LLC, a subsidiary of National.

The contemporary design features a curved glass façade set in a podium to reflect both the state-of-the-art nature of the facility and the integration of the building into the East Market development. Occupancy is scheduled for the 1^st quarter of 2024.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Chad Orcutt and Jim Galbally.

“The project represents a transformative moment for Jefferson’s Health’s future and a significant investment in Center City Philadelphia,” Orcutt said.

“The new Jefferson medical office building will centralize an array of clinical services into a specialty care pavilion.”

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