Wednesday, May 12, 2021

Investor purchases recently renovated suburban Portland, OR office property

 

Logan Greer

 PORTLAND, OR, May 12, 2021 – JLL Capital Markets announced today that it has closed the sale of 5550 Macadam, a 43,151-square-foot, suburban office building in Portland, Oregon.

5550 Macadam, Portland, OR

 JLL represented the sellers, ScanlanKemperBard and WHI Real Estate Partners, and procured a local private buyer, advised by City and State Real Estate.

 Recently renovated in 2019, 5550 Macadam is a three-story building with updated common areas, locker rooms and restrooms, a modern light filled lobby and lush landscaping.

The property offers 14,000-square-foot floorplates and is 89% leased with current tenants averaging 9.8 years of occupancy.

Buzz Ellis
5550 Macadam is positioned within the Southwest Close-In submarket of Portland, and more specifically, the Johns Landing micro market, which offers easy access to the central business district and Portland’s freeway system.

This area is also highly amenitized with a variety of restaurants, hotels and retailers and is located just one mile south from Oregon Health & Science University’s South Waterfront campus expansion.


Adam Taylor

The JLL Capital Markets team representing the seller was led by Buzz Ellis, Logan Greer and Adam Taylor.

 “This offering generated a significant amount of investor interest as the office market starts to return to pre-COVID levels,” Ellis said.

 “5550 Macadam has an outstanding urban location with high accessibility and suburban conveniences that was attractive to many buyers.”


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

skbcos.com.

whirep.com.

 

 

KBS Breaks Ground on $22 Million Renovation Project for 40-Story Class A Office Tower in Chicago, IL

 

Accenture Tower, a Class A, 40-story, 1.46 million square-foot
office tower in downtown Chicago, IL

 CHICAGO, IL, May 12, 2021 – KBS, one of the largest owners of commercial real estate in the U.S., has broken ground on a $22 million renovation project at Accenture Tower, a Class A, 40-story, 1.46 million square-foot office tower in downtown Chicago, Illinois.

  Accenture Tower is owned by KBS Real Estate Investment Trust III.

 

Wendy Katz 

Wendy Katz and Matt Lerner of Stream Realty are handling leasing services for Accenture Tower on behalf of KBS.

 KBS is working with Leopardo Companies on the planned upgrades.

 Planned upgrades include a new hospitality-inspired office lobby, conference center with pre-function area, a modern tenant lounge with 19’ ceiling, featuring an outdoor deck with a variety of seating options, fire pit, fully functional bar, and more designed by Chicago-based GREC Architects.

Matt Lerner

According to Dan Park, senior vice president at KBS and asset manager for Accenture Tower, these renovations strategically align with today’s top office users in the Chicago market and position the property for long-term growth.

 “Accenture Tower is located in one of the most resilient central business districts in the country, with high-end amenities that offer a one-of-a-kind tenant experience in the market,” says Park.

Dan Park

“The new upgrades will make an already iconic property even more appealing for companies as they return to their workspaces.”

 In addition to the building upgrades, KBS is continuing its signature spec suite program by adding 90,000 square feet of new and progressive spec suites, which involves building out tenant suites without a committed tenant.

David A. Ervin

   The planned renovations will further elevate Accenture Tower’s position as one of the most desirable high-rise buildings to occupy space in the downtown Chicago market, according to David A. Ervin, managing principle of GREC, architect for the renovation project.

 “Accenture Tower is already on Downtown Chicago office users’ short list of buildings where they want to be located,” says Ervin.

 “The upgrades we have designed will make this property even more compelling as companies seek superior office space that helps them attract and retain talent to remain competitive in their industries.”

Bill Stephan

 Built in 1987, Accenture Tower is a Class A LEED Gold-certified building that has earned The Outstanding Building of the Year (TOBY) Award Internationally by The Building Owner and Managers Association. 

“KBS is creating an entirely new setting at Accenture Tower,” says Bill Stephan, vice president of Leopardo. “With a new garden-like outdoor deck with a variety of seating areas surrounded by lush landscaping, and a stunning new lobby, the building will be one of the most attractive and flexible workspaces in the Downtown Chicago marketplace.”

CONTACT:

  Katie Haga

 khaga@brower-group.com

 www.kbs.com.

 

 

Five--property seniors housing portfolio in Southeast Florida purchased for $64 million

Allison Holland
 

ORLANDO, FL, May 12, 2021 – JLL Capital Markets announced today it has closed the $64 million sale of a five-property seniors housing portfolio with properties located throughout Southeast Florida.

 JLL represented an undisclosed seller to complete the sale to the buyer, an affiliate of Fortress Investment Group LLC.

Cody Tremper

JLL is also working on the buyer’s behalf to secure the acquisition financing. 

All properties are managed by Florida-based Sonata Senior Living, who has operated the communities for more than three years and will continue to manage the properties going forward.

 Pete Stone, Managing Director at Fortress Investment Group, says, “We are excited about working with Stuart Beebe and the talented management team at Sonata on the Southeast Florida portfolio. 

"We believe the portfolio is well positioned to benefit from the strong demographic trends in South Florida particularly from the accelerating trend of migration of seniors to Palm Beach county.”

Mike Garbers

The portfolio includes five Sonata properties totaling 444 units in Delray Beach (80 units), Boynton Beach (92 units), Boca Raton (74 units), Coconut Creek (94 units) and Vero Beach (104 units).

 All properties were well-maintained by the previous owner, undergoing over $13 million in capital expenditures over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.

 The JLL Capital Markets team representing the seller was led by Managing Directors Mike Garbers and Cody Tremper. Financing is being led by Managing Director Allison Holland.

CONTACT:

Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

 

 

 

JLL Capital Markets adds debt industry veteran Tony Nargi to its Denver office

 

Tony Nargi 

DENVER, CO, May 12, 2021 – JLL Capital Markets announced today  it has added Tony Nargi as a Managing Director within its multi-housing debt and equity placement team in Denver, Colorado.

Nargi has 15 years of real estate experience and a strong background in originating and managing multi-housing real estate debt and equity transactions.

 In his role, Nargi will be responsible for originating and executing multi-housing financing for JLL’s clients and will report directly to JLL Capital Markets’ Eric Tupler, Senior Managing Director and co-office head of the Denver and Salt Lake City offices.

Eric Tupler

“Throughout the pandemic, we’ve seen increasing demand for various multi-housing properties and expect the needs of our investor partners and clients to grow,” says Tupler.

“With Tony’s strong background in executing financing deals and being recognized as a top producer, we’re confident that he will be a strong asset to our growing multi-housing team.”

 Prior to joining JLL, Nargi served as Senior Vice President and Regional Production Manager for KeyBank Real Estate Capital, focusing on commercial mortgage banking.

CONTACT:

Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

 

 

McHugh and Crea Construction Teams Deliver First Apartments in Three-Year Prairie Shores Renovation in Chicago

 

Kate Ivanova

 

CHICAGO, IL, May 12, 2021) — James McHugh Construction Co., one of the country’s largest commercial contractors with a concentration in multifamily work, along with its joint venture partner Crea Construction, a minority- and woman-owned general contracting firm, announced they have completed interior renovations to more than 150 units at Prairie Shores, a five-tower apartment complex in Chicago’s Bronzeville neighborhood.

 

Located on 20 acres at 2801-3001 S. Martin Luther King Drive, Prairie Shores is just south of McCormick Place and west of Lake Shore Drive and 31st Street Beach. With 1,675 total units, Prairie Shores is one of the largest rental communities south of the Loop.


Sandya Dandamudi

Developed from 1957 to 1961 and purchased in 2019 by Chicago-based firms Golub & Company and Farpoint Development, along with New York-based Goldman Sachs, Prairie Shores is undergoing a multi-phased renovation.

  It is a project that has perfect timing given the renewed interest in the historic Bronzeville neighborhood, according to McHugh Construction.

 

“We’re currently working on three very different multifamily projects in Bronzeville at various stages of development and construction, so to say this area is having a resurgence is an understatement,” said Michael Meagher, president of McHugh Construction.


Michael Meagher

“Because of new-construction projects that will deliver over the next few years, it was very smart of Prairie Shores ownership to get out in front by renovating its units now so they can capture the attention of renters looking for a more modern and sophisticated living experience.”

 

Within the apartments, the McHugh/Crea joint venture is overseeing the installation of new appliances, countertops, plank flooring, plumbing, fixtures and lighting, plus electrical system upgrades and painting. Building corridors will also receive new finishes.




 The team began staggered renovations of the classic studio, one-, two- and three-bedroom apartments at Prairie Shores in the fall of 2020. With units being renovated in phases, the community could maintain its high occupancy levels and minimize disruption for current residents. 

 

“Daily coordination with Prairie Shores’ property management team has been a critical piece of the renovation process as we are working in occupied buildings,” said Kate Ivanova, vice president of operations for McHugh Construction.

 

 “We are sharing loading docks, elevators and building access points for our construction activities with tenants who are moving in and out, as well as building services such as refuse removal.




 "That’s where our years of multifamily construction and renovations experience pays off – we know how essential it is to maintain close communications with property managers, how to stay on schedule during a pandemic, and most importantly, how to get work done without disruption to the tenants’ daily lives.”


“After completing the stonework for dozens of luxury multifamily high-rises throughout downtown Chicago, we are thrilled to bring our knowledge and discerning eye to a property as significant as Prairie Shores,” said Sandya Dandamudi, president of GI Stone.

 

“The durable stone we’ve chosen makes the apartments looks so fresh and bright – it’s the type of stunning finish that will be beautiful for years to come.”


CONTACTS:

 

Paula Widholm, pwidholm@taylorjohnson.com,

 (312) 267-4525

Kim Manning, kmanning@taylorjohnson.com,

 (312) 267-4527

 

www.mchughconstruction.com.