Northern Virginia’s Dulles Executive Plaza trades in $113.5 million sale

Dulles Executive Plaza is located at
 13530 and 13560 Dulles Technology Drive
in the Innovation Center micro-market of Herndon, VA

 

WASHINGTON, DC– JLL Capital Markets it has closed the $113.5 million sale and financing of Dulles Executive Plaza, a two-building, Class A office complex totaling 384,336 square feet in Herndon, Virginia.

Susan Carras

 JLL represented the seller, a partnership between affiliates of Lionstone Investments and funds advised by Columbia Real Estate Management, a subsidiary of Columbia Property Trust, and procured the buyer, Innovatus Capital Partners, LLC.

Additionally, JLL worked on behalf of Innovatus to secure acquisition financing.

Paul Spellman

 Dulles Executive Plaza is located at 13530 and 13560 Dulles Technology Drive in the Innovation Center micro-market of Herndon.

This submarket is rapidly becoming a transit-oriented, mixed-use environment with the opening of the Innovation Center Silver Line Metro Rail Station later this year, which will link the property to the broader D.C. region and continue to spur additional development.

Renovated and repositioned in 2019, Dulles Executive Plaza offers market leading on-site amenities, including a conference center, fitness facility, tenant lounge, and food service.

The property is 94% leased to name brand government contractors such as Lockheed Martin and Constellis.

 The JLL team representing the seller was led by Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker.

Rob Carey

 JLL’s debt placement team leading the financing was led by Paul Spellman, Rob Carey and Susan Carras.

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 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.

 

Matt Nicholson

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

 

About Lionstone Investments

Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to understand the changing ways people in America want to live and work.

 Places for Productive People.® Lionstone Investments is a wholly-owned subsidiary of Columbia Management Investment Advisers, LLC. Columbia

Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. For more information, please visit: LionstoneInvestments.com.

 

About Columbia Real Estate Management (“CREM”)

CREM, a wholly owned subsidiary of Columbia Property Trust, Inc. (“Columbia”), is advisor to several funds that were formerly advised by Normandy Real Estate Management, a former real estate developer, owner and manager, and fund manager that was acquired by Columbia in January 2020.

Jim Meisel

Columbia also serves as general partner for these funds and is a joint venture participant with certain of these funds in several development and re-development projects.

 For more information, please visit www.columbia.reit/funds. ;

 About Innovatus Capital Partners, LLC

Innovatus Capital Partners, LLC is a boutique specialty finance firm focused on creating value for investors in emergent asset classes, private credit and asset-based investments, based in New York.

  Innovatus has assets under management in excess of $1.5 billion. Innovatus has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across all property types including office, multifamily, hotel, retail, medical, and industrial.

 Andrew Weir 

Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases.

Further information can be found at innovatuscp.com.

 

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.

Dave Baker

JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021.

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

 For further information, please visit jll.com.

 

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

The UP Companies Promotes Steve Grass to Vice President

Steve Grass 

 

 St. Louis, MO, June 7, 2021 -- The UP Companies (UPCO) proudly announces the promotion of Steve Grass to the position of Vice President.

 

Grass was the General Manager of UPCO’s Square UP Builders division for the past two-and-a-half years and has worked for Square UP for nearly a decade.

 

In his new role as Vice President, Grass will focus on fully integrating UPCO’s services (Power UP Electrical Contractors, Square UP Builders and Hustle UP Laborers) and promoting the UPCO brand.

 

He will also work on setting “best of class” benchmarks in all areas of UPCO’s business, including safety, productivity, quality control, billing, accounts payable and project reporting.

 Brian Arnold

 

“There is significantly more potential to create efficiencies and cost savings through shared practices and processes, both in the office and the field, that will bring great value and an enhanced experience to our customers,” said UPCO Vice President and Partner Brian Arnold.

 

“In his previous role as General Manager, Steve demonstrated his ability to pay attention to these details while also seeing the greater overall project picture, beyond the mindset of an individual subcontractor.”

  

CONTACT

Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

Grocery-anchored retail center near Cleveland, OH sells for $10.5 milion

Amy Sands

 

CHICAGO, IL – JLL Capital Markets announced it has closed the $10.5 million sale of Streetsboro Crossing, an 89,436-square-foot neighborhood shopping center anchored by Giant Eagle in the suburban Cleveland community of Streetsboro, Ohio.

Clinton Mitchell

 JLL marketed the property on behalf of the seller, an affiliate of Chicago-based Pine Tree. A private DST investor purchased the asset in an all-cash transaction.

Completed in 1996, Streetsboro Crossing is home to Giant Eagle, the No. 1 grocery by market share in the Cleveland MSA.

The 93.9%-leased retail center is also home to Pet Supplies Plus, Palm Beach Tanning, GNC, Great Clips and Sally Beauty and shadow anchored by Lowe’s Home Improvement and Target.

 Streetsboro Crossing is situated on 19.6 acres at 1280 OH-303 in the dominant retail corridor in Streetsboro, an affluent Cleveland suburb 35 minutes from downtown.

 This is the only Giant Eagle location within a seven-mile radius allowing the property to pull from an extended trade area that reaches more than 100,000 residents.

Kirstey Lein

Additionally, the center has a dependable and affluent customer base comprising more than 47,000 residents within a five-mile radius who earn an average annual household income of $115,000.  

 The JLL Retail Capital Markets team that represented the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Analyst Kirstey Lein along with Managing Director Bill Poffenberger.

Bill Poffenberger

 “We continue to see robust investor demand from private capital seeking stable, high-performing grocery-anchored assets with market dominant grocers,” Mitchell said.

“Additionally, we are witnessing new capital migrating to the Midwest due to the return profile and stability of the region.”

 JLL Research U.S. Grocery Tracker 2021 report describes how grocery-anchored retail centers continue to be investors’ preferred retail property type. JLL expects grocery anchored retail under 100,000 square feet – like Streetsboro Crossing – to be one of the most sought-after asset classes during the recovery.

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

Streetsboro Crossing shopping center, Streetsboro, OH

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.

 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

Passco Acquires 345-Unit Class-A Multifamily Asset in Chesterfield, MO for 98 Million

Keanan Gomez

 Chesterfield, MO (June 7, 2021) — Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired a luxury Class A, trophy multifamily asset in Chesterfield, Missouri, from Watermark Residential for $98 million.

 The firm will rebrand the 345-unit community, previously named Watermark at Chesterfield Village, as The PARQ at Chesterfield.

Andrea Kendrick

 According to Keanan Gomez, Director of Acquisitions at Passco, the purchase is well aligned with the firm’s strategy to acquire best-in-class apartment communities in suburban markets throughout the country that have demonstrated strong demographic trends.

The 345-unit community, previously named
Watermark at Chesterfield Village, will be
 renamed as The PARQ at Chesterfield.

“The PARQ at Chesterfield is the first new multifamily community built in the submarket in more than 30 years, and the property’s success during lease-up demonstrates the pent-up demand for luxury rental units in the market,” explains Gomez, noting that the community reached stabilized occupancy in less than 14 months and performed well during the pandemic.

Ken Aston

 “We quickly recognized the opportunity to acquire a superb asset in a market that is experiencing significant growth in white-collar employment, including more than 7,000 jobs within a 5-mile radius of the property.”

“We secured this rare opportunity through an excellent working relationship with Watermark Residential and Andrea Kendrick, Ken Aston, and Bobby Mills of Berkadia,” says Gomez.

Bobby Mills

 “Additionally, we were able to act quickly and strategically, completing a 21-day due diligence process and a smooth and fast transaction for all parties.”

The PARQ at Chesterfield is located at 16300 Lydia Hill Drive in Chesterfield, Missouri.

 Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

 Caleb Marten

 Gomez also points to Chesterfield’s high quality-of-life scores, including an overall grade of A+ from Niche, as driving interest from potential residents.

 The location offers access to exceptional school districts, premier parks, nationally ranked hospitals, and world-class employers, such as Pfizer, RGA, Centene, Bunge, and Bayer.

 “In addition to strong existing fundamentals, Chesterfield is well positioned for continued growth,” confirms Gomez. “The city is seeing a trend of major commercial development, including Wildhorse Village, a mixed-use project that will feature approximately 1 million square feet of office and 100,000 square feet of retail, located within a mile of The PARQ.

 Pool side at The Parq at Chesterfield Apartments

The asset’s community amenities include a resort-style swimming pool, 24-hour state-of-the-art fitness center, a Starbucks coffee bar, private open-air courtyards, an outdoor firepit area, custom grilling stations, focus rooms, corporate suites, 24-hour package pick-up, and monthly resident activities. The pet-friendly community also features a dog wash on site.

 CONTACTS:

 

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com