Wednesday, August 4, 2021

Daum Commercial Completes Sale of 55,000-SF Industrial Infill Property in Los Angeles County

Casey Mungo
 SANTA FE SPRINGS, CA – DAUM Commercial Real Estate Services has completed the sale of a 55,000 square-foot infill industrial asset in the Los Angeles County submarket of Santa Fe Springs, California.

 The property was acquired by a joint venture between Staley Point Capital (“Staley Point”), a value-add investor focused on industrial properties in Southern California, and Bain Capital Real Estate, the real estate investing business of Bain Capital, according to Casey Mungo, an Executive Vice President at DAUM Commercial, who represented the seller and procured the buyer alongside DAUM Associate Nate Ortega.

 “The buyer has seized a rare opportunity to add a highly desirable industrial asset in Southern California," explains Mungo.

  "The property is in a strong infill location with both dock-high and ground-level loading, heavy power and two private fenced yards.

 "The seller was able to capitalize on the active and highly competitive current industrial real estate market. Based on our depth of experience and the buyer’s persistence and vision, we were able to bring this complex transaction to the finish line and pave the way for significant value creation.”

Nate Ortega
 Mungo notes that the asset is located in one of the tightest areas of the Mid-Counties submarket, which is seeing average vacancies in the 1% range, according to a recent DAUM report

 Ortega adds: “The asset was recently upgraded to include a new roof, 6,500 square feet of renovated office, and professional landscaping. 

"The buyer plans to further modernize the property with a full refurbish in order to bring it to a first-class condition, and lease out the building to a high-quality tenant.”

 DAUM has been retained as the exclusive listing agent for this property. 

 The property provides ease-of-access throughout Los Angeles and Orange County with close proximity to Interstate 5 and 605 freeways and is located near Long Beach Airport, Los Angeles International Airport, as well as the Ports of Los Angeles and Long Beach.

 

SOLD: 55,000-SF infill industrial asset
at 11804 Wakeman Street
in Santa Fe Springs, CA

The asset was sold by a family trust for a total consideration of $12.25 million and is located at 11804 Wakeman Street in Santa Fe Springs, California.

 Greenberg Traurig, LLP served as legal counsel to Staley Point Capital for the transaction. JLL Capital Markets will arrange the loan financing.

 

 CONTACTS:


Arleeny Escarcega / Elisabeth Manville  
Brower Group  
(949) 438-6262 
aescarcega@brower-group.com 

www.daumcommercial.com.


Hold-Thyssen LLC Negotiates All Cash Purchase of Office Condo at Lakeside Office Park in Pasco County, FL

 

Carol L. Kinnard

HUDSON, FL – Hold-Thyssen, LLC in Clearwater recently negotiated the cash sale of an office condo at Lakeside Office Park, 13908 Lakeshore Blvd. (SR 52) in Hudson that will be home to a new medical practice launched by a local physician. 

 

Carol L. Kinnard, Transaction Specialist at Hold-Thyssen, negotiated the sale representing the seller, Thomas H. Minkoff of Pinellas County .  The cash transaction closed within a month of contract completion, Kinnard said.

 

Buyer Karl Swanson, M.D. d/b/a LSB Florida LLC, a Florida limited liability company, paid $82,000 for Unit 220 at the facility which is across Fivay Road from HCA Hospital at Bayonet Point.    



Lakeside Office Park, 13908 Lakeshore Boulevard 
 (SR 52) in Hudson, FL

 
 Kinnard said once transfer of title is approved by the Condominium Association Board of Trustees, the buyer will remodel the 800-square-foot former law office to open his new medical practice there sometime this fall.   

 The new tenant joins Advanced Dermatology & Cosmetic Surgery and Florida Cardiology, existing tenants in the 6,500+ square foot office condo building built in 1991. 

 CONTACTS:

Richard J. Fisher, Vice President/Investor Services, Hold-Thyssen, LLC 813-880-7100 ext303 

rfisher@HoldThyssen.com

 Beth Payan, Larry Vershel Communications Inc.

407-644-4142 or 407-461-3781; 

beth@larryvershel.com  

 

 

Mattamy Homes Expansion Reflects Phoenix Housing Market Strength

 

 Lauren Lovell 

PHOENIX, AZ – A new lease directed by the Phoenix office of JLL has extended the lease for Mattamy Homes at The Corporate at Pima Center through 2029.

 Don Barrineau

 It also ushers in a first-floor consolidation and Phoenix headquarters update for Mattamy, the largest privately owned homebuilder in North America.

John Pierson
“Phoenix is a vibrant and exciting market, and one that we are committed to being in for a long time. In keeping with that commitment, we’re firming up and adding to our office space at Pima Center,” said Mattamy Phoenix Division President Don Barrineau.

“Our current team is quite talented and experienced, and now we’re going to add more folks who will enjoy an unexpected and exhilarating career ride.

"Based on our recent, significant land buys, we expect explosive growth at Mattamy Phoenix the next 5-plus years.”


Trevor Pratt 

Under the new lease, Mattamy will expand its Phoenix office footprint to 15,904 square feet on the first floor of Class A The Corporate at Pima Center, located at 9200 E. Pima Center Parkway in Scottsdale, fronting the Loop 101 freeway just south of Pima Road.

 It will also update its Phoenix headquarters with contemporary creative office amenities and an on-site design studio.

 JLL Managing Director John Pierson, Senior Vice President Trevor Pratt and Associate Lauren Lovell represented Mattamy in the lease expansion.

JLL Managing Director John Bonnell, Executive Vice President Brett Abramson, Senior Vice President Chris Latvaaho and Associate Chris Beall represented the building owner, City Office REIT.

John Bonnell
“Phoenix consistently ranks among the nation’s hottest markets for new home construction and value appreciation,” said Pierson.

“Mattamy’s new office configuration will help them to capitalize on and serve that growth with a very efficient and modern work environment for its employees and a beautiful, centralized design showroom where its customers can enjoy their homebuying and home design experience.

"It is a great testament to Mattamy’s success and their customer-first philosophy.”

Designed to accommodate Mattamy’s growing Phoenix division, the new headquarters will consolidate team members from two separate suites into a single, first-floor location.

Brett Abramson
The combined space will allow for better collaboration with large group, breakout and individual work areas focused on embracing the company’s strong culture of inclusion and teamwork.

 The building sits along the Loop 101 freeway, accessible to more than 1.4 million people over 25 years old within a 30-minute commute and with 39 hotels and almost 12,400 multifamily units within five miles, and more than 4.1 million square feet of retail amenities within three miles.

 It is minutes from Sky Harbor International Airport, downtown Tempe and downtown Scottsdale. Tenants are served by newly renovated lobby and common areas, and generous covered parking, with a 5/1,000 parking ratio.

Chris Latvaaho 

Construction on the new Mattamy office space is in final planning stages, with completion and move-in scheduled for Fall 2021. Phoenix-based McCarthy Nordburg is the project architect. 

The property is managed by JLL’s property management group, on behalf of the landlord.

 About Mattamy Homes

Mattamy Homes is the largest privately owned homebuilder in North America, with a 40-year history of operations across the United States and Canada. 

Every year, Mattamy helps more than 8,000 families realize their dream of homeownership. 

In the United States, the company is represented in 11 markets – Charlotte, Raleigh, Phoenix, Tucson, Dallas, Jacksonville, Orlando (where its U.S. head office is located), Tampa, Sarasota, Naples and Southeast Florida – and in Canada, its communities stretch across the Greater Toronto Area, as well as in Ottawa, Calgary and Edmonton. 

 

Chris Beall
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.

 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.
 
In Phoenix, JLL is a market leader employing more than 646 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. 

The Corporate at Pima Center, located at
9200 East Pima Center Parkway in
Scottsdale, AZ, 
 fronting the Loop 101
 freeway just south of Pima Road.


In 2020, the Phoenix team completed 75 million square feet in lease and sale transactions valued at $2.2 billion, directed $186 million in project management and currently manages a 54.2 million-square-foot portfolio. For further information, visit www.jll.com.


 CONTACT:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.jll.com.

www.mattamyhomes.com 


Jeffrey H. Fisher
 

WEST PALM BEACH, FL,  Aug. 4, 2021—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that the company has acquired in an off-market transaction two, high-quality, premium-branded hotels comprising 269 rooms at the Domain in Austin, Texas, for $71.2 million, or approximately $265,000 per room (the “Austin Acquisitions”).

 The acquired hotels include the 132-room Residence Inn Austin Domain, which opened in July 2016, and the 137-room TownePlace Suites Austin Domain, which opened in June 2021. Upon stabilization, the Austin Acquisitions are expected to generate an estimated NOI yield of 8.0% to 8.5%.

 

132-Room Residence Inn Austin Domain
 
opened in July 2016 

“Having actively managed our way through the worst era in the history of the hotel industry, our actions have enabled us to emerge from the pandemic with a stronger balance sheet and more liquidity,” highlighted Jeffrey H. Fisher, Chatham’s chief executive officer and president.

 “This has given us the flexibility and the confidence to be acquisitive when we identify opportunities that fit our stringent criteria, and the Austin Acquisitions are ideal additions to our portfolio.

  "Strategically, our acquisitions are aimed at increasing further our exposure to premium-branded, extended-stay hotels, enhancing portfolio RevPAR and reducing the average age of our portfolio.

 

137-room TownePlace Suites Austin Domain 
opened in June 2021.

"The Austin Acquisitions check all of these boxes, will be two of our four newest hotels and are expected to producing RevPAR levels higher than our portfolio average.”

 The Domain is a rapidly growing mixed-use development known as Austin’s “second downtown” with over 4.2 million square feet of office space, 1.8 million square feet of retail space, plus another 2.8 million additional square feet of office space expected to be delivered over the next two years and another 3.8 million square feet of office space planned thereafter.


Companies with large offices located at The Domain include IBM, Amazon, Facebook, Indeed, Expedia / VRBO and Trend Micro Companies.

 Apple currently is constructing a 2 million square foot office campus approximately 5 miles from the Austin Acquisitions that will cost over $1 billion and eventually accommodate around 15,000 employees.

 For comparison purposes, Apple Park, Apple’s main campus in Cupertino, Calif., is approximately 2.8 million square feet.

 Other key Austin attributes that will drive significant demand include:

  • ·         Austin receives over 27 million visitors annually
  • ·         Austin is considered one of the nation’s dominant tech hubs after Silicon Valley
  • ·         Austin is the third fastest growing city in the United States over the last decade
  • ·         Austin was ranked the most desirable real estate investment market in the country in CBRE’s 2021 Investor Intentions survey
  • ·         #1 real estate market in 2020 according to the Urban Land Institute and PwC
  • ·         In its 2019 rankings, Business Insider ranked Austin the best place to live, and Travel and Leisure ranked Austin a top 10 city to visit
  • ·         The Austin office market ranks fourth nationally in terms of rent per square foot at $49 (only behind New York, San Francisco and Silicon Valley) and third nationally in percentage of square feet under construction relative to existing square feet at 10%

·         The $260 million Austin FC Stadium recently opened up within a short walking distance of both hotels

 

$200 Million Austin FC Stadium 

Fisher concluded:  “Austin is unique in that it benefits from strong corporate, group and leisure demand as evidenced by many of these market attributes, and the Domain is an absolutely booming market within Austin.

 "The Austin Acquisitions are in an outstanding location within walking distance of everything the Domain has to offer.

 "We will be able to leverage our deep relationships with key accounts in our other markets such as Silicon Valley or Bellevue, Wash., to drive higher RevPAR performance in Austin.

 "Lastly, the Austin Acquisitions will generate premium RevPAR growth over the next cycle, be accretive to FFO and enhance our net asset value/"

 Chatham funded the purchase using a portion of the proceeds from the recently completed Series A Preferred Share offering.

 The hotels will be managed by Island Hospitality Management, which is owned by Fisher.

 CONTACTS:

CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

chathamlodgingtrust.com.

 

Dennis Craven (Company)                                        

Chief Operating Officer                                             

(561) 227-1386                                                          


Global Deal Maker Kwon Lee Joins BCLP Real Estate Team in New York Office

Kwon Lee
 

 New York, NY, Aug. 4, 2021 – The international law firm Bryan Cave Leighton Paisner (BCLP) announced that well-known real estate lawyer Kwon Lee has joined the firm as a partner and Global Head of Korea Practice.

Resident in the New York office, he will practice within the firm’s global Real Estate Group.

Described as an “Eminent Practitioner” and “one of the most impressive real estate lawyers in Korea and a top player in the real estate market” by leading legal directories, Lee joins from Mayer Brown, where he was co-head of the US Asia Real Estate Practice and global head of that firm’s Korea Practice.

Samant Narula

Lee is fluent in English and Korean, bringing an extra level of service to clients in cross-border deals.

He is widely recognized within the global real estate industry and is often invited to chair or present at real estate forums in Hong Kong, Singapore, Korea and France.

“We see tremendous synergies between Kwon’s experience with Korean outbound investments around the world and the work BCLP has done with Korean outbound investments in Europe,” said Samant Narula, UK Head of Real Estate.

“Outbound opportunities continue to grow and Kwon’s experience will be a huge asset for clients on both sides of the Atlantic.”

 Andrew E. Auerbach

“We are excited for Kwon to join our team,” said Regional Practice Group Leader of Real Estate US Andrew Auerbach.

“He has an exceptional reputation in the global real estate market, particularly as it concerns cross-border deals in Korea and the surrounding region.

"He brings to BCLP a deep level of legal and real estate industry experience that will benefit clients in the US and globally, and adds more strength to our deep global Real Estate practice and the broad platform we have created for future growth.”

CONTACTS:

Brian Kiefer 312-602-5121 bkiefer@bclplaw.com 
Leslie Leader Brooks

312-602-5187 leslie.brooks@bclplaw.com

STREAM Arranges $4.59 Million Sale of Free-Standing Chipotle In West Melbourne, FL

 

Sasha Dominguez

CHICAGO, IL, Aug. 4, 2021 – STREAM Capital Partners, LLC, a national net lease and sale-leaseback advisory group, has arranged the sale of a free-standing Chipotle in West Melbourne, Florida. The property totals 2,448 square feet.

 

 Jordan Shtulman 


Sasha Dominguez and Jordan Shtulman of STREAM Capital Partners represented the seller in the transaction.

Sasha Dominguez said of the transaction, “We sourced multiple deals and closed at list price.”

 Please contact broker, Sasha Dominguez, for further details.

 CONTACT:

Danielle Florina
STREAM Capital Partners
Net Lease and Sale Leaseback Advisers
4201 West Irving Park Road, Suite 200
Chicago, IL 60641
P: 630.284.9198
E: 
danielle@stream-cp.com
www.stream-cp.com