JLL arranges $421 million refinancing for Atlanta’s Piedmont Center

 

Piedmont Center, a 14-building, 2.2 million-SF
Class A office complex in Atlanta, GA

 

ATLANTA, GA,  Aug. 5, 2021 – JLL announced today that its Capital Markets group arranged a $421.8 million financing for Piedmont Center, a 14-building, 2.2 million-square-foot, Class A office complex in Atlanta, Georgia.

 JLL worked on behalf of the borrower, The Ardent Companies, to secure the floating-rate loan. 

Ed Coco

Proceeds were used to refinance the debt of Ardent’s existing holdings within Piedmont Center plus the acquisition of four additional buildings within the office complex.

 Piedmont Center is located on 45.5 acres at 3495-3575 Piedmont Rd. NE in the affluent Buckhead submarket.

Buckhead is just four miles north of Midtown Atlanta and offers diverse amenities, including world class shopping, museums, art galleries and recreation venues.

The area is served by major thoroughfares such as Georgia 400, Lenox, Peachtree and Roswell Roads as well as a Marta station providing service throughout the Atlanta area.

 Built in various stages between 1977 and 1998, Piedmont Center recently underwent renovations to its exterior and amenity areas with additional improvements planned over the next few years.

Matt Casey

The diverse tenant roster across the portfolio includes firms in the high-growth industries of healthcare, technology and professional services. 

 JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Ed Coco and Senior Director Matt Casey.

 Additionally, JLL’s brokerage team led by Jeff Taylor and David Horne won the assignment to lease Buildings 5-8.

 “Through its consolidation of ownership within Piedmont Center, Ardent has created a huge opportunity to reinvent the office campus into a more dynamic workplace setting with greater mixed-use amenities and an environment desired in today’s market,” Coco said. “We look forward to seeing the transformation in the years ahead.”

Jeff Taylor

“With this purchase, we continue to demonstrate our opportunistic investment strategy while leveraging our relationships to secure capital,” said Scott Werbel, Managing Director at Ardent.

“This deal underscores Ardent’s commitment to the office sector in our key markets, and we will continue to look for these opportunities as we expand our geographic footprint further.”

 According to JLL’s Second Quarter Office Outlook, the U.S. office market is stabilizing and overall transaction volume rose by 28.7 percent in second quarter as tenants begin to execute long-awaited deals. 

In growth markets leasing is now 10 percent higher over the year, and in markets such as Atlanta, office leasing has recovered to pre-pandemic levels.

Scott Werbel

JLL’s Capital Markets group 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 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.

 

 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

 

Trion Properties Completes New Multifamily Development in Central Los Angeles Submarket

Olivia Apartments, a 45-unit luxury multifamily development at 1556-1564 Hi Point Street in the Mid-Wilshire neighborhood of Los Angeles, CA with 10% of the units designated affordable.

 

LOS ANGELES, CA – Trion Properties, a private equity real estate firm based in West Hollywood, California and Miami, Florida specializing in multifamily investments, with joint venture partner Ketter Construction, has announced the completion of Olivia Apartments, a 45-unit luxury multifamily development with 10% of the units designated affordable. The property is located in the Mid-Wilshire neighborhood of Los Angeles, California. 

Olivia apartments kitchen area

The development demonstrates Trion’s ability to deliver high-quality apartment units to a severely supply-constrained market with significant barriers to entry, according to Max Sharkansky, Managing Partner at Trion Properties.  

 “This was the perfect opportunity for us to complete a new development in this highly desirable area that offers greatly needed luxury and affordable units,” explains Sharkansky. 

“By leveraging our deep connections within the Los Angeles multifamily industry, we were able to secure a rare opportunity to acquire a land parcel in a high-growth area to develop the property, with entitlements and permits for multifamily development in place. 

Olivia apartments outdoor tenants' casual living area

"With this project completed, we will lease up, stabilize, and operate the development, enacting our proven vertically integrated property management platform that has proven successful for us time and again.” 

The delivery of Olivia Apartments at this time exemplifies Trion’s strength in completing projects even during a global health and economic crisis, Sharkansky points out. 

 Max Sharkansky

“We focus on markets that are positioned for resiliency in all economic climates,” says Sharkansky. “As we approach these markets, we utilize strategies that set us up for better stability. 

"For example, while we experienced some construction delays due to COVID absences, we were well positioned to offset most of these challenges by ordering materials in advance. 

"We were fortunate that the project’s timeline was preserved and we avoided considerable delays from supply-chain back-ups.” 

Olivia Apartments’ Mid-Wilshire address offers a high quality of life and central Los Angeles location surrounded by highly affluent submarkets including Beverly Hills, Century City, and Miracle Mile – which will become even more competitive once new transportation lines are completed – and is also in close proximity to other attractions and employment, according to Mitch Paskover, Managing Partner at Trion Properties.  

Mitch Paskover

“Our deep understanding of the L.A. market enables us to pinpoint submarkets that offer residents all the benefits of the pricier neighborhoods at a reduced cost,” says Paskover. 

“Olivia Apartments is only a mile away from the Wilshire/Fairfax Metro station, set to open in 2023, which will connect residents to major markets from Downtown Los Angeles to the East and Westwood to the West. 

"The development is also a mile from the Interstate 10 freeway and a quarter mile away from Fairfax Avenue, Crescent Heights Boulevard, and Pico Boulevard – three main L.A. thoroughfares. 

"It’s difficult to find a better location for a new apartment community that offers upgraded luxury living at a lower price point to adjacent submarkets.” 

 Contacts:

Elisabeth Manville / Lisa James 

Brower Group 

(949) 438-6262 

emanville@brower-group.com 

 http://www.trion-properties.com/

Seefried Plans Two-Building Spec Industrial Project on Newly-Acquired 53 Acres in Buford, GA

Doug Smith

 Buford, GA - Seefried Properties, along with a U.S. institutional partner, have acquired a 53-acre site in Buford with plans to develop a two-building speculative industrial project spanning 626,616 square feet. 

 The site will be known as Gravel 85 Distribution Center.  Plans call for a total of 384 parking spaces, 108 trailer spaces and 135’-185’ truck courts.  Construction is set to begin in October 2021.    

 

“Considering the continued unprecedented level of demand for industrial space along the 85 corridor in NE Atlanta, the opportunity at Gravel 85 gives us the ability to deliver two first class rear load buildings at the new diamond interchange of Gravel Springs and Interstate 85," said Doug Smith, Senior Vice President of Seefried Properties.

Stuart Bracey

"In a market that is getting tougher to find buildable land for industrial, the Gravel 85 project relative to its location, access and presence on I-85 is like finding that diamond in the rough." 

 

Stuart Bracey of Hughes Commercial represented Seefried in the land acquisition.

 

The civil engineer on the project is Elberly & Associates; the architect is Randall Paulson Architects.

 

 

CONTACT: 

Barbara Bennett Marketing Coordinator
Seefried Industrial Properties
3333 Riverwood Parkway | Suite 200 Atlanta, GA 30339 T:  (770) 702-8207 E:  bbennett@seefriedproperties.com

 

DWNTWN Realty Advisors' Skyler Marinoff Closes $11.6 Million Sale of Miami Multifamily Portfolio, one of the largest assembled and sold in Little Haiti neighborhood

Skyler Marinoff 

 MIAMI, FL – DWNTWN Realty Advisors Executive Skyler Marinoff completed the $11.6 million sale of a multifamily portfolio in Miami’s growing Little Haiti neighborhood. Marinoff represented both the buyer and seller in the off-market transaction.

 Secamar LLC sold Buena Vista Gardens, the 89-unit portfolio at 5601 NW First Ave., to Bowery Properties, led by Thomas Neary.

Little Haiti multifamily property type, Miami, FL

City National Bank provided acquisition financing to the buyer. The transaction closed on July 23.

 The multifamily portfolio is one of the largest to be assembled and acquired in Little Haiti. Marinoff leveraged DWNTWN’s existing relationship with Bowery, a private investor that is active in Miami’s emerging neighborhoods, to make the deal happen.

 “I am thrilled to complete this transaction, which underscores our firm’s creativity, strong relationships and role as a market leader,” Marinoff said.

Ernie Perez 

“Little Haiti is seeing significant multifamily investment activity in conjunction with the neighborhood’s overall expansion. Large-scale development in the pipeline for Little Haiti and surrounding neighborhoods will further fuel investor interest.”

 DWNTWN has specialized brokers focused on traditional investment real estate, including multifamily. The firm actively procures off-market deals for its private clients.

Cushman School, Miami, FL

 A few blocks north of Buena Vista Gardens, Marinoff is marketing a prime corner lot at 5900 Biscayne Blvd. for sale.

The property’s zoning allows for the construction of a commercial building. It is surrounded by two large apartment communities and the prestigious Cushman School.

 DWNTWN’s Ernie Perez is separately marketing a Little Haiti multifamily building for sale at 6863 NW Second Ave.

 For more information on DWNTWN’s investment sales and lease offerings, please visit www.dwntwnrealtyadvisors.com/inventory.

Devlin Marinoff 

 About DWNTWN Realty Advisors

Founded by seasoned real estate professionals Devlin Marinoff and Tony Arellano, DWNTWN Realty Advisors is a leading commercial real estate brokerage based in Miami. 

The firm’s brokers have an unparalleled depth of knowledge about the urban core neighborhoods and other markets they serve. 

DWNTWN operates with a unique territory-based approach, as each broker brings a specific product and market specialty to the firm. 

With 50-plus years of combined experience and more than 500 completed deals totaling more than $2 billion in transactional volume, DWNTWN brings institutional quality advisory services to middle-market clients. 

Tony Arellano

The firm focuses on transactions ranging from $3 million to $20 million, with a data-driven approach to generating optimal solutions for clients. 

 

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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  www.dwntwnrealtyadvisors.com.