JLL Capital Markets arranges $157.3 million joint venture equity partnership for the development of 1.55 million-SF of bulk distribution and life sciences projects in Minnesota and North Carolina

Blake Hastings

 

 MINNEAPOLIS, MN – JLL Capital Markets announced it has arranged a $157.3 million joint venture equity partnership for the development of three high-quality bulk distribution and life sciences projects totaling 1.55 million square feet in Minneapolis-St. Paul, Minnesota, and Raleigh-Durham, North Carolina.

Colin Ryan

JLL represented the developer, Oppidan, a national property development firm headquartered in Minneapolis, to arrange the partnership with Rockpoint Group.

 The pipeline comprises nine state-of-the-art buildings on three development sites. Five buildings are expected to begin construction this year, with anticipated completion for all nine in 2022 and 2023.

 The future Chaska Creek Industrial Park is in the southern part of the Minneapolis-St. Paul MSA in Chaska. The two-building bulk warehouse will be expandable for a variety of industrial operations and surrounded by amenities.

John Huguenard

In Ramsey in the northern part of the Minneapolis-St. Paul MSA, Bunker Lake Business Park’s three-building design will be able to accommodate different types of industrial operations within the area.

There are currently no other active or speculative industrial asset opportunities within the Ramsey area.

 

The Raleigh-Durham project – Cash Corporate Life Sciences Park – will be a four-building life sciences project constructed on a 121-acre site at 2100 Production Dr. in Apex.

David Berglund 

It represents the largest developable industrial site in Apex, and is proximate to a large, talented employment base as well as the University of North Carolina, Duke University and North Carolina State University.

 “We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” said Blake Hastings, Oppidan President. “Our cultures are very well aligned, and we look forward to a long, deep relationship.”

 The JLL Capital Markets team that represented the developer was led by Senior Managing Directors Colin Ryan, John Huguenard, David Berglund and Pete Pittroff and Managing Director Patrick Nally.

 Pete Pittroff

Hastings; Senior Vice President of Development Jay Moore; and Executive Vice President – Southeast Tim Brent are leading the project development for Oppidan.

 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 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.

Jay Moore

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

 

About Oppidan

 

Since 1991, Oppidan Investment Company has been providing development, construction and project management, asset management, and brokerage services to the retail, industrial, commercial, residential, senior housing, affordable housing and mixed-use markets.

 

Oppidan has developed more than 550 projects valued at more than $4 billion and spanning 25 million-square feet throughout 39 states and parts of Canada.

Tim Brent

Oppidan’s client list includes Duluth Trading Company, Ebenezer, Northern Tool, Cub Foods, Hornbachers, Target, Sprouts, GE Oil & Gas, Goodwill, Caliber Collision and more.

 

Oppidan has been named a Best Places to Work by Minneapolis/St. Paul Business Journal for two years in a row. To learn more about Oppidan, visit oppidan.com.

 About Rockpoint Group

Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm headquartered in Boston and with additional primary offices in San Francisco, Dallas and London.

Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States.

CONTACT:

Kimberly Steele,

JLL Manager,

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

rockpoint.com

jll.com.

 

JLL Capital Markets arranges $49 million acquisition financing for the newly constructed Aspire 7th & Grant apartments in Capitol Hill, Denver, CO

Aspire 7^th & Grant apartments,
Capitol Hill submarket,
Denver, CO

 

DENVER, CO – JLL Capital Markets announced it secured a $49 million acquisition financing for the Aspire 7^th & Grant, a newly constructed, luxury multi-housing property with ground-floor retail located in the Capitol Hill submarket of Denver, Colorado.

 JLL represented the borrower, an institutional fund, to secure the seven-year, fixed-rate loan through Northwestern Mutual Real Estate Investments.

 The Aspire 7^th & Grant apartments were completed in 2020 and total 178 studio, one- and two-bedroom units, averaging 882 square feet.

The apartment units are currently 74% leased and the 3,898-square-foot attached retail is 47% leased, with the remaining commercial space currently available for lease.

Leon McBroom

 The JLL Capital Markets team representing the borrower was led by Managing Director Leon McBroom.

 “This was an off-market acquisition and the property was still a ways from stabilizing to qualify as an agency financing,” says McBroom.

“We were able to engage with insurance companies to underwrite and size proceeds based on stabilized metrics.

"As such, we were able to successfully secure the necessary acquisition financing that aligned with the borrower’s hold strategy.”

CONTACT:

Natalie Passarelli,

Sr. Associate

JLL Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

 

KBS Sells 264,149 Square-Foot Trophy Office Tower in Denver, CO for $66 Million

 

Peakview Tower, a nine-story, 264,149 square-foot
 office tower in Greenwood Village, Colorado

DENVER, CO – KBS, one of the largest investors in premier commercial real estate, has sold Peakview Tower, a nine-story, 264,149 square-foot office tower in Greenwood Village, Colorado, within Denver’s Southeast market. The property was purchased by a JV led by Vanderbilt Office Properties for $66 million.

 

KBS had originally acquired Peakview Tower in August 2012, recognizing the strong value potential of the Denver market, according to Gio Cordoves, Western regional president for KBS.

 

“As in all of the markets in which KBS invests, Denver features strong employment and population growth, solid infrastructure, and a number of respected universities. The market also attracts top tech talent, with millennials comprising 33% of the population and Denver having the biggest net migration of millennial residents in 2019,” says Cordoves.

 Gio Cordoves

 “In acquiring this trophy office property nine years ago, KBS identified a well-located top-quality asset in an emerging market positioned for steady growth in the years to follow. Today, we realized that promise in the sale of Peakview Tower.”

 

Situated in Fiddler’s Green Circle, a suburban micro-market with a traditionally low Class A vacancy rate, the tower features 27,600 square-foot floorplates, 9-foot-plus ceiling heights, covered and attached parking, and a two-story lobby atrium, among a wealth of other modern office tenant amenities.

 

“Peakview Tower has strong appeal for tenants seeking well-amenitized office space ideally located in one of Denver’s most prestigious and best-performing micro-markets,” says Tim Helgeson, asset manager for Peakview Tower and senior vice president for KBS.

Tim Helgeson

“With its generous ceiling heights and expansive window line offering views of the Rocky Mountains, the building maximizes natural light, reducing energy usage while providing a beautiful working environment for tenants in this market.”

 

Built in 2001, KBS recently completed a series of capital improvements to the asset, most recently adding a state-of-the-art fitness center and a boutique tenant lounge featuring barista-staffed coffee service in a contemporary setting next to an outdoor patio.

 

“In addition to top-tier onsite amenities, Peakview Tower offers access to amenities typically only found in urban locations, such as a food hall, Starbucks, grocery store, movie theater, over 200 hotels rooms, Denver’s light rail system, and a variety of shopping, dining and entertainment options – all within a five-minute walk from the building,” says Helgeson. “This optimal location gives the property a distinct advantage in the market and made it especially attractive to buyers.”

Chuck Gillum 

“Peakview Tower’s great design, unmatched location and close proximity to everything office tenants in the market desire, attracted us to the property ” says Chuck Gillum of Vanderbilt Office Properties. “This acquisition for us is the first of many more to come in the Denver market.”

 

Mark Katz, senior managing director and Peter Merrion, senior director with JLL, represented KBS in the sale of Peakview Tower.

 

“KBS was able to maintain a strong average occupancy rate at Peakview Tower well above others in the market over the last five years, even during renovations and throughout the pandemic,” says Merrion. “This is a testament to KBS’ proven property management strategy, as well as the high value of this asset.”

Peter Merrion

Attorneys Bruce Fischer and Howard Chu, and paralegal Amanda Kennedy of global law firm Greenberg Traurig, LLP’s Orange County office, as well as attorney Mark Baker in Greenberg Traurig’s Denver office,  represented KBS as legal counsel in the acquisition.

“We were very pleased to represent KBS in this significant strategic transaction,” said Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team representing KBS.

Peakview Tower is located at 6465 Greenwood Plaza Boulevard in Greenwood Village, Colorado.

 

About KBS

KBS is one of the largest investors of premier commercial real estate in the nation. 

 Amanda Kennedy 

As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $43 billion on behalf of private and institutional investors globally. 

Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. 

The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of its investors, partners and tenants.

 SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.

 

Howard Chu

CONTACT:

Katie Haga 
khaga@brower-group.com

About Vanderbilt Office Properties

Vanderbilt Office Properties (“VOP”) is a vertically-integrated real estate investment manager focusing on office investment opportunities throughout the U.S. 

Vanderbilt has invested over $4.7 billion and acquired / developed 100+ buildings through over 35 transactions since inception in 2014. 

Vanderbilt currently owns, manages and / or leases 16.8 million square feet of office space. For more information on VOP, please visit www.vanderbiltptrs.com.