New York's 'Famous' Joe’s Pizza to Open First Miami Location at Wynwood 25

 MIAMI, FL – DWNTWN Realty Advisors Co-Founder and Managing Partner Tony Arellano and Executive Joe Fernandez are curating one of Wynwood’s signature buildings with a compelling mix of tenants.

 Tony Arellano 

In the latest example, the brokers represented Wynwood 25’s owners in a long-term lease with New York staple 'Famous' Joe’s Pizza.

 Joe’s Pizza, the family owned and operated “Greenwich Village institution” since 1975, is set to open its first Miami location at Wynwood 25.

 The 1,758-square-foot eatery is scheduled to debut in spring 2022. It joins the award-winning Japanese restaurant Uchi Miami, Danny Meyer-backed Salt & Straw, Bartaco and Dogfish Head Miami as notable Wynwood 25 food-and-beverage tenants.

Joe Fernandez 

DWNTWN is also successfully leasing up the Wynwood Annex office building next door to Wynwood 25. Both buildings were developed by the Related Group and East End Capital.

 Wynwood 25 has 289 apartment units and about 30,000 square feet of retail and restaurant space.

 “We are thrilled to play a pivotal role in Wynwood becoming one of Miami’s top food-and-beverage submarkets, in terms of both sales metrics and brand recognition,” Arellano said.

Jared Robins

 “Demand from New York operators like Joe’s Pizza is at historically high levels. 

"Wynwood 25, with its turnkey ground-floor restaurant space and proximity to thousands of residents, professionals and visitors, was a perfect option for Joe’s inaugural Miami location.”

 Jared Robins, Founder of INHOUSE COMMERCIAL – a Miami-based firm launched in 2021 and focusing on retail leasing in South Florida, and John Ellis, Managing Director of Newmark, represented Joe’s Pizza in the Wynwood 25 lease.

John Ellis

Joe’s Pizza Founder Joe Pozzuoli is originally from Naples, Italy and still owns and operates his flagship New York location at 84 years old.

 His son, Joe, Jr., and grandchildren Sal and Pino Vitale are part of the ownership and operations team in Miami. Locals and tourists alike flock to Joe’s for an authentic New York street slice.

 “After an extensive search, Joe’s Pizza zeroed in on Wynwood for its first foray into Miami,” Fernandez said.

Pino "Joe" Pozzuoli Sr.

“With such a huge following up north, Joe’s will greatly benefit from the New York migration into Wynwood and the substantial pipeline of new office and residential development.

Joe Pozzuoli Jr. (left) and father Joe Pozzuoli Sr.

"The residential component of Wynwood 25 also made the building a particularly attractive option for Joe’s.”

 Devlin Marinoff

DWNTWN is the market leader in Wynwood and other urban core neighborhoods in Miami. Arellano and fellow Co-Founder and Managing Partner Devlin Marinoff have more than $100 million in pending transactions in Wynwood.

 The firm has participated in more than $350 million in investment and development sales in the neighborhood over the last few years.

 Over the course of his career, Arellano has completed more than 250 leases in Wynwood and played a pivotal role in the neighborhood’s evolution from an overlooked, largely neglected collection of old industrial buildings into a vibrant hub for arts and culture, retail, restaurants and nightlife.

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

   

 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.

 

JLL Valuation Advisory expands renewables group with John Oates as a Managing Director in Tampa, FL

 

John Oates 

CHICAGO, IL – JLL Valuation Advisory has hired structured finance specialist John Oates to join its Renewable Energy Valuation team as a Managing Director to help build out a best-in-class infrastructure platform.

David Dominy

 Based in Tampa, Fla., he reports to Managing Director Mike Bammel, National Head of the Renewable Energy Valuation team, which is part of the Infrastructure group led by Managing Director David Dominy.

 “John brings a wealth of experience, a solid reputation and leadership skills in providing renewable energy sector valuations that will contribute to helping us grow our infrastructure platform,” Bammel said.

“We are excited to welcome a professional of John’s caliber and experience, and I’m personally thrilled to get to work with him again and collaboratively build our structured finance practice.”

 At JLL, Oates is focusing on business development and renewable energy structured finance transactions, which involves how projects are financed and combines tax equity, equity and debt.

Mike Bammel

He also specializes in and will consult on various types of energy projects, including solar, onshore and offshore wind, geothermal, fuel cell, hydro, bio combined heat and power, in addition to carbon capture storage and utilization appraisals and cost segregations supporting tax credit.

He has nearly 50 years of experience in structured finance primarily with sale-leaseback valuations, which includes pioneering valuations of facility leases for automobile manufacturing plants and suppliers; steel mills; oil, gas and chemical assets; semiconductors and power plants, including coal, gas, nuclear and renewable energy facilities.

He previously was the co-founder of a lease valuation specialty firm in New York City.

 “I look forward to contributing my valuation expertise to help build the Renewable Energy Practice,” Oates said. “Joining a world-class organization like JLL provides us with the tools and technology to continue to grow this service line and provide unmatched service to our rapidly expanding client base.”

 CONTACT:

Kimberly Steele

 JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Lenders Scouting the Markets to Make Small Loans of $10 Million or Less

  

John Oharenko

Chicago, IL – Summer realty finance conditions stay hot, with lenders scouring the markets for funding opportunities, according to The Real Estate Capital Institute® (RECI). 

 In addition to larger, institutional loans, funding sources actively pursue smaller loans – typically ten million dollars or less.  Furthermore, deal flows remain strong because of low rates. 

Important current underwriting terms for smaller loans are discussed as follows:

Property Types:  Various types of residential (e.g., multifamily, home rentals) and industrial properties attract the most attention.  Lodging, retail, and office follow, with some types of credit enhancement often included, namely recourse.

Markets:  Like larger loans, lenders prefer major metro areas, but many sources (mainly banks) focus on secondary areas.  Funding pricing premiums of 25 to 50 basis points are standard for such smaller markets.

Pricing:  Smaller ten-year loans typically fall within the 200-to-250-basis-point range for conventional property types.  Properties underwritten to 1.25X+ debt service coverage and 65% or less loan-to-value attract the low end of the rate range.  Other commercial properties capture rates of 3.5% to 4.5%, reflecting a wide range of underwriting variance.

The Director at The Real Estate Capital Institute®, John Oharenko, advises, "Small loans are the lifeblood of lending for most communities.  Local lenders, especially banks and credit unions, offer the most competitive terms."

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

 

 CONTACT:

John Oharenko

john.oharenko@reci.com

Executive Director

director@reci.com / www.reci.com