JLL Capital Markets arranges $35.34 million in funding for suburban Boston life science conversion

 

Martha Nay

BOSTON, MA – JLL Capital Markets has arranged $35.34 million in financing for the acquisition and repositioning of a 233,726-square-foot, two-building R&D/office portfolio into a life sciences campus in the suburban Boston community of Andover, Massachusetts.

300 and 600 Federal Street is in Andover, a rapidly growing suburban life science market anchored by well-known pharmaceutical and medical research companies.

 JLL worked on behalf of the borrower, a partnership between True North Management Group and Celera Properties, to place the floating-rate loan with OceanFirst Bank. Proceeds are being used to fund the acquisition and repositioning of the properties.

 The JLL Capital Markets team representing the borrower was led by Managing Director Greg LaBine and Senior Director Martha Nay.

Greg LaBine

 “Even as a newer entrant to the market, OceanFirst Bank quickly realized that Andover is a dual laboratory and manufacturing life science location,” Nay said.

 “As such, OceanFirst was highly motivated to work with team of Celera and True North on a strategic and highly executable business plan.”

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

CONTACT:

Kimberly Steele

PR, Capital Markets,

Agency Leasing and Valuation Advisory 

JLL

M +1 832 244 9994

JLL.com

 

JLL’s Hotels & Hospitality group expands U.S. tax team with hiring of Eric Nisbet

Eric Nisbet

 

LOS ANGELES, CA – JLL’s Hotels & Hospitality Group announced that it has expanded it’s U.S. property tax team with the hiring of Eric Nisbet as a Senior Vice President.

Nisbet will report directly to Senior Managing Director Louis Breeding.

 In this newly created role, Nisbet will focus on helping hotel clients mitigate their property tax liabilities, purchase price allocations, transfer tax analysis rebates, and property tax projections for acquisition and disposition. Based in Los Angeles, his primary focus will be properties located in California.

 He joins the firm with more than 13 years of experience, most recently serving as a Vice President at Versatax Consulting and prior to that, a Manager at EY. 

Nisbet  holds the CMI designation from the Institute for Professionals in Taxation and is a second year officer for the California Alliance of Taxpayer Advocates (CATA). He holds a Bachelor of Arts degree from the University of California, Santa Barbara and a Master of Business Administration degree from California State University-Dominguez Hills.

 

Kristin Schneider

“At JLL, we are focused on servicing clients throughout the entire life cycle of their hotel investment,” Kristin Schneider, Chief Operating Officer, JLL”s Hotels & Hospitality Group said. 

“With property tax expenses being a significant line item on a hotel’s P&L, bringing in a teammate with the depth of experience Eric has is critical to JLL’s holistic approach of advising our clients on acquisitions, sales, or a hold-strategy as well as continuing to drive asset value.”

Louis Breeding.

 The JLL Hotel tax team currently represents 81 clients consisting of 857 properties in 42 states across the U.S. The team represents over $30.7 billion in hotel assessments and has generated over $50 million in savings for our clients over the last three years.

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

Kairos Investment Managemenet Co. provides $7.25 million senior bridge loan for a four-story, mixed-use building in the Bay Area of San Francisco, CA

 

Carl Chang

San Francisco, CA – Kairos Investment Management Company (KIMC), a firm that focuses on value-based real estate investments with favorable risk/reward characteristics, announced the closing of a $7.25 million senior bridge loan on a 14,825 square foot mixed-use property at 209 9^th Street in the South of Market area of San Francisco, California.

“Kairos Investment Management is known for its ability to identify early growth opportunities or opportunistic market dislocations, such as the Bay Area,” says Carl Chang, CEO and Founder of KIMC. 

14,825 square foot mixed-use property
 at 209 9^th Street in the South of Market
area of San Francisco, CA

“Pre-pandemic, San Francisco was a vibrant top tier city where individuals and companies wanted to be located. The city was a central tech hub, filled with diverse businesses and a melting pot of cultures that positively contributed to the overall landscape. In completing this bridge loan, we believe that San Francisco is the place many will eventually return to over the next several  years.”

Before the pandemic, the Port of San Francisco attracted 280,000 cruise visitors annually, contributing $27 million to the City’s economy and helping to support local businesses. The return of cruise ships to the Port of San Francisco, a 15-minute car ride away from 209 9^th Street, is another positive recovery sign in the market, notes Chang.

The four-story commercial and residential property retained a favorable occupancy rate throughout the pandemic, despite the effects of COVID-19 on the San Francisco market. The building is conveniently located near Market Street and the city’s public transportation hub, ensuring high amounts of foot traffic daily.

 Jon Needell

Additionally, the property is adjacent to the Mid-Market neighborhood, which headquarters several Fortune 500 companies such as Uber, Twitter, and Square. Mid-Market has numerous planned and recently completed residential developments, from which tenants of 209 9^th Street are positioned to benefit, according to Jon Needell, President and Chief Investment Officer of KIMC.

“The building is located in an exceptional area given its close proximity to Mid-Market and the public transportation system used daily,” says Needell. “Residents will be able to take advantage of job growth from large employers such as Uber, Costco Wholesale, and Target.

"In addition, they will be able to enjoy the property’s close proximity to nearby entertainment and recreational offerings such as museums, shopping centers, and dining options.”

CONTACTS:

Arleeny Escarcega / Lexi Astfalk

Brower Group

(949) 438-6262
aescarcega@brower-group.com

 www.kimc.com.

 

Levin Johnston Completes $15.8 Million Sale of 24-Unit Multifamily Community in Redwood City, CA

 

Farm Hill Manor,
 3510, 3516 and 3524 Farm Hill Boulevard,
 Redwood City, CA 94061.

 

REDWOOD CITY, Calif., (November 8, 2021) – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has announced the sale of Farm Hill Manor, a 24-unit newly renovated multifamily community in the Bay Area submarket of Redwood City, California. The property was purchased by a private buyer for $15.8 million.

Adam Levin

Levin Johnston’s Executive Managing Director Adam Levin, Senior Managing Director Robert Johnston, and Investment Associate Regan Cherrington represented the seller and procured the buyer in the transaction. 

“We took charge after this property was previously marketed unsuccessfully by another broker,” says Adam Levin. “We understood the value of this strategically located property and were ultimately able to secure a strong price for the seller, while setting up the buyer with a long-term investment opportunity with further value-add potential.”

Robert Johnston

Levin also notes that the brokerage team’s deep knowledge of the local market was instrumental in facilitating the deal.

“Our continued success in identifying lucrative opportunities to acquire and sell in the highly competitive Bay Area market and beyond is a testament to our deep industry knowledge, relationship-focused approach and commitment to putting our client’s success first,” says Levin. 

With Redwood City job growth  projected to be 37% over the next 10 years and the city’s vacancy rate of just 2%, the upside potential for Farm Hill Manor is tremendous, according to Robert Johnston.

Regan Cherrington

“Farm Hill Manor is a well-positioned asset for the buyer, who will benefit from Redwood City’s strong employment fundamentals and low vacancy levels,” notes Johnston. 

“Redwood City is growing rapidly, and the demand for quality, for-sale housing is at an all-time high and outpacing current supply. 

"The area’s continued economic development, employment growth and proximity to major attractions presents a prime opportunity for the community to receive strong renter demand.”

Contacts:

Arleeny Escarcega / Anthea Davis

Brower Group

(949) 438-6262

aescarcega@brower-group.com

levinjohnston.com.

www.levinjohnston.com.