JLL’s Hotels & Hospitality Group closes $121 million sale of Wyndham Grand Orlando Resort Bonnet Creek to Tishman Realty and Cross Lake Partners

 

Wyndham Grand Orlando Resort Bonnet Creek,
 a 400-key, upscale resort bordering
Walt Disney World® in Orlando, FL

ORLANDO, FL – JLL’s Hotels & Hospitality Group has closed the $121 million sale of Wyndham Grand Orlando Resort Bonnet Creek, a 400-key, upscale resort, bordering Walt Disney World® in Orlando, Florida.

 JLL marketed the property on behalf of the seller, Wyndham Hotels & Resorts (NYSE: WH). A joint venture between Tishman Realty and Cross Lake Partners acquired the asset.

 The JLL Hotels & Hospitality team working on behalf of the seller was led by Managing Director Andrew Dickey and Senior Vice President Christopher Exler.

 Andrew Dickey

“We’re thrilled with the result for our client, having delivered on a key strategic objective for them while transitioning a phenomenal piece of real estate to an excellent steward in Tishman,” said Exler.

 “With Disney World breaking all-time revenue records and the overall leisure thesis within hotel real estate, we expect the Orlando market to increasingly come into focus for investors.”

Wyndham Grand Resort Orlando Bonnet Creek features 50,000 square feet of flexible event space, including three ballrooms, it shares six pools and two lazy rivers with the neighboring timeshare complex, has a spa with six private treatment rooms, a jogging trail, fitness center and a shuttle service to Walt Disney World.

Additionally, the resort offers six food and beverage venues, including Deep Blu Seafood Grille & Sushi, Back Bay Bar & Grill, Tesoro Cove Family Fare and Bar 1521.

Christopher Exler

Situated on 7.3 acres in Bonnet Creek, a private development of four hotels bordered by Walt Disney World® on three sides, the resort is within two miles of Disney’s Hollywood Studios, Epcot and the entertainment and retail emporium at Disney Springs.

 JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide.

The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

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

CONTACT:

 

Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

www.crosslakepartners.com.

 

Flagship Neiman Marcus Store on Chicago's Magnificent Mile Sold to Silvestri Investments

Amy Sands 

 

 CHICAGO, IL – JLL Capital Markets has closed the sale of and arranged acquisition financing for the 195,500-square-foot flagship Neiman Marcus building located on Chicago’s famed Magnificent Mile.

 

Financial details of the deal were not disclosed.

SOLD: the 195,500-square-foot flagship
 Neiman Marcus building located 
at 737 North Michigan Avenue
on Chicago’s Magnificent Mile

JLL represented the seller and procured the buyer, Silvestri Investments Inc. Silvestri, a privately held, family-owned real estate investment firm, acquired the asset in a 1031 exchange.

 

Additionally, working on behalf of the new owner, JLL arranged the seven-year acquisition loan.

 

Neiman Marcus, a luxury department store chain, has operated its flagship Chicago operation at this location since the four-story building was constructed in 1983.

Clinton Mitchell

It is positioned on 1.22 acres at 737 N. Michigan Ave. and, with more than 200 feet, has the largest single-tenant continuous frontage on Michigan Avenue.

 

 It is located along the Magnificent Mile, Chicago’s premier commercial district that spans 13 blocks, at the corner of Superior Street. The district welcomes more than 30 million annual visitors to its high-street retail and upscale restaurants and hotels.

 

The JLL Retail Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell, Senior Managing Director Alex Sharrin and Director Michael Nieder.

 

“Neiman Marcus is one of only eight trades on Michigan Avenue within the last decade and was highly sought after by both domestic and international capital due to the rare flagship offering on one of the world’s most renowned and proven high-street corridors,” Sands said.

 Alex Sharrin 

“There is no defined geography, asset class or transaction size for the ever-elusive 1031 investor,” Sharrin added.

 

“Investors turn to this tax strategy to preserve equity and defer gains. 

"The iconic Neiman Marcus building in the heart of Chicago’s famed Michigan Avenue underscores the preservation of capital, with long-term upside in the real estate.”

 

The JLL Capital Markets Debt Advisory team representing the new owner was led by Senior Director Christopher Knight.

 

Michael Nieder

In the wake of significant changes to consumer habits, this transaction demonstrates the market’s understanding of the resiliency of brick-and-mortar retail,” Knight added. 

“This is particularly evident when exceptional real estate and top operators like Neiman Marcus combine.”

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 sales and advisory, debt advisory, equity advisory or a recapitalization.

Christopher Knight

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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

 

 

About Silvestri Investments

Silvestri Investments is a privately held, family-owned real estate investment firm with offices in Canada, Florida and Texas.

 

CONTACT:

 

 Kimberly Steele

PR, Capital Markets,

 Agency Leasing and

 Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 

Neil Solomon Named New CEO of PropertyForce

Neil Solomon 

 

 Hallandale Beach, FL, April 29, 2022 – PropertyForce, the leader in virtual real estate, today announced that Neil Solomon has been named President and CEO.

 

Oliver Seidler, who was previously CEO, will now settle into the role as Founder.

 

Solomon joined PropertyForce in 2020 and served as President. He has nearly 30 years of finance, operations and sales management experience, including more than 20 years of executive leadership.

 Prior to joining PropertyForce, Solomon was at City National Bank of Florida in Miami, where he served as Chief of Staff, Chief Development Officer, and Chief Investment Officer.

He also served as Managing Director for Sandler O’Neill + Partners in New York and Managing Director for KBW in New York.

Oliver Seidler

“In the first 14 years of PropertyForce history, we built an extraordinary company and brought on talented leaders such as Neil about two years ago. 

"The success we’ve achieved in the past two years under Neil’s guidance has been extraordinary,” said Seidler.

“I have complete confidence in his leadership, and I’m certain Neil will continue to drive the massive growth we’ve seen and will continue to see.”

During Solomon’s time at PropertyForce, he has played an integral role in growing the company’s revenue from about $7 million to $17 million as of December 2021.

 In addition, he helped bring 40 additional jobs to South Florida in 2021 and expects to add another 50 by the end of 2022, increasing the team by more than 600% in two years.

CONTACT:

Yeleny Suarez Brody

305-261-6222

ybrody@evclay.com

Northridge Summit Office Building in San Diego, CA trades for $76 Million

 

 Lynn LaChapelle

SAN DIEGO, CA – JLL Capital Markets has closed the $76.1 million sale of Northridge Summit, a Class A, single tenant office building totaling approximately 130,000 square feet in San Diego, California.

 

JLL marketed the property on behalf of the seller, Davlyn Investments. The asset was purchased by

DivcoWest.

 

The JLL Capital Markets team representing the seller was led by Managing Directors Nick Psyllos and Lynn LaChapelle and Associate Kurt Luedtke.

 

Northridge Summit is located at 12220 Scripps Summit Dr., in the Scripps Poway Parkway submarket along the I-15 Corridor of San Diego.

 

Nick Psyllos 

The I-15 Corridor is home to many of San Diego’s technology and corporate headquarters.

Additionally, the submarket is adjacent to the STEM worker housing communities of choice, including Carmel Valley and Rancho Bernardo.

 

Northridge Summit features highly desirable 43,000-square-foot rectangular floorplates, one level of below grade parking, charging stations and a lush exterior courtyard. Northridge Summit is 100% leased to an AA+ rated technology company.

 

Kurt Luedtke

The property is highly visible from the I-15 freeway and is proximate to numerous shops located within the Scripps Ranch Marketplace.

 

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 sales and advisory, debt advisory, equity advisory or a recapitalization.

Northridge Summit Office Building,
 12220 Scripps Summit Drive, 
 Scripps Poway Parkway submarket
 along the I-15 Corridor of San Diego.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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

 

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

 

CONTACT:

 

 Cierra Lacasse

JLL Associate, Public Relations

Phone: +1 602 648 8701

Email:  Cierra Lacasse@am.jll.com

 

jll.com.

www.divcowest.com

 

Pangea Properties Welcomes Opening of ‘Artists on the 9’ Art Space in Chicago’s South Side Chatham Neighborhood

 Nedra Sims Fears

 

 

 CHICAGO, IL — Chicago-based Pangea Properties (Pangea), through its nonprofit 501(c)(3) community service arm, Pangea Cares, has partnered with The Greater Chatham Initiative (GCI) to launch Artists on the 9, an art gallery and workspace in Chicago’s Chatham neighborhood.

 

Representatives from Pangea and GCI were joined by city and state officials for a ribbon-cutting ceremony on Tuesday, April 26.

 

Located in a Pangea-owned property at 735 E. 79th Street in Chicago, Artists on the 9 is one component of a broader effort to develop the Mahalia Jackson Cultural District.

Dr. Betty Jean Howard

This initiative aims to reclaim vacant storefronts along 79th Street and convert them to fully functional workspaces and galleries for artists in the Chatham area.

 

“Our goals at Pangea include creating and maintaining quality housing for residents of underserved communities and working with local organizations to improve those neighborhoods for our residents,” said Derek Reich, chief operating officer of Pangea Properties.

 “It’s so rewarding for Pangea to be a contributor in the creation of this artists’ space, which can bring new opportunities for connection, personal growth, outreach and education to our residents and the greater Chatham neighborhood.”

 Derek Reich

The 1,400-square-foot storefront features three private workspaces, a gallery, an exhibition room and a kitchen.

Artists on the 9 will also be open to the community for gatherings and events, providing exposure for the artists’ work.

 

Pangea’s construction arm, Motus Construction, served as the construction contractor for the project and fully rehabilitated the formerly vacant space.

 

Artists on the 9 is a unique venture in the underserved Chatham neighborhood. The intent of the space and the ambitious Mahalia Jackson Cultural District initiative is to stimulate economic and social transformation in the area, particularly along the historic 79^th St. corridor.

Artists on the 9, an art gallery
and workspace at 735 East 79th Street 
in Chicago’s Chatham neighborhood.

The space offers a haven for area artists to work and display their art, while simultaneously providing Chatham residents with a gathering space and exposing them to the artists’ work.

 

“Greater Chatham Initiative is thrilled to offer a makerspace for local artisans,” said Nedra Sims Fears, executive director of Greater Chatham Initiative.

 

“Their art provides an injection of beauty, inspiration and cultural representation into the community that is unmatched. We are excited to see the results.”

 Rep. Bobby Rush

The Artists on the 9 project was developed in honor of Dr. Betty Howard, a special education teacher at Gwendolyn Brooks Preparatory Academy.

 

 Dr. Howard was a notable leader in the community and a beloved educator who was fatally shot in 2014 while working at her second job at a real estate office formerly located in the space. 

“From pain and suffering comes community and creativity,” said Rep. Bobby Rush, speaking about the history of the area and hope for the future at the opening of the artists’ space. “This is indeed a renaissance moment.”

Ald. Roderick Sawyer (6th)

“I think that this is going to be the impetus … to make sure that we have cultural events and cultural identity here on 79th Street and all throughout the ward and the South Side of Chicago,” said Ald. Roderick Sawyer (6th). 

“This is going to be a crime fighting initiative … because once people know more about themselves and become proud of who they are, violence decreases naturally.”

About Pangea Properties:

 

Pangea Properties is a Chicago-based private real estate investment trust founded in 2008 by Al Goldstein to provide quality, affordable housing.

Al Goldstein

Pangea Properties acquires value-add apartment buildings and renovates them as workforce housing, investing almost $500 million in 12 years to acquire and rehabilitate almost 13,000 units in Chicago, Indianapolis and Baltimore.

 

About The Greater Chatham Initiative:

 

The Greater Chatham Initiative is an organization charged with developing and driving the implementation of a comprehensive strategy to revitalize the Chatham, Auburn Gresham, Avalon Park and Greater Grand Crossing neighborhoods on Chicago’s south side.

CONTACTS:

Matt Baker, mbaker@taylorjohnson.com

 (312) 267-4512

 

Gretchen Muller, gmuller@taylorjohnson.com, 

(312) 267-4511