Kroger-anchored shopping center in Crawfordsville, IN sells for $18.55 million

Amy Sands

 

 CHICAGO, IL, May 31, 2022 – JLL Capital Markets has closed the $18.55 million sale of Crawfordsville Square, a 273,249-square-foot shopping center anchored by a high-volume Kroger in the Indianapolis suburb of Crawfordsville, Indiana.

 JLL represented the seller, Lamar Companies. Essential Growth Properties acquired the asset.

Clinton Mitchell

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

 Crawfordsville Square is anchored by a strong-performing Kroger, which is the No. 1 grocery chain in the U.S. and recently invested significant capital into the location by adding additional grocery components, enlarging the pharmacy, adding a drive-thru and updating technology.

Michael Nieder

The 95-percent-leased center is also home to a synergistic and pandemic-proof lineup of tenants, including Dunham’s Sports, Burke’s Outlet, H&R Block, Shoe Sensation, Pet Supplies Plus and Burger King.

The center is further complemented by non-owned outparcel pads leased to Starbucks, Jiffy Lube, Applebee’s and more.

 Positioned on nearly 36 acres at 1684 Crawfordsville Square, the shopping center is the dominant retail center within, Crawfordsville, a college town 40 miles northwest of Indianapolis.

Crawfordsville Square, a 273,249-square-foot
shopping center anchored by a high-volume Kroger
in the Indianapolis suburb of Crawfordsville, IN.

Wabash College is five miles from the center, and both DePauw and Purdue University are 30 miles away.

Crawfordsville Square is located along Highway 231, the primary north-south arterial roadway, and surrounded by robust neighborhoods with an average annual household income of $70,000 within a five-mile radius.

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

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 

JLL Capital Markets affordable housing production team hires Leif Olsen

 

Leif Olsen

DENVER, CO, May 31, 2022 – JLL Capital Markets has welcomed Director Leif Olsen to its affordable housing production team. 

Olsen is based in the Denver office and reports to Senior Managing Director Angela Kelcher, who is leading the national affordable housing platform.

Olsen will focus on originating debt and providing capital markets solutions to sponsors both locally and nationally in order to further support growing JLL’s affordable housing business.

Angela Kelcher

 Olsen joins JLL after almost six years as Assistant Vice President of Affordable Originations with Lument Capital, formerly known as Hunt Real Estate Capital.

In this role, he originated multi-housing loans securitized by Fannie Mae, Freddie Mac and HUD and successfully managed over 100 affordable transactions from prescreen through closing.

 “Adding value to our clients starts with attracting top talent and expanding the deep expertise of the JLL affordable housing team,” said Kelcher. “JLL excels in strategic partnerships, innovative structures and leveraging technology to serve the affordable housing industry.”  

 CONTACT:

Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

Next Wave Acquires Two Multifamily Communities Totaling 110 Units in Beaverton, OR for $30.5 Million

 

The Huntley, a 62-unit community
at 12310 SW Center Street, Beaverton, OR 

 Beaverton, OR – Next Wave Investors, LLC (“Next Wave”), a private equity firm focused on value-add multifamily investments, has acquired two multifamily assets in the Portland metro submarket of Beaverton, Oregon for a total of $30.5 million:

 The Huntley, a 62-unit community at 12310 SW Center Street and Parker Apartments, a 48-unit community at 17135 SW Heritage Court.

 

Parker Apartments, a 48-unit community
at 17135 SW Heritage Court, Beaverton, OR

The Huntley was purchased for $18 million and has nine remaining unrenovated units offering the opportunity to create value through premium-level finishes.

 Parker Apartments, which is located approximately three miles from The Huntley, was acquired for $12.5 million and features 12 classic units that Next Wave will modernize.

 The assets are aligned with the firm’s strategy of acquiring multifamily communities in secondary markets poised to benefit from strong area fundamentals and property-level improvements, according to Jordan Fisher, Principal at Next Wave.

 

Jordan Fisher

“The Huntley and Parker are well positioned to capitalize on the growing population and robust employment opportunities provided by the greater Portland metro area,” says Fisher.

 “The Beaverton submarket, in particular, is expected to see average annual rent growth of 7.39% through 2024, as it offers attractive suburban living in close proximity to the urban core.

 "Beaverton is also home to the Nike World Headquarters, which recently opened additional facilities, and will provide opportunistic job prospects for many young professionals.

 "Additionally, Intel is set out to build a $700 million data center, or ‘mega lab,’ in neighboring Hillsboro.”

 

David Sloan

 David Sloan, Principal at Next Wave, adds: “These acquisitions come on the heels of the addition of 492 multifamily units to our Pacific Northwest portfolio last year, exemplifying our expansion into high-growth submarkets in areas like the Portland Metro, where a booming culinary and active outdoor culture continues to attract renters drawn to a high quality of life at lower costs than other West Coast markets.”

 

 CONTACTS:

Tess Hezlep / Anthea Davis

The Smart Agency  

(949) 438-6262

thezlep@thesmartagency.com  

www.nextwaveinvestors.com. 

 

 

Peachtree Promotes Joe Palmer to Vice President, Risk Management

 

Joe Palmer

 

 ATLANTA, GA, May 31, 2022 – Peachtree Hospitality Management ("PHM") announced that the director of people and culture, Joe Palmer, has been promoted to vice president, risk management.

In this newly created role, he will take responsibility for providing the strategic vision for the company's insurance, safety and risk controls. He will also coordinate with other organizational functions to enhance the risk management culture.

Palmer will report to Patrick Short, PHM's president. 

“His leadership and vision will be essential in developing and delivering our risk management programs and further reinforces our commitment to our team members and guests who entrust their health and safety with us,” Short said.

Patrick Short

A graduate of the University of South Florida, Palmer has spent 20 years in human resources for the hospitality industry.

He held leadership positions with Hilton Clearwater Beach Resort, South Seas Island Resort and the Inns of Sanibel, and Streamsong Resort. Before joining PHM in 2019, Palmer provided corporate support for a portfolio of 77 full-service and select-service properties.

For more information, please visit www.peachtreehotelgroup.com and follow them on LinkedIn.

 

 Contacts: 

Charles Talbert

Corporate Communications Director

678-823-7683

ctalbert@peachtreehotelgroup.com

  

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

 

Northmarq Beefs Up Los Angeles, CA Office

 

LOS ANGELES, CA -- Northmarq’s Investment Sales platform continues to grow, with two experienced brokers joining five multifamily brokers in the Los Angeles office. Senior Vice President Mike Hanassab and Senior Vice President Elliot Hassan come to Northmarq from James Capital Advisors along with Associate Broker Sam Krutonog.  Hanassab and Hassan, who both started in the industry in 2004, advise clients in the disposition and acquisition of multifamily properties in Southern California and have extensive knowledge of mid-market and institutional-quality multifamily assets. Having closed over $3 billion in multifamily sales, the team has represented many different investors ranging from private parties to publicly traded REITs. Northmarq now has five offices in the Southern California area: Los Angeles, Westlake, El Segundo, Newport, and San Diego.

Ware Malcomb promotes Matt Chaiken to vice president

 Matt Chaiken 

 

 DENVER, CO, May 31, 2022 – Ware Malcomb, an award-winning international design firm, announced that Matt Chaiken has been promoted to Vice President in the firm’s Denver office.

Chaiken joins the firm’s executive team, oversees the leadership of the Denver office and leads Ware Malcomb’s largest corporate accounts.

“We are appreciative of Matt’s leadership, which has helped us build a strong, connected culture,” said Matt Brady, Executive Vice President of Ware Malcomb.

Matt Brady

“He was an early champion of our civil engineering practice and has an important leadership role with some of our largest corporate accounts.

"We look forward to his contributions for many years to come.” 

Chaiken joined Ware Malcomb as Project Architect in the firm’s Architecture Studio in 2004 and helped build and grow the firm’s architecture and interior design practice in the Denver market.

 

 CONTACTS:

Rachel Devany

VP Public Relations

KCOMM for Ware Malcomb

rachel@kcomm.com

 Maria Rodgers, PR & Communications Manager, 949.660.9128, mrodgers@waremalcomb.com

 

Maureen Bissonnette, Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

 

waremalcomb.com

youtube.com/waremalcomb. 

 

CBRE Predicts Lodging Market Should Recover Fully by 2023: Drive-to and Leisure Hotels Continue to Perform Best

 

Rachael Rothman

 Dallas, TX, May 31, 2022 – CBRE is raising its forecasts of hotel performance for 2022 and beyond, based on Q1 2022 strength, continued slowing of construction activity, higher inflation and continued optimism about employment and economic growth.

 CBRE’s forecasts call for a full recovery in average daily rate (ADR) in 2022 and in demand and revenue per available room (RevPAR) in 2023.  

 

Despite headwinds from the Omicron variant, Q1 RevPAR reached $72.20, up 61 percent from year earlier. RevPAR growth was driven by a 39 percent increase in ADR)and a 16 percent increase in occupancy.

 “To date, there has been no sign that the more than 50 percent increase in gas prices and the stock market’s hovering near bear-market territory are dampening hotel demand,” said Rachael Rothman, CBRE’s Head of Hotel Research & Data Analytics.

 “However, in the past, a steep decline in the S&P 500 and high gas prices have often caused RevPAR growth to decline, which raises the specter of a pullback in RevPAR later this year.

 

 “Despite this possibility, our outlook remains that the market will continue to recover.”

 The May 2022 edition of Hotel Horizons for the U.S. lodging industry, 65 major markets, the six hotel chain scales and six location types can be purchased by visiting: https://pip.cbrehotels.com.

  

 Contacts:

 Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

 

Kris Hudson

Kris.Hudson@cbre.com

 www.cbre.com.

Aventon Companies Breaks Ground on Newest Apartment Development in Orlando, FL

Burk Hedrick

 ORLANDO, FL – Aventon Companies, a prominent, vertically integrated multifamily developer with active projects throughout the mid-Atlantic and Southeast, announced it has begun construction on its fourth apartment community within the Orlando metropolitan market.

 Aventon Opal (above rendering) will be a 308-unit, Class A, multifamily development, meeting Orlando’s rapidly growing housing demand. 

“With home values in Orlando continuing to skyrocket and the market becoming one of the most desirable in the country given its year-round seasonable temperatures and proximity to the nation’s entertainment capital, the need for high-quality housing is at an all-time high,” said Burk Hedrick, Vice President of Development for Aventon Companies.

 “We are excited to deliver another Aventon community which residents are able to proudly call home.”

 Aaron Smith

To realize the development Aventon Companies has elected to partner with PPF Real Estate, a subsidiary of PPF Group, as a co-investment partner.

“PPF Real Estate is enthusiastic about the creation of a joint venture with Aventon Companies, a development firm with a strong track record of success. 

"We look forward to replicating this partnership in other investments in the Sun Belt region,” said Aaron Smith, Managing Director for PPF Real Estate.

The buildings comprising Aventon Opal were designed locally by Scott + Cormia Architecture & Interiors, based in Orlando, while the interiors were created by Beasley & Henley of Winter Park, Florida.

  CONTACT:

Kristen Skladd

586-222-2423

kristen@andersoncollaborative.com

 

www.ppf.eu.

www.aventoncompanies.com.

 

Good Investment Partners acquires Boulder industrial and office portfolio financed with a $27 million loan

 

Hannah Cope

DENVER, CO – JLL Capital Markets has arranged $27 million in acquisition financing for a light industrial and office portfolio comprising six value-add properties totaling 184,462 square feet in Boulder, Colorado.

 JLL worked on behalf of the borrower, Good Investment Partners (GIP), to place the floating-rate acquisition loan with Argentic Investment Management LLC.

 Jason Carlos 

Following their acquisition, GIP plans to enhance the properties within the portfolio and provide best-in-class space for small-to-mid size companies in the market.

 Spanning a total of 13.1 acres, the portfolio is in the heart of Boulder County approximately 10 minutes from downtown. Boulder is experiencing tremendous growth with the recent entry of institutional investors attracted by an educated workforce and university that helps drive innovation and advancement.

The city is currently experiencing the largest volume of venture funding growth in the nation, which is helping to fuel the area into becoming an innovation hub.

William Haass

The buildings are all within the Gunbarrel Industrial submarket, which continues to maintain low vacancy rates and high demand, and directly off the Diagonal Highway, which connects Boulder to the maturing city of Longmont. 

 The portfolio comprises a mix of six single- and multi-tenant buildings at 6797, 6837 and 6899 Winchester Circle (Gunbarrel Technical Center) and 4695, 4697 and 4699 Nautilus Court (Twin Lakes Business Park).

Completed between 1982 and 2001, the 87.8-percent-leased portfolio offers its 23 diverse tenants cost alternative flex space that is proximate to the rapidly growing Boulder MSA

 Ryan Good

The portfolio features clear heights ranging from 13.6 to 20.5 feet slab to deck and high office finish, along with a total of 21 grade-level doors, 19 dock-high doors and ample parking.

 The JLL Capital Markets team that represented the borrower included Directors Jason Carlos and William Haass. Good Investment Partners Managing Partner Ryan Good and Vice President and Partner Hannah Cope led the transaction on behalf of GIP.

 “It is no secret that Boulder’s strong historic fundamentals have been successful in attracting tech companies and a diverse talent pool, all while offering a high quality of life,” Cope said.

 “Boulder’s continued economic growth has put it at the fore front nationally and internationally as a leader in R&D, technology, biotech, manufacturing and other mission-critical operations. 

"We’re confident this portfolio will benefit from a disproportionate share of economic growth as demand continues to outstrip supply across the industrial sector.” 

 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

T +1 713 852 3420

M +1 832 244 9994

JLL.com

goodinvestmentpartners.com.

 

JLL Capital Markets completes $31 million sale-leaseback of Class A manufacturing facility in Holliston, MA to Lincoln Property Co. and Web Industries

 

Martha Nay 

 

BOSTON, MA – JLL Capital Markets closed the $31.4 million sale-leaseback of the 85,000-square-foot, state-of-the-art manufacturing facility at 220 Hopping Brook Rd. in the Boston-area suburb of Holliston, Massachusetts.  

 Michael Restivo

 JLL marketed the property on behalf of the seller, Web Industries, who executed a 10-year sale-leaseback at market rent upon sale.

The JLL Capital Markets Investment Sales Advisory team was led by Senior Director’s Michael Restivo and Martha Nay and Director Lenny Pierce, with support from JLL Brokerage’s Managing Director Neil Ross.

 “This was an excellent opportunity for Lincoln to acquire a Class A manufacturing facility, while Web Industries was able to cash in on a hot industrial market to reinvest money back into their core manufacturing business,” Restivo said.

Lenny Pierce

Lincoln Property Company, in partnership with Stockbridge, acquired the asset through a very competitive bidding process.

220 Hopping Brook Rd. was originally built by Web Industries and has been their greater Boston home for more than 20 years.

Web Industries is a 100% employee-owned company and market-leading provider of comprehensive outsource manufacturing and precision converting services in the aerospace, medical, personal and home care sectors.

Neil Ross

The building has served as a mission-critical part of the tenant’s operation, and they have invested significant capital into its transition from a traditional manufacturing facility into a GMP-ready asset with BSL-2 lab space, dry rooms, mezzanine and more.

 Positioned on 13.47 acres, 220 Hopping Brook Rd. is well located within Holliston’s premier industrial park.

This location provides easy access to both Interstates 495 and 90 and gives tenants in the park a deep bench of nearby talent from which to recruit.

 In recent years, the 495 Corridor has become a hot bed for GMP and manufacturing users, as the shift from traditional R&D demand to production has created an unprecedented amount of tenant demand requirements.

 

CONTACT:

Kimberly Steele

PR, Capital Markets

Agency Leasing and

 Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 stockbridge.com

 LPCBoston.com