Wednesday, May 18, 2022

Regency Centers Receives Green Lease Leaders Gold Recognition for Sustainability

Lisa Palmer

JACKSONVILLE, FL, May 18, 2022 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) is pleased to announce that it has been included in the 2022 Green Lease Leaders list with Gold recognition, granted by the Institute for Market Transformation and the U.S. Department of Energy’s Better Buildings Alliance.

“We are proud to be recognized for our efforts to further incorporate our goals for environmental stewardship into our day-to-day operations,” said Lisa Palmer, President and Chief Executive Officer.

“We continue to partner with our tenants, and all other stakeholders, to collectively embrace greener initiatives and work toward a more sustainable future.”


This award sets national standards for a green lease while recognizing landlords and tenants who modernize their leases to spur collaborative action on energy efficiency, cost savings, air quality, and sustainability in buildings.

Throughout the years, Regency Centers has made great efforts to reduce environmental impacts through high-performing buildings and strong partnerships with participating tenants.

  CONTACT:

Christy McElroy
904 598 7616
ChristyMcElroy@RegencyCenters.com 

RegencyCenters.com.

JLL Capital Markets closes sale of 18-acre site for a future GMP facility near Boston, MA

 

Martha Nay

 BOSTON, MA, May 18, 2022 JLL Capital Markets has closed the sale of Billerica Crossing, an 18-acre land site in the northern Boston suburb of Billerica, Massachusetts.  The price was not disclosed.


 Brian Morrissey
JLL marketed the land site on behalf of the seller, Cabot Corporation, who will continue to operate its flagship R&D facility on the adjacent parcel. 

 

Boston-based Berkeley Investments, Inc. acquired the asset and plans on developing a 200,000-square-foot, purpose-built GMP facility.

 

The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Brian Morrissey, Senior Directors Michael Restivo and Martha Nay, Director Lenny Pierce and Associate David Coffman.


Michael Restivo 

“This represented an excellent opportunity for Cabot Corporation to divest excess land, while allowing Berkeley Investments to continue to build out their strong life science development platform,” Restivo said.

 Billerica Crossing is well located on Concord Road adjacent to Middlesex Turnpike and right off of Route 3; within one of Boston’s premier high tech and life sciences clusters.

 

 Driven by the highly educated labor pool residing along the Route 3 corridor, Billerica has emerged as “ground zero” for many of the world’s strongest and most innovative companies including those in real need of biomanufacturing space.


Lenny Pierce

The site also provides connectivity to Interstates 95 and 495, which provide easy access into Boston with a 25-minute drive.

 

“Berkeley continues to broaden its life science and cGMP platform, and we were thrilled to work with JLL and Cabot Corporation to unlock the potential of what we see as a strategically located site within the well-established Billerica corridor while also meeting the growing needs of our tenants for cGMP space,” said Berkeley’s Director of Development Morgan Pierson.


Morgan Pierson
More capital flowed into the life science eco-system in Greater Boston in 2021 than any other year. 


Accordingly, the GMP market demand has grown rapidly, with increased demand from Boston-based life science companies that require manufacturing facilities near their research and development operations and corporate headquarters. 


However, supply has been limited, with few options for conversions and little new construction development, which has pushed asking rents well north of $60 triple net leased for this market.




CONTACT:

 


Kimberly Steele

PR, Capital Markets,

 Agency Leasing and

Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 

Virginia Spencer of Illustrated Properties Recognized by Executive Women of the Palm Beaches Foundation, Inc as 2022 Women in Leadership Honoree

 

Virginia Spencer (left) and Christina Pappas, vice president, Keyes

 PALM BEACH, FL – The Executive Women of the Palm Beaches Foundation, Inc. recognized Illustrated Properties General Manager Virginia Spencer as a 2022 Women in Leadership Honoree during its 38th annual Women in Leadership Awards Celebration.

 Spencer was among four others who received this prestigious award on April 21.

 She has about 25 years of experience as Illustrated’s general manager, overseeing the activities of the company’s 650 agents across 20 offices.

 The Executive Women of the Palm Beaches Foundation was founded in 1982 by senior professional and executive women in Palm Beach County to support and advance women in business and community leadership.

  CONTACT:

 

Daniel Benjamin

Senior Account Executive

 BoardroomPR

O 954-370-8999

C 954-618-8287

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

 


JLL’s Valuation Advisory group forms dedicated data center team led by Stuart Miller

 Stuart Miller
 

 CHICAGO, IL – JLL Valuation Advisory has promoted Senior Vice President Stuart Miller to lead a new, dedicated data center practice that is part of the alternative real estate assets experiencing massive demand.

 “Alternative real estate asset classes like data centers have been the darlings of commercial real estate for the last few years, propelling both user and investor demand for data centers to new heights in 2021,” said Tony Lenamon, Americas Head of Valuation Advisory.

 

Tony Lenamon
“Having a dedicated Valuation Advisory group led by Stuart to is allowing us to serve the growing needs of our clients who are already data center owners or looking to be part of this strong-performing sector.”

 U.S. property valuation and tax consulting services are performed by JLL Valuation & Advisory Services, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

 





CONTACT:

 

 

Kimberly Steele

PR, Capital Markets,

Agency Leasing and

Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 

 

 

Chatham Lodging Trust Announces Sale of Four Hotels

Jeffrey H. Fisher


WEST PALM BEACH, FL Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, announced the closing of the sales of four hotels comprising 537 rooms for aggregate proceeds of approximately $80 million.

 Including near term capital expenditure requirements, the aggregate sales proceeds would equate to an approximate 2 and 6 percent capitalization rate on net operating income for 2021 and 2019, respectively. The four hotels comprise the following:

  • 180-room Hilton Garden Inn, Burlington, Massachusetts
  • 100-room Courtyard by Marriott Houston West University
  • 120-room Residence Inn by Marriott Houston West University
  • 137-room Homewood Suites by Hilton Dallas Market Center

  • 180-room Hilton Garden Inn, Burlington, MA



 

Burlington

 

CY West U

 

RI West U

 

HW Dallas

 

Year Built

1975

 

2004

 

2004

 

1998

 

2021 RevPAR

$31

 

$60

 

$64

 

$80

 

2019 RevPAR

$110

 

$94

 

$85

 

$97

 

CAPEX (2022-2023)

~$7mm

 

~$4mm

 

<$1mm

 

<$1mm

 

 

“We want to recycle capital out of older assets into newer hotels with higher growth prospects.  The sale of these four hotels is a giant step towards reducing the average age of our portfolio and providing ample liquidity for future growth,” highlighted Jeffrey H. Fisher, Chatham’s president and chief executive officer. 

“These are home-run transactions. We have emerged from the pandemic with a stronger balance sheet and have the capacity to make value-enhancing acquisitions and generate incremental distributable cash flow,” Fisher concluded.

Contacts:

Dennis Craven (Company)                                        

Chief Operating Office

(561) 227-1386    


 Chris Daly (Media)

DG Public Relations

 (703) 864-5553