TPG/Marshall Hotels & Resorts Names Douglas Osborne General Manager of 20-Room 1715 on Rittenhouse, A Boutique Hotel in Philadelphia, PA

 Douglas Osborne

 

 PHILADELPHIA, PA—TPG/Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, announced Douglas Osborne has been named general manager of the 20-room 1715 on Rittenhouse, a Boutique Hotel, located in the heart of Philadelphia's affluent Rittenhouse Square neighborhood.

“A twenty-plus year hospitality operations veteran with nearly a decade of that experience in Philadelphia, Douglas is the ideal leader to take the hotel to the next level while ensuring improved guest satisfaction and strong financial performance,” said Mike Marshall, president and CEO, TPG/Marshall Hotels & Resorts. 

Mike Marshall

“With the completion of its multi-million dollar renovation, 1715 on Rittenhouse, a Boutique Hotel, has achieved ‘like-new’ status that makes it the ideal destination for upscale visitors seeking a truly unique Philadelphia experience. 

"While 1715 on Rittenhouse is very much a hotel, with each room boasting its own theme, the guest experience is more akin to staying in a luxury Philly townhouse with each room uniquely decorated to give guests a distinctive experience for their stay.”

Most recently, Osborne was clubhouse manager of the Germantown Cricket Club where he built relationships with affluential guests that had major ties within Philadelphia’s marketplace.

 

  CONTACT:

Chris Daly, media

DG Public Relations

(703) 864-5553

chris@dalygray.com

 

Plaza Advisors brokers sale of Oakhill Village Shopping Center near Orlando International Airport.

Oakhill Village shopping center,
 a 103,427 square foot grocery
anchored plaza located 10 miles
 northwest of Orlando International Airport. 

 

 Plaza Advisors is pleased to announce the sale of the Oakhill Village shopping center. The 103,427 square foot grocery anchored plaza is located ten miles northwest of the Orlando International Airport. 

The price was not disclosed

Alejandro Silbestein 

The property is situated at the intersection of Hiawassee Road and Old Winter Garden Road and features a combined traffic count of 54,500 AADTC.

 Oakhill Village was constructed in 1989, is situated on 11.43+/- acres and was 99% occupied at the time of the sale.

The property is anchored by Dollar General pOpshelf. The trade area is largely built-out with considerable barriers to entry and contains over 120,000 residents in a three-mile radius.  

 Oakhill Village Associates LTD was the seller of the asset. Escape 22 Oakhill, LLC acquired the center. Plaza Advisors represented the seller. Alejandro Silbestein of Resma LLC represented the offshore investor.

   CONTACT:

www.plazadvisors.com

 Jim Michalak

Managing Partner

Plaza Advisors

 

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 1

Fax 831.2627

jim.michalak@plazadvisors.com

 

 

 

JLL Capital Markets sells 250,000 SF office building in Northern NJ

 

Grace Braverman

MORRISTOWN, NJ, Aug. 3, 2022 – JLL Capital Markets announced today that it has completed the sale of Westgate, a vacant, 250,000-square-foot office property in Basking Ridge, New Jersey. The price was not disclosed.

Westgate is located at 477 Martinsville Road
 in the affluent community of Basking Ridge,
 which has an average household
income of $212,127

 JLL represented the seller, and procured the buyer, Edgewood Properties, who is actively seeking a tenant for the property.

Jose Cruz

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jose Cruz, Kevin O'Hearn and Sean Ryan, Managing Directors Steve Simonelli and Michael Oliver and Vice President Grace Braverman.

 

According to O’Hearn, “Westgate is a trophy asset which should benefit from the ‘flight-to-quality’ tenant trend we’re currently seeing in the market.”

 

 

Completed in 1991, Westgate previously served as the headquarters for Everest Reinsurance before they relocated to larger space at nearby Warren Corporate Center.

 Kevin O'Hearn 

The two-wing layout, each with separate entrance and elevator bank, with a dramatic full-height central lobby, provides a wide range of space flexibility.

 

 In addition, the four-story, granite-clad building features in-demand tenant amenities, including large private balconies, full-service cafeteria, modern fitness center, large terrace overlooking a picturesque fountain pond, conference room space, several generators, and a sprawling 34.6-acre site with manicured landscaping.

 

Westgate also features a 116-space parking garage and plentiful surface parking.

Sean Ryan

The property is located at 477 Martinsville Rd. in the affluent community of Basking Ridge, which has an average household income of $212,127, and is home to a variety of major corporations and pharmaceutical companies as well as the Memorial Sloan Kettering Cancer Center next door.

 

 In addition, the immediate area surrounding Westgate is highly amenitized with numerous restaurants and cafes, national hotel chains, recreation and entertainment options.

 

Westgate is also in close proximity to area highways, including Interstates 78 and 287 and Route 22, and to the Lyons N.J. Transit station providing connections to New York City and throughout the state.

Steve Simonelli 

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.

 

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 JLL

Michael Oliver 

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

 JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

 

  CONTACT:

Kristen Murphy, JLL Director, Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

 

MCA Realty expands into Sacramento, California and Salt Lake County, Utah markets with purchase of two assets totaling nearly $14 million

 Tyler Mattox

 

 ORANGE COUNTY, CA – MCA Realty, a full-service real estate investment and management company based in Orange County, California, has announced the completion of its ninth and tenth acquisitions since deploying the MCA Realty Industrial Growth Fund, LP.

 The firm’s most recent purchases include a small-bay industrial portfolio in Sacramento, California and a multi-tenant industrial building in Salt Lake County, Utah for a total consideration of $13.8 million.

 According to Tyler Mattox, Principal at MCA Realty, the Sacramento and Salt Lake County properties are the first assets acquired by MCA Realty in their respective submarkets.

 “Both the Sacramento and Salt Lake County markets are displaying favorable long-term outlooks,” says Mattox.

“Even amidst recession conversations, these markets appear resilient, so we are confident about the potential of our latest acquisitions.” 

 The firm has expanded significantly into new markets since deploying its growth fund at the end of 2021.

 Mattox adds. The $50 million fund, raised in just three months, has been utilized to acquire a total of 10 assets to date.

  CONTACT:

 

Katie Haga

The Smart Agency, Inc.

(949) 438-6262

khaga@thesmartagency.com

Despite record inflation, RECI notes the economy moving upwards

 

John Oharenko

Chicago, IL – The Real Estate Capital Institute® reports the American economy continues moving forward at a healthy pace based on strong corporate earnings and low unemployment.

 The Real Estate Capital Institute® director, John Oharenko, states, "Even as interest rates climb, overall real estate pricing remains attractive based on a limited supply of product, which is exacerbated by extremely costly new construction."

 As a result, last month's Fed meeting resulted in three-quarters of a point.  The Fed announced that additional rate hikes are possible as the central bank attempts to tame a 40-year-high inflation rate.

  The stock market anticipated this rate hike, and the benchmark ten-year treasury dropped, hovering in the 2.75% +/- range. 

 Furthermore, the yield curve remains inverted, as markets expect some correction, perhaps even a mild recession.  High inflation persists, but the pressure may ease.

Commercial real estate capital markets readily absorb higher borrowing costs.  However, substantial pricing discounts for bargain hunters remain out of reach, particularly for multifamily and industrial assets. 

 

 Discounting of 10% to 15% from a year ago is considered a "fair" transaction.  However, most institutional properties continue showing strong performance, resulting in little need for lowering prices. 

And even as mortgage rates and expenses rise, owners benefit from rising rents, staying in step with inflation. 

 

For comparison, the best rates for longer-term permanent loans were in the 3.5% range at the beginning of this year, while today's best rates fall in the 4.5% range. 

 

Even as the best quality assets remain competitively priced, challenged property types, such as shopping centers, enjoy a price recovery of as much as 20% or more. 

 

 Over the past five to ten years, retail assets continued declining as shoppers moved to internet sales. 

 

As sales tax loopholes disappear and shipping costs climb, consumers gradually return to brick-and-mortar facilities for shopping needs.  While major malls plagued by obsolete footprints remain undesirable, small retail strip centers are making a comeback as part of this trend. 

 

Also, developers continue to build residential communities on large mall sites as part of denser urban and suburban planning, so financing for such ventures is readily available.

 

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 

Executive Director

john.oharenko@reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

director@reci.com / www.reci.com

 

Seniors housing community near Phoenix, AZ secures $10.5 million refinancing

 

Alanna Ellis

                          

PHOENIX, AZ – JLL Capital Markets has arranged a $10.572 million refinancing for Countryside Living, a 40-unit, 42-bed, newly built assisted living and memory care community in Queen Creek, Arizona.

 JLL worked on behalf of the borrower, a venture between American Care Concepts and private investors, to originate the 10-year, fixed-rate Fannie Mae loan.

 Brad Miner

The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. 

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Brad Miner, Director Alanna Ellis, Vice President Martin Mbeteni and Analyst Zach Brantley.

Completed in 2020, Countryside Living features a wide variety of on-site amenities, including an outdoor courtyard, comfortable living areas, indoor and outdoor fireplaces, dining areas, walking paths, aquariums, salons, an open kitchen and pristine outdoor views.

Martin Mbeteni 

Additionally, the community offers resident-focused activity schedules, enriching therapies, cognition and physical fitness programs, group outings and equine therapy facilities. The property’s one- and two-bedroom units range from 344 to 515 square feet.

 Situated on 2.48 acres at 22773 E Ocotillo Rd. in a growing suburb southeast of Phoenix, Countryside Living offers convenient access to the cities’ amenities as well as a rural atmosphere.

Additionally, the property is just a few miles from Banner Ironwood Medical Center, The Links Queen Creek Golf Course and Ocotillo Trails Marketplace.

 The 75+ population within a five-mile radius of the community is expected to increase 4.34% per year through 2026, outpacing the national 75+ growth rate by 20 bps.

Countryside Living, a 40-unit, 42-bed, newly built
assisted living and memory care community
 in Queen Creek, AZ

In addition, median household incomes within the same radius are significantly greater than the national levels for each cohort, and the median housing value within a one-mile radius is over 38% greater than the national median.

Country Living benefits from these demographics as the only senior living facility in Queen Creek with their nearest competitor roughly 10 miles away.

 Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

 

 CONTACT:

 

Cierra Lacasse,

JLL Associate,

Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

 jll.com