Investor purchases open-air retail center in Indiana

Orchard Crossing, a 130,100-square-foot,
 open-air, Target-shadow-anchored retail
center located in Fort Wayne, IN

 

CHICAGO, Aug. 11, 2022 – JLL Capital Markets announced today that it has closed the sale of Orchard Crossing, a 130,100-square-foot, open-air, Target-shadow-anchored retail center located in Fort Wayne, Indiana. The price was not disclosed.

Amy Sands 

JLL represented the seller, DRA Advisors, and procured the buyer, LBX Investments.

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

Clinton Mitchell 

Built in 2008, the 99-percent-leased Orchard Crossing is anchored by Hobby Lobby and Barnes & Noble, which both recently entered new leases, as well as Dollar Tree and Five Below.

Additionally, the property is shadow anchored by a Target that has generated 1.3 million visitors in the past 12 months.

Located at 902 S. Thomas Rd., the property is located at the hard corner of Illinois Road and South Thomas Road, which experienced a 35,000 vehicles per day count.

Michael Nieder

The center benefits from an affluent customer base with an average household income of $95,806 within the area.

 Orchard Crossing Shopping Center holds a dominant market position due to its location directly across from Jefferson Pointe Shopping Center, which had just under five million visits in the past 12 months.

 CONTACT:

  Jenna Sharp, Associate, Public Relations

Phone: +1 214 394-3356

Email:  Jenna.Sharp@am.jll.com

 http://draadvisors.com

JLL Capital Markets arranges$45 million sale of 193,850-square-foot Tel Twelve retail center in Southfield, MI

 Amy Sands

 

 CHICAGO, IL – JLL Capital Markets has closed the $45 million sale of Tel Twelve, a 193,850-square-foot, open-air, retail center located within the Detroit MSA in Southfield, Michigan.

 JLL represented the seller, RPT Realty, and procured the buyer, Kaufman & Jacobs, LLC, a Chicago-based real estate private equity firm.

Clinton Mitchell

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

Built in 1968 and renovated in 2005, the 97.8-percent-leased Tel Twelve is anchored and junior-anchored by Best Buy, Ulta, DSW, PetSmart, BuyBuy Baby and Michaels.

Michael Nieder

Shadow anchors include Meijer and Lowe’s, driving additional traffic to the site.

 Additionally, the newly developed Chick-Fil-A outlot recently entered a 15-year ground lease. Over the last 12 months, the site has seen 4.8 million visitors.

 Located at 28400 Telegraph Rd., Tel Twelve is situated at the intersection of Telegraph Road and 12 Mile Road, two of the heaviest traveled roads in southeast Michigan with a total of 100,000 vehicles per day.

The property is just 20 miles northwest of downtown Detroit and .5 miles away from I-96. The center benefits from the 62,856 residents within a three-mile radius.

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

 

CONTACT:

 

 Jenna Sharp, Associate, Public Relations

Phone: +1 214 394-3356

Email:  Jenna.Sharp@am.jll.com

 rptrealty.com.

 

 

The Keyes Company’s Martin Hoffman and MaryEllen Closius Close $14.6 Million Land Sale in Northwest Miami-Dade County

 

MaryEllen Closius

 Miami, FL – The Keyes Company’s Martin Hoffman, P.A. and MaryEllen Closius, P.A., a prolific broker tandem based in the firm’s Hollywood office, closed the sale of two Miami-Dade County lots for a total of $14.6 million. 

The duo made the all-cash deal happen in just 12 days, and the 10-acre parcels sold for $2.6 million above the $12 million list price.

 

KZ Capital LLC purchased the 13425 NW 182nd St. and 18201 NW 137th Ave. properties. The buyer plans to develop a first-class truck parking project on the site, which is located near Hialeah and just east of US-27.

Martin Hoffman

 Hoffman and Closius represented both sides in the transaction. The brokers, who have a combined 60-plus years of real estate sales experience, had an existing relationship with the seller.

 

“We leveraged our relationships to facilitate this land sale in less than two weeks and well above the list price,” Closius said. “The scarcity of developable land in Miami-Dade and Broward counties makes sites like these particularly desirable.”

 

In 2008, Hoffman merged his 50-agent office into the Keyes Hollywood office. Shortly after, he met Closius, who at the time was a relocation specialist at Keyes. They decided to join forces, and have since become fixtures among the firm’s top producers across Miami-Dade and Broward counties.

 

Miami-Dade County territories

“We complement each other extremely well,” Hoffman said. “That has enabled us to expand our specialties to include selling and leasing residential, commercial and development sites. We take care of everyone from first-time homebuyers to experienced commercial real estate investors.”

 

To date, Hoffman and Closius rank as the Hollywood office’s No. 1 seller in 2022, based on a closed volume of $33.65 million (Keyes considers couples as individual brokers when comparing sales output).

CONTACTS:

 Eric Kalis and Daniel Benjamin, BoardroomPR

ekalis@boardroompr.com or dbenjamin@boardroompr.com

954-370-8999

www.hoffmanandclosius.com.

 

EverWest Sells Denver Tech Center Land for $23 Million for Planned Multifamily Development

 Krystal Arcenaux

  

 DENVER, CO – Denver-based commercial real estate firm EverWest Real Estate Investors has sold a 6.31-acre site in the heart of the Denver Tech Center submarket, for the planned development of a new Class A, mixed-use multifamily community.

At $23 million, the sale underscores the ongoing demand for metro Denver multifamily product.

The land site is located at 7700 S. Chester St. in Centennial, minutes from the I-25 / Dry Creek Road interchange and less than 15 miles south of downtown Denver.

Martin Roth 

 It was owned by a joint venture between EverWest and Independencia Asset Management.

“This is a superior transit-oriented site, located adjacent to light rail and surrounded by office development, which provides built-in residential renter demand,” said EverWest Executive Vice President Krystal Arcenaux.

“These fundamentals, along with Denver’s ongoing strong job growth, create a prime scenario for the new landowner and their multifamily development plans.”

Eric Roth

Martin Roth and Eric Roth of CBRE represented EverWest and Independencia in the sale transaction.

The Denver Tech Center submarket serves as a major urban / suburban commercial hub, home to notable Fortune-level employers and at the center of a highly educated employee pool.

CONTACT:

 Stacey Hershauer

focusAZ 

 P 480.600.0195

www.focusaz.com

  www.everwest.com.