JLL Capital Markets closes $9 million sale of a 180-unit multi-housing development site in Sarasota, FL

Rendering of planned180-unit apartment
development site at 3045 Broadway
 Avenue in Sarasota, FL

 

 TAMPA, FL – JLL Capital Markets has closed the $9 million sale of an off-market, shovel-ready, 180-unit apartment development site in Sarasota, Florida.

Noah Leon

JLL represented the seller, a joint venture between Defined Companies, co-founded and led by Noah Leon and Steven Guasch, and Nadeb Investment Group, led by President Eben Mensah. Arlington Properties, Inc. acquired the asset.

Steven Guasch

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Director Simon Banke and Managing Director Zach Nolan.

 Prior to the sale, Defined and Nadeb secured all entitlements, approvals and permits for the development of a five-story 180-unit apartment community.

The project will feature one- and two-bedroom floor plans, as well as an expansive amenity base that includes a double-volume resident clubhouse and leasing center, an indoor/outdoor fitness center with a dedicated yoga room, resort-style pool deck with an outdoor pavilion, an indoor/outdoor gaming area, resident coworking spaces and private offices, a dog park, a Zen courtyard with lush landscaping and a calming water feature and an intimate gazebo overlooking the pond and conservation area.

Simon Banke

Situated at 3045 Broadway Ave., the property allows residents convenient access to U.S. Route 301, University Parkway and I-75.

Additionally, the site is less than five miles from downtown Sarasota and less than three miles from Sarasota Bradenton International Airport.

“This project was very special to us as it aligned with our core values of being socially and environmentally conscious developers," according to a statement by Leon and Guasch of Defined. 

Zach Nolan

"Our team worked alongside the respective governmental agencies to identify and propose creative solutions to a multitude of unique site constraints, creating value on land once considered ‘undevelopable’ by others. 

Eben Mensah

"We were able to accomplish the preservation of wetlands and incorporation of attainable housing, while maintaining our high-quality design standards. 

"It is with great pleasure that we pass the torch to Arlington Properties, and we look forward to their success,”

 CONTACT:

Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com

www.DefinedCos.com.

www.arlingtonproperties.net.

jll.com.

 

JLL Capital Markets arranges $32 million construction financing for the 143-unit The Rail at Bound Brook apartments located in an Opportunity Zone in Bound Brook, NJ

Rendering of The Rail at Bound Brook,
 a planned 143-unit, mid-rise apartment
 community in Bound Brook, NJ

 

 MORRISTOWN, NJ – JLL Capital Markets has arranged $32.45 million in construction financing for The Rail at Bound Brook, a to-be-constructed, 143-unit, mid-rise, transit-oriented, Class A apartment community located within an Opportunity Zone in Bound Brook, New Jersey.

 JLL represented the sponsorship, a joint-venture between Denholtz Properties and Redwood Real Estate Group, to secure a three-year, floating-rate loan through Citizens.

Michael Klein 

 The six-story The Rail at Bound Brook will feature studio, one- and two-bedroom floorplans with designer kitchens, large windows, walk-in closets, nine-foot ceilings, stainless steel appliances, in-unit full-size washers and dryers, balconies and large terraces in select units and an average size of 811 square feet.

Community amenities will include a large lobby, a resort-style furnished courtyard with lounge areas, an upscale 4,030-square-foot club suite, a game room, yoga studio, a co-working space and garage parking. Additionally, the property will offer 650 square feet of retail space and 149 parking spaces.

 Located at 100 Hamilton Street within Somerset County, the site is in downtown Bound Brook across the street from the Bound Brook Train Station, adjacent to the Brooks Art Center and proximate to numerous shops and restaurants.

Jon Mikula

 The community will offer exceptional access to Central and Northern New Jersey via nearby highways, including I-287, I-78 and Route 22.

Additionally, the site is approximately 34 miles west of New York City and is walkable to commuter rail service to Manhattan.

 The Rail at Bound Brook’s location is further enhanced with downtown’s designation as a Transit Village by the New Jersey Department of Transportation.

 The JLL Capital Markets team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice President Michael Lachs.

 “Bound Brook has experienced a resurgence of new multi-housing development as demand continues to outweigh supply. The Rail at Bound Brook will provide best-in-class amenities and luxury,” said Mikula.

 

 Michael Lachs.

“JLL is pleased to have secured construction financing for the sponsorship.  

"This is a transformational project for the market, and we look forward to watching the development progress,” added Klein.

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

 

 CONTACT:

Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com

thorequities.com. 

www.denholtz.com.

 

JLL Capital Markets handles $47 million acquisition financing for a 330,000-SF warehouse/distribution facility located at 153 Linden Street. in Passaic, NJ

 

 David Sitt

 MORRISTOWN, NJ – JLL Capital Markets has secured the $47 million acquisition financing of a 330,000-square-foot warehouse/distribution facility in Passaic, Passaic County, New Jersey.

 JLL worked on behalf of the borrower, Thor Equities Group, to secure the three-year, floating-rate loan through Tremont Realty Capital.

 153 Linden St. is segmented into a 115,000-square-foot section with 27-foot clear heights, a 163,000 square foot section with 16-foot clear heights and 52,000 square feet of outparcel buildings.

The property is currently home to Waitex Group International, a third-party logistics tenant, who uses the site as a distribution/warehouse facility.

Peter Rotchford

The facility boasts 17 dock-high doors with two internal docks, two drive-in doors and 36 trailer parking spots.

 The facility is located in the Route 3/ GSP industrial submarket, which is a desirable market for distribution and warehouse users, as well as last-mile distribution users due to its proximity to major Northern New Jersey thoroughfares and New York City.

The property has exceptional access to key highways including I-80, Route 46, Route 19, Route 3, Route 21, the Garden State Parkway and the New Jersey Turnpike.

Matthew Pizzolato 

Newark Liberty International Airport and The Port of New York and New Jersey are also near the warehouse.

 The JLL Capital Markets Debt Placement team representing the borrower was led by David Sitt, Peter Rotchford, Matthew Pizzolato and Ryan Carroll.

 “Even with the recent volatility in the capital markets, we continue to see strong interest from the lending community for well-located, institutional quality industrial assets,” said Pizzolato. 

 Ryan Carroll

“Tremont Realty Capital provided attractive terms that will allow Thor to execute their business plan.”

 CONTACT:

Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com

thorequities.com. 

 

BLP Expands Its Central Region Footprint with Dallas-Fort Worth Class A Industrial Acquisition

 

Connor Tamlyn

DALLAS, TX  -- Thanks to its boots-on-the ground approach and strong local relationships stemming from its newly established regional headquarters in Dallas, Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), has acquired 804 W. Shady Grove Road located in Grand Prairie, Texas.

804 West Shady Grove Road, Grand Prairie, TX

The 203,430 SF Class A building is a recently delivered, highly functional asset located in DFW’s infill Great Southwest (GSW) submarket.

Kurt Griffin 

 Situated on 12 acres, the building offers modern specs including a 32’ clear height, 180’ truck court, 42 dock high doors, two ramps, 49 trailer storage spaces and a 0.45 parking ratio. With a front load configuration, the building is divisible into two suites. 

 

“We are thrilled to add this brand new, Class A asset to our growing portfolio of infill logistics properties in global gateway markets," said Connor Tamlyn, Managing Director in BLP’s Dallas, Texas office.

 

Nathan Orbin

 "This acquisition is a testament to our team’s deep local relationships and focus on acquiring functional logistics assets in supply-constrained markets.”

 

The seller was represented by Kurt Griffin and Nathan Orbin of Cushman & Wakefield.

BLP considers Dallas Fort-Worth to be a key global gateway logistics market in the U.S., and  has established one of its four regional headquarters in the city.

 

Jay Cornforth

Beyond Dallas, BLP has a geographic presence via three other offices - Los Angeles, New Jersey and Atlanta. 

The company was established in June 2021 when Jay Cornforth, Chief Executive Officer, and Brian Gagne, Chief Investment Officer, left Brookfield to start the logistics division of Bridge Investment Group.

 

The BLP team is fast-growing and consists of 33 dedicated investment and business professionals across several disciplines.

 

Brian Gagne

The team successfully works to combine its operational and development DNA with deep customer, owner and broker relationships, which all played a key role in the successful acquisition of 804 W. Shady Grove 

Road and other key properties where demographic growth and shifts in consumer behaviors are dramatically increasing the demand for infill assets.

Since the formation of BLP, Connor Tamlyn and the Central team have already acquired three properties and four development sites totaling 1,338,871 square feet, and are managing a growing pipeline of assets currently under agreement. 

 CONTACT:

Stacey Kaszton Jones

LaVoz Marketing

stacey@lavozmarketing.com

 

JLL adds office investment sales advisory leader Jeremy Neuer in New Jersey

 

Jeremy Neuer

MORRISTOWN, NJ –– JLL Capital Markets announced today that Jeremy Neuer has joined the team as a Senior Managing Director in its New Jersey office.

 “We are thrilled to have one of the Tri-State areas most active and respected advisors on our team,” said Jose Cruz, Senior Managing Director and co-head of JLL’s New Jersey Capital Markets team.

“Jeremy’s market knowledge, drive and creative deal making skills will serve to help our clients on multiple levels.” 

 Neuer will focus on office investment sales advisory transactions in New Jersey and the Tri-State area. He joins JLL from a global commercial real estate firm where he co-led the New Jersey Capital Markets group for the last five years.

Jose Cruz

Neuer has been a leader in the New Jersey market, closing some of the largest and most prestigious suburban office sales in New Jersey in 2018, 2019 and 2020, including Park Avenue at Florham Park, which was the largest suburban sale in New Jersey since 2008.

 “Jose and I have known each other for more than 20 years, and I am both extremely excited and honored to be joining the premier team in the market,” Neuer said. “The depth of the team, the platform and, most importantly, the culture in place were major drivers in my decision to join JLL.”

 

 CONTACT:

Kristen Murphy

Director

 Public Relations, Americas

JLL

One Post Office Square

Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 jll.com

 

JLL arranges $387.5 million sale of 408-unit New York City multi-housing community

 

Joy Ryoo

NEW YORK, NY – JLL’s Capital Markets group has closed the sale of a $387.5 million multi-housing community comprised of 408 market-rate units and 9,693 square feet of commercial space located at 685 1^st Ave. in the Murray Hill neighborhood of Manhattan. 

685 1st Ave. is part of a larger, six-property, 1,766-unit portfolio that JLL recently marketed.

Multi-housing community comprised
of 408 market-rate units and 9,693 SF
 of commercial space located at
 685 1^st Avenue. in the Murray Hill
neighborhood of Manhattan. 

 

JLL exclusively represented the seller, Solow Building Company, and procured the buyer, GO Partners, a joint venture between Josh Gotlib and Meyer Orbach.

Josh Gotlib 

GO Partners additionally brought in other syndicated private partners and procured financing from a relationship bank.

 Built in 2018, the 43-story, 460-foot-high community consists of 408 rentals on the lower 27 floors and 148 one- to four-bedroom condominiums on the top 16 floors.  Community amenities include a fitness center, swimming pool, co-working lounge, media room, valet parking, cold storage and a children’s playroom.

Meyer Orbach.

Situated in Murray Hill, the community is located just south of the United Nations Headquarters along the East River.

The building offers expansive views of New York City and the riverfront, as well as convenient access to FDR Dr. and numerous subway lines.

 JLL’s Capital Markets Investment Sales Advisory team was led by Senior Managing Directors Rob Hinckley and Jeff Julien, Vice Chairman Scott Panzer, Senior Managing Director Andrew Scandalios, Director Steve Rutman, Vice President John Taylor, Associate Jon Faxon and Analyst Joy Ryoo.

Rob Hinckley 

“685 1^st Ave. is a truly best-in-class trophy asset that will benefit from fair market rents in a highly supply constrained market,” said Hinckley.

“Its proximity to both the Class A office surrounding Grand Central Terminal and the water promenade along the East River make it an ideal location for a long-term hold.”

 JLL’s Capital Markets group 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 and sales advisory, debt advisory, equity advisory or a recapitalization.

Jeff Julien

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.

 

 CONTACT:

Jenna Sharp

 JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com