JLL completes acquisition financing of ultra-luxury Downtown Los Angeles multi-housing tower

THEA at Metropolis, a 685-unit, 

ultra-luxury, high-rise multi-housing

 community in Downtown Los Angeles.

 

 

LOS ANGELES, Nov. 22, 2022 – JLL Capital Markets announced today that it has arranged the acquisition financing for THEA at Metropolis, a 685-unit, ultra-luxury, high-rise multi-housing community located in Downtown Los Angeles.

 

Financial details of the deal were not disclosed.

Annie Rice

JLL worked on behalf of the new owner to secure a 55% loan-to-value, fixed-rate agency loan.

 

 The transaction included an interest rate buy-down feature and flexible prepayment terms. JLL was also involved in the sale of the property, which is the largest, single-asset outright multi-housing sale in California history as well as the largest, single-asset high-rise deal outside of New York.

Brandon Smith

Built in 2020, THEA offers studio, one-, two-, three- and four-bedroom units with an average size of 1,038 square feet.

 

Originally built as condominiums, the property features a comprehensive amenity package, including a rooftop deck with an outdoor kitchen, theater and game rooms, a professional fitness center, a sky lounge with an additional chef’s kitchen and a 1.5-acre podium deck that includes a dog park, additional barbecue areas and a resort-inspired pool and spa.

             Peter Yorck

 

THEA is part of the broader, 6.3-acre Metropolis Los Angeles development, which consists of two condominium towers, THEA and Hotel Indigo DTLA with approximately 67,399 total square feet of retail.

 

The property benefits from an exceptional location within the downtown CBD and offers residents immediate access to the largest employment hub on the West Coast.

 

 Additionally, THEA is situated half a mile away from L.A. Live, the 5.6-million-square-foot sports and entertainment complex.

John Strauss 

JLL’s Capital Markets Debt Advisory team was led by Managing Directors Brandon Smith and Annie Rice. JLL’s Capital Markets Investment Sales Advisory team was led by Managing Director Peter Yorck, Senior Managing Director John Strauss and Director Nick Lavin.

 

“The loan for THEA is an example of what we are broadly seeing across the debt market. Despite the current market volatility, lenders are still providing competitive quotes on quality real estate with top tier borrowers,” said Smith.

 

This acquisition of THEA is indicative of broader market trends on the West Coast, including the competition between private capital and traditional institutions/private equity on large assets, the resurgence of Downtown Los Angeles after its market performance during COVID and the return of investors to high-quality and well-located real estate in gateway markets. 

 

Nick Lavin

The resurgence in the Los Angeles market is further demonstrated by the multi-housing sales volume in the Los Angeles market, according to JLL Research, with $7.0 billion in sales YTD for 2022 and $1.7 billion in sales in Q3 2022 alone.

 

JLL’s 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 and sales 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.

 

     Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

 

 

Contact: 

 

Jenna Sharp

 JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

jll.com.

 

  

Seefried Properties to Develop 4 MSF Industrial Center Near Savannah, GA Port

Planned Live Oak Logistics Center. 
 near Georgia Ports Authority
 Garden City Terminal 

 

 Savannah, GA, Nov. 22, 2022 – Seefried Properties, a national real estate firm specializing in the development, leasing and management of industrial properties is pleased to announce the commencement of site work at Live Oak Logistics Center.  

This 287-acre distribution center is fully entitled to accommodate over 4 MSF of modern, Class A distribution and manufacturing space at full build out. 

 The project will cater to a variety of tenant space needs with build-to-suit and speculative building options ranging from 252,000 to 1,381,000 square feet of space across five buildings.  

The first speculative building is set to be delivered in the fourth quarter of 2023 and will include 669,760 square feet of space with a cross-dock configuration.

Greg Herren

Live Oak Logistics Center is strategically located within 6 miles of the Georgia Ports Authority Garden City Terminal - the Nation’s third largest and fastest growing container terminal.  

The site provides direct access to Interstates 16 and 95, affording tenants access to several major markets, including Atlanta, Orlando and Charlotte within a four-hour drive. 

Stephen Ezelle

 Live Oak Logistics Center is also 15 miles from the future Hyundai electric vehicle assembly and battery factory which is scheduled to open in 2025.

“Live Oak Logistics Center is one of the largest infill sites in Savannah with unmatched access to the port and immediate connectivity to major highways,” said Greg Herren, Senior Vice President and COO of Seefried.  

“The site also benefits from signal improvements to Dean Forest Road, less than a fourth of a mile from Interstate 16.  It is an extremely efficient site to support high-speed port logistics.” 

 

Buildings at Live Oak Logistics Center will feature best-in-class specifications including 40-foot clear heights and generous full concrete truck courts with ample auto and trailer parking.

 Bob Robers
 

Leasing efforts for the project will be led by Stephen Ezelle and Bob Robers of Cushman and Wakefield. 

 

With the largest concentration of import and distribution centers on the east coast, Savannah has attracted a host of major corporate retailers which occupy major footprints such as Shaw, Target, Home Depot, Wayfair, a major e-commerce retailer and others.

 

Contact:

 

Barbara Bennett
Marketing Coordinator

T: (520) 661-9641 

 E:  bbennett@seefriedproperties.com

www.seefriedproperties.com