Daum Commercial completes $9 million sale of 21,965 SF industrial asset to repeat investor in Garden Grove, CA

SOLD: Industrial building at 13831 Seaboard Circle.
Garden Grove, CA

 

 GARDEN GROVE, CA, Dec. 27, 2022 – DAUM Commercial Real Estate Services has completed the sale of a 21,965 square-foot industrial building at 13831 Seaboard Circle in Garden Grove, a city in Orange County, California, for $8,831,000.

 Michael Collins, Vice Chairman and Director, and Dustin Hullinger, Associate Vice President, of DAUM’s Capital Markets Group sourced and represented the buyer, a private high-net-worth investor based in Orange County, California.

Michael Collins

 DAUM Orange County’s Mike Barreiro, Executive Vice President and Principal, and Devin Ray, Associate Vice President, represented seller INH, a cosmetics distributor, in the transaction.

 “Through our comprehensive knowledge and experience in the Southern California industrial market and collaborative strategy, our teams were able to match an owner who was looking to sell their building and relocate with the buyer.” says Barreiro.

 “The deal was a win-win for both parties and a testament to the ongoing strength of the industrial sector in this region.”

Dustin Hullinger

 According to a DAUM report, direct vacancy in Orange County’s industrial market remained at a low 2.0% for the third consecutive quarter with net absorption turning positive and rental rates rising in Q3 2022.

 The median sales price per square foot for Orange County industrial assets increased 5.3% during the quarter, demonstrating investors’ continuing desire for industrial properties in this market.

 “We see a bright horizon for industrial real estate, an asset class in which DAUM specializes—particularly in a market that is close to the ports and densely populated,” says Collins.

Mike Barreiro

 “Increasing industrial demand caused deal volume to rise by 81.7% in Orange County during the third quarter. Despite uncertainty about some commercial sectors in the near future, we are optimistic about what lies ahead for industrial.”

 Built in 1978, the property sold in the transaction is located near Harbor Boulevard and the Garden Grove Freeway. The highly functional building features dock-high doors and a large, fenced yard.

DAUM will represent the new owner in marketing the building for lease, says Collins.

 

Devin Ray

“This highly desirable building with its ideal location will easily fetch market-rate rents and yield strong returns for the buyer, a repeat client for whom our team has completed successful transactions in the past.” Collins notes.

 The property is located at 13831 Seaboard Circle, Garden Grove, California.

  

CONTACTS:

Hanna Kokuashvili / Elisabeth Manville  
The Smart Agency, Inc.
(949) 438-6262 
hkokuashvili@thesmartagency.com

 

 

JLL arranges $360 million of construction financing for mixed-use, waterfront community in Brooklyn, NY

 

Joy Dracos

NEW YORK, NY – JLL’s Capital Markets group has arranged the $360 million construction loan for 1 Java Street, a 36-story, mixed-use waterfront development in the Greenpoint neighborhood of Brooklyn, immediately adjacent to the East River.

 

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck, Director Alex Staikos, Associate Phil Cadorette and Analyst Joy Dracos.

Christopher Peck

“Sustainability has become more important to the built environment than ever, and we are proud to have worked with the borrower to secure financing from a leading group of lenders committed to funding innovative projects such as 1 Java,” said Peck.

 

“With cutting-edge sustainability practices embedded throughout the property, this project will benefit the Greenpoint community and the broader New York City environment setting the bar for green building citywide.”

 

 The property will feature 834 apartments, approximately 13,000 square feet of destination retail space and an approximately 18,000-square-foot public waterfront park connecting the property to the India Street Pier.

Alex Staikos

The property also aims to achieve LEED Gold, FitWel and NYC’s WEDG certifications.

 

JLL represented the borrower, a joint venture of Lendlease and Aware Super, to secure the floating-rate construction loan through a Bank of America-led syndicate.

 

With an anticipated completion in 2026, 1 Java will feature 70% market rate units and 30% affordable units, participating in the Affordable New York 421(A) Program and Voluntary Inclusionary Housing.

 Phil Cadorette

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.

 

CONTACT:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

JLL.com

 

 

JLL Capital Markets closes sale of and secures financing for Cape Codder Resort & Spa in Hyannis, MA

Amy Lousararian

 

 BOSTON, MA – JLL Capital Markets has closed the sale of and secured acquisition financing for Cape Codder Resort & Spa, a 266-key hotel, Massachusetts on Cape Cod. Financial details of the deal were not disclosed.

 

JLL represented the seller, Catania Hospitality Group, in the sale to Linchris Hotel Corporation. In addition, JLL represented Linchris and worked with long-time partner Tristan Pierce, FVP Commercial Lending at HarborOne Bank to secure their financing. The hotel was offered unencumbered by brand and management.

Greg LaBine 

Cape Codder Resort & Spa amenities include 18,000 square feet of meeting and event space, a waterpark, fitness center, on-site spa, seasonal indoor/outdoor swimming pools, pickleball court, internal courtyard and a gift shop. In addition, the resort has four food and beverage outlets, including Grand Cru Restaurant, Hearth n’ Kettle Restaurant, The Deck and Gazebo Café.

Alan Suzuki

Most recently renovated in 2008, the hotel offers a mix of traditional guest rooms and luxury suites.

 

The resort is located in Hyannis, the largest of the seven villages of Barnstable County and a key tourism destination on Cape Cod for residents of Boston, Providence and more.

 

 The coastal town is known for its cultural arts district, beaches, recreational boating and commercial fishing. Cape Codder Resort & Spa further benefits from the area’s historical landmarks, including the John F. Kennedy Hyannis Museum, Memorial and Kennedy Compound, as well as the Veterans Memorial Park and Korean War Memorial.

Matthew Enright

The town is accessible via Route 6 and is served by two ferries that depart 2.8 miles from the hotel providing access to Nantucket and Martha’s Vineyard. Furthermore, the Barnstable Municipal Airport offers year-round flights between Hyannis and Boston Logan International Airport.

 

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Alan Suzuki and Senior Director Matthew Enright.

 

“It is our privilege at JLL to successfully facilitate once-in-a-lifetime sales on behalf of local owners who have been so devoted to the area’s tourism industry,” said Suzuki.

Hyannis, MA

The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Greg LaBine and Senior Director Amy Lousararian.

 

“The competitive financing process shows that there is still ample liquidity in the local banking market for well-located assets like the Cape Codder,” said Lousararian.

 

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.

 

 

 CONTACT:

Cierra Lacasse

PR, Hotels & Hospitality, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com