BLP Expands West Coast Industrial Portfolio Into Northern California with Filbert Street Acquisition

 

37580 Filbert Street, a warehouse in Newark, CA.

NEWPORT BEACH, CA -- Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), is proud to announce its expansion into Northern California with the acquisition of 37580 Filbert Street, a warehouse in Newark, CA.

Paul Jones

 This 84,482-square-foot building marks BLP's first deal in Northern California which reflects the company's investment strategy of aggregating high quality logistics assets in Global Gateway markets across the United States.

The acquisition is particularly strategic given the infill location and the high barriers to entry in the City of Newark. 

The city's stringent requirements for new industrial development, coupled with a muted development pipeline, have created a persistent supply/demand imbalance in this submarket.

“The Bay Area is an important target market for BLP as we continue to grow our West Coast logistics portfolio," said Paul Jones, Managing Director of BLP.

Mark Geisreiter 

  "Despite current market volatility we believe in the Bay Area’s long term durability given its dense population, logistics infrastructure, and high barriers to new supply.”

 The property’s proximity to major transportation routes, including I-880 and the Dumbarton Bridge, offers unparalleled connectivity between the East Bay and Silicon Valley.

The warehouse is 100% leased to Vital Records Control (VRC), a leading offsite record storage company, for several more years. 

VRC has a long operating history in the facility and has made significant investment in the building, emphasizing the importance of this location for their operations.

Mike Spiro

Mark Geisreiter of Newmark, who, along with Mike Spiro and Seth McKinnon, facilitated the transaction, remarked, “We are excited to have been a part of this successful sale. 37580 Filbert Street is an exceptional property in a prime location within Newark's industrial market, and we believe it represents a significant investment opportunity.

"This sale underscores Newark's industrial real estate strength and demand for modern properties, and we look forward to seeing how BLP maximizes the potential of this asset."

“Our acquisition of the property was executed at a significant discount compared to replacement cost and recent comparable sales, highlighting the opportunistic basis of the investment,” said Michael Grossner, Vice President of West Region Investments at BLP. 

Michael Grossner

“Our basis in the building provides us the flexibility to enhance the building’s functionality to align with the depth of market demand, should the building ever become vacant."

CONTACT:

 Stacey Jones

for Bridge Logistics Properties

stacey@lavozmarketing.com

(213) 925-8177

 

BridgeBLP.com.

 

 

  

 

U.S. Development Announces Dynamic Sales and Marketing Team for Salato Pompano Beach

 Keriann Worley

POMPANO BEACH, Fla.—U.S. Development announces the sales and marketing team for its newest ultra-luxury project, Salato Residences in Pompano Beach. The partnership consists of Douglas Elliman Development Marketing (DEDM) presiding over sales and IMI Worldwide in charge of marketing.

 

Prices begin at just under $2 million. Spearheading the sales at Salato is the exclusive Douglas Elliman team of Keriann Worley, Denver Bright and Vanessa Sidi.

Vanessa Sidi

The team was selected due to its unparalleled knowledge of the South Florida real estate market. As a renowned leader in the industry, Douglas Elliman brings a wealth of experience, vast network, and reputation for delivering outstanding results.

 

 IMI Worldwide is recognized for its creative and strategic approach to real estate marketing, leveraging a deep understanding of consumer behavior and market trends.  

Denver Bright  

 "Our commitment to delivering exceptional real estate experiences aligns seamlessly with the vision for Salato Residences,” said Jay Phillip Parker, CEO of Brokerage, Florida Region and President of Douglas Elliman Development Marketing, Florida.

Jay Phillip Parker

"This partnership exemplifies the commitment to excellence that characterizes both IMI Worldwide and Douglas Elliman.”  

 

“Salato is not just a development; it's a testament to the power of innovative marketing,” said Mike Collins, founding partner and CEO of IMI Worldwide. “We look forward to this collaboration with Douglas Elliman to elevate Salato to new heights and create a compelling narrative that resonates with discerning audiences in the real estate market." 

 

Salato, located at 305 Briny Avenue, is comprised of 40 expertly designed residences, and will rise 100 feet just across from the pristine oceanfront in Pompano Beach, Florida. 

 Mike Collins

Amenities include an ocean view pool and spa with separate wet deck and loungers, poolside lounge suite with owner’s bar, dry saunas and steam showers, massage room, state-of-the-art fitness center, a club room outfitted with a private catering kitchen and a curated beach experience. 

 

For more information and to schedule a private appointment, visit SalatoResidences.com or contact 954-284-0090. 

 

  CONTACT:

Lauren Berger

Account Director,

 BoardroomPR

lberger@boardroompr.com

O 954-370-8999

C 954-551-0757

  

JLL Capital Markets’ Nick Lavin joins its South Florida multi-housing team

Nick Lavin

MIAMI, FL, Nov. 29, 2023 –  JLL Capital Markets announced today that Director Nick Lavin has joined its South Florida multi-housing investment sales team in the Miami office after spending almost six years in Los Angeles with JLL/HFF.

 

In his new role, Lavin will focus on growing the firm’s multi-housing investment sales platform throughout the South Florida region.

Matthew Lawton

Lavin will be working alongside the current South Florida multi-housing and land investment sales team, including Matthew Lawton, Maurice Habif and Simon Banke. Over the past three years, the team has executed approximately $1 billion in land sales and $1.4 billion in multi-housing sales and joint venture equity in the region.

 

The South Florida market has experienced robust investor interest, particularly between 2021 and 2022, culminating in multi-housing investment sales transactions exceeding $23 billion.

 

“We are very excited to add Nick to our South Florida team and continue to grow our multi-housing market share.” said Finkle. “Nick’s exceptional transactional track record and extensive client relationships will transfer well into one of the most desirable investment markets in the U.S.”

Maurice Habif 

Lavin’s primary focus has been representing institutional and private owners for the disposition of multi-housing assets in Los Angeles, where his team led market share in 2022, according to Real Estate Alert. Throughout his career, he has executed more than $4.1 billion in commercial real estate transactions.

 

Prior to his time in the Los Angeles office, Lavin also spent almost three years in Chicago with HFF. He earned his degree as a double major in Finance and Accounting from the University of Kentucky.

For more news, videos and research resources, please visit JLL’s newsroom.

 

 

  CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com 

JLL Capital Markets arranged the $51 million construction takeout financing for the 204-unit Mossdale Landing Apartments in Lathrop, CA

  

Lillian Roos

 LOS ANGELES, CA, Nov. 28, 2023 – JLL Capital Markets has arranged the $51 million construction takeout financing for Mossdale Landing Apartments, a recently completed, Class A, 204-unit, garden-style apartment community located in Lathrop, California.

 

JLL represented the borrower, Mossdale Landing Owner LLC, a company comprised of Rubik Built, Wright Equities and The Grupe Company, to secure the three-year bridge loan through MF1 Capital.

 

Completed in summer 2023, the 10-building Mossdale Landing Apartments features one-, two- and three-bedroom units with high-end interiors, spacious private balconies/patios and in-unit washers and dryers.

 

Jeff Sause

Community amenities include a luxury pool and spa with lounge seating area, dog spa with grass area, deluxe fitness studio, gated entrance, a meditation room, a game room and barbecue grilling stations with covered modern furnishings.

 

Situated at 18008 Golden Valley Pkwy, Mossdale Landing is located on a 9-acre site along Highway 5 and is just two miles from the regional ACE rail station, allowing an easy commute to the major employment hubs in Bay Area. Numerous top employers are within a 10-minute radius of the site, including Kaiser Permanente, Tesla and Amazon.

 

The property is also just a two-minute drive from the 185,000-square-foot Lathrop Towne Center retail development and the under-construction retail at Lathrop Marketplace, along with several other large retail centers and parks.

Jalynn Borders

It also borders the 5,000-acre River Islands community development, which will consist of 11,000 homes, a town center and an employment center that will provide thousands of new jobs for residents.

 

The JLL Capital Markets Advisory Team representing the borrower was led by Senior Managing Director Jeff Sause, Director Lillian Roos and Analyst Jalynn Borders.

 

“The sponsor team has done an exceptional job delivering highly amenitized, Class A product into the supply-constrained submarkets of the Central Valley, exemplified by the impressive leasing demand at Mossdale and their other nearby projects,” said Roos.

 

  CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com 

JLL Capital Markets brokers $11 million in financing for 150-unit Booth Residences in Cincinnati, OH

  

Booth Residences, a 150-unit affordable
 housing property located at 6000
Townevista Drive in Cincinnati, OH

 LOS ANGELES, CA, Nov. 27, 2023 –  JLL Capital Markets has arranged $11 million in financing for Booth Residences, a 150-unit affordable housing property located at 6000 Townevista Drive in Cincinnati, Ohio.

 

JLL worked on behalf of the borrower, The Salvation Army, to secure a HUD “Heavy” 223(f), fixed-rate loan, 35 years fully amortizing to preserve and renovate the senior housing community.

Booth Residences was built in 1981 with a modest renovation completed in 2006 utilizing Low Income Housing Tax Credits (“ LIHTCs “). The property is subject to rent restrictions through a Regulatory Agreement. 

 The Salvation Army will complete upgrades for accessibility / ADA, unit and building improvements, as well as common areas. The renovation work schedule is 12 months.

Anson Snyder

The JLL Capital Markets Debt Advisory team was led by Senior Director Anson Snyder.

“JLL was tasked with providing a long-term, fixed rate, non-recourse loan solution that would allow The Salvation Army the ability to provide required upgrades that directly assist the residents,” said Snyder. “JLL’s HUD team is highly experienced and able to navigate the loan requirements to accomplish a successful loan option.”

For more news, videos and research resources, please visit JLL’s newsroom.

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

 

  CONTACT:

   

Alli Stent (Semans)

PR, Hotels & Hospitality,

 Capital Markets

JLL
M +1 330 329 6750

 

jll.com. 

SalvationArmyUSA.org. Follow us on Twitter: @SalvationArmyUS and #DoingTheMostGood

Stos Partners acquires 49,513-SF industrial complex in Phoenix, AZ for $9 million

 

Jason Richards

 PHOENIX, AZ, Nov. 27, 2023 – Stos Partners, one of the most active commercial real estate investment and management firms, has announced that it has acquired a 49,513-square-foot industrial complex located on 3.32 acres at 620 N. 43rd Avenue in Phoenix, Arizona from Auto Body Parts LLC for $9 million ($181.77 per square foot).

Katie Repine

Led by Principal and Founder CJ Stos, Partner Jason Richards, Executive Vice President Jay Boyle and Vice President of Acquisitions Morgan Hill, the company will immediately implement a capital improvement program, stabilizing and re-tenanting the asset.

Jay Boyle 

Phil Haenel, Brandon Borsheim, Foster Bundy and Katie Repine of Cushman & Wakefield have been retained to oversee leasing at the industrial complex. 

 The property can accommodate a full building user, a two-tenant user, or three separate tenants ranging from 12,000 to 49,513 square feet.

“The Phoenix market continues to be a growing hub for industrial users,” says CJ Stos, Principal at Stos Partners. “Our team identified this asset’s acquisition opportunity and immediate began performing due diligence. 

Phil Haenel

"Through deep relationships with local brokers, we were able to acquire it for all cash and at a price that fit our business plan.”

“The Phoenix industrial market saw continued rental rate growth during the third quarter this year, coming in at 15% year-over-year with vacancy sitting at 6.2 percent, according to JLL’s Q3 Phoenix Industrial Report,” said Richards. 

620 N. 43rd Avenue is ideally located just minutes from the I-10, I-17, State Route 202 and State Route 101 freeways, providing convenient access to neighboring communities and accessibility for transport and logistics.  It is also located near Sky Harbor Airport.

Morgan Hill

Competitive building features include 20 to 22-foot clear height, eight dock high doors, four drive-in ground level doors, 1,600 AMPS of 277/440 volt power and 4,000 square feet of office space.

Stos Partners was represented by Phil Haenel and Foster Bundy of Cushman & Wakefield as well as Jeff Hays of Commercial Properties, Inc. in the acquisition. 

 

 

 CONTACT:

   

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”