JLL Capital Markets leads the $45 millon financing efforts for Commerce 429 in Ocoee, FL

 

Melissa Rose

  ORLANDO, FL, Jan. 17, 2023 – JLL Capital Markets announced today that it has arranged $45.1 million in construction financing for the development of Commerce 429, a two-phase, eight-building, Class A industrial facility totaling 485,813 square feet in Ocoee, Florida, a municipality located within the greater Orlando MSA.

Michael DiCosimo

JLL worked on behalf of the borrower, McCraney Property Company, to secure the four-year construction financing.

 

The JLL Capital Markets team representing the borrower was led by Managing Director Melissa Rose, Director Michael DiCosimo and Analyst Mateo Bolivar.

 

“The lender provided a great execution, closing through a volatile time in the capital markets,” said Rose. “Construction financing for spec industrial project is still available for best-in-class sponsors developing premium projects in growth markets.”

 

The entire project will comprise eight buildings totaling over 485,000 square feet of Class A industrial space.

Mateo Bolivar

The first phase of the project consists of six rear-load buildings with sizes ranging from approximately 27,000 square feet to 131,000 square feet.

 

 The second phase of the project will consist of two rear-load buildings totaling approximately 76,000 square feet and 95,000 square feet, respectively.

 

Commerce 429 is located on an approximately 40-acre site at 1290 Ocoee Apopka Rd. The property has direct frontage on SR-429 and strong access to the Florida Turnpike, Orlando International Airport and the International Drive Corridor. The site is within four hours of every major MSA in Florida.

 

The property is located within Northwest Orange County, a high-performing industrial submarket of the Orlando MSA.

 

Northwest Orange County has seen outsized tenant demand relative to inventory, with current vacancy at 3.6% and 32% rent growth since 2020 - over twice Orlando MSA’s rent growth of 14% since 2020.

 

 

 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

 

 

She Has a Deal Announces SHaDPitch Today’s Woman Participant Amina Gilyard James Buys 70-Room Quality Inn in Memphis, TN

 

Amina Gilyard James

McLEAN, VA, Jan. 17, 2023—Officials of She Has a Deal (SHaD), a real estate investment platform that creates new pathways to hotel ownership and development for women, today announced that 2022 SHaDPitch Today’s Woman competitor, Amina Gilyard James, acquired the 70-room Quality Inn in the Raleigh neighborhood of Memphis, Tenn. 

The price was not disclosed but was estimated at $4 million, according to several media reports.

SOLD: the 70-room Quality Inn
 in the Raleigh neighborhood
 of Memphis, TN

SHaDPitch is a hotel investment pitch competition launched in 2020 to catapult women on their journey to hotel ownership by facilitating the process for acquiring or developing a hotel and securing capital for the deal. 

 Located at 2855 Old Austin Peay Highway near Instates 40 and 240, the hotel is a short drive from downtown Memphis, Beale Street and AutoZone Park, home of the Triple-A Memphis Redbirds, and the Memphis International Airport.  

Tracy Prigmore

“I launched SHaD, and specifically the MasterClasses, to help women like Amina succeed," says SHaD founder, Tracy Prigmore.

 

 "It was important for me to share everything that I learned along the way and the things that I wish I would’ve known from the outset.

 

"To watch Amina go from taking our MasterClasses to competing in SHaDPitch 2022 and setting a goal to close a deal by the end of the year is to see my life’s work in action. I am so very proud of her. achievement. She earned it, and she closed the deal.”

Downtown Memphis, TN

“The SHaDPitch competition and its curriculum provide an invaluable inside look at the hotel industry,” James said.

 

“It provided a roadmap and extensive network that gave me foundational knowledge of the hotel acquisition and ownership space.

 

"SHaD prepared my company, Duke Ventures LLC, to make the smartest investment possible. We’re proud of the deal we made and optimistic about what the future holds for this property and our investors.”

Memphis International Airport

The Quality Inn marks Duke Venture’s third hotel, but its first as the sponsor and general partner.  The company targets select-service hotels throughout the Midwest and mid-Southern states. 

 

Duke Ventures plans to acquire two additional hotels over the next three to five years.

  

SHaDPitch 2023 is scheduled for April 27-28 in Bethesda, Md.  More information is located here. 

 

 The opportunity to participate in the 2024 SHaD Pitch cohort opens in April 2023 with two tracks—Today’s Woman (for experienced professionals) and Early Careerist (for newer professionals).  Additional information can be found here.

 

 

 CONTACT

 

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com