Daum Commercial brokers $5.5 million sale of 23,443-SF warehouse in Gilbert, AZ

Dan Casey

 PHOENIX, AZ, Sept. 20, 2023 – DAUM Commercial Real Estate Services, announces the sale of a 23,443 square foot industrial building in the Phoenix, Arizona submarket of Gilbert for $5.5 million. 

The property at 1416 West San Pedro Street in Gilbert, Arizona, is in a growing submarket in the southeastern Phoenix Metro area area. 

Dan Casey, Associate Vice President of the Daum Commercial Phoenix office represented the seller in the transaction. The seller was Larry Uhl, CEO of Sunstone Rover LLC.

SOLD: a 23,443 square foot industrial building
 at 1416 West San Pedro Street, Gilbert, AZ

Owner/user, investor, and tenant demand remains strong in the Phoenix market with limited Valley wide inventory of free-standing buildings between 10,000 to 50,000 square feet. According to CoStar, vacancy rates for existing single-tenant buildings in this size range hover around 2.8%.

“Despite the increases in interest rates and ongoing uncertainty, companies are still relocating to Phoenix from California and elsewhere, driving the price and demand for properties like this,” says Casey.

Blake Hardison

“This property attracted multiple local and out-of-state investors, tenants, and owner/users almost immediately. Within the first week of listing, the seller had multiple lease and sale options, ultimately awarding the bidding process to a Phoenix

With the sale, the building will become the headquarters of Swain Electric, a Gilbert-based electrical contractor. The buyer is a family-owned corporation and was represented by Blake Hardison at Ike Commercial Real Estate

 

CONTACTS:

 

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

 

 

JLL Capital Markets closes sale of the 24,760-square-foot 280 Station shopping center in Birmingham, AL

280 Station, a 24,760-square-foot
shopping center located in Birmingham,
 Alabama’s dominant US-280 retail corridor 

 

ATLANTA, GA, Sept. 20, 2023 – JLL Capital Markets has closed the sale of 280 Station, a 24,760-square-foot shopping center located in Birmingham, Alabama’s dominant US-280 retail corridor. The price was not disclosed.

 

JLL represented the seller, and procured the buyer, a real estate fund advised by Crow Holdings Capital.

 

The JLL Retail Capital Markets team was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Analyst Anton Serafini.

 Jim Hamilton

280 Station is 91% occupied and home to a synergistic tenant mix of national and regional tenants, including Dunkin’, Oasis Nails & Spa, Eyemart Express, Subway, Bedzzz Express, Isbell’s Jewelry, Budget Car Rental, Tint World, State Farm Insurance and Tao Massage. 

The tenancy features a weighted average tenure of 8.3 Years.

 

Situated on 1.7 Acres at 420 Cahaba Park Circle, 280 Station features direct road frontage on US-280, where over 90,000 vehicles pass the property each day.

 

The US-280 corridor is one of Alabama’s most dominant retail corridors, home to 5.4 million square feet of retail estimated at 96% occupancy, and supported by the area’s affluent demographics, with an average household income exceeding $150,000 and over 115,000 residents within five miles of the property.

 

Brad Buchanan

“280 Station is a well-established retail center ideally positioned along Highway 280, one of the most heavily trafficked thoroughfares in the Birmingham MSA with nearly 90,000 vehicles passing by the property each day," said Buchanan.

 

"We received significant interest from a wide variety of capital sources, which is a testament to the quality of the asset and the continued investor demand for service-oriented neighborhood retail centers throughout the Southeast.”

 

CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

iBorrow provides $5 million for acquisition of industrial facility in Medford,NY

Brian Good

Medford, NY, Sept. 20, 2023 – iBorrow, a nationwide private direct lender for commercial real estate, today announced the closing of a $5.14 million loan to finance the acquisition of a 41,000 square foot industrial facility in Medford, NY. 

iBorrow was able to structure a customized financing package and close on the transaction quickly, in keeping with the seller’s need for liquidity and the sponsor’s desire for an expedited closing process.

“With ongoing uncertainty surrounding interest rates and the Fed continuing to consider future rate hikes, banks and other traditional financing sources continue to hang back, putting pressure on CRE investors and developers who need to move forward with their business plans,” says Brian Good, CEO of iBorrow. 

“Fortunately, our team specializes in rapid, in-depth due diligence and structuring, and we were pleased to provide a custom-tailored solution that fit the seller’s and sponsor’s objectives in this transaction, along with their condensed timeframe.”

The industrial facility includes one loading dock, five drive-in doors and 22’ clearance heights, and is located on a 3.11-acre parcel of land in a submarket with a strong 2.6% vacancy rate.

 The property also features convenient access to the Montauk Highway and the Long Island Expressway, making it attractively positioned for fulfillment and distribution functions.

The acquisition financing package from iBorrow will enable the sponsors to make additional minor capex improvements to the facility and begin leasing it up at market rental rates. The sponsor has already begun marketing the property for lease and has drawn strong interest from potential anchor tenants and others.

“Investors, sellers and others cannot simply put their commercial real estate transactions on hold while banks remain on the sidelines,” concludes Good. 

“They continue to need access to reliable, transparent financing that allows them to stay on track with their business plans, or to achieve liquidity on a timely basis. iBorrow is demonstrating the central importance of the private direct lending channel, and we are proud to support the sponsor of this transaction as they work to further improve and lease up this asset.”

 

 

 Contact:

Chris Clemens

The Smart Agency, Inc.

(949) 520-6714

cclemens@thesmartagency.com

JLL Capital Markets adds two manufactured housing experts

 

Anja Jauregui

 PORTLAND, OR Sept. 19, 2023 –  JLL Capital Markets announced Senior Director Anja Jauregui and Director Robert Nisbet have joined its manufactured housing and RV resort team, bringing in 10 years of shared industry experience.

 

Jauregui and Nisbet are based in Portland, Oregon and will focus on investment sales of manufactured home communities and RV parks across the nation for JLL.

Robert Nisbet

Jauregui and Nisbet will work alongside JLL’s manufactured housing team leader Zach Koucos, who is based in JLL’s San Diego office.

 

“We are excited to have Anja and Robert join our team as we continue to expand our manufactured housing platform nationally. The timing is excellent, as capital interest in the MHC and RV sectors has never been greater,” Koucos said. 

 

Most recently, Jauregui and Nisbet held investment sales roles with CPX in Lake Oswego, Oregon, and prior to their roles with CPX, the pair was a part of the investment sales team with Marcus & Millichap in Portland.

Zach Koucos

Throughout their careers, they have developed a specialized focus in the acquisition and disposition of manufactured home communities and RV parks.

 

 Jauregui and Nisbet were integral in the development of one of the largest teams in the MH/RV space, executing over 90 transactions in 12 states.

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 leads $43 million financing efforts for Varenita of Westlake, an 86-unit assisted living and memory care community in Thousand Oaks, CA

 

 Alanna Ellis

 SEATTLE, WA, Sept. 20, 2023–  JLL Capital Markets announced today that it arranged $43.24 million in financing for Varenita of Westlake, an 86-unit assisted living and memory care community in Thousand Oaks, CA

 

 JLL represented the borrower, Westlake Senior Living, Center, LLC, to secure the five-year loan from a regional bank.

Ace Sudah.

The JLL team was led by Director Alanna Ellis and Associate Ace Sudah.

The Class A community consists of 58 assisted living units and 28 memory care units across three stories with surface and underground parking. The community features a mix of predominantly one-bedroom units, with studios and two-bedroom units.

The community features a selection of on-site community amenities including designated dining rooms, a bistro, art room, a spa and salon. It also boasts a movie theatre, laundry facility, fitness center with physical and occupational therapy, wellness center, outdoor patios and walking paths.

Located at 95 Duesenberg Dr., Varenita of Westlake is  within walking distance of some of the nation’s largest retailers and less than four miles from The Oaks, an open-air and enclosed shopping center.

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 secures $61 million financing from J.P. Morgan for an industrial portfolio portfolio, located in Colorado, New York, Tennessee and Washington

Eric Tupler

 DENVER, CO –  JLL Capital Markets has arranged $61,340,000 in financing for a four-property industrial portfolio totalling 428,488 square feet in Colorado, New York, Tennessee and Washington.

 JLL represented the borrower, EverWest Real Estate Investors, and worked to secure the loan from institutional investors advised by J.P. Morgan Global Alternatives. The 6-year, full term interest only loan was secured at a competitive interest rate. 

The four-property portfolio is 98.3% leased and comprises a variety of multi- and single-tenant warehouse, distribution and manufacturing buildings.

 Kristian Lichtenfels

The properties feature clear heights ranging from 24 to 32 feet, with a total of 47 dock-high doors and 17 drive-in doors. 

The properties are in great infill locations in four primary U.S. industrial markets at the following addresses:

• 1550 and 1210 E 73^rd Ave. in Denver, Colorado
• 6335 1^st Ave. South in Seattle, Washington
• 2947 Brick Church Pike in Nashville, Tennessee
• 55-30 46^th St. in Maspeth, New York
• The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Eric Tupler and Managing Director Kristian Lichtenfels along with Senior Managing Director Brian Dawson, Director Kaden Eichmeier and Senior Director Jillian Mariutti.

Brian Dawson

“Big thanks to the teams at J.P. Morgan Asset Management and JLL for all of their help in getting this financing completed in a challenging financing environment,” said Tom Karbowski, Managing Director, EverWest.

 

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, please visit JLL’s newsroom.

  

 Contact:

           

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com