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. 

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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.”

JLL Capital Markets closed the sale of the 147,135-square-foot, grocery-anchored West Bay Plaza in Westlake, OH

  

Miles Carter i

 CHICAGO, IL, Nov. 27, 2023 – JLL Capital Markets has closed the sale of West Bay Plaza, a 147,135-square-foot, recently redeveloped, high-performing, grocery-anchored shopping center in the affluent and well-established Cleveland suburb of Westlake, Ohio. The price was not disclosed.

 

JLL represented the seller, and Carter Properties acquired the asset. Kyle Hartung, Vice President –Director of Investment Sales at Goodman Real Estate Services Group LLC, represented the buyer on the transaction.

West Bay Plaza, Westlake, OH

Carter Properties is a family-owned business that specializes in real estate investment, management, development, and leasing, that was founded by Miles Carter in 1962.

 

Redeveloped from 2018 to 2022, the 92.54-percent-occupied West Bay Plaza is anchored by Fresh Thyme Market, HomeSense, Sierra Trading Post and Ulta. The Fresh Thyme Market serves as the most trafficked location in the state of Ohio.

 

Additional tenants include, DryBar, Pet Supplies Plus, Kirkland’s, Chipotle, Chase and Club Pilates. The property features a WALT of 7.3 years.

 

Michael Nieder 

Situated at 30010 Detroit Rd., West Bay Plaza is located just 15 miles from downtown Cleveland. 

The property is optimally located off I-90 and sits adjacent to Crocker Park, a Class A lifestyle Center with a sophisticated mix of retail, office, and luxury residences.

 

Crocker Park receives over 10 million annual visitors and draws synergistic consumer demand to West Bay Plaza. Within a five-mile radius of the property is a population of almost 150,000, an average household income of over $125,000 and an overall buying power of $7 billion.

 

The JLL Capital Markets Investment Sales and Advisory team was led by Michael Nieder and Keely Polczynski.

Keely Polczynski.

“We received incredible market interest with investors recognizing the strength of the tenant mix, the A+ location within the submarket and the physical condition of the center due to the recent re-development, which requires minimal future capital expenditures,” added Nieder. 

 

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, TX

M +1 214 394 3356

Jenna.Sharp@jll.com 

 jll.com. 

Hold-Thyssen Completes $860,000 Sale of Downtown Kissimmee Infill Site to Developer with High-End Office / Retail Plans

Martin Forster

 

KISSIMMEE, fl  -- Hold Thyssen, Inc.,  a full-service commercial real estate firm based in Winter Park, recently completed the $860,000 sale of a half-acre prime infill site in Kissimmee’s downtown core.

 

Located at 307 Broadway, the property was formerly a long-established automotive body shop that, once demolished, became an attractive parcel zoned for up to three stories of retail/office and/or multi-family with minimal setbacks, no parking requirements and 150 feet of frontage on Broadway.

 

Martin Forster, CCIM, Broker Associate with Hold-Thyssen listed and sold the property representing the seller, Rosa Maria Mailender of Kissimmee.  The buyer, Americorp Investment, LLC, is a local developer of many successful projects in Osceola and Orange Counties. 

Downtown Kissimmee, FL

Developer’s plans include retail space on the ground level and a high-quality office tenant to take a full floor above has already been confirmed, according to Forster.

 

“This is a rare infill parcel in Kissimmee’s historic downtown which was platted in 1885. I’m excited to see what this accomplished developer brings out of the ground here,” he said.

 

Hold-Thyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year-old firm’s current portfolio includes more than 100 commercial properties throughout the United States.

 

 CONTACTS:

           

Martin Forster, CCIM,

Broker-Associate Hold-Thyssen Inc.,

321-299-4164, 

mforster@HoldThyssen.com 

 

Robert P. Hold, Principal,

Hold-Thyssen, Inc.,

407-691-0505,

 bhold@HoldThyssen.com

 

Beth Payan,

 Larry Vershel Communications Inc.

 407-461-3781 

 Beth@larryvershel.com.