JLL retained by the Chapter 7 Trustee to market for sale nine properties owned by The University of the Arts in Center City, Philadelphia.

 

 Samantha Kupersmith

PHILADELPHIA, PA, Nov. 4, 2024 –  JLL  has been retained to arrange the sale of The University of the Arts portfolio, a nine-property, 760,000-square-foot campus located in Center City, Philadelphia.

 Fran Coyne

 

JLL is marketing the real estate for sale on behalf of the Chapter 7 Trustee of The University of the Arts. The sale process is designed to maximize value for the stakeholders in the University’s bankruptcy case. The portfolio may be purchased in its entirety, as a combination of properties or on an individual basis.

 

Of the nine buildings, five are designated “historic”, offering tax credit opportunities to a future investor. All of the buildings have flexible zoning and allow for a variety of uses, including multi-housing, office, retail, hospitality, data center, healthcare or entertainment establishments.

 

"Almost all of the properties offer mixed-use zoning, allowing for a variety of future uses. Many will likely become apartments, but the campus offers an array of opportunities," said JLL Senior Managing Director Fran Coyne.

Jim Galbally

The properties included in the offering are: Arts Bank, Anderson Hall, Hamilton Hall, Furness Hall, Juniper Hall, Gershman Hall, Terra Hall, Arts Alliance and Spruce Hall.

  In their current state, the buildings offer office, performance and theatre venues, libraries, galleries, residence halls, apartments, cafes and classrooms.

 

The University of the Arts campus is positioned in the South Broad Street corridor between City Hall and South St. in Center City, Philadelphia’s central business district.

                                        

JLL’s Capital Markets Investment Sales and Advisory team representing the seller is led by Senior Managing Directors Jim Galbally, Fran Coyne, Brett Segal and Senior Director Samantha Kupersmith.

 

“The real estate represented in The University of the Arts portfolio allows an investor a generational opportunity to reshape the heart of Philadelphia’s CBD,” Galbally added.

Brett Segal

JLL 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.

 

About JLL 

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.

 A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. 

 

Contact:

 

 Kristen Murphy

 Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@jll.com

 

 jll.com.

Southwest Experience Center in Scottsdale, AZ Renames to 'NEXTSPACE'

 

 

Jeff Emmons

PHOENIX, AZ – Underscoring the rapidly evolving power of amenitized commercial real estate spaces, Scottsdale, Arizona-based Southwest Experience Center has rebranded to NextSpace.

 The change refines the facility’s focus on serving the wide swath of companies expanding or relocating in Phoenix, and the need those organizations have to create transformative work environments.

 “We had a front-row seat to the influx of new companies and residents that Maricopa County welcomed during the pandemic’s Great Migration. That interest in Phoenix as a place to establish or expand a company’s presence has not waned,” said NextSpace Founder Jeff Emmons.

 

“We introduced the Southwest Experience Center last year as a place where commercial real estate experts and clients could personally interact with the next generation of furniture, fixtures and technology – so that as they make those business moves, they can make informed, impactful and inspired build-out decisions. It is literally all about a company’s next space, and our rebrand reflects that mission.”

 

According to the latest economic data, the pandemic’s Great Migration gained Maricopa County more than $1.8 billion in adjusted gross income, made it the nation’s largest growing county between 2020 and 2023, and ranked it the number one county for attracting and retaining talent.

 

“Phoenix has been a huge benefactor of shifting U.S. population trends and now joins the nation in its back-to-office movement, spurred on by brands like Amazon who are making the callback to in-office work,” said Emmons.

“We know immersive workspaces successfully entice employees back to the office, helping leaders make a convincing case for teams to return to in-person, in-office collaboration. From an ownership perspective, we also know that amenitized commercial buildings are out-leasing traditional spaces by a wide margin, and NextSpace is designed to foster the success of that approach.”

 

Highly accessible just north of Bell Road and east of the Loop 101 in Scottsdale, Arizona, NextSpace offers 32,713 square feet and more than $9 million in product representing more than 50 industry-leading workplace vendors. This provides builders, brokers, designers and executives a gallery of build-out options to consider as they create spaces to grow and thrive.

 

Just some of these immersive opportunities include:

 

•            A 14,000-square-foot showroom exhibiting the latest in office solutions

•            Seventeen purpose-built, AV-equipped conference showrooms ranging in size and function

•            A production studio allowing real-time interaction with advanced video technology

•            Hoteling space illustrating solutions for the modern hybrid workforce

•            Premiere event space for corporate gatherings, trainings and networking

•            Added touches such as outdoor patios and a hidden speakeasy

 

With direct collaboration from partners including Microsoft, Forward Tilt, Data Link, Clarus and Avocor, NextSpace also showcases the latest in workplace technology, including:

 

•            Clarus’ Wall2Wall dry erase panels

•            Microsoft Front Row

•            Avocor L Series ultra-wide touchscreen displays

•            Digital reservation systems at every conference room entrance

•            Cutting-edge AV and sound

•            Custom, visually stunning acoustical treatments

•            Leading privacy amenities such as transparent window walls and security glazing

“Our partnership roster continues to grow,” said Emmons. “As it does, we want folks to come back often to see what’s new in the next generation of work and to collaborate with other visionaries looking to create the next, best commercial real estate space.”

 

 Book a tour or visit NextSpace at www.nextspaceaz.com.

CONTACT:

 Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 

 

$36M financing arranged by JLL Capital Markets for Berkeley student housing community in Berkeley, CA

 

Annie Rice 

LOS ANGELES, CA –  JLL Capital Markets has secured a $36 million acquisition financing for Varsity Berkeley, a mid-rise student housing complex.

Varsity Berkeley, Berkeley, CA

JLL worked on behalf of the borrower, Hawkins Way Capital LLC, in acquiring the two-year, floating-rate loan through Limekiln Real Estate Investment Management.

 

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Directors Brandon Smith and Annie Rice and Director Gyasi Edmondson.

 

 Brandon Smith

The property will be operated as the FOUND Study Downtown Berkeley and will be managed by FCL Management, an operator of successful properties across select cities in the U.S., aligning with Hawkins Way Capital's strategy to maximize value in prime student housing markets.

 

Varsity Berkeley, located at 2024 Durant Ave., is situated just two blocks from UC Berkeley, a thriving campus with over 45,000 students and a recent 26.2% surge in enrollment.

                                                   Gyasi Edmondson

 

This prime location offers exceptional accessibility to a diverse array of shops, galleries, restaurants, theaters and community venues, boasting both a Walk Score and Bike Score of 96. The property's convenient setting also places residents only 15 miles from San Francisco, easily accessible via BART.

 

Berkeley's real estate market is characterized by high demand and limited supply, with over 60% of households renting and average home prices reaching $1.5 million.

 

This competitive environment, coupled with Berkeley's proximity to major employment hubs and the prestigious UC Berkeley campus, has resulted in consistently low vacancy rates below 5% and strong annual rent growth exceeding 3.5% since 2018, making it an attractive location for real estate investment.

 

Ross Walker

 

"We are thrilled to have secured financing for Varsity Berkeley, a prime student housing asset in one of the nation's most competitive real estate markets. This acquisition, marking our company's fifth in Northen California, aligns perfectly with our strategy to create strategic value in markets where student housing demands continue to grow,” said Ross Walker, Managing Partner of Hawkins Way Capital. “We're confident that FCL Management's expertise will help us unlock the full potential of this high-performing property as we continue to expand our portfolio."

 

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:

 

 Gréta Kieras,

 Senior Associate

 Public Relations

Phone: +1 949 930 8498  

Email: greta.kieras@jll.com

JLL capitalizes Arapaho Village acquisition with joint-venture equity and senior financing in Richardson, TX

 

Kristi Leonard

DALLAS, TX –  JLL Capital Markets announced has secured joint-venture equity and acquisition financing for Arapaho Village, a 101,507-square-foot grocery-anchored shopping center in Richardson, Texas. Financing details were not disclosed.

 

Steve Heldenfels

JLL represented Weitzman and secured the equity commitment and separately arranged the six-year, fixed-rate acquisition loan with an insurance company.

Located at 801-819 W Arapaho Rd., Arapaho Village benefits from its strategic position at the signalized southwest corner of Arapaho Road and West Shore Drive. 

The property is situated in Richardson's thriving retail submarket, approximately one mile from SR-75 and three miles from I-635.

 

Built in 1990, Arapaho Village is 91.9% occupied. 

Chris Gerard

The center is anchored by Tom Thumb, which recently extended its lease through 2030 and invested significant capital in store improvements. Other notable tenants include WellMed Medical Management, Anytime Fitness, UPS, Painting with a Twist and H&R Block.

 

JLL Capital Market’s Advisory team was led by Managing Director Steve Heldenfels, Senior Managing Director Chris Gerard, Director Kristi Leonard, Associates Ryan Pollack and Keenan Ryan and Analyst Campbell Swango.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Ryan Pollack

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. 

 

 

About Weitzman

Keenan Ryan 

 Weitzman is Texas's premier retail-focused commercial real estate firm with offices across major cities in the state. The company offers comprehensive services including brokerage, property management and development along with detailed market reports that provide in-depth insights into the Texas retail real estate landscape.

 

 

 

 

 

 

CONTACT:

 

Gréta Kieras​​​​ Senior Associate, Public Relations JLL Capital Markets Las Vegas,  NV  T +1 949 930 8498 Greta.Kieras@jll.com CA  RE license # 02111877 us.jll.com/capitalmarkets Jones Lang LaSalle Americas, Inc. a licensed real estate brokerage company. ​CA RE license #01223413