Construction take-out financing arranged by JLL Capital Markets for Northshore Commerce Center in Saratoga Springs, UT

 

Northshore Commerce Center, Saratoga Springs, UT

SALT LAKE CITY, UT–  JLL Capital Markets has secured the construction take-out financing for Northshore Commerce Center, a 339,009-square-foot, 2023 vintage, Class A industrial portfolio in Saratoga Springs, Utah. Funding details were not disclosed.

 

JLL worked on behalf of the borrowers, a partnership between Bow River Capital and Wadsworth Development Group, to secure the loan.

Leon McBroom

Completed in 2023, Northshore Commerce Center consists of three state-of-the-art buildings featuring 28- and 32-foot clear heights, 76 dock-high doors, 10 grade-level doors and ample parking with 479 spaces. Currently, the portfolio is leased to a diverse range of global, national and regional tenants.

Strategically located at 593-659 N Saratoga Rd., the complex enjoys a prime position in North Utah County, which is known for its lack of industrial-zoned land, while offering convenient access to both Downtown Provo and Downtown Salt Lake City within a 30-minute drive.

Chris Gandy

Situated along UT-145 and just 3.5 miles from I-15 — Utah's busiest thoroughfare with 184,000 vehicles per day — Northshore Commerce Center provides excellent connectivity throughout the Wasatch Front.

Additionally, Texas Instruments recently announced that the company has selected Lehi for its next $11 billion 300-millimeter semiconductor plant, which continues to be a consistent demand driver for North Utah County.

The JLL Debt Advisory team was led by Senior Managing Directors Leon McBroom and Chris Gandy and Director Rob Bova.

Rob Bova.

“The Salt Lake City and Utah County region continues to experience robust demand for last-mile industrial space, fueled by its thriving economy and rapidly growing population,” said Gandy. “These factors, combined with the portfolio’s strategic location and the strength of its sponsorship, made Northshore Commerce Center a highly attractive financing opportunity.”

“This financing underscores the continued strength and appeal of the industrial sector in the Greater Salt Lake Valley, reflecting investors' confidence in the region's economic prospects and growth potential,” added Gandy.

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

  

Contact:

 Grace Lewis

PR, Capital Markets

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com

 

 

Shaner Hotels Announces Alliance with Dubai-Based The First Group

The First Collection at Jumeirah Village Circle,  the upper upscale,
 40-story hotel,  marks Marriott Bonvoy’s Tribute
Portfolio debut in the Middle East. 

 

 

 

STATE COLLEGE, PA —Officials of Shaner Hotels, an award winning, international hotel owner, operator and developer, have formed an alliance between its Shaner Italia division and Dubai-based The First Group. 

 

 As part of the strategic alliance, The First Collection at Jumeirah Village Circle, a Tribute Portfolio Hotel, will be the first of many similar projects the partnership will seek to expand its portfolio. This is the first hotel to debut under The First Group’s lifestyle hospitality brand, The First Collection.

Plato Ghinos

“While there is an obvious and growing demand for well-branded, well-operated hotels throughout the Gulf region, there are surprisingly few existing opportunities there to pursue as local owners tend to gravitate toward independent properties with lesser oversight,” said Plato Ghinos, president, Shaner Hotels . “This partnership aims to fix that, providing services for all stages of the hotel life cycle, from site selection through final sale.”

Apo Demirtas

“Our alliance with Shaner Hotels will enable both organizations to benefit from the cross-pollination of proprietary operational systems and vast hospitality experience which will accelerate the expansion of our portfolio of managed hotels and F&B assets.” said Apo Demirtas, chief strategy officer, The First Group Hospitality.

               

 The new alliance will promote hotel management agreements (HMAs) throughout the Middle East, North Africa, Greece and Cyprus.  Hotels will operate under the First Collection, Tribute Portfolio and the Marriott international family of brands.

 

                “Shaner has a well-deserved reputation as a strong international operator with hotels throughout Greece, Italy, the Bahamas and the United States,” said Rob Burns, CEO, The First Group.  “With a firm grasp of regional dynamics, a strong internal culture and an existing footprint along the Mediterranean, they are an ideal partner to expand further into the Gulf region.”

              Robert Burn

                                   The First Collection at Jumeirah Village Circle, 

                                                       a Tribute Portfolio Hotel

 

                Developed by The First Group and operated by The First Group Hospitality, the upper upscale, 40-story hotel marks Marriott Bonvoy’s Tribute Portfolio debut in the Middle East.  The 491-suite tower provides premium amenities, including a stylish business lounge, expansive swimming pool and sundeck, fully equipped fitness center and spa center with separate male and female treatment facilities. 

 

Nestled in the vibrant Jumeirah Village Circle, the hotel is a short ride from Dubai’s beaches, Downtown Dubai, Dubai South and Al Maktoum International Airport.

Lance Shaner

“The First Group has developed a true gem in the Middle East with The First Collection at Jumeirah Village Circle, a Tribute Portfolio hotel, already having won multiple awards prior to even opening its doors for business,” said Lance Shaner, chairman and CEO, Shaner Hotels. 

 

“We are confident that we will help the hotel succeed both financially for our stakeholders and personally with our guests as we provide a truly one-of-its-kind experience for discerning travelers to Dubai.”

 

 

Contact:

 

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

 

JLL’s Value and Risk Advisory announces additional growth to team

Nikolas Rieser

 CHICAGO, IL– JLL’s Value and Risk Advisory platform announced today that it has hired Senior Directors Nikolas Rieser, MAI and Steven Cho, MAI, CCIM, and Director Chad Rogers, MAI in a move to further grow the group’s geographic as well as sector-focused strategy.

 

Based in Phoenix, Rieser, MAI will focus on appraisal and valuation services within the multi-housing sector throughout the West Coast. Rieser joined JLL from Kidder Matthews, where he was a Senior Vice President, and he has more than 16 years of experience in real estate appraisal and consulting.

 

. Rieser is a designated member of the Appraisal Institute (MAI) and is a graduate of the University of Arizona

Steven Cho

Steven Cho, MAI, CCIM, located in JLL’s Los Angeles office, is focused on valuation and advisory services for the office and retail sectors primarily in Southern California.

 

Prior to joining JLL, Cho worked at Newmark and Cushman and Wakefield, where collectively he has more than 17 years of experience.. He is a designated member of the Appraisal Institute (MAI) and the CCIM Institute (CCIM) and holds a Bachelor of Arts degree from the University of California at Los Angeles (UCLA). 

 

Chad Rogers, MAI has joined the team in Jacksonville, Florida, and will focus on valuation and advisory services for industrial properties throughout the Southeast.

 

He has more than 15 years of experience as an appraiser and has completed assignments on a broad range of industrial real estate.

 

Rogers is also a designated member of the Appraisal Institute (MAI) and graduated from Florida State University with a bachelor’s degree in real estate and University of North Florida with a Master of Business Administration degree.

Chad Rogers

“The addition of Nikolas, Steven and Chad to our Value and Risk Advisory team represents a significant step in our strategy to enhance our sector-focused expertise and expand our geographical reach,” said Mike Ellis, CEO of JLL Value and Risk Advisory. “Their collective experience and specialized knowledge in multi-housing, office, retail, and industrial sectors will be invaluable as we continue to provide top-tier valuation and advisory services to our clients across the U.S. 

Mike Ellis,

"These strategic hires underscore our commitment to strengthening our platform and delivering comprehensive, market-leading solutions in an ever-evolving real estate landscape.”

 

"These strategic hires directly align with our Core Four strategy that I was recently brought on to oversee,” added Corey Gustafson, MAI, CRE Executive Managing Director and Head of Core Four, JLL Value and Risk Advisory.

Corey Gustafson

“By bringing on experts in multi-housing, office, retail, and industrial sectors across key markets in the West Coast and Southeast, we're strengthening our ability to provide specialized, sector-focused valuation and advisory services. This move not only expands our geographical footprint but also deepens our expertise in critical real estate sectors, ensuring we can deliver more comprehensive and nuanced insights to our clients."

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

CONTACT:

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

617-543-4873

 

GREYSTAR SECURES FIRST INDUSTRIAL LEASE AT CALIBER IN PEORIA, AZ

  

Kelly Royle

PEORIA, AZ– Greystar, a global leader in the investment, development and management of institutional-quality commercial real estate, has signed a lease with Gateway Classic Cars, representing its first tenant commitment at the three-building, Class A Caliber by Greystar industrial development in Peoria, Arizona.

Anthony
 Lydon

Under the lease, Gateway Classic Cars of Scottsdale will occupy 43,809 square feet in Greystar’s 122,863-square-foot Caliber Building B. Building B is part of the larger 411,918-square-foot Caliber industrial campus that also includes a 114,446-square-foot Building A and 174,609-square-foot Building C.

Anthony Lydon, John Lydon, Hagen Hyatt and Kelly Royle of JLL represent Greystar as the exclusive leasing brokers for Caliber. Hyatt and Sam Wetherby, also of JLL, represented Gateway Classic Cars in their lease negotiations.

John Lydon

“With divisibility down to 30,000 square feet, Caliber gives Gateway Classic Cars a very desirable space in the Peoria market, which has limited Class A industrial options,” said Hyatt. “We continue to field strong leasing interest in this project, and look forward to filling the remainder of its buildings.”

Caliber is part of Greystar’s $500 million, 88-acre Peoria Place master plan, which at build-out will include luxury apartments, build-for-rent homes and ground-floor retail in the heart of Peoria’s historic downtown.

Hagen Hyatt

As the world’s largest classic car sales company, Gateway Classic Cars operates 20 U.S. sales showrooms and an extensive online for-sale platform specializing in classic, exotic, muscle, vintage and antique cars.

“We strive to be active members within each of our showroom communities, including hosting a monthly, family-friendly collectible car showcase called Caffeine and Chrome at our locations across the nation,” said Ken Dusman, Director of Marketing at Gateway Classic Cars.

 “The Caliber development, and Greystar’s larger Peoria Place master plan, align perfectly with that effort. Access to the Loop 101 and Caliber’s modern building features were also critical in making this the ideal location for our sustained metro Phoenix presence.”

Ken Dusman

 “Greystar is a long-term developer and investor focused on building long-term tenant relationships. Our lease with Gateway Classic Cars exemplifies that process,” said Wil Hogue, Director – Industrial Development at Greystar. 

“Caliber gives Gateway flexible, well-priced, first-generation commercial-industrial space that will help maximize its operational success. We are thrilled to welcome Gateway Classic Cars to Caliber and to officially kick off our first lease at this stand-out project.”

 

Contact:

 Stacey Hershauer

focusAZ 

 P 480.600.0195

www.focusaz.com

 

Five Star Group Names Kimberly Rowell Executive Vice President of Five Star Hospitality; Affiliate Dream Capital Names Justin Patel Senior Associate, Investments and Asset Management

 

Kimberly Rowell 

 

ATLANTA, GA, Nov. 25, 2024—Officials of Five Star Group, a private commercial real estate investment, development and management firm focused on Southeastern hospitality projects, announced Kimberly Rowell has been named executive vice president of Five Star Hospitality Management. Rowell joined Five Star Group  in February 2023

 

Additionally, Dream Capital, Five Star’s affiliated full-service commercial real estate investment firm that sponsors and co-invests in projects across multiple states and segments, announced Justin Patel has been named senior associate, investments and asset management.

 

Kimberly Rowell, Vice President, Five Star Hospitality

 

Rowell has over 35 years of hospitality leadership. She is a Certified Hotel Administrator (CHA) and Certified Hotel Owner (CHO), Rowell also is a founding board member of the Extended Stay Lodging Association and an active advocate for Women Leading Hospitality.

Justin Patel

Justin Patel, Senior Associate, Investments and Asset Management, Dream Capital

 

                “Justin takes an insightful approach to project management, making him an invaluable member of the Dream Capital team as we continue to provide our investors with the opportunity to invest in both credit and equity investments in various asset classes in commercial real estate,” said Ankit Govan, managing principal and co-founder, Dream Capital. 

Ankit Govan,

 “We remain committed to pursuing acquisition and development opportunities with well-branded hotels such as Hilton and Marriott in markets with high barriers to entry.  With a wealth of asset management and investment experience, Justin is the ideal candidate to help us along the path.”

 

                Patel most recently was senior asset management analyst with Peachtree Group, where he asset managed more than 20 limited-, select- and full-service hotels across the nation and successfully assisted in 12 dispositions. Patel received his bachelor’s degree in finance from the University of Tennessee, Knoxville.

Contact:

  Chris Daly,

 chris@dalygray.com

 (703) 864-5553

Judge Realty Promotes Mandy Henderson to Sales Director

 

Mandy Henderson

 SAVANNAH, GA – Judge Realty – a leading commercial, residential and property management firm headquartered in Savannah, Ga. –promoted Mandy Henderson to Sales Director. In her new position, Henderson oversees residential and commercial real estate transactions at Judge Realty.

 

A licensed Realtor, Henderson originally joined Judge Realty in 2021 and excels at residential and commercial real estate. During her tenure at the firm, she has closed nearly 100 deals in areas including residential sales, commercial sales, landlord representation and tenant representation. Her commercial focus includes retail and office space throughout the greater Savannah area.

 Lori Judge

 

“Mandy is hard-working, loyal and passionate about Savannah’s real estate market,” said Lori Judge, founder and CEO of Judge Realty. “She serves as a valuable resource for Judge Realty’s commercial and residential clients.”

 

A Colorado native, Henderson attended Colorado Mesa University before transferring to the University of Georgia in 2017 to pursue a degree in Sport Management and a minor in Business. After moving to Savannah in 2021, she worked as a leasing agent. 

 

 

Contact:

 Allison Hersh

Capricorn Communications

912.441.1285

 pr@capricorncomm.com

 judgerealty.com