Wednesday, March 6, 2024

JLL completes sale and arranges financing for Sugar Land, TX office complex to first-time office buyer

 

The Offices at Kensington, a two-building, Class A
 office complex totaling 171,055 square feet
 in Sugar Land, TX

HOUSTON, TX, Mar. 6, 2024 –  JLL Capital Markets has completed the sale of and arranged financing for The Offices at Kensington, a two-building, Class A office complex totaling 171,055 square feet in Sugar Land, Texas.

 JLL represented the seller, Buchanan Street Partners, in the sale of the property to DML Capital. In addition, JLL worked on behalf of DML to secure the fixed-rate acquisition loan. Financial details were not disclosed.


Rick Goings
JLL’s Investment Sales & Advisory team representing the seller was led by Senior Director Rick Goings and Managing Director Marty Hogan.

 

JLL’s Debt Advisory team representing the borrower was led by Managing Director Michael Johnson and Director Michael King.

 

The Offices at Kensington is located at 1600 and 1650 Highway 6, at the intersection of Highway 6 and Interstate 69, Sugar Land’s “main and main” intersection.

 

The property is highly visible to the 157,000 vehicles per day that pass through this intersection and is close to many of Houston’s major thoroughfares, providing a convenient commute to the residential communities in the western and southern suburbs of Houston.


Marty Hogan

Additionally, The Offices at Kensington are close to a variety of retail, restaurant and entertainment offerings in the Sugar Land area.

 

The four-story buildings are 84.1% leased to a diverse rent roll of tenants in the real estate, accounting, engineering and consulting industries, among others. The properties are comprised, primarily, of suites under 5,000 square feet, which fits the needs of smaller office tenants that dominate the Sugar Land market.

 

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


 Michael King
The group’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: 

 Kristen Murphy,

 JLL Director

 Public Relations

Phone: +1 617 543 5873

Email: Kristen.Murphy@jll.com

 

dml.capital.  

jll.com. 

 

 

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke have joined JLL Capital Markets and will focus on multi-housing investment sales advisory transactions throughout the Phoenix MSA

 

 Brian Smuckler
PHOENIX, AZ, March 6, 2024 –  JLL Capital Markets announced today that Senior Managing Directors Brian Smuckler and Jeff Seaman and Senior Directors Derek Smigiel and Bryson Fricke have joined the firm’s multi-housing investment sales advisory team in Phoenix.

 The team will focus on multi-housing investment sales across the investment spectrum, including private capital and institutional transactions. The team will report to Senior Managing Directors Ben Geelan and Brad Miner, who serve as co-leads of the Phoenix office with JLL Capital Markets.


Jeff Seaman


The addition of Brian, Jeff, Derek and Bryson, established leaders in the Phoenix multi-housing investment sales sector, shows our commitment to providing our clients with a market-leading suite of multi-housing services. We are thrilled to welcome the team to JLL Capital Markets,” said Geelan, Senior Managing Director, Phoenix Office Co-Head.

 

Prior to joining JLL, the team was a part of CBRE’s Phoenix Multifamily Investment Properties team. Most recently, Smuckler and Seaman held the positions of Executive Vice Presidents and co-leads of the team, and Smigiel and Fricke served as Senior Vice Presidents.


 

Derek Smigiel 

The team successfully completed over 700 transactions, totalling over $3.5 billion, and within the past three years, they have closed 164 transactions and more than $1.8 billion in total consideration. The team members bring more than 70 years of overall industry experience. 

 

“We are excited for this highly dynamic team to join us in Phoenix. This is another win in our national recruiting efforts aimed at hiring the top teams in high transaction markets and bringing them all together under our nationally integrated platform to best serve our clients’ interest.

 

 "This team adds to the 18 other multi-housing producers we recruited in 2023 alone, and we look forward to our clients benefitting from this momentum as we continue to grow our best-in-class team,” said Kevin MacKenzie, Executive Managing Director, National Production Leader.


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.

 

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 106,000 employees bring the power of a global platform combined with local expertise.


 Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM.


 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

 

 Contact: 

Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

PEBB Enterprises and Banyan Development Generate Joint venture secures seven new tenants in past 60 days at Aldi-anchored shopping center in Port St. Lucie, FL

 

Jenny Schuemann

PORT ST. LUCIE, FL –– PEBB Enterprises and Banyan Development completed seven new leases in the past 60 days at the joint venture’s Shoppes @ the Heart of Tradition project in Port St. Lucie’s master-planned Tradition community.

The 71,000-square-foot project is anchored by popular supermarket chain Aldi and has a well-known overall tenant roster.

The newest tenant signings are:



  • Ace of Carts (golf cart retail store), 1,950 square feet
  • Carmela Coffee, 1,800 square feet
  • Cooper Orthodontist, 1,800 square feet
  • The Joint Chiropractic, 1,604 square feet
  • Papa John’s Pizza, 1,602 square feet
  • Robeks Smoothie, 1,340 square feet
  • Swift Mediterranean Grill, 2,770 square feet
  •  

The recent flurry of activity leaves the project with only three inline spaces available for lease within the center and three outparcel pads available for ground lease, ranging from 1 to 2.8 acres.


 Jason Sher

“Our project continues to be extremely well-received by retailers and food-and-beverage operators,” PEBB Vice President of Leasing Jenny Schuemann said. “These tenants perfectly complement Tradition’s rapidly growing residential population. We anticipate reaching ‘fully leased’ status very soon.”

Aldi is leasing 19,231 square feet at the center. Other signed retail and food-and-beverage tenants include Kyle G’s Amore Chop House, Spanish restaurant Port Tradition, Tomalty Dental, Peach Cobbler Factory, Picasso NailsRita’s Ice, a restaurant chain that specializes in Italian ice and frozen custard.

PEBB and Banyan expect to complete exterior construction in summer 2024, with tenant buildouts commencing then.


Construction of Shoppes @ the Heart of Tradition is progressing smoothly,” Banyan Development Principal Jason Sher said. “The community has been clamoring for new service-oriented retail and dining options, and we are excited to fill that void.”

Shoppes @ the Heart of Tradition is being developed on a 15-acre site just south of the intersection of Tradition Parkway and the I-95 interchange along Village Parkway and Mattamy Homes’ Manderlie residential community.

 It will also provide direct access to residents of Telaro at Tradition, Mattamy’s upcoming premier 55+ active-adult residential community.

The project name is a nod to its location adjacent to the “Heart” sculpture by acclaimed international artist JEFRË designed and constructed at Tradition.

Mattamy partnered with BEEP Autonomous Solutions to create an autonomous vehicle network – Tradition in Motion (TIM) – that is operational throughout the community. PEBB and Banyan’s project site connects to a main drop-off/pick-up area for the autonomous shuttles.

For Shoppes @ the Heart of Tradition leasing inquiries, contact Jenny Schuemann at jschuemann@pebbent.com at (561) 613-4020.

  

 Contacts: 

Eric Kalis/Daniel Benjamin

954-370-8999

ekalis@boardroompr.com/dbenjamin@boardroompr.com

 

Daniel Benjamin

Account Director

dbenjamin@boardroompr.com

C 954-618-8287

O 954-370-8999

Web | Facebook | Instagram | LinkedIn | Twitter 

 

www.banyandev.com.

https://pebbenterprises.com/.  

 

JLL Capital Markets arranges joint venture equity for the 43-unit Allesandro Apartments project in Los Angeles, CA

Jalynn Borders
  

 

Jeff Sause
LOS ANGELES, CA JLL

 Capital Markets has arranged a joint venture equity partnership for Allesandro Apartments, a to-be-built, 43-unit multi-housing project in the Echo Park neighborhood of Los Angeles, California.

 

JLL represented the Sponsor, A.J. Khair Construction, Inc., to arrange the joint venture equity partnership. Financial details were not disclosed.


The JLL Capital Markets Equity Advisory team was led by Senior Managing Director Jeff Sause, Director Chad Morgan and Analyst Jalynn Borders.

 

With an anticipated completion of 2026, the project will consist of large one- and two-bedroom units, averaging 928 square feet.


Chad Morgan
Situated at 1667 Allesandro St., the property is strategically positioned on the border of the burgeoning Echo Park and Silver Lake neighborhoods, two of Los Angeles’ densest neighborhoods nestled between Downtown and Koreatown to the south and Los Feliz to the north.

 

Contact: 

 

Jenna Sharp

JLL, Public Relations, 

Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com