JLL’s Hotels & Hospitality group procured the buyer in the sale of the 117-suite, select-service SpringHill Suites by Marriott Voorhees Mt. Laurel/Cherry Hill in New Jersey

SOLD: The 117-room SpringHill Suites by Marriott
Voorhees Mt. Laurel/Cherry Hill
located at 1031 Voorhees Drive,
 Voorhees Township in New Jersey

  

Ketan Patel

 WASHINGTON, DC, April 1, 2024 – JLL’s Hotels & Hospitality group has arranged the sale of SpringHill Suites by Marriott Voorhees Mt. Laurel/Cherry Hill in New Jersey. The price was not disclosed.

JLL represented the seller and procured the buyer.

 

Located at 1031 Voorhees Drive, Voorhees Township, the hotel is a four-story, 117-suite, select-service hotel featuring a well-equipped fitness center, heated indoor pool and business center.

 

The property also features 375 square feet of flexible meeting space, which is highly attractive for corporate and leisure accounts. 

 

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Ketan Patel and Directors Phil White and Vasilis Halakos.

Phil White 

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide.

 

 The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

 

 Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

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

 

 

 

CONTACT:

 

Alli Stent

PR, Hotels & Hospitality

 Capital Markets

Chicago | JLL
M +1 330 329 6750

 

jll.com.  

 

JLL’s Hotels & Hospitality group arranges sale of the 154-room Hampton Inn & Suites National Harbor/Alexandria Area, select-service hotel

SOLD: The 154-room, 11-story Hampton Inn
& Suites National Harbor/Alexandria
 Area in Maryland

 

WASHINGTON, DC, April 1, 2024 –  JLL’s Hotels & Hospitality group announced today that it arranged the sale of the 154-room Hampton Inn & Suites National Harbor/Alexandria Area in Maryland. The price was not disclosed.

 

JLL worked on behalf of the seller and procured the buyer.

 

 Ketan Patel

The select-service hotel is located at 250 Waterfront St., Oxon Hill. It occupies a coveted location immediately across the street from the submarket's primary demand generator, The Gaylord National Resort and Convention Center, which contains nearly 550,000 square feet of premier conference and event space. 

The 11-story hotel boasts all of Hilton’s amenity brand standards including digital key access, business center, fitness center, complimentary breakfast, free Wi-Fi as well as an indoor pool and meeting space.

National Harbor, situated just a short 15-minute drive from downtown DC, has rapidly established itself as a popular tourist spot.

Phil White 

The captivating sight of the Capital Wheel has become an unmistakable symbol for DC residents, easily recognizable from the banks of the Potomac River. Businesses situated within National Harbor enjoy exposure to a significant influx of visitors, with 15.2 million annual visitors in 2022 and a growing trend towards its usual average of nearly 20 million visitors.

The business-friendly environment of National Harbor fosters thriving hospitality, entertainment and retail sectors. These local attractions have not only attracted more annual visitors but also played a crucial role in stimulating the local economy and driving economic growth.

 Furthermore, the presence of other attractions in close proximity, such as the MGM National Harbor Casino, TopGolf, Tanger Outlets, Rosecroft Raceway and Old Town Alexandria, contribute to the enduring and robust demand for the submarket.

Capital Wheel 

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Ketan Patel and Directors Phil White and Vasilis Halakos.

 

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide.

 

The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

 

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

 

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

 

 

 

CONTACT:

 

Alli Stent

 

PR, Hotels & Hospitality

 Capital Markets

Chicago | JLL
M +1 330 329 6750

 

Daniel Schneider, MAI, a 20-year industry veteran, joins JLL’s Value and Risk Advisory platform as an Executive Director

Daniel Schneider

 

. CHICAGO, IL, April 1, 2024 – JLL’s Value and Risk Advisory has hired Daniel Schneider, MAI as an Executive Director within its seniors housing team.

 

Schneider, who is based in Philadelphia, will play a critical role in supporting JLL’s clients in making informed decisions and evaluating risk in the growing seniors housing market.

 

 In addition, He will act as the HUD practice leader for seniors housing and oversee all HUD assignments nationally for the Value and Risk Advisory platform.

 

“We are thrilled to welcome Dan to the Value and Risk Advisory platform,” said Bryan Lockard, Head of Alternative Real Estate, JLL Value and Risk Advisory.

 

“His deep industry knowledge and track record of delivering strategic insights will further strengthen our capabilities in seniors housing and skilled nursing, which we see as a growing sector for our business.”

 

Prior to joining JLL,  Schneider served as a First Vice President at CBRE, where he successfully executed complex transactions and provided strategic advisory services to clients in the seniors housing sector.

Bryan Lockard

He spent much of his career at Valuation & Information Group (“VIG”), with a primary focus on skilled nursing and HUD appraisals. His proven track record and ability to deliver innovative solutions have consistently earned him the trust and respect of his clients in both the middle market and institutional arenas.

 

Schneider holds a Bachelor of Science from Rutgers University and is a member of various industry organizations, including the Appraisal Institute.

  

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

 

 

 

 

 

 

Real Estate Capital Institute® (RECI) finds banks' higher single-digit funding rates holding back some new construction and redevelopment projects

 

John Oharenko

Chicago, IL, April 1, 2024 – The unemployment rate, the annual GDP growth rate, and the inflation rate all hover in the 3% to 4% range.  For now, the Fed feels comfortable maintaining current benchmark rates.  As a result, no dramatic news seems to affect the real estate capital markets. 

Yet realty market fundamentals show some unusual patterns, namely "Mortgage Term Inversion." In other words, short-term pricing remains higher than long-term debt, illustrated as follows:

 

Treasury Yield Curve Inversion – The yield curve has stayed inverted since the Fed took a significant stance against inflation in mid-2022.  This inversion translates to short-term bonds yielding more than long-term bonds for a record number of days in modern history.   The benchmark five-year and ten-year treasuries are nearly identical, but shorter-term treasuries (particularly one year or less) are priced at about 75 to 125 basis points higher.

Floating vs. Fixed Rate Pricing - Short-term rates are more expensive than longer-term ones.  For example, agency-based floating rate programs are at about 7.5%.  Banks and other adjustable-rate funding sources provide rates in the higher single-digit to lower teens.  These higher rates continue to constrain new construction and redevelopment activity.  In contrast, more favorable agency fixed-rate pricing starts as low as 5.25% to as much as 8%. 

Market Uncertainty and Targeted Policies - A pricing gap of as much as 200 basis points between short and long-term debt indicates investor uncertainty in monetary policy and the economy's overall direction.  Furthermore, agencies continue to target underserved realty markets with attractively subsidized pricing, focusing on maintaining and creating affordable housing.

 

John Oharenko, the Director of the Real Estate Capital Institute®, emphasizes, "Mortgage Term Inversion favors stabilized, performing properties, as well as affordable housing.  Lenders fear unproven cash flow, namely development risk, creating a vacuum in the short-term funding arena."

 

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields. 

CONTACT:

 John Oharenko

 Executive Director

director@reci.com / www.reci.com 

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

 

 

 

 

JLL’s Hotels & Hospitality group represent the seller in the sale of the 127-key Hyatt Place Pittsburgh Airport/Robinson Mall in Pittsburgh, PA

SOLD: The 127-room
Hyatt Place Pittsburgh Airport / Robinson Mall
Located at 6011 Campbells Run Road
in Pittsburgh, PA

 

 NEW YORK, NY –  JLL’s Hotels & Hospitality group has arranged the sale of the 127-room Hyatt Place Pittsburgh Airport / Robinson Mall in Pittsburgh, Pennsylvania. The price was not disclosed.

 

JLL worked on behalf of the seller and procured the buyer.

 Located at 6011 Campbells Run Rd., the hotel is primarily supported by airport demand. It also boasts proximity to prime Pittsburgh destinations such as Acrisure Stadium, the Pittsburgh Zoo, Settlers Cabin Park, S&T Bank Music Park, PPG Arena and the Pittsburgh Botanic Garden. The property features an indoor pool, fitness center and on-site dining.

 

The JLL Capital Markets Investment Sales team was led by Director Philip White.

“The buyer saw an incredible opportunity to purchase an asset well-below replacement cost in a market with a lack of new competitive supply," said White.

Philip White

 "The buyer intends to renovate the hotel to compete better within its competitive set as well as maximize profitability within a rebounding Pittsburgh market,” 

 

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

 

CONTACT:

Alli Stent

PR, Hotels & Hospitality

 Capital Markets

Chicago | JLL
M +1 330 329 6750

 

 

 

 

JLL Capital Markets arranges $6 million sale of the High-performing, 9,624-square-foot Newport and Walnut Center located in Tustin, CA

 

Newport and Walnut Center, a 9,624-square-foot
retail strip center located within
 Orange County in Tustin, CA

 

IRVINE, CA  – JLL Capital Markets has closed the $6.225 million sale of Newport and Walnut Center, a 9,624-square-foot retail strip center located within Orange County in Tustin, California.

Daniel Tyner 

JLL worked on behalf of the seller, a private family trust that owned the center for over 20 years, and the buyer, World Premier Investments, who acquired the asset for their 1031 exchange.

 

Newport and Walnut Center is a high-quality unanchored retail center that features a diversified tenant mix of food, health, beauty and household services. 

The property is 100% leased to eight tenants, including HiroNori Craft Ramen, Crown Beauty, Studio 18 Nail Bar, Moon Lash Beauty and more.

 

Situated at 13812 Newport Ave., Newport and Walnut Center is positioned strategically along the bustling Newport Avenue (27,834 VPD) and is just 0.4 miles to the I-5 freeway (345,310 VPD).

 

The center is located within a prime residential node, with total residents exceeding 35,679 within a one-mile radius and approximately 219,033 residents within a three-mile radius.

Gleb Lvovich 

The property also sits adjacent to Tustin High School, catering to a student population of over 2,200, and is within close distance to Old Town Tustin.

 

The JLL Capital Markets Investment Sales Advisory team was led by Senior Director Daniel Tyner and Managing Directors Gleb Lvovich and Geoff Tranchina.

 

“Newport and Walnut received a significant amount of interest from the market as the property presented a unique opportunity to acquire an infill strip center with future upside. 

"This transaction proves the strong investor demand for well-performing, daily needs strip centers,” said Tyner.

 

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

 Geoff Tranchina

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales 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

 Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com