Thursday, September 12, 2024

JLL Capital Markets arranges sale and acquisition financing of 2292 West Sand Lake Road., a 150,000 SF cold storage industrial facility in Orlando, FL

 

Taylor Osborne.

Luis Castillo,
MIAMI, FL –  JLL Capital Markets brokered the sale of 2292 W Sand Lake Rd., a 149,570-square-foot freezer-cooler warehouse in Orlando, Florida. The price was not disclosed.


JLL represented the seller, a joint venture between Banner Property Group and an institutional investor, while IP Capital Partners, LLC purchased the asset. Additionally, working on behalf of the new owner, JLL arranged the fixed-rate acquisition loan with a life insurance company.

 

Cody Brais
2292 W Sand Lake Rd. is a highly functional cold-storage building, offering full freezer capability, six flexible temperature zones, 23.5- to 24.7-foot clear heights, 20 dock positions, six rail doors and abundant truck and car parking. The seller recently executed extensive capital improvements to renovate the facility.

 

The facility provides a strategic last-mile location for both local and regional distribution, serving some of Florida’s major demand drivers like Orlando International Airport, Port Canaveral, downtown Orlando and several globally renowned theme parks.


Moreover, it provides access to over 3.5 million consumers within a 60-minute drive through Orlando’s major thoroughfares such as I-4, FL’s Turnpike and John Young Pkwy, among others.

Wells Waller 
 

The property is fully leased to Quirch Foods, an international food distribution company. Quirch Foods, which has been at this location for over 17 years, is one of America's Largest Private Companies (#132 Forbes), generating over $5 billion in revenue and employing 2,000+ people.

 

The JLL Investment Sales and Advisory team was led by Managing Director Luis Castillo, Senior Director Cody Brais, Director Wells Waller and Associate Taylor Osborne.


The JLL Capital Markets Debt Advisory team that represented the new owner was led by Senior Managing Director and Miami Office Co-Head Chris Drew, Senior Director Michael DiCosimo and Analyst Jovi Rodriguez.


Chris Drew
“During and after the pandemic era, the demand for functional warehouse and logistics space tailored for climate-controlled handling, manufacturing and distribution operations has experienced a significant surge, both in the United States and globally,” said Castillo.

 

“2292 W Sand Lake Rd. presented the ideal opportunity to meet investor demand and capitalize on the remarkable growth of this specialized asset type, given the scarcity of supply, high entry barriers and increased space requirements from major players in the sector.”

Michael DiCosimo


“2292 W Sand Lake Rd.’s infill location, recent upgrades implemented by Banner, and tenured tenancy contributed to a competitive marketing process and bolstered our team’s conviction in this high-barrier industrial sector,” added Brais.

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.

Jovi Rodriguez

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:

 Grace Lewis

 

 

 

 

 

Posted by Alex at 12:47 PM 0 comments

JLL Capital Markets led the $19 million sales efforts for Hawthorne Commons, anchored by Northwestern Medicine, in Vernon Hills, IL

  

Keely Polcyznski 

 CHICAGO, IL –  JLL Capital Markets has completed the $18.75 million sale of Hawthorne Commons, a 48,942-square-foot, Class A mixed-use/medtail property anchored by Northwestern Medicine in Vernon Hills, Illinois.

 

JLL represented the seller, a joint venture between Centrum Realty and Hubbard Street Group. Elliott Bay Capital Trust, in a joint venture with Pantheon, purchased the asset.


Hawthorne Commons, a 48,942-square-foot, 

Class A mixed-use/medtail property 

anchored by Northwestern Medicine

 in Vernon Hills, IL

 

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Alex Sharrin, Managing Director Keely Polcyznski and Senior Director Michael Nieder.


 Alex Sharrin


“There has been a growing trend over the past few years towards medtail properties, which are traditional retail assets anchored by healthcare tenants ranging from flagship health systems to local / regional operators that want to be more in sight / in mind for their consumer,” Sharrin said.

 

“The defensive nature of the healthcare industry makes these assets extremely attractive to a variety of investors and we continue to see more and more of this subtype emerge across the U.S.”

 

 

“This property’s prime location in the Vernon Hills retail corridor and its best-in-class anchor tenant, Northwestern Medicine, presented a compelling investment opportunity,” said Christian Whipple, CEO, Elliott Bay Capital Trust.


Michael Nieder
“We are excited to be part of a market that is experiencing dynamic growth and redevelopment, particularly with the transformative Hawthorn Mall mixed-use project adjacent to the property. 


"This acquisition not only reflects our strategic approach to identifying high-value assets but also reinforces our confidence in the future of this vibrant submarket of Chicago.”

 

“We are proud of the completed project and believe it reflects strong collaboration with the village board,” added Larry Powers, Centrum Realty & Development.

 

 “We value our relationship with Northwestern Medicine, and it was important to us that the next owner of this property understood the needs of medical office. From the onset of our discussions, it was clear that Christian had the ideal background and expertise to own and manage this asset.”  


Christian Whipple
Completed in 2016, Hawthorne Commons is a two-story building featuring a mix of medical, retail and restaurant offerings. The property is 88% leased to eight tenants, including anchor tenant Northwestern Medicine, T-Mobile and Uncle Julio’s Mexican Restaurant.

 

The property sits on a 2.86-acre site at 850 N Milwaukee Ave. in an affluent North Shore community of Chicago where the average household income is approximately $153,000. Hawthorne Commons is positioned at a highly visible intersection seeing more than 61,000 cars per day and is within a dominant retail corridor of Vernon Hills.

 

Within a one-mile radius of Hawthorn Commons there is more than four million square feet of institutionally owned Class A retail, including Mellody Farms and Hawthorn Mall, which see more than six million visitors per year and drive exceptional traffic to the property. The immediate area has also seen a surge of residential development with close to 1,000 new units being delivered or under construction.

 

Larry Powers

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.

 CONTACT:

 

Kristen Murphy,

Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@jll.com

 

 

 

 
Posted by Alex at 8:16 AM 0 comments
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