JLL Capital Markets facilitates $114 million loan for Georgetown Company’s high rise community in Chicago, IL

  

 Medina Spiodic

CHICAGO, IL – JLL Capital Markets announced today that it has secured a $113.75 million agency loan for K2 Apartments, a 496-unit, Class-A, high-rise apartment community in Chicago, Illinois.

 

JLL Capital Markets worked on behalf of the borrower, Georgetown Company to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

 

K2 Apartments, situated at 365 N Halsted St. in Chicago's vibrant West Loop neighborhood, offers an ideal location in the Fulton Market District just west of the Chicago River. With its proximity to I-90, walkable distance to the downtown central business district and excellent access to public transportation, this is the ideal location for convenient urban living and connectivity to the city’s amenities.

Rebecca Brielmaier

Chicago's Fulton Market District, once the city's meatpacking hub, has transformed into one of the nation's highest-growth and most in-demand neighborhoods. The area has maintained the authenticity of its historical architecture, while welcoming new developments designed for modern residents. 

This has led to an explosion in growth, where since 2016, 5.03 million square feet of space has been delivered in the area, a 924% increase in Class A developments and a 178% overall growth rate. 

This vibrant district has become a magnet for diverse businesses, boasting 151 restaurants, 707 hotel keys delivered and an average resident annual retail spend of $20,623, cementing its status as Chicago's intersection of food, design, hospitality, art, culture, technology and business. 

Fulton Market District also features beloved local spots such as Little Italy, Union Park and the National Hellenic Museum.

 

K2 Apartments, constructed in 2013, is a striking 34-story high-rise offering 386,249 square feet of living space with skyline views from the floor-to-ceiling windows of downtown Chicago. 

The community features a diverse range of units, from studios to three-bedroom apartments, each featuring amenities including energy-efficient stainless steel appliances, plank flooring and stone countertops.

Residents enjoy an array of community amenities, including a swimming pool, terrace lounge, movie theater room, 24-hour concierge service, dog park and an indoor basketball court, making K2 Apartments a premier destination for upscale urban living.

Danny Kaufman

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Danny Kaufman, Director Medina Spiodic and Associate Rebecca Brielmaier.

 

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:

 

Gréta Kieras

 Senior Associate

 Public Relations

Phone: +1 949 930 8498  

Email: greta.kieras@jll.com

ll.com.

 

 

Plaza Advisors brokers sale of Central Park Plaza shopping center in Largo, Fl

Central Park Plaza in Largo, FL  offers 47,653 SF of retail space 

 

Jim Michalak

LARGO, FL -- Central Park Plaza in Largo, FL includes 47,653 square feet of retail space and was 95% occupied at the time of sale, with notable tenants including NAPA Auto Parts, Rent-A-Center, Boost Mobile and AMA Medical Group (Humana).

The property is situated on 4.26 acres along Missouri Avenue (32,000 VPD) within an opportunity zone, just minutes away from popular beaches and in close proximity to national retailers such as Publix, Walmart, Ross, TJ Maxx and ALDI.

 

The Plaza Advisors team led by Jeff Berkezchuk and Jim Michalak represented the seller. No other brokers were involved.

 

Jeff Berkezchuk

“The combination of below market in place rents and an attractive per square foot price resulted in significant investor interest in Central Park Plaza” Berkezchuk said.

 “Demand for value-add shopping centers in well-located markets such as the Tampa MSA is extremely high and with the current lack of product supply there is no shortage of qualified investors ready to deploy capital.”

 

 

 

CONTACT:

 

Jim Michalak

Managing Partner

Plaza Advisors

www.plazadvisors.com

 

4100 West Kennedy Boulevard, Suite 100

Tampa, FL 33609

Main: 813.837.1300 Ext. 1

jim.michalak@plazadvisors.com

 

RKW RESIDENTIAL Expands in Georgia; Appoints Sean Chalpan as Regional Manager

  

Sean Chalpan

Duluth, GA

Kevin Owens

  – RKW Residential, one of the nation’s fastest-growing multifamily management firms, continues its expansion in the Georgia market. The firm was selected by Westplan to oversee management and leasing of the 253-unit Accent Suwanee Creek community in Duluth, Georgia, and added Sean Chalpan as Regional Manager to support its growth throughout the state.

 

Accent Suwanee Creek is a modern, inviting community offering one, two and three-bedroom apartments. Strategically located in the vibrant Duluth area, the property provides residents with access to first-class amenities, modern design and proximity to the best of suburban Atlanta living.

 

Chalpan brings more than 26 years of property management expertise to his new role, including his most recent position as Regional Manager at Greystar. With deep knowledge of operational performance and team leadership, Chalpan is well-equipped to oversee RKW’s expanding Georgia portfolio.

The 253-unit Accent Suwanee Creek community in Duluth, GA

“As a Georgia native, this market holds personal significance for me.” said Kevin Owens, RKW’s Atlanta-based President of Property Management. “Expanding our footprint in the area and welcoming a seasoned professional like Sean to the team highlight our dedication to delivering exceptional property management services in one of the nation’s most dynamic regions.”

 CONTACT:

 Angelic Bringas

Account Executive
abringas@boardroompr.com
C 786-202-5773
O 954-370-8999
Web | Facebook | Instagram | LinkedIn

 www.rkwresidential.com

 

 

 

 

JLL Capital Markets arranges sale of 536,000 SF Tempe Commerce Park in Metro Phoenix, AZ

 

Jackie Orcutt 

PHOENIX, AZ, Jan. 6, 2025 –  JLL Capital Markets announced today the sale of Tempe Commerce Park, a five-building industrial complex totaling 536,122 square feet in Tempe, Arizona.

 

JLL represented the seller, a global investment manager and BKM, in the sale to LaSalle Investment Management (LaSalle).

Connor Nebeker-Hay

The property, situated on 36.79 acres, features 24-foot clear heights, dock-high and grade-level doors and ample parking. 

The complex is 92% leased to eight diverse tenants, including McKesson, Genuine Cable Group and Rivian.

Located at 7340-7360 S. Kyrene Rd. and 7333-7343 S. Hardy

 Dr., Tempe Commerce Park benefits from its position in one of Metro Phoenix's most sought-after submarkets.

The location offers excellent accessibility, being just one mile from the I-10 freeway and 2.6 miles from US-60, providing convenient access to the greater Phoenix Metro area.

Mark Detmer

Additionally, the Tempe submarket makes it a prime location for industrial tenants looking for proximity to major transportation routes and a robust labor pool supported by Arizona State University's large student population. 

JLL Capital Markets team was led by Senior Managing Director Mark Detmer, Senior Director Greer Oliver and Associate Connor Nebeker-Hay. The local market leasing efforts were handled by CBRE's Senior Vice President Jackie Orcutt and First Vice President Jonathan Teeter.

"Tempe Commerce Park represents a unique opportunity in one of Phoenix's most dynamic submarkets," said Detmer. 

"With its strategic location, diverse tenant mix and recent improvements, this property is well-positioned to capitalize on the robust industrial demand in the region. The investment by LaSalle underscores the continued strength and appeal of the Phoenix industrial market."

Greer Oliver

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.

 Jonathan Teeter

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 BKM Capital Partners

BKM Capital Partners is a proven real estate fund manager and operator focused exclusively on investing in small and mid-bay light industrial properties in the Western United States.

Headquartered in Newport Beach, CA, with over 100 employees in 13 offices, BKM implements a value-add strategy targeting under-managed and under-capitalized assets.

The team has invested over $4.5 billion in more than 120 small and mid-bay light industrial properties since 2013. Its approach includes the acquisition, refurbishment, repositioning, and active management of these industrial properties to drive NOI growth and generate a strong IRR and multiple on invested equity.

BKM’s foundation is built upon Focus, Operational Excellence, Technology, and Client Service. 

CONTACT:

 Grace Lewis

PR, Capital Markets

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com

 bkmcp.com

 

Birmingham-based Oakley Group Acquires Multifamily Real Estate Community in Mobile, AL

David Oakley

  Mobile, AL – Birmingham-based Oakley Group, an experienced multifamily real estate investment firm, has acquired Summit at Hillcrest, a 104-unit apartment community - totaling 114,400 net rentable square feet - situated on approximately 7.23 acres at 1601 Hillcrest Rd., Mobile.

 CEO David Oakley said the property was purchased from the Pacific Hillcrest LLC, a Delaware limited liability company and listed by Marcus & Millichap, with brokers Josh Jacobs and Royce Emerson representing both sides. 

 

Josh Jacobs 

Oakley acquired Summit at Hillcrest with a Fannie Mae loan assumption with a 4.36 percent fixed rate, five years remaining on term, and loan balance of $7.95 million.

 Oakley says, “I had the unique pleasure of selling Summit at Hillcrest twice over the past 15 years during my broker days at Berkadia.

"It's thrilling to now have the opportunity to buy this well-cared-for community from friends in the industry, bringing a full-circle moment to my journey as a broker.”

 

The property consists of 14 two-story brick buildings with hardboard siding and 30-year architectural shingle roofing on a low-density site with ample green space, a clubhouse, pool house and fitness center, all built in 1982.

Royce Emerson

Located just four miles from I-65 and excellent proximity to the Port of Mobile and Mobile Central Business District, the area boasts easy access to major area employers, healthcare, and higher education.

 Oakley said plans for the property include light enhancements such as new asphalt to common drives, exterior painting, landscaping, clubhouse upgrades, new firepit and grilling station, and modern upgrades to interiors.

 

The one and two-bedroom units are large, with square footage ranging from 950 to 1,250 per unit and have excellent floor plans that provide condo-style living. Upon purchase, the property was 94 percent leased.

 

Mark Hinson

Oakley’s Vice President of Asset Management,
Mark Hinson, expressed his enthusiasm for the property’s potential: "We are thrilled to announce our recent purchase in Mobile.

"The area is experiencing a resurgence, driven by a growing economy, a booming port, and significant investments in infrastructure and technology.

 

"At Oakley Group, we invest with a purpose, and our value-add plan for this property is designed to enhance its appeal while capitalizing on this vibrant environment.

 

"By upgrading amenities and fostering community engagement we aim to create a space that not only meets the needs of residents but also contributes to the overall revitalization of the region. This is an incredible opportunity to be part of Mobile's growth story."

 

Arlington Properties, which has a long-standing relationship with Oakley Group, has been retained as the management firm, according to Oakley.

Summit at Hillcrest, a 104-unit apartment community - totaling 114,400 net rentable square feet - situated on approximately 7.23 acres
at 1601 Hillcrest Rd., Mobile, AL

 

Contacts: 

 

David R. Oakley, Oakley Group,

205-913-4632 or 

 do@oakleygroup.com  

 

Jorja White, Oakley Group

 205-329-1707

or jw@oakleygroup.com

 

Beth Payan, Larry Vershel Communications Inc.

407-461-3781 or 

Beth@LarryVershel.com