Forty-acre land purchase paves way for new 101 Logistics Park in Avondale, AZ

Rendering of planned 101 Logistics Park, Avondale, AZ

PHOENIX, AZ – The Phoenix office JLL has completed a 40-acre land purchase that paves the way for 101 Logistics Park, a new two-building, Class A industrial regional distribution center being developed in Avondale, Arizona by Seefried Industrial Properties and Crow Holdings Capital Real Estate.

Marc Hertzberg

JLL Managing Directors Marc Hertzberg and Anthony Lydon, and Vice President Riley Gilbert represented the developers in the land transaction and have been named as the exclusive leasing brokers for 101 Logistics Park.

“The West Valley industrial market is absorbing space at a rapid pace, and that creates an ongoing need for new space solutions,” said Hertzberg. “The 101 Logistics Park checks all of the boxes for this space and the large quantity of tenants looking to expand or relocate, including many mid-bay users.”

Anthony Lydon

According to JLL’s Q1 Phoenix Industrial Report, the Valley continues to experience positive fundamentals and record delivery, but currently lacks new product in the mid-bay sector of 50,000 to 200,000 square feet.

In the past 18 months, this sector has recorded more than 5 million square feet of gross leasing activity.

Riley Gilbert

“With the rising demand of industrial and e-commerce related uses as well as the strong population growth in the Southwest Valley, 101 Logistics Park has been designed to accommodate the demands of these users and is strategically located to service both the current and future population base,” said Seefried Industrial Properties Senior Vice President Robert Guerena.

“Our partner, Crow Holdings Capital Real Estate, recognized the same and we are excited to be working on another venture with them.”

Located at the southwest corner of 101^st Avenue and Roosevelt Street, 101 Logistics Park will total 652,146 square feet in two buildings, the first 240,844 square feet and the second 411,302 square feet.

Robert Guerena

Together the project can accommodate multiple industrial users needing space from 40,000 to 411,302 square feet.

Buildings at 101 Logistics Park will feature 32- to 36-foot clear heights, generous full concrete truck courts and a total of 155 dock high doors, 12 grade level doors, 534 auto parking stalls and 107 trailer parking stalls on a secure fenced site.

 It will have eight points of ingress and egress and is minutes from the Interstate 10/Loop 101 stack, offering proximity to a population of two million within a 30-minute drive.

The 101 Logistics Park is slated for completion during the first quarter of 2020. 

CONTACT:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

Arbor Realty Trust Inc. Roundup of New Funding Deals

Greg Gillam

                                

Arbor Funds $19 Million Fannie Mae® Streamlined Rate Lock Deal in West Covina, CA

  

UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae® Streamlined Rate Lock (SRL) deal in West Covina, CA.

Tuscany Villas, a 166-unit garden style apartment building, received $19M in refinance funding through the program. The loan includes a 10 year, fixed-rate term on a 30-year amortization schedule.

Greg Gillam of Arbor’s Manhattan Beach office originated the loan.

“The borrower has owned this workforce housing property for over 10 years,” Gillam said. “Due to the extensive improvements that were made, Arbor was able to refinance the existing Fannie Mae loan and provide a cash-out option.

"Additionally, the SRL product allowed the borrower to lock the interest rate early in the loan process.”

Tuscany Villas, West Covina, CA

Built in 1966 and recently renovated, this luxurious Tuscan-style community offers studio and one-bedroom apartments with upgraded interiors including hardwood flooring, custom cabinets and stunning granite counter tops.

With breathtaking views of the California Mountains, Tuscany Villas offer resort-style landscaping, two community pools, charcoal grilling and a fitness center.

  

Michael Jehle

  

Arbor Funds $4 Million Freddie Mac SBL Deal in Detroit, MI

UNIONDALE, NY -- Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac SBL deal in Detroit, MI.

Van Dyke Apartments, a 40-unit multifamily property, received $4M in refinance funding through the program. The loan features a 20-year hybrid term with three years of interest only on a 30-year amortization schedule.

 Michael Jehle of Arbor’s Oklahoma office originated the loan.

 “This is the fifth SBL loan the borrower has done with Arbor over the last four years,” Jehle said. “His formula has been the same on each deal – buy an old and tired property, renovate it completely with modern amenities and refinance.

"This process is proven and highly successful, primarily because of the strong construction and management capabilities of the borrower.”

Van Dyke Apartments, Detroit, MI

 Built in 1928 and renovated in 2018, Van Dyke Apartments combines classic 1920s architecture with modern living and amenities. Units have been renovated to include stainless steel appliances, granite countertops, electric fireplaces and European glass door showers equipped with double heads and a rainfall feature.

The property includes an on-site laundry facility, with the option for in-unit washer/dryer hookups.

Austin Walker

Arbor Closes $6.2 Million in Fannie Mae Small Loans

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, funded the following Fannie Mae loans totaling $6.2M in Texas, Oklahoma, and Arizona:

A&M Courtyard Apartments, Bryan, TX

A&M Courtyard, Bryan, TX: This 32-unit student housing property received $1.1M in acquisition funding through the Fannie Mae DUS® Small Loan program. The loan provides a 10 year, fixed-rate term on a 30-year amortization schedule. A&M Courtyard provides housing for nearby Texas A&M University students, and features a swimming pool with deck, covered walkways and beautiful landscaping.

Raleigh Square Apartments, Oklahoma City, OK

Raleigh Square Apartments, Oklahoma City, OK: This 105-unit multifamily property received $2.2M in acquisition funding through the Fannie Mae ARM 7-6™ loan program. The loan provides a 7-year term with an adjustable rate on a 30-year amortization schedule. Raleigh Square Apartments are conveniently located near Will Rogers World Airport and offer a wide selection of features and amenities including a community picnic area, pool, playground, on-site parking and laundry facilities.

Timberline Mobile Home Park, Show Low, AZ

 Timberline Mobile Home Park, Show Low, AZ: This 128-unit multifamily property received $2.8M in acquisition funding through the Fannie Mae DUS® loan program. 

The loan provides a 12 year, fixed-rate term with two years of interest only on a 30-year amortization schedule. Timberline Mobile Home Park is a mix of 89 mobile home sites, 38 RV sites and one apartment unit. 

The site includes a storage building, clubhouse with community kitchen, laundry room, banquet hall, library and RV/boat storage area.

 Austin Walker of Arbor’s New York City office originated the loans.

 “These transactions aren’t just numbers on a page, they reflect the strong relationship Arbor and FNMA share,” said Walker. “Each transaction was custom tailored through a variety of waivers to address the borrowers’ unique needs. Arbor is able to deliver financing solutions for every type of property – whether it’s a standard multifamily property, student housing complex, mobile home park or beyond!”

CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Real Estate Capital Institute finds a capital markets shift is occurring in types of lenders, particularly in the multifamily sector

  

John Oharenko

Chicago, IL – Real Estate Capital Institute finds another month of relatively steady capital markets activity.  For the most part, mortgage pricing remains unchanged, but a shift is occurring in types of lenders, particularly in the multifamily sector.  

According to John Oharenko, director of the Real Estate Capital Institute®, "Most investors consider this late-cycle segment of the market a good time to exercise discipline when looking at new deals.  That said, interest rates are the least intrusive obstacle to obtaining a favorable capital structure."

As agencies reach their “cap” lending volume on conventional deals, other lenders are picking up the slack.  Additional notable market trends include:

Flat Rates/Spreads - In the past month, benchmark rates moved higher by about five basis points, a barely noticeable difference.  Meanwhile, mortgage spreads remain almost unchanged, as lenders aggressively compete for limited funding opportunities.

Saving “Green” - "Green" deals on affordable/workforce housing loans remain the most coveted funding targets with the agencies.  Pricing discounts of 20 basis points are typical, along with full leverage (e.g., 75% LTV) availability.  Projects most suitable for such programs are older vintage apartment buildings, generally constructed prior to the 1980s, where “green” upgrade possibilities prevail.

Highway Speed Limit Pricing – Staying within posted highway speed limit ranges also applies to mortgage leverage ranges of 55%-70% LTV [vs. MPH].  Best pricing offered for “slower” lower-leverage deals at 55% or less.  Life companies and agencies battle for such loan opportunities, dipping to spreads of 125 basis points, or less, in some cases.  “Higher speed” loan opportunities demanding debt levels of 65% to 75% are priced in the 165-185 basis point range.   The same price range for much of the past year, or so.

Ten-Year Term Rules – The optimum loan term for permanent debt continues to be 10 years.  Nearly no appreciable difference between seven and 10-year pricing.  In fact, five-year pricing can be more expensive, as the funding arena shifts from perm lenders to banks, based on higher cost-of-capital parameters.

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR.  

CONTACT:

John Oharenko 

john.oharenko@reci.com

 Executive Director

director@reci.com / www.reci.com

 ^The   Real Estate Capital Institute^®

3517 West Arthington Street

Chicago, Illinois USA 60624

JLL Capital Markets Secures the Sale of Thunderbird Wellness Centre in Peoria, AZ

Thunderbird Wellness Centre, Peoria, AZ

PHOENIX, AZ, May 3, 2019 –JLL Healthcare Capital Markets Group announced today the sale of the 56,190 square foot Thunderbird Wellness Centre in Peoria, Arizona.

Daniel Turley of JLL Healthcare Capital Markets Group served as exclusive advisor to the seller, a joint venture between developer/owner MedProperties Group and Virtus Real Estate Capital. The buyer was MBRE Healthcare out of Chicago. 

The 100 percent occupied four-building Class A medical office and specialty retail asset is anchored by a USPI-affiliated ambulatory surgery center and features a high-quality and diversified tenant roster. 

Located in one of Phoenix’s most affluent and growing northwest submarkets, Thunderbird Wellness Centre is strategically positioned less than five miles from three of Phoenix’s major hospitals including the Banner Boswell Medical Center, Banner Thunderbird Medical Center and Tenet’s Abrazo Arrowhead Hospital.

JLL Healthcare Capital Markets is the only national full-service healthcare capital markets team in the real estate industry focused on medical office, hospitals, seniors housing and post-acute care.

 The team consistently transacts over $1 billion annually with unrivaled expertise and experience in investment sales, monetization, development debt and equity capital raise and advisory services for investor and provider clients.

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 a sale, financing, repositioning, advisory or recapitalization execution. 

In 2018 alone, the firm’s 2,600 Capital Markets specialists completed nearly $180 billion in investment sale and debt and equity transactions globally.

CONTACTS:

Stacey Hershauer 

stacey@focusaz.com

focusAZ 

P 480.600.0195

www.focusaz.com

 Azar Boehm

Phone: 212 292-7587

Email: Azar.Boehm@am.jll.com  

Daum Commercial Directs Acquisition of Prime Infill Land Parcel in North Orange County, CA

 

Chris Migliori

La Habra, CA – DAUM Commercial Real Estate Services recently directed the acquisition of an 8.67-acre land parcel in the North Orange County city of La Habra, California on behalf of the buyer, West Harbor Capital, a Torrance, California-based private equity investment firm.

The site is located at 551-555 South Harbor Boulevard in La Habra, California and is now available for lease or sale, with the potential to be divided into two parcels. Construction is expected to be completed in Q3 2019.

West Harbor Capital, which focuses exclusively on the investment and asset management of industrial properties throughout Southern California, plans to complete horizontal development at the site for surface industrial use, according to Chris Migliori, Executive Vice President at DAUM’s Newport Beach office.

Migliori represented both the buyer and the seller, Harbor Blvd., Investments, LLC, alongside DAUM’s Paul Gingrich, also an Executive Vice President at the Newport Beach office.

Paul Gingrich

“The need to accommodate last-mile eCommerce delivery is driving tremendous market demand for varying types of industrial space in close proximity to population centers,” explains Migliori.

“Operators looking for properties with surface storage space are experiencing an especially difficult time due to vertical development in the already tight market.

"Our Client strategically identified an opportunity to acquire this infill land parcel and bring to market a spacious fully paved, fenced, and secured storage yard, which also leaves room for potential future development.”

Migliori notes that the site is well located in the highly competitive North Orange County submarket, which posted sub-3-percent vacancy rates at the end of 2018, according to a DAUM market report. The location offers close proximity to freeways including State Routes 57, 91, 60, as well as Interstate 5.

Adam Deierling, Managing Partner of West Harbor Capital, states:

“We were fortunate to have exceptional partners on this project. The DAUM team is extremely well-versed in this type of transaction. Their efforts and professionalism in bringing all parties together were instrumental to closing the transaction.

Adam Deierling

"We also worked hand-in-hand with the city of La Habra, a municipality with great foresight and leaders who truly understand the dynamics of the industry and our project’s impact on the local community.”

Deierling also notes that this acquisition of this site is well-aligned with the firm’s business strategy to acquire industrial properties and land sites in infill locations across Southern California.

Additionally, the site presents the opportunity for further build-to-suit development of an up to 150,000 square-foot warehouse building.

CONTACTS:

Elisabeth Manville / Micaela Fehrenbach

Brower Group

(949) 438-6262

emanville@brower-group.com

Pinstripes Expands Footprint with Brookfield Properties Partnership

Sandeep Mathrani

CHICAGO, IL (May 2, 2019) – Pinstripes, Inc. announced today their partnership with Brookfield Properties to open three new locations.

Dale Schwartz

 With a minority equity investment in Pinstripes, the real estate company has identified additional locations for the dining and entertainment concept at various Brookfield Properties assets throughout the United States.

Susan Walmsley

“Our retail properties are a hub for daily life, and today’s consumer expects a great experience that features dining, entertainment and celebrates community,” explains Sandeep Mathrani, CEO of Brookfield Properties and Vice Chairman of Brookfield Property Group. 

Karen Katz

“This type of tenant offering has grown throughout our portfolio in recent years, and our partnership with Pinstripes is a natural collaboration that represents evolution in our industry. We look forward to introducing the Pinstripes concept to new markets.”

Pinstripes currently has one location within Brookfield Properties’ portfolio, at the renowned Oakbrook Center outside of Chicago. 

Jack Greenberg

The new locations are slated to open at Streets of Southpoint in Durham, N. Carolina, Halley Rise in Reston, Virginia and will be an addition to the highly anticipated SoNo Collection in Norwalk, Connecticut.

"We are excited to work with Sandeep and his team to further transform the retail experience and offer our guests a magical venue to connect with each other", stated Dale Schwartz, Founder/CEO of Pinstripes. 

"Our unique combination of dining and entertainment is an ideal tenant for Brookfield Properties, and this partnership will further enable Pinstripes to accelerate its expansion plans of opening over 100 locations throughout the U.S. and overseas over the next several years.”

Yorgo Koutsogiorgas

   In anticipation of these expansion plans, Pinstripes recently hired Susan Walmesley, formerly Vice President of Marketing with Topgolf, as its Chief Marketing Officer, and prior to that Rob Hense, former head of real estate at both Apple and Crate & Barrel, as its Chief Development Officer.

 These two seasoned hires have considerable expertise in scaling experiential brands and complement the balance of the Pinstripes executive team. 

Moreover, the Company also recently added Karen Katz, former CEO of Neiman Marcus, as an Advisor. Her branding and operational expertise, in particular, will be of tremendous value to the Company, and she joins a Board that includes, among others, Jack Greenberg, former Chairman and CEO of McDonald’s Corporation, and Yorgo Koutsogiorgas, former SVP of Maggiano’s and the current CEO of Giordano’s.

Follow on social media:

Facebook: https://www.facebook.com/PinstripesBBB/

Instagram: https://www.instagram.com/pinstripesbbb/

Contacts:      

                                                                 

Sarah Ficek/Gianna Fontana

sarah@heronagency.com

gianna@heronagency.com

www.heronagency.com

773.969.5200

www.pinstripes.com.

Ackerman & Co. Purchases 3-Building, 123,900 SF Portfolio North of Atlanta, GA for $5.5 Million

 

Leo Wiener

Atlanta, GA – Continuing its focus on acquiring strategically located industrial/flex properties, Ackerman & Co. has purchased a three-building, 123,900-square-foot portfolio in Norcross, Ga., comprising a mix of industrial, flex and retail space.

Ackerman purchased the buildings, located at 6889-6901 Peachtree Industrial Boulevard, from Mimms Enterprises for $5,500,000 ($44.39/SF) and will rename the property Peachtree Corners Exchange.

Evan Ziegler

 The acquired properties include 6889 Peachtree Industrial Blvd. (24,800-square-feet retail/ showroom/flex), 6899 Peachtree Industrial Blvd. (70,000-square-feet industrial/flex) and 6901 Peachtree Industrial Blvd. (29,100 square feet industrial/flex).

 Ackerman & Co.’s Leo Wiener and Evan Ziegler led the acquisition effort on behalf of Ackerman & Co.

David Beak of NAI Brannen Goddard represented seller Mimms Enterprises. Ackerman’s Frank Farrell and Chris Miller will lead leasing efforts at the properties.

David Beak

 “This purchase is part of our ongoing investment strategy to acquire close-in industrial product strategically located near the I-285 perimeter,” said Kris Miller, President of Ackerman & Co.

“The property was purchased at well below replacement costs, and we believe this opportunity gives us an irreplaceable location and the ability to offer rents at very attractive rates, consistent with our close-in industrial investment strategy.”

The showroom and retail space at 6889 Peachtree Industrial Boulevard benefit from excellent visibility from busy Peachtree Industrial Boulevard.

Kris Miller

6899 and 6901 Peachtree Industrial Boulevard feature 20-foot ceiling heights, 8’ by 10’ dock-high doors and 10’ by 10’ drive-in doors. 

 Ackerman plans to invest in major capital improvements which will include a variety of physical upgrades to meet current demands of tenants in the market.

CONTACT:

 Steve Webb 

swebb@ACKERMANCO.NET

Industry Veteran John Maurer Returns to EverWest to Direct Flagship Open-End Core Fund

John Maurer

DENVER, CO (May 2, 2019) – EverWest Real Estate Investors has hired industry veteran John Maurer as Senior Vice President of Portfolio Management.

Maurer, who will be based in Denver, will direct EverWest’s flagship series of open-ended funds, which were added to the company in February 2019 via the acquisition of Guggenheim Real Estate LLC by EverWest’s parent company GWL Realty Advisors Inc. (GWLRA).

“John brings a strong track record as a senior portfolio manager of open-end funds and strengthens our fund management capabilities,” said EverWest CEO Rick Stone.

Maurer has more than 30 years of institutional real estate investment management experience in all property sectors. His previous roles include Senior Vice President of Portfolio Management for Bell Partners, Inc., Co-Founding Partner at Arsenal Real Estate Funds and Lead Portfolio Manager of PRISA III, an open-end fund at Prudential Real Estate Investors (now PGIM).  

Maurer also served at EverWest as a Managing Principal and Head of Investment Strategy.

Rick Stone

“I am excited to return to EverWest to focus on the USPF flagship fund,” said Maurer. “EverWest’s extensive local market knowledge coupled with GWLRA’s commitment to USPF will maximize results for investors.”

USPF will continue to be available for U.S. and international institutional investors as well as their consultants through existing channels. USPF will also be made available through Great-West Lifeco’s extensive global platform which includes distribution channels in the United States, Canada, the United Kingdom, Ireland and Europe.

CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

greatwestlifeco.com.

 www.gwlra.com.

 www.everwest.com.