JLL closes sale of a four-building industrial portfolio in Morris County, NJ

Jose Cruz

MORRISTOWN, NJ – JLL announces that it has closed the recent sale of 19 Chapin Road, a four-building, core-plus light industrial portfolio totaling 529,110 square feet in the Morris County community of Montville Township, New Jersey.

JLL marketed the property on behalf of the seller, partnership between Camber Real Estate Partners and Advance Realty Investors. A partnership comprising Cohen Asset Management, Inc. and Intercontinental Real Estate Corporation purchased the asset.

19 Chapin Road is 93.7% leased to a diverse mix of 11 local and international corporations spanning industries such as light manufacturing, aerospace and defense, shipping and healthcare services. 

Marc Duval

Completed between 1999 and 2000, the rear-loading buildings offer 88 total loading positions, including 76 dock-high doors and 12 drive-in doors; clear heights ranging from 20 to 22 feet; and ample car parking. 

Located on 129 acres along US Route 46, 19 Chapin Road is approximately two miles from the intersection of Interstates 80 and 280 and less than five miles from Interstate 287, which, together, provide access across New Jersey and into New York, Pennsylvania and Delaware. 

Additionally, Newark Liberty International Airport and the Port of New York and New Jersey are both 23 miles from the property.

The JLL Capital Markets team representing the seller included senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato.

Jordan Avanzato

“We continue to see very strong demand from the investment community for industrial product in Northern New Jersey, and, specifically for this asset, the location and tenant mix helped to drive pricing,” Cruz said.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

(Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.)

CONTACTS:

Jose Cruz, 
JLL Senior Managing Director

New Jersey License No: #8743725

Phone: +1 973 549 2000

Email: J.Cruz@am.jll.com

 Kimberly Steele,
 Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: Kimberly.Steele@am.jll.com

jll.com.
https://www.intercontinental.net.
http://www.cohenasset.com
www.advancere.com 
www.CamberREP.com.

Former Cher-Owned Mansion Sale Price Dropped to $115 Million from $180 Million

Holmby Hills, CA Mansion Formerly Owned by Several Hollywood Celebrities Including Cher and Tony Curtis

Photo credit: Mike Kelley                              Source: 141carolwood.com

HOLMBY HILLS, Los Angeles, CA -- One of Southern California's most notable celebrity mansions on the largest acreage in Holmby Hills is for sale at a reduced price of $115 million, down from an eye-popping $180 million, according to TopTenRealEstateDeals.com

Cher

 Famous former owners include Tony Curtis who died during his tenure there and Cher who wanted the mansion as soon as she saw it when attending a party Curtis gave. She had to wait seven years before it was available and she immediately snapped it up.

Tony Curtis

Designed in the Italian Renaissance Revival style by architect Robert D. Farquhar, the location was cherry-picked by the original developer and visionary behind Holmby Hills, Arthur Letts, for his personal family estate.

Esther Williams

Ultimately built by Lett's widow, Florence Letts Quinn, and subsequent husband, businessman Charles H. Quinn, the home itself was the largest and grandest residence in Los Angeles.

Marilyn Monroe

In addition to Tony Curtis and Sonny & Cher, the estate sprawling across its 10 acres once belonged to the married Joe Schenck, chairman of 20th Century Fox, who was seeing Marilyn Monroe on the side and even moved her into the guest house, and by Olympic swimmer and actress Esther Williams, who built the pool and pool house which still remains on the property.

Joe Schenck

It also housed the infamous Ghazi Aita of Monaco, who wasted no time in installing a harem and ended up in Heidi Fleiss' black book. Aita sold it to Ameriquest founder Roland Arnall.

Jennifer Aniston 

The Platinum Triangle neighborhoods of Bel Air, Holmby Hills and Beverly Hills is the celebrity address of choice, including Rod Stewart, Jennifer Aniston and Ashton Kutcher.

Rod Stewart

Now awaiting its next owner, the 12,201-square-foot mansion, flush with old-world craftsmanship, includes stately public rooms, multiple fireplaces and chandeliers, oak paneling, carved moldings, intricately carved plaster ceilings and marble fireplace surrounds, impressive grand foyer and all spacious rooms.

Sally Forester Jones

There are nine bedrooms and ten baths. Grounds contain two guard houses, Esther Williams’ pool and pool house, fountains, fruit trees and restored formal gardens that border the Los Angeles Country Club.

Heidi Fleiss

One of the most important estates in California, nestled within the ultra-wealthy Platinum Triangle neighborhoods of Bel Air, Holmby Hills and Beverly Hills, the historic Owlwood estate, often referred to as “The Crown Jewel of Holmby Hills,” has been reduced from $180 million to $115 million.

Ashton Kutcher

The listing agents are Sally Forester Jones, Tyrone McKillen and Tomer Fridman of Compass, Beverly Hills and Drew Fenton of Hilton & Hyland, Beverly Hills.


CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

Crossman & Co. Completes $2.8 Million Shopping Center Sale in Casselberry, FL

Christie Alexander

ORLANDO, FL  -- Crossman & Company, the Southeast’s premier retail leasing, property management and investment sales firm, has announced the sale of Summit Plaza II in a $2.8 million transaction.

The 28,437 square foot center at 1015 State Road 436, Casselberry, Fla. was sold by Crossman & Company client MMI Development.

Brian Carolan 

Crossman & Company Managing Director Brian Carolan and Director of Brokerage Services Christie Alexander represented the seller.

Summit Plaza II was 86 percent occupied with office and retail tenants at time of the purchase including Allstate Insurance, Palma Maria Restaurant and Aladdin’s Café.

Suleiman Musallam of Lababidi Realty Group represented the buyer.

Summit Plaza II, a 28,437-SF center at 1015 State Road 436, Casselberry, FL

MMI Development purchased Summit Plaza II in 2016, as part of a portfolio with the intent of redeveloping a portion into a free-standing Wawa.  The Wawa is currently under construction and the sale represents the successful execution of the seller’s original exit strategy.

“The property received significant interest given the visibility along SR 436 which sees over 60,000 cars per day.  The new owner plans on undertaking several capital improvement projects,” noted Carolan.   

For more information contact marketing coordinator Andrea Paredes at  (407) 581-6246 or aparedes@crossmanco.com or visit www.crossmanco.com.

 CONTACT:

Mike Bonts

Public Relations

(904) 424-6641

Iconic Hotel Reinvented and Opens as Philadelphia Marriott Old City

  

The Four-Story Philadelphia Marriott Old City, formerly the  Sheraton Philadelphia Society Hill Hotel,  at One Dock Street between 2^nd and Walnut Streets

PHILADELPHIA, PA, July 25, 2019—The Philadelphia Marriott Old City today announced it now is open and welcoming guests as the city’s newest hotel in a flag-raising ceremony celebrating its conversion from the former Sheraton Philadelphia Society Hill. 

Operated by PM Hotel Group, one of the nation’s leading hotel management companies, the hotel has completed phase one of a multi-million dollar, total renovation, including the city’s introduction to the new elevated concierge lounge experience, M Club.

“This hotel has been an important member of the community for more than three decades,” said Jeremy Costa, hotel general manager.

Jeremy Costa

“Evolving the hotel’s design and service that embraces innovation, an element central to Marriott Hotels brand, will greatly enhance the premium experience for our guests in Philadelphia’s historic district.”

         

The redesign will take place throughout the entire hotel.  Phase one has just completed and includes a total reconfiguration of the lobby to upgrade the guest arrival experience and to create a new, all-day dining experience and stylish bar area, Society Commons. 

The area features local spirits and brews, as well as a coffee and juice bar.  The revitalized lobby area also will include the introduction of the new M Club.  

The new M Club, Philadelphia

In addition, guest rooms have been completely refurbished to  further meet guest preferences, featuring upgraded, modern bathrooms.    

The final phase of the transformation will cover meeting space.  Complementing the market dynamic, the hotel’s design is well-suited to meet the needs of group and catering guests.

 CONTACT:

Chris Daly,

(703) 864-5553

chris@dalygray.com

pmhotelgroup.com

Banyan Investment Group Completes $50 Million Acquisition of Three-Hotel Portfolio in Madison, WI

Kat Lash-Williams

MADISON, WI, July 24, 2019--Banyan Investment Group, an Inc. 5000 recognized hotel investment and management company that acquires and manages select-service hotels in the United States, today announced that it completed the acquisition of a three-hotel portfolio of Marriott- and Hilton-branded hotels located in Madison, Wis., for approximately $50 million. 

Additionally, the company announced that it will operate the portfolio, comprised of the 127-Room Courtyard by Marriott Madison East, 130-Room Fairfield Inn & Suites Madison East and 115-Room Hampton Inn Madison East Towne Mall Area.

Andy Chopra

                “In addition to expanding our footprint into the Great Lakes region, this portfolio aligns perfectly with our strategy of targeting strong markets with multiple demand generators that are well positioned to weather all phases of the economic cycle,” said Andy Chopra, founding principal and chief investment officer, Banyan Investment Group. 

“All three hotels benefit from their location near Fortune 500 companies, including the American Family Insurance headquarters, located in nearby office parks and downtown Madison, as well as their proximity to Minneapolis, Milwaukee and Chicago. 

Courtyard by Marriott Madison East

"Wisconsin’s state capital is the ideal Big 10 college town, home to the University of Wisconsin’s main campus.  This creates year-round demand from students, families, government, business and leisure travelers to the area.”

“Due to the strength of our partners, we were able to complete this complicated transaction in just over two months,” said Kat Lash-Williams, hotel analyst, Banyan Investment Group. 

Fairfield Inn & Suites Madison East

 “From the lenders to the franchisors, everyone was well motivated to move quickly and precisely.  As we grow across the United States, we will continue to target strong submarkets that allow us to have more predictable cash flow for our investors.”

  Courtyard by Marriott Madison East

                Located at 2502 Crossroads Drive , the four-story hotel is situated directly off Interstate 90.  Guest room amenities include flat screen HD television, mini-refrigerator, work desk, microwave, coffee maker, iron with ironing board and complimentary, high-speed Wi-Fi Internet access. 

Hampton Inn Madison East Towne Mall Area

 The hotel also provides approximately 1,080 square feet of meeting space capable of accommodating up to 80 people.  Additional hotel amenities include a heated indoor swimming pool and whirlpool tub, business center, guest laundry facilities, 24/7 fitness center, sundry shop, and complimentary airport shuttle.

Fairfield Inn & Suites Madison East

                Directly across the parking lot from the Courtyard by Marriott Madison East, the four-story hotel recently completed a multi-million dollar renovation to improve public spaces and guest rooms. 

Guest rooms and suites are equipped with flat screen HD television, complimentary high-speed Wi-Fi Internet access, work desk, mini-refrigerator, iron with ironing board and coffee maker. 

Hampton Inn Madison East Towne Mall Area

                Nestled across the street from the East Towne Mall, home to more than 120 shops and restaurants, the four-story hotel offers a heated indoor swimming pool and whirlpool, fitness center, business center, valet laundry and complimentary, high-speed Wi-Fi Internet access. 

 CONTACT:

Chris Daly,

(703) 864-5553

chris@dalygray.com

Skyline Exhibit Craft Relocates All South Florida Operations to Miramar Park of Commerce in Miramar, FL

Maridee Bell

MIRAMAR, FL, July 24, 2019 – Skyline Exhibit Craft, an independently-owned dealer for Skyline Exhibits, LLC, a worldwide manufacturer of trade show displays, signed a new lease for 34,471 sq. ft. of space at the Miramar Park of Commerce.

Owned and operated by Sunbeam Properties & Development, the Miramar Park of Commerce is the largest locally-owned and managed business park in South Florida.

Lauren Pace

Located at 3900 Executive Way, Skyline Exhibit Craft’s new facility at the Park is the result of the company’s decision to consolidate its three locations in South Florida into one contiguous space.

“In order to continue our fast-paced growth, we needed a warehouse and office space large enough to accommodate our inventory and workforce under one roof,” said Wayne Litsky, owner of Skyline Exhibit Craft.

Wayne Litsky

“The central location for our employees, the proximity to major roadways and the reputation of Sunbeam all played major roles in our final decision to relocate to the Miramar Park of Commerce.”

One of Skyline Exhibits’ 80 international dealers, Skyline Exhibit Craft plans to use its new warehouse space for the storage of its clients’ trade show assets and maintenance of its large inventory of trade show rental products.

“We’re happy to welcome Skyline to the Park and provide them with an attractive solution to their real estate needs,” said Sunbeam Properties Vice President Maridee Bell, who along with Leasing Associate Lauren Pace, represented the Park in the transaction.

Carlos Velasquez

“Tenants that consolidate and relocate to the Park often experience more streamlined and cost-effective operations, paving the way for future growth and expansion.

"That’s why the Park’s availability of large-scale contiguous space, flexible layouts and enhanced accessibility often prove more beneficial in the long run compared to rigid existing inventory elsewhere.”

Donte Aleman

In addition to Bell and Pace, Sunbeam was represented by Carlos Velasquez of Vivo Real Estate Group in the transaction.

Skyline Exhibit Craft was represented by Donte Aleman of Kaizen Realty Partners, LLC.

 CONTACTS:

Lexi Robinson

954-776-1999, ext. 255

lrobinson@piersongrant.com

Lauren Pace

lpace@wsvn.com

 Maridee Bell

mbell@wsvn.com

10212 USA Today Way, Miramar, FL 33025

or call 954-450-7900

  

SKYLINE EXHIBIT CRAFT CONTACT:

Wayne Litsky, 
Skyline Exhibit Craft, 
3900 Executive Way, MPC-7C, 
Miramar, FL 33025, 
954-963-0002, ext. 215
 wayne@skylineexhibitcraft.com  

Patti A. Sedlacek Named Vice President of Revenue Management at Hostmark Hospitality Group

Patti A. Sedlacek

SCHAUMBURG, IL,  July 24, 2019—Officials of Hostmark Hospitality Group, an award-winning hotel management company specializing in unique lifestyle hotels and resorts as well as branded properties, today announced that Patti A. Sedlacek has been named vice-president of revenue management. 

 In her new role, Sedlacek will work closely with the company’s hotel general managers and sales teams to improve business planning and pricing.

                “Patti has spent the past two decades honing and perfecting her revenue management skills, and her hotels’ bottom lines have benefitted from her expertise,” said Jerome F. Cataldo, president & CEO, Hostmark Hospitality Group. 

“She worked hand-in-hand with our recently named COO, Ron Vlasic, as they helped grow Kimpton Hotels & Restaurants into a nationally recognized hospitality platform.”

Jerome F. Cataldo

                Previously, Sedlacek held numerous increasingly important positions with Kimpton Hotels & Restaurants, culminating in a regional director of revenue management title. 

In that role, she oversaw a team of 10 revenue management specialists servicing 10 hotels in Ill., Wis., Minn., Texas and Ariz. 

 Prior to that, she served as director of revenue management for the Embassy Suites by Hilton Chicago, Ill., where she improved hotel revenues by eight percent.  Additionally, Sedlacek received the 2012 Bill Kimpton Award for Revenue Management.

Ron Vlasic

                “I enjoy the challenges associated with companies growing from smaller, regional entities into national powerhouses,” Sedlacek noted.  

“Hostmark already is a well-respected name within the hospitality industry, and the company clearly is eager to move to the next level with its recently announced internal and external growth plans.  I look forward to helping Hostmark meet and exceed its business objectives.”

CONTACT:

Chris Daly

(703) 435-6293

chris@dalygray.com

www.hostmark.com 

Levin Johnston Directs $13.5 Million Acquisition of Medical Surgery Center in San Jose, CA

Forest Surgery Center, 2110 Forest Avenue, San Jose, CA

BAY AREA, CA – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed the $13.5 million acquisition of Forest Surgery Center, a state-of-the-art medical office facility in San Jose, California.

Adam Levin, Executive Managing Director and Robert Johnston, Senior Managing Director of Levin Johnston represented the buyer, a private investor, in the transaction.

Adam Levin

The acquisition was part of a successful 1031 exchange through which Levin Johnston identified an opportunity for the buyer to transition from long-term ownership in a management-intensive multifamily property in Redwood City into a stable, higher-yielding medical office property, according to Johnston.

“This acquisition demonstrates our firm’s ability to go beyond a transactional mindset and serve as wealth and investment advisors for our clients,” Johnston explains.

 “By remaining attuned to the market and to our client’s needs, we were able to recognize the opportunity for the client to diversify into another asset class to reduce management responsibilities while significantly increasing cash flow.

"This trade also gives the buyer a stable asset in a superior location that is posed to perform extremely well for years to come.”

Levin explains,

“San Jose is widely recognized as ‘The Capital of Silicon Valley.’  As the market’s economic growth continues, the buyer will benefit from continued tenant demand.

"All doctors in the building signed new five- to 10-year leases at the close of escrow. Additionally, the medical office is situated in a premier location within a medical hub directly across from O’Connor Hospital, which was recently acquired by Santa Clara County.”

Robert Johnston

Forest Surgery Center is located at 2110 Forest Avenue, in close proximity to Santa Clara Valley Medical Center as well as a wide variety of recreational, retail and entertainment options.

The medical office is also in close proximity to I-880 and I-280, providing direct access to all major Bay Area destinations.

The 1031 property exchange began with the $10 million sale of a 33-unit multifamily community in Redwood City, and culminated with this new acquisition.

Levin Johnston has completed over $300 million in sales in 2019 to date, demonstrating continued health in the commercial real estate market in this region.

For more information about the firm’s $100 million in available properties, please visit www.levinjohnston.com.

CONTACTS:

Alex Caswell/Lexi Astfalk

Brower Group

(949) 438-6262

acaswell@brower-group.com

MetroGroup Realty Finance Provides Acquisition Financing for Four Triple-Net Lease Properties in Illinois and Texas

J.D. Blashaw

NEWPORT BEACH, CA – MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, California, recently provided a total of $11.75 million in financing to private investors for three separate 1031-exchange transactions involving the acquisition of four single-tenant triple-net lease assets in Illinois and Texas.

 The transactions represent a rising trend of local investors looking outside of California for this asset class, according to J.D. Blashaw, Vice President of MetroGroup Realty Finance.

“Cap rates have compressed and, consequently, yields have declined significantly in California, so we are increasingly seeing local credit tenant net lease investors seeking higher cap rates and yields on their investments,” says Blashaw.

“This search has taken them away from their backyards into other states and sometimes secondary markets, and the passive nature of triple-net leases matches well with these investors desire to own properties with little or no management obligations.”

Ivan Kustic

The credit tenant net lease market has perennially been attractive to 1031 exchange buyers seeking safe, long-term and passive investments for their capital, Blashaw says.

The firm arranged financing for the following properties:

5001 N. Big Hollow Road, Peoria, Illinois

            MetroGroup Realty Finance provided $5.8 million in permanent financing to a private investor for the acquisition of a 46,432 square-foot stand-alone retail building at 5001 N. Big Hollow Road in Peoria, Illinois, as part of a 1031 exchange transaction. The property is fully occupied by a Best Buy retail store.

The 6.25-year fixed rate recourse loan at 75% loan-to-value features a 25-year amortization and a flexible prepayment provision that expires after three years.

The financing was arranged by J.D. Blashaw and Ivan Kustic, also Vice President at MetroGroup Realty Finance.

Best Buy retail store, 5001 North Big Hollow Road, Peoria, IL

4160 S. Archer Avenue, Chicago, Illinois, and 601 N. Harlem Avenue, Oak Park, Illinois

MetroGroup Realty Finance provided $3.4 million in permanent financing to a long-time private investor client for the purchase of two TCF Bank branches in the Chicago market: $1.825 million for a 2,542 square-foot property at 4160 S. Archer Avenue in Chicago, Illinois, and $1.575 million for a 2,700 square-foot property at 601 N. Harlem Avenue in Oak Park, Illinois.

Part of a 1031 exchange transaction, the properties, which are 100 percent occupied by TCF Bank, were sold by Chicago-based Clark Street Real Estate.

The loans were a combined 47% loan-to-value and feature a 10-year fixed rate and 30-year amortization. The financing was arranged by J.D. Blashaw and Ivan Kustic at MetroGroup Realty Finance.

1006 E. Interstate 2, McAllen, Texas

            MetroGroup Realty Finance also provided $2.55 million in permanent financing to a private investor for the purchase of a 10,050 square-foot medical office building at 1006 E. Interstate 2 in McAllen, Texas as part of a 1031 exchange transaction.

The property was developed in 2017 by the seller, DaVita Inc., the real estate division of the tenant, and is fully occupied by DaVita Dialysis in the sale/leaseback arrangement.

The 10-year fixed rate loan at 70% loan-to-value features a 25-year amortization and limited recourse. The loan was arranged by J.D. Blashaw and Ivan Kustic of MetroGroup Realty Finance.

CONTACTS:

Alex Caswell/Lexi Astfalk

Brower Group

(949) 438-6262

acaswell@brower-group.com

www.metrogroupfinance.com.