JLL arranges $20.7 million refinancing of select-service hotel in Oceanside, CA

SpringHill Suites by Marriott San Diego Oceanside/Downtown, 
a 149-room, all-suite, LEED-certified Silver, select-service hotel 
located at 110 N. Myers Street in downtown Oceanside, CA

SAN DIEGO, CA – JLL announces it has arranged a $20.7 million refinancing for SpringHill Suites by Marriott San Diego Oceanside/Downtown, a 149-room, all-suite, LEED-certified Silver, select-service hotel located in downtown Oceanside, California.

Olga Walsh

JLL worked on behalf of the borrower to arrange the five-year, fixed-rate loan with Umpqua Bank. Loan proceeds will be used to retire existing loan, cover transaction costs and return portion of borrower equity.

SpringHill Suites by Marriott San Diego Oceanside/Downtown was developed in 2014 and features a rooftop lounge along with a pool and spa. 

Aldon Cole

Additionally, the six-story hotel houses the Hello Betty Fish House, 2,235 square feet of meeting space, a 24-hour fitness center, business center, game room, complimentary breakfast buffet and two levels of subterranean parking. 

Aaron Lapping

Situated on 1.03 acres at 110 N. Myers Street, SpringHill Suites by Marriott San Diego Oceanside/Downtown in the center of Oceanside’s ongoing renaissance.

The JLL Capital Markets team representing the borrower was led by senior managing director Aldon Cole, director Olga Walsh and associate Aaron Lapping.


 Jones Lang LaSalle Americas is a licensed real estate broker with the California Department of Real Estate license #01223413.

 Hello Betty Fish House, San Diego, CA

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 GP Corp. prior to being acquired by JLL on July 1, 2019. California Department of Real Estate license #01385740.

Contacts: 

Aldon Cole, JLL Senior Managing Director

California License No: 01457351

Phone: +1 858 812 2344

Email: aldon.cole@am.jll.com

Olga Walsh, JLL Director

California License No: 2052171

Phone: +1 858 812 2371

Email: olga.walsh@am.jll.com

 Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: kimberly.steele@am.jll.com

jll.com.

JLL closes $35 million sale of mixed-use asset on Los Angeles’ Melrose Avenue

Melrose Crossing, a two-building, 24,549-SF assemblage of high-street retail and creative office space positioned across Melrose Avenue from each other in the heart of Los Angeles, California.

Bryan Ley

LOS ANGELES, CA – JLL announced it has closed the $35 million sale of Melrose Crossing, a two-building, 24,549-square-foot assemblage of high-street retail and creative office space positioned across Melrose Avenue from each other in the heart of Los Angeles, California.

JLL represented the seller in the transaction, and Sterling Organization purchased the asset.

The property at 8378-8880 Melrose Avenue houses 15,244 square feet of creative office space and 6,182 square feet of retail, and the 8379 Melrose Avenue building contains 3,222 square feet of retail and a billboard generating advertising revenue.

 Current tenants at the property include Rachel Zoe, Electric Feel and Casper.

 Located at the intersection of Melrose Avenue, Melrose Place and Orlando Avenue, the buildings are visible to approximately 33,000 vehicles per day and positioned on two hard corners across the street from one another. 

Geoff Tranchina

The immediate trade area surrounding the assemblage is both affluent, with average household incomes within a three-mile radius exceeding $124,000, and densely populated, with more than 272,000 people live within a three-mile radius.

The JLL Capital Markets team representing the seller was led by managing director Bryan Ley and associate Tony Ensbury. The JLL Capital Markets team representing the buyer was led by Geoff Tranchina, executive vice president of Capital Markets.

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. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. Jones Lang LaSalle Americas is a licensed real estate broker with the California Department of Real Estate license #01223413.

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 GP Corp. prior to being acquired by JLL on July 1, 2019. California Department of Real Estate license #01385740.

Contacts: 

Bryan Ley, JLL Managing Director

CA License: #01458927

Phone: +1 310 407 2120

Email: bryan.ley@am.jll.com  

 Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: kimberly.steele@am.jll.com

http://sterlingorganization.com
jll.com.

JLL closes sale of University Square in Princeton, NJ

University Square, a five-story, trophy office building totaling nearly 330,000 SF in Princeton, NJ

MORRISTOWN, NJ – JLL announces that it has closed the sale of University Square, a five-story, trophy office building totaling nearly 330,000 square feet in Princeton, New Jersey.  The sale also included the adjacent one-story, 33,600 square foot 115 Campus Drive. 

Jose Cruz

JLL represented the seller, RXR Realty and The Blackstone Group, and procured the buyer, NYC-based Argent Ventures.

 Completed in 2008, University Square is a state-of-the-art office building featuring a two-story cherry and granite atrium lobby, gourmet cafeteria, large media/conference room and fitness center with locker rooms.  

Tenants at the 85%-leased property include BlackRock, Axis Reinsurance and Mercer.  Located on 18.5 acres at 1 University Square Drive, the property is positioned equidistant between Philadelphia and New York City along Princeton’s Route 1 Corridor.  

Andrew Scandalios

This location is conveniently located less than two miles from downtown Princeton as well as the Princeton Junction train station with AMTRACK/NJ Transit/Conrail serving the Northeast corridor from Washington, D.C. to Boston. 

The JLL Capital Markets team representing the seller included senior managing directors Jose Cruz, Andrew Scandalios and Kevin O’Hearn and senior directors Stephen Simonelli and Michael Oliver and associate J.B. Bruno.

“The quality of University Square along with its location and tenant line up brought investors from all over the country,” Cruz stated.  “We are seeing many more buyers for suburban office product these days as attractive current going in yields and upside in the leasing continue to drive interest.”

Kevin O'Hearn

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. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 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.

About RXR Realty

RXR Realty LLC (“RXR”) is a New York-based, nearly 500-person, vertically integrated private real estate company with expertise in a wide array of value creation activities. 

Stephen Simonelli

Those include ground up real estate development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge real estate technologies and value added lending. 

 RXR’s primary investment strategy is focused on New York City and the surrounding region.  

The RXR platform manages 68 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.8 billion. 

The portfolio comprises approximately 30.4 million square feet of commercial properties, inclusive of approximately 6.0 million square feet of buildings securing debt and preferred equity investments, a multi-family residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area as of March 31, 2019. 

Michael Oliver

 Gross asset value is compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.  

For more information about RXR, visit rxrrealty.com.

Argent Ventures

Argent Ventures is a vertically integrated, diversified real estate investment and development firm specializing in opportunistic and value add transactions throughout the United States.  

Founded in 1997 and headquartered in New York City, the firm pursues debt- and equity-related investments in any asset class.  Since its inception, Argent has purchased more than $2.5 billion in real estate assets and debt instruments in major markets in the United States and Europe.

J.B. Bruno

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contacts: 

Jose Cruz, JLL Senior Managing Director

New Jersey License No: 8743725

Phone: +1 973 549 2000

Email: J.Cruz@am.jll.com

 Kristen Murphy, JLL Director, Public Relations

Phone: +1 617 338 0990

Email: Kristen.Murphy@am.jll.com

JLL arranges $76.8 million financing for development of 1554 Market Street in San Francisco, CA

1554 Market Street, a 109-unit condominium project 
located in downtown San Francisco.

SAN FRANCISCO, CA – JLL announces that it has arranged $76.8 million in financing for the development of 1554 Market Street, a 109-unit condominium project located in downtown San Francisco.

JLL worked on behalf of the borrower, Z&L Properties, Inc., to place the five-year, floating-rate construction loan with Barings, on behalf of one of its managed accounts.

Brandon Roth

1554 Market Street is a fully-entitled project positioned near the intersection of Market Street and Van Ness Avenue directly across from the Van Ness Muni Metro Station in San Francisco’s Hub District. 

The transit-oriented development’s prime location has earned it a Walk Score® of 99, a Transit Score of 100 and Bike Score of 99 and positions it within eight blocks of more than 400 restaurants and bars. 

Due for completion in 2021, the property will encompass two 12-story buildings connected by a concrete corridor that will house 109 condominium units situated above a ground-floor lobby and 5,010 square feet of retail space as well as a 28-space subterranean parking garage.

The JLL Capital Markets team representing the borrower included senior director Brandon Roth and senior managing director Charles Halladay.

Charles Halladay

“The San Francisco condo market continues to be strong with record pricing achieved in the second quarter of 2019,” Roth said. 

“Lenders recognize that a severe housing shortage combined with employment growth and IPO’s from Uber, Lyft, Pinterest and others will lead to sustained demand from new buyers.”

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. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. Jones Lang LaSalle Americas is a licensed real estate broker with the California Department of Real Estate, License Number 01223413.done deals

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 GP Corp. (California Department of Real Estate, License Number 01385740) prior to being acquired by JLL on July 1, 2019.

Contacts:

 Brandon Roth, JLL Senior Director

CA License No: 01767532

Phone:  +1 415 276 6300

Email: Brandon.Roth@am.jll.com

 Charles Halladay, JLL Senior Managing Director

CA License No: 01756300

Phone:  +1 415 276 6300

Email: Charles.Halladay@am.jll.com

Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

Kelly Smith, Barings Media Relations

Phone: +1 980 417 5648

Email: Kelly.Smith@barings.com

 Rachel White, Barings Media Relations

Phone: +1 980 417 5886

Email: Rachel.White@barings.com

jll.com.
http://zlproperties.com/

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