Sugar Ray Leonard's Pacific Palisades Estate Going for $52 Million

Former Champion Boxer Sugar Ray Leonard's Two-Acre Estate in Pacific Palisades, CA Up for Sale for $52 Million

Photo credit: Coldwell Banker                 Source: jademillsestates.com

PACIFIC PALISADES, CA -- TopTenRealEstateDeals.com says Olympic Gold Medal boxing champion for the United States in 1976, named ‘Boxer of the Decade’ in the 1980s and the first professional boxer to win more than $100 million in purses, Sugar Ray Leonard, born Ray Charles Leonard,  could afford to live any way he wanted.

Sugar Ray Leonard

 It was in this knockout of a Pacific Palisades estate that he built with wife Bernadette where he has enjoyed entertaining family, friends and holding large fundraisers for his charities for the last 22 years.

Bernadette Leonard

New to the market, it is now for sale at $51.995 million.

Sugar Ray purchased just under two acres of land with ocean and canyon views in 1993. But it wasn’t until 1997 that he and his wife built their home.

Matt Damon

Measuring in at 16,773 square feet with seven bedrooms, it was designed with different wings having planned space for various types of entertaining from small intimate gatherings to full-blown fundraisers.

Built in the style of Italianesque old-world architecture, the exterior of the house is covered with ivy and the entrance opens into a grand foyer and center hall opening to the various formal rooms.

Dan Aykroid

 Fireplaces throughout were imported from Europe and the stone floors from Jerusalem. There is a chef’s kitchen with professional appliances and center island with breakfast bar that adjoins the family room.

 Included is a solarium, a media room, large gym and a master suite with fireplace, large bath and walk-in closets and a balcony that takes advantage of the views.

Jennifer Garner 

Grounds include pool, spa, putting green and tennis courts all set on rolling lawns, terraces and lush landscaping. The detached two-story guest house at the pool has a first-floor kitchen and entertaining space while the second floor contains a guest bedroom and bath.

Founded in 1922, the small town of Pacific Palisades is one of the most popular enclaves for celebrities seeking a slightly quieter life than Hollywood.

Steven Spielberg

Some of its residents include Matt Damon, Dan Aykroid, Jennifer Garner and Steven Spielberg.

 Downtown has excellent restaurants, boutiques, yoga facilities and home decor shops as well as purveyors of luxury brands.

Jade Mills

Sugar Ray won world titles in five weight divisions between 1977 and 1997. Today, he is much sought after for his motivational speaking tours by Fortune 500 companies and still finds time for his charities for diabetes as well as making television commercials and doing guest appearances as an actor in film, television sitcoms and reality television shows.

The listing agent is Jade Mills of Coldwell Banker, Beverly Hills.

CONTACT:

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

BKM Capital Partners Acquires 898,389-SF Multi-Tenant Industrial Property in Henderson, NV for 111 Million

Pacific Business Center, Henderson, NV

NEWPORT BEACH, CA – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, light industrial multi-tenant investments, has surpassed $1 billion in assets under management with the acquisition of Pacific Business Center, a 898,389 square-foot, 13-building light multi-tenant industrial property in Henderson, Nevada.

Brian Malliet

The industrial complex was acquired for $111,250,000 and is BKM’s largest acquisition to date.

 “Reaching $1 billion in assets under management is a major milestone for BKM that speaks to the strength of our ongoing investment strategy,” says Brian Malliet, Co-Founder and CEO of BKM Capital Partners.

“We have been bullish on acquisitions over the past two years, consistently acquiring high-quality assets at pricing that remains well below replacement cost. 

"In doing so, we have established ourselves as one of the most active buyers of multi-tenant industrial product in the U.S., while simultaneously creating tremendous value for our owned portfolio, which now spans more than eight million square feet throughout the Western U.S.”

Brett Turner

Additionally, the asset offers top of the line industrial features such as 24’-28’ clear heights, ESFR sprinkler systems and new TPO roofs, according to Brett Turner, Managing Director of Acquisitions at BKM Capital Partners.

“It is rare to find a property of this scale and caliber in the Las Vegas metro area,” says Turner. 

“Based on a lack of developable land and rising construction costs, there is a significant lack of industrial supply in the Henderson market, making this a strategic acquisition that will benefit from strong tenant demand for many years ahead.”

            The properties are located at:

·        1045-1175 American Pacific Drive

·        160-194 Gallagher Crest Road

·        1060-1110 Mary Crest Road

BKM represented itself in the acquisition. The seller was represented by CBRE.

CONTACTS:

Alex Caswell/Lexi Astfalk

Brower Group

(949) 955-7940

acaswell@brower-group.com

www.bkmcapitalpartners.com.

JLL closes sale of The Daley at Shady Grove in Rockville, MD

The Daley at Shady Grove, a 333-unit multi-housing community with nearly 15,000 square feet of ground-floor retail located in Rockville, MD

WASHINGTON DC – JLL announces it has closed the sale of The Daley at Shady Grove, a 333-unit multi-housing community with nearly 15,000 square feet of ground-floor retail located in Rockville, Maryland.

Sue Carras

JLL marketed the property exclusively on behalf of the seller, a joint venture between EYA, LLC and The Bozzuto Group. 

Black Creek Group, a Denver-based real estate investment manager and development firm, purchased the asset through one of its investment platforms that owns and operates high‐quality commercial real estate across the industrial, office, retail and multifamily sectors.

Walter Coker

The Daley at Shady Grove is located at 8010 Gramercy Boulevard within EYA’s Westside at Shady Grove master-planned community, which is less than a two-minute walk to the Shady Grove Metro Station. 

Completed in 2017, units average 831 square feet and feature stainless steel appliances, under cabinet lighting, glass tile backsplashes, quartz countertops, wood-style flooring, walk-in closets, full-size washers and dryers and keyless entry. 

Community amenities include a resort-style pool with shallow water seating; courtyard with fire pits, grilling station and green feature wall; 1,750-square-foot fitness center with multi-functional training system, Peloton bikes and on-demand fitness classes; business center with conference room, private dining room and e-booths; club room with gaming pace; pet spa; Amazon hub package service; and ButterlyMX virtual doorman. 

The property’s 14,974 square feet of retail space is anchored by Starbucks.

The JLL Capital Markets team representing the seller included Walter Coker, Brian Crivella, Stephen Conley and Susan Carras.

Brian Crivella

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. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Stephen Conley

About EYA, LLC

EYA, LLC is Washington D.C.’s leading developer of urban and transit-oriented properties that promote Life Within Walking Distance®.

 Founded in 1992, the company, through its development affiliates, has built more than 5,000 homes in over 40 walkable urban neighborhoods across D.C., Maryland and Northern Virginia.

For additional information, visit www.eya.com.

CONTACTS:

 Walter Coker, JLL Managing Director

Maryland License No: 524884

Phone:  +1 202 533 2537

Email: Walter.Coker@am.jll.com

Brian Crivella, JLL Managing Director

Maryland License No: 634831

Phone:  +1 202 533 2522

Email: Brian.Crivella@am.jll.com

 Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

jll.com.
https://blackcreekgroup.com/.
www.bozzuto.com

Fed Gambles on Economy by Lowering Rate; Borrowers Win, Savers Lose

John Oharenko

Chicago, IL -  According to the Real Estate Capital Institute®,  the nation's  economy keeps humming along backed by strong retail sales and low unemployment.  

However, the big news of the summer is the Fed’s quarter-point rate cut at the end of July.  This cut represents the first drop since the Great Recession, over a decade ago. 

The director of the Real Estate Capital Institute®, John Oharenko, comments: "The current cycle rewards borrowers, rather than savers.  Borrowers welcome debt service payment relief, as labor costs and other ownership expenses escalate.”

 Policymakers are preempting softer economic conditions and the effects of the trade war with China. The Fed’s goal is to maintain the record-long economic expansion while controlling inflation.  The Fed also warned that further rate cuts are unlikely.

As of early August, the benchmark 10-year treasury dipped below 2%, hitting a new low under the current administration. This year alone, rates dropped about two-thirds of a percent.  Even before the Fed’s announcement, the second quarter 30-year mortgage rates for homeowners dropped below 4%, as markets expected some type of cut. 

 Commercial mortgage rates continue hovering in the low territory, with a 10-year debt available in the lower-to-mid-three percent range for conservatively funded deals. 

Rates are about 75 basis points lower than the start of the year. 

Mortgage spreads over treasuries stay unchanged, based on an oversupply of real estate capital.  No relief in sight for debt investors searching for yield, as mortgage pricing compression continues across most markets and property sectors. 

  

Contact:

 John Oharenko,

Executive Director

director@reci.com 

 www.reci.com

Regency Centers Corp.'s Hap Stein Passes CEO Mantle to Lisa Palmer

Martin (Hap) Stein

JACKSONVILLE, FL, Aug.1, 2019 (GLOBE NEWSWIRE) -- Regency Centers Corporation(“Regency” or the “Company”) (NASDAQ:REG), the preeminent national owner, operator, and developer of shopping centers, announced today the transition of Martin E. “Hap” Stein, Jr. from Chairman and Chief Executive Officer to Executive Chairman, effective January 1, 2020.

 Concurrent with this announcement, Regency’s Board of Directors is pleased to announce that Lisa Palmer will become President and Chief Executive Officer, effective January 1, 2020.

Lisa Palmer

As part of the Company’s succession plan, Ms. Palmer will vacate her role as Chief Financial Officer, retaining her position as President, effective August 12, 2019, with Mike Mas assuming the position of Executive Vice President, Chief Financial Officer, at that time. 

Additionally, and to more accurately reflect their roles within the Company, Jim Thompson will become Executive Vice President, Chief Operating Officer, and Mac Chandler will become Executive Vice President, Chief Investment Officer, effective August 12, 2019.

Mr. Stein has served as Chief Executive Officer since the Company’s initial public offering in 1993 and as Chairman since 1999. 

He joined Regency’s predecessor in 1976, worked in leasing and asset management, and served as President from 1981 until the Company went public. Under Hap’s leadership, Regency Centers has become the leading national shopping-center REIT.

Mike Mas

“I am deeply gratified for the opportunity to have worked with the best professionals in the business for so many years,” said Mr. Stein. “Regency’s people are the cornerstone of the Company and help us live out our values each and every day. 

"Lisa is the embodiment of those values and is devoted to Regency’s special culture. 

"Lisa has a deep understanding of the key aspects of our business, our strategy, and our vision to be the preeminent national shopping center owner, operator, and developer,” Mr. Stein continued. 

“She is highly respected in the capital markets, by those with whom she has worked within the shopping center industry, and, importantly, by fellow members of Regency’s wonderful team.

Mac Chandler

"I am extremely confident in Regency’s future in the talented hands of Lisa Palmer.”   

C. Ronald Blankenship, Lead Director of Regency’s Board of Directors, said, “Hap has steadfastly led Regency Centerssince its IPO over 25 years ago. 

"The Company’s well-conceived growth through several real estate cycles and the resulting impressive shareholder return is directly attributable to Hap’s far-sighted direction and consistent execution. 

"The appointment of Lisa as Regency’s President and Chief Executive Officer is the result of the Board’s rigorous and well-constructed succession plan that has been a focus over the last several years.

Jim Thompson

"Lisa is an exceptional executive, and the Board is excited about her leading Regency into the future.”

Lisa Palmer has been President of Regency since January 1, 2016, and Chief Financial Officer since January 2013. She has also served as a director since 2018. Lisa joined the Company in 1996 and has served in various capacities including Senior Vice President of Capital Markets.

“I am honored to have the opportunity to lead Regency Centers,” said Ms. Palmer. “I am truly humbled by the confidence Hap and the Board of Directors have placed in me.”

C. Ronald Blankenship

“I’d also like to congratulate Mike Mas on his well-deserved promotion to Chief Financial Officer,” Ms. Palmer continued.

 “Mike brings a wealth of industry expertise, knowledge, and strong relationships within the investment community to that role. 

"Regency is well-positioned for the future, and I look forward to working closely – not only with Mike – but with Mac, Jim, and our outstanding team in continuing to grow shareholder value and building upon the great Company that we are today because of Hap and all of the leaders that have come before me.”

Regency Centers Corporation(“Regency” or the “Company”) today reported financial and operating results for the period ended June 30, 2019.

Second Quarter 2019 Highlights

• For the three months ended June 30, 2019, Net Income Attributable to Common Stockholders (“Net Income”) of $0.31per diluted share.
• Second quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.95 per diluted share, which includes a $0.02per share charge from one-time non-cash expenses.
• Year-to-date same property Net Operating Income (“NOI”), excluding termination fees, increased 2.1%, as compared to the same period in 2018, driven by Base Rent growth of 2.5%.

CONTACTS:

Laura Clark 

Senior Vice President, Capital Markets

904-598-7831

LauraClark@RegencyCenters.com

Jan Hanak

Vice President, Marketing + Communications

904-598-7443

JanHanak@RegencyCenters.com

egencycenters.com.

JLL closes $405 million sale of life science offering in Carolinas

Jessica Brock

CHARLOTTE, NC, Aug.1, 2019 – JLL announces that it has closed on the sale of a core life science portfolio located in the heart of the Research Triangle, North Carolina, one of the top innovation hubs in the U.S. 

Class A life sciences and tech space  in the heart of the Research Triangle, North Carolina

“The RTP portfolio has played a key role in positioning Longfellow as the market leader in the Class A life sciences and tech space,” said Longfellow Partner Jessica Brock. “We are excited to continue our long running association with these premier assets.”

Ryan Clutter

The 1.34 million-square-foot portfolio, consisting of 18 buildings on four campuses, has been sold to an affiliate of Longfellow Strategic Value Fund, LLC, in a transaction valued at approximately $405 million.

JLL marketed the portfolio on behalf of the seller, Bain Capital Real Estate, and procured the buyer, Longfellow Real Estate Partners in its Longfellow Strategic Value Fund.

The portfolio consists of 18 buildings located within Keystone Technology Park and Imperial Center for a total of 1,336,560 square feet. 

Currently 94% leased, the portfolio boasts a diverse, intellectual tenant roster with 51% of tenants housing mission critical operations on site.

Chris Norvell

The buildings feature a dynamic STEM ecosystem with state-of-the-art buildouts and robust amenities, including fitness centers, outdoor amenity space and lounges. 

The portfolio benefits from its location in and adjacent to the world-renowned Research Triangle Park, which is home to some of the world’s leading life science innovators and was recently ranked one of the top five life science clusters in the nation. 

It has 12 nearby colleges and universities, which combined produce the most life science doctorates in the nation. 

Additionally, the portfolio is positioned along the Interstate 40 corridor providing excellent access to a network of major transportation thoroughfares and the Raleigh-Durham International Airport.

Zack Drozda

Longfellow already has a successful history with the properties since they previously owned, leased, refurbished, and/or managed all of them with Bain and other investment partners. In addition, Longfellow is developing the nearby Durham Innovation District (aka Durham.ID).

The JLL Capital Markets team representing the seller consisted of Managing Director Scot Humphrey, Senior Managing Directors Ryan Clutter, Chris Norvell and Coleman Benedict, and Director Zack Drozda.

  

“The Research Triangle life science portfolio presented a rare opportunity for a buyer to acquire a critical mass of high-quality life science properties in a top-tier innovation market,” Humphrey said. 

Coleman Benedict

“This was a set of buildings that were aggregated and transformed into one of the most sought-after offerings we have ever had the pleasure of working on.”

“Raleigh-Durham continues to be a thriving market for institutional investment capital while also emerging as a premier life science economy in the U.S.,” Clutter added.  

“More and more investors are targeting the life science sector as they see a sticky tenant base and the potential to achieve outsized returns.  

"As Raleigh continues to establish itself as a major life science node, the market will only attract more and more capital to similar opportunities.”

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: 

Ryan Clutter, JLL Senior Managing Director

North Carolina License No: 172952

Phone: +1 704 526 2800

Email: Ryan.Clutter@am.jll.com

 Coleman Benedict, JLL Senior Managing Director

Limited Nonresident Commercial Real Estate Broker

Phone: +1 617 338 0990

Email: Coleman.Benedict@am.jll.com

Kristen Murphy, JLL Director, Public Relations

Phone: +1 617 338 0990

Email: Kristen.Murphy@am.jll.com

 www.lfrep.com 

Twitter (@LongfellowREP) and Instagram.

jll.com.

JLL announces $58 million sale and $37.7 million financing of Tupelo Alley in Portland, OR

                                                       Photo by Red Studio Inc.
Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail at 3850 North Mississippi Avenue in the heart of the North Mississippi Avenue neighborhood in Portland, OR

PORTLAND, OR, July 31, 2019 – JLL announces that it has closed the $58 million sale and $37.7 million financing of Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail in the heart of the North Mississippi Avenue neighborhood in Portland, Oregon.

Carrie Khan

JLL marketed the property on behalf of the undisclosed seller and procured the buyer, a joint venture between Holland Partner Group and Pacific Life Insurance Company. Additionally, JLL worked on the new owner’s behalf to secure acquisition financing.

Ira Virden

Tupelo Alley is situated on 1.44 acres at 3850 N. Mississippi Avenue, the retail center of the Boise-Elliot neighborhood.

 Completed in 2009, the three-building, LEED Gold-certified property includes 10,000 square feet of ground level retail and 188 apartment units featuring a mix of studios, one- and two-bedroom units averaging 770 square feet. 

Charles Halladay

The community includes ample indoor and outdoor gathering spaces for residents for an abundance of activities, including billiards, ping-pong, barbecues and fitness.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn.

Rick Salinas

The JLL Capital Markets team representing the new owner was led by Senior Managing Director Charles Halladay and Directors Rick Salinas and Charlie Watson.

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 advisory, debt placement, equity placement or a recapitalization. 

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. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contacts: 

Ira Virden, JLL Senior Managing Director

Oregon License No: 200511080

Phone: +1 503 224 0444

Email: Ira.Virden@am.jll.com

 Charles Halladay, JLL Senior Managing Director

Phone: +1 503 224 0444

Email: Charles.Halladay@am.jll.com

 Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com