Thursday, August 29, 2019

Michael Feinstein's Los Angeles, CA Mansion May Be Bought for $15 Million


Michael Feinstein's elegant Tudor Revival-style mansion
in the Los Feliz-Hollywood Hills section of Los Angeles
 is on the market for $15 million

Photo credit: Douglas Elliman     Source: www.elliman.com

LOS ANGELES, CA -- Michael Feinstein, a five-time Grammy recording nominee and today's curator of the Great American Songbook, owns an elegant Tudor Revival-style mansion in the Los Feliz-Hollywood Hills section of Los Angeles.

Michael Feinstein

 According to TopTenRealEstateDeals.com, It housed the Russian Consulate from 1935 through 1951 where many diplomatic events and intrigue likely took place. It is now for sale priced at $14.95 million.

In the 1700s and early 1800s, thousands of Russians migrated to Alaska to work in the fishing and fur-trapping business.


Katy Perry

 But in 1867 after Russia sold Alaska to the United States, many of the Russians left Alaska eventually expanding into San Francisco and Los Angeles.
Russian Hill in San Francisco bears testament to their strong presence there.


Angelina Jolie
In Los Angeles, they moved primarily to West Hollywood where people with Russian ancestry still represent about 15% of the population.
After World War I, the Russian government began paying close attention to the military industrial complex in the United States, especially the aircraft and weapons industries, much of which were based in the Los Angeles area churning out war planes and other military-related hardware.

Kirstie Alley 
 In 1935, the Russian government chose this home in L.A.’s Los Feliz neighborhood for its consulate, checking all the boxes for elegance, grand entertaining, impressive office and, perhaps, a good location to observe U.S. military production.
 In an era when spying was in its heyday, it’s likely that the walls of this mansion did talk - all the way to Moscow and Washington, D.C.



With its vantage point 15-feet above road level, the 15,391-square-foot mansion has views extending over Los Angeles to the coastline.
Built in 1926, it is filled with exquisitely crafted millwork and contains a grand entry foyer, large formal rooms opening to terraces through French doors, six bedrooms, seven baths, two movie theaters, fitness room, wine cellar, sunroom and a guest house with private entrance.


 Lushly planted grounds create privacy with a swimming pool, formal gardens and aviary.
Today, Los Feliz is better known for its celebrity residents such as Katy Perry, Angelina Jolie, Kirstie Alley and Mr. Feinstein than it is for its Russian history.
 Formerly a Russian Consulate during the Great Depression and World War II, Michael Feinstein has placed his longtime home on the market at $14.95 million.
 Listing agents are Ernie Carswell of Douglas Elliman, Beverly Hills and Dorothy Carter and Michael Orlando of Keller Williams, Los Feliz.
Tom Postilio and Mickey Conlon of Douglas Elliman are marketing consultants for the property.
CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504

Twitter:  @toptenrealestat
facebook.com/toptenrealestat  
             

Banyan Investment Group Acquires 89-Room Fairfield Inn & Suites by Marriott Peoria East in Peoria, IL


Fairfield Inn & Suites by Marriott Peoria East

  
PEORIA, IL, Aug. 29, 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 acquired the 89-room Fairfield Inn & Suites by Marriott Peoria East. 

 The company also will operate the hotel, its eighth acquisition from its recently launched BIG Hotels LP I, LLC fund.

                “Due to our strong and longstanding industry relations, we were able to source this deal off-market at an attractive price at better than replacement costs,” said Rakesh Chauhan, president and CEO, Banyan Investment Group. 

Rakesh Chauhan
 “Equally important, this recently constructed property meets all our of acquisition criteria: it’s a strongly branded hotel in a market with exceptional demand generators that are able to better weather any fluctuations in the economy. 

"Peoria is a strong and stable market, and we look forward to becoming an active member of the community.”











Contact:

Chris Daly, media
 (703) 864-5553

Newmark Knight Frank Brokers Two Industrial Leases Totaling 170,000 Square Feet in Medley, FL


Sky Groden
Miami, FL, Aug. 28, 2019 — Newmark Knight Frank (NKF) announced today the completion of two industrial leases totaling 170,000 square feet and valued in excess of $16 million.

 Both leases were executed at Medley Logistics Park, a three-building industrial development in Medley, Florida. 

The buildings are located at 12600 NW 115th Avenue and 12630 NW 115th Avenue.

A national warehousing and distribution company renewed its 134,000-square-foot lease at the park, while a beverage distributor signed a new lease totaling 35,000 square feet.

 NKF’s Executive Managing Directors Steven Medwin, SIOR, CCIM, and Nick Wigoda, SIOR, represented the institutional landlord, while Sky Groden of JLL represented both tenants.

Steven Medwin
“The completion of these leases keeps Medley Logistics Park at full occupancy,” Medwin said. “Retaining a 134,000-square-foot tenant is not an easy task in today’s market where new state-of-the-art buildings are popping up all over South Florida.”

“The success of these deals speaks to the benefits of modern logistics buildings, like Medley Logistics Park, that offer Turnpike visibility, excellent highway access and a strong institutional owner that knows how to treat an existing customer,” added Wigoda.

According to  NKF Research, Miami’s industrial market is outperforming Florida’s other major metro areas and held onto the lowest vacancy rate in the state for a third consecutive quarter. 

Medley is the fourth largest industrial submarket in Miami, totaling 27 million square feet.


Nick Wigoda
 During the first half of the year, Medley led demand for warehouse space with 300,000 square feet of net absorption. 

In 2Q19, Medley’s vacancy rate declined 1.2% despite having 420,000 square feet of new product under construction.

CONTACTS:


Liz Maddux 
· Assistant Account Executive
1718 Peachtree St., Suite 1048
 · Atlanta, GA 30309
M: 478-972-3210
 www.ngkf.com. 

Wednesday, August 28, 2019

JLL closes sale of suburban Portland, OR apartments


Avana Orenco Station is  a 264-unit, garden-style multi-housing community located at  6710 NE Vinings Way, Hillsboro, OR

PORTLAND, OR, Aug. 28, 2019 – JLL announced today that it has closed the sale of Avana Orenco Station, a 264-unit, garden-style multi-housing community in Hillsboro, Oregon.

Carrie Kahn
JLL marketed the property on behalf of Greystar and procured the buyer, Jackson Square Properties. The property was acquired free and clear of existing financing.

Avana Orenco Station is located at 6710 NE Vinings Way less than half of a mile south of the Intel campus, which is home to 20,000 local jobs, and within walking distance to the MAX Light Rail Blue Line, which provides access into downtown Portland, downtown Hillsboro and other employment centers throughout the MSA.

Ira Virden
 With direct frontage along NE Cornell Road, the property also provides residents convenient access to retailers at Orenco Station as well as New Seasons Market, Whole Foods and Costco.

The community consists of 12 residential buildings comprising a mix of 156 one-bedroom, 100 two-bedroom and eight three-bedroom floor plans averaging 925 square feet. 

Unit features include quartz countertops, stainless steel appliances, plank flooring in the living spaces, nine-foot ceilings and full-size washers and dryers. 

Common area amenities include a swimming pool and spa, grilling areas, firepit, gazebo, fitness center, community lounge with Wi-Fi and pool table, business center and dog park.

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



Contact: 

Olivia Hennessey
 JLL Public Relations Specialist 
Phone: +1 713 852 3403



Tuesday, August 27, 2019

Citywide Commercial of Phoenix, AZ Expands with Six New Broker Hires


Todd Hamilton
PHOENIX, AZ, Aug. 27, 2019 – Less than a year after its formation, boutique metro Phoenix brokerage firm Citywide Commercial has expanded with six new brokerage team members.

The additions allow the company, which specializes in commercial real estate properties of all types and sizes, to expand by geographic presence and bandwidth. 

“Our goal for now is to double in size on an annual basis,” said Citywide Commercial Founder and Managing Principal Todd Hamilton.

Jack Scanlan


 
“Strong market projections have made this not only a realistic goal but also a gratifying one to achieve, particularly when it means adding such knowledgeable and well-respected brokers to our team.

”They share the same passion for customer service, and have come on board ready to expand our collective presence in the Valley.”

The new members of the Citywide Commercial team are:

Bo Sederstrom




Bo Sederstrom, Senior Sales & Leasing Agent. A 30-year industry veteran, Sederstrom specializes in tenant and landlord representation, most recently including negotiations for an almost $50 million life science lease in metro Phoenix.

 He is a member of the ASU WP Carey College of Business Alumni Board of Directors, ASU Presidents Club and Sigma Alpha Epsilon Phoenix Alumni Association Board of Directors, and is Past President of the City of Phoenix Industrial Development Authority.

Scott Wiley
Jack Scanlan, Associate Broker. Scanlan offers more than 42 years of corporate ownership and sales expertise.

 He specializes in industrial warehouse leasing and provides professional representation for commercial building owners. Scanlan’s primary focus is the metro Phoenix West Valley.

Scott Wiley, Associate Broker. Wiley’s career spans 17 years and more than $500 million in transactions, with a specialty focus on industrial properties.

 He holds a bachelor’s degree in computer systems and is a U.S. Army veteran, with service as a Battlefield Control Communication Specialist.

Scott Craig


Scott Craig, Sales & Leasing Agent. Specializing in the Northeast Valley with a focus on the Scottsdale Airpark, Craig applies more than 20 years of small- and mid-size business expertise to locate companies in well-matched office, retail and industrial space.

 He holds a bachelor’s degree in Science in Information Systems and a master’s degree in management information systems.

Garrette Golding, Sales & Leasing Agent. Golding has been leasing and selling commercial real estate since 2017.

 Prior to this, he worked for a large financial services company where he supported independent advisory firms with $5 billion in assets under management. He holds Series 7, Series 66 and Series 9 licenses.

Garrette Golding
Ken Schawl, Sales & Leasing Agent. Ken specializes in industrial sales and leasing for tenants and landlords, with a focus on the Southwest Valley submarket including Avondale, Glendale, Goodyear, Tolleson and West Phoenix. Prior to joining Citywide, Ken served as a broker for Phoenix West Commercial.

Citywide Commercial Real Estate is located in the heart of the Camelback Corridor at 2122 E. Highland Ave., Suite 335, in Phoenix.

For additional information, contact the company at 602.313.1000 or www.citywidecre.com.

About Citywide CRE

Citywide Commercial Real Estate is a boutique commercial real estate firm specializing in commercial real estate properties within the greater Phoenix market.

Ken Schawl
Under the direction of industry veterans, Citywide provides expertise in all stages of commercial real estate investment including site selection, investment strategies, leasing and property marketing.

On each front, the company lives out its mission to provide innovative, results-oriented, customer-first services that maximize the potential of every industrial asset in its care. 

To learn more, please visit www.citywidecre.com.
  





MEDIA CONTACT:

Stacey Hershauer
480.600.0195


Arbor Funds Fannie Mae Small Loans Totaling $8.3 Million in Philadelphia, PA and Milwaukee, WI

                                     
Eric Regenbogen

UNIONDALE, NY, Aug, 27, 2019 – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently financed two Fannie Mae Small Loans providing $8.3M in acquisition funding.

Located in the Roxborough area of Philadelphia,
 6161 Ridge Avenue is 
 a 27-unit, four-story complex
  
 6161 Ridge Ave. in Philadelphia, PA, a 27-unit, four-story complex, received $5.4M, while 28 West Apartments in Milwaukee, WI, an 89-unit, three-story property, received $2.9M.

Eric Regenbogen of Arbor’s Uniondale office originated the loans.


28 West Apartments in Milwaukee, WI
is an 89-unit, three-story property.

“This is a perfect example of how acquisitions in two different markets benefitted from customized  Fannie Mae executions,” said Regenbogen. “And, it clearly demonstrates Arbor’s superior expertise and deep relationships with the lending agencies.”

Located in the Roxborough area of Philadelphia, 6161 Ridge Ave. delivers amenities ranging from stainless steel appliances to on-site parking options. It’s also a quick walk or drive to local shopping centers, colleges, mass transit and recreation.

28 West Apartments is conveniently located near downtown Milwaukee with easy highway access.

The residences feature new kitchen cabinets, countertops and appliances; spacious closets; wall-to-wall carpeting and window coverings; on-site laundry facilities; and 24-hour emergency maintenance.

Contact:

 Bina Handa
Tel: 516.506.4229

JLL closes $18 million sale of Syracuse, NY medical office property


Steven Rutman
NEW YORK, NY – JLL announced it has closed the $18 million sale of Crouse Medical Center, which comprises two connected buildings totaling 173,466 square feet of medical office space in Syracuse, New York.

JLL marketed the property on behalf of the seller, Brittonfield Associates. ICONIC Property Partners purchased the asset and assumed the existing loan.

Crouse Medical Center consists of a one-story medical office building along with a three-story professional office building that is transitioning into a medical office. 

The 88.8%-leased property is anchored by Crouse Health System, which is a two-hospital, 514-bed, not-for-profit integrated health network. 

Ben Appel
At this location, Crouse Hospital offers neurology, women’s care, internal medicine, physical rehabilitation, cardiology and imaging along with non-hospital clinical services, including ophthalmology, gastroenterology and laboratory services. 

Situated on 18.46 acres at 5000 Brittonfield Parkway, Crouse Medical Center is about 10 miles from Crouse Hospital and is adjacent to Interstate 481 and one mile from Interstate 90.

The JLL Capital Markets team representing the seller was led by Director Steven Rutman, Managing Director Ben Appel, Senior Managing Director Jose Cruz and Managing Director Rob Rizzi.

Jose Cruz 
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.

Rob Rizzi

 About ICONIC Property Partners

ICONIC Property Partners is a private commercial real estate investor, operator and manager exclusively focused on quality office and industrial properties in major secondary markets throughout the eastern half of the United States.

 ICONIC Property Partners is based in Mahwah, New Jersey, and is led by Principal’s Yaakov Leiser and Zack Schwartz. 



About JLL

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

Yaakov Leiser 
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 nearly 92,000 as of June 30, 2019. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 



Steven Rutman, JLL Director
New York License No:  10401278083
Phone: +1 212 245 2425

Ben Appel, JLL Managing Director
Phone: +1 484 532 4200

Kimberly Steele, JLL Digital Content/PR Specialist
Phone: +1 713 852 3420