JLL announces $62.7 million sale of Tampa, FL area retail property

The Grove retail center at Wesley Chapel, FL

MIAMI, FL – JLL announces that it has closed the $62.7 million sale of the Grove at Wesley Chapel, a 471,279 square foot, large format community retail center. The property also includes an additional ±114 acres of land for development in the Tampa-area community of Wesley Chapel, Florida.

Daniel Finkle

JLL marketed the property on behalf of institutional clients managed by Barings, one of the world’s largest real estate investment managers.

 Mishorim-Gold Properties purchased the asset.

 Situated on a total of ±203.3 acres on Wesley Grove Boulevard, The Grove at Wesley Chapel is home to a variety of national and regional tenants.

They including Cost Plus World Market, Bed Bath & Beyond, Ulta Beauty, Dick’s Sporting Goods, T.J.Maxx, Ross Dress for Less, Old Navy, PetSmart, Best Buy, Dollar Tree, Michaels and Cobb Theatre, among others. 

The property is located at the interchange of Interstate 75 and Wesley Chapel Road and has more than one mile of frontage and excellent visibility to more than 95,000 vehicles per day.

Luis Castillo

 Approximately 176,100 residents earning an average annual household income of $91,150 live within a 20-minute drive of the property. 

An opportunity exists to add an additional 1.3 million square feet for commercial and residential development, making the center one of the last remaining large-scale opportunities within this prominent location.

The JLL Retail Capital Markets team that represented the seller included Senior Managing Director and Co-Head of HFF’s Retail Practice Daniel Finkle, Managing Director Luis Castillo and Director Eric Williams.

“The opportunity to acquire a large-scale commercial property in a major Florida MSA with significant value-add potential appealed to the market and drove strong investor interest for The Grove at Wesley Chapel,” Castillo said.

Eric Williams

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: 

Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: kimberly.steele@am.jll.com

 Rachel White

Phone: +1 980 417 5886

Email: Rachel.white@barings.com

 jll.com

JLL arranges $37.2 million financing for Los Angeles, CA creative office redevelopment

Jeff Sause

LOS ANGELES, CA  – JLL announced it has arranged $37.2 million in bridge financing to complete the acquisition and redevelopment of Exposition 3 into a multi-phase creative office campus adjacent to two metro stations and within an Opportunity Zone in Los Angeles’ West Adams submarket.

JLL worked on behalf of the borrower, The Luzzatto Company, Inc., to arrange the 30-month, floating-rate loan with TerraCotta Group. Loan proceeds will be used to complete the acquisition, fund the construction costs to redevelop the property and cover transaction costs.

After the loan was under application, The Luzzatto Company, Inc. was able to pre-lease the building to Sweetgreen for its new headquarters. The property most recently used as a dairy facility for milk-bottling and distribution. 

Paul Brindley

The existing 57,000-square-foot, two-story building has a creative variance of ceiling height, natural lighting and open outdoor space. Situated on 2.18 acres at 3101 W Exposition Boulevard, Exposition 3 is in the West Adams submarket, which is quickly emerging as one of the fastest-growing, most dynamic tech and creative markets in Los Angeles. 

The property is adjacent to both the new Exposition/Crenshaw light rail station of the LAX line and the existing Exposition/Crenshaw light rail station of the Expo line, which connects three of the region’s predominant employment centers, Santa Monica, Culver City and Downtown Los Angeles.

The JLL Capital Markets team representing the borrower was led by Senior Director Jeff Sause, Senior Managing Director Paul Brindley and Associate Spencer Richley.

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. 

Spencer Richley

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 GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker (CA Real Estate License No. 01223413).

Contacts:

 Jeff Sause, JLL Senior Director

California License No: 01852507

Phone: +1 310 407 2133

Email: jeff.sause@am.jll.com

Paul Brindley, JLL Senior Managing Director

California License No: 01173794

Phone: +1 310 407 2112

Email: paul.brindley@am.jll.com

Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: kimberly.steele@am.jll.com

jll.com

 luzzatto.company

Designer Betsey Johnson’s Whimsical Malibu, CA Mobile Home on Market for $2 Million

Malibu, CA Designer Betsey Johnson Attracts Celebrities' Attention with Innovative Home Above for Sale at $2 Million

Photo credit: Suzy Poling, courtesy of Compass Source: mobilehomesmalibu.com

Betsey Johnson

MALIBUE, CA  -- Where can a buyer find a hot pink house on wheels in a mobile home park that attracts celebrities who could afford to live almost anywhere in the world?

Pamela Anderson

Stars like Pamela Anderson, Stevie Nicks and Matthew McConaughey who all once lived there and fashion-designer Betsey Johnson who recently put her Paradise Cove home on the market at $1.95 million, according to TopTenRealEstateDeals.com.

Stevie Nicks

Just as colorful and whimsical as her jewelry and fashion designs, Ms. Johnson’s charming home in the most fashionable mobile home park in the country is filled with bright colors, cheerful decor, a tropical setting for entertaining and access to one of California’s most beautiful beaches.

Matthew McConaughey

Paradise Cove is the most glamorous mobile-home park in the United States that enjoys the same multi-million-dollar views as its nearby Malibu mansion neighbors such as Barbra Streisand, but the homes are much smaller and moveable with most priced over $1 million.

Barbra Streisand

 Spread over 85 acres with 265 single and double-wide homes, the park started in the 1950s as a small fishing camp.

Today, it serves as a fun getaway for wealthy beach lovers who have full-time homes and mansions up and down the state.

Minnie Driver

 In addition to its location on Paradise Cove Beach with its fishing pier, restaurant and brightly colored surfboards, residents are from a far-richer, upper-middle-class group than its original fishermen with a 24-hour, guard-gated entry, a community tennis court and clubhouse in addition to a fabulous beach.

Liberty Ross 

 Although their privacy is held close, a number of current celebrities can be seen putting around on their golf carts such as actress Minnie Driver, British model Liberty Ross and Sponge Bob Square Pants creator Stephen Hillenburg who enjoy the community’s bohemian vibe and friendliness.

Johnson’s two-bedroom, two-bath home is guaranteed to put a smile on the grumpiest home buyer, and her cheerful trailer seems to smile right back.

Stephen Hillenburg 

Privately surrounded by a combination of tall fencing and lush tropical trees and shrubs, the home is so private, there is a clawfoot-soaking tub in a terrace enclave.

 She has turned the back yard into a tropical oasis perfect for entertaining with a secret garden-style, pergola-covered outdoor living room and multiple areas to entertain guests.

Ren Smith

 Inside, the rooms are large and airy with updated baths and kitchen, a double-sized master bedroom with seating area and is decorated in her colorful creative style as original as the jewelry, clothing and accessories she designs.

The home features hardwood floors, a fireplace and skylight in the living room, large kitchen with skylights, adjoining dining room, recessed lighting throughout and French doors opening to terraces in almost every room.

Designer Betsey Johnson’s happy Paradise Cove Beach retreat is now for sale, priced at $1.95 million. The listing agent is Ren Smith of Compass Realty in Malibu, California.

CONTACT:

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

Arbor Funds $17.6 million in Fannie Mae Small Loans Portfolio in Cincinnati, OH

                                     

Vincent Chiodo 

  

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a portfolio of loans totaling $17.6M under the Fannie Mae Small Loans program in Cincinnati, OH. These are all acquisitions with seven-year hybrid, two-year interest only terms.

Vincent Chiodo of Arbor’s New York City office originated the loans.

“Arbor has a demonstrated expertise in the suite of FNMA products that enables us to meet the needs of our diverse client base,” said Chiodo.

The portfolio, funded by Arbor Realty Trust, Inc. (NYSE:ABR), consists of more than 300 apartment units 
similar to the one above in the Greater Cincinnati area  

“Our leadership role allows us to help our clients seize timely opportunities, in this case, with Fannie Mae Small Loans in the thriving Cincinnati market.”

The portfolio consists of more than 300 apartment units in the Greater Cincinnati area. While the properties vary in terms of characteristics and locations, most feature amenities such as pools, patios and balconies; central heating and air; and convenient access to shopping, restaurants and entertainment.

Contact:

 Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Oliver Street Capital refinances R&D building in Tewksbury, MA

 Amy Lousararian

BOSTON, MA – JLL announced it has arranged a $12.6 million refinancing for 554 Clark Road, a 102,200-square-foot flex/R&D building in the suburban Boston community of Tewksbury, Massachusetts.

JLL worked on behalf of the borrower, Boston-based real estate investment management firm Oliver Street Capital, to secure the fixed-rate loan with UniBank. 

554 Clark Road is positioned on a 10.54-acre site just off of Interstate 495 in Tewksbury, a northern suburb of Boston.  The single-story facility was recently leased to Mycronic, a Swedish high-tech electronics assembly, display and packaging developer and manufacturer.

Brett Paulsrud

JLL’s Capital Markets team representing the borrower was led by Senior Director Brett Paulsrud and Associate Amy Lousararian.

“Having purchased the asset last year, it has been exciting watching the team at Oliver Street fully lease the building in such a short amount of time,” Paulsrud said.  “They have executed flawlessly on their business plan and I am happy to have been a part of it.”

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. 

554 Clark Road R&D building, Tewksbury, MA

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. 

Contact:

 Kristen Murphy
JLL Director, Public Relations

Phone: +617 848 1572

Email: Kristen.Murphy@am.jll.com

Ackerman & Co. and MDH Partners Acquire 433,204-SF Lee + White Project in Atlanta, GA

Kelly Wilson

 Atlanta, GA, Sept. 19, 2019 – With plans to continue the development of one of metro Atlanta’s most successful adaptive reuse projects, Ackerman & Co. and its partner MDH Partners have acquired the 4-building, 433,204-square-foot Lee + White project in Atlanta’s West End. The partners purchased the properties from Stream Realty Partners for $40.3 million.

Leo Wiener

Sonia Winfield

Initially constructed as industrial buildings in the 1950s and 1960s and recently redeveloped by Stream Realty Partners, the Lee + White buildings are currently home to popular breweries, restaurants, retailers and food manufacturers.

Kris Miller

The property features more than a half mile of frontage along the Atlanta BeltLine with direct access to the trail.

Mark Zebouni 

Miles Theodore, Mack Freudenstein, Mark Zebouni and Drew Nations of Eastdil Secured represented seller Stream Realty Partners. The purchaser represented itself.

 

The partnership plans to diversify the development by adding a 20,000-square-foot food hall, 30,000 square feet of additional retail and 170,000 square feet of creative loft offices.

A masterplan for the redevelopment is under way and construction is expected to begin in six to 12 months.

Drew Nations 

               “Lee + White is an exciting investment for us,” said Kris Miller, president of Ackerman & Co. “Stream showed vision in transforming these properties into a hip entertainment and food and beverage destination.

"There’s an excellent value-add opportunity for us to diversify with additional development, including loft offices and a variety of food and retail options that will further expand the appeal of this development.”

Evan Ziegler, senior vice president of Investments for Ackerman & Co., added, “The scale of this project gives us a great opportunity to create value. Adaptive re-use projects like this in urban locations are a product type we hope to continue to be active in.”

Porter Henritze

Ackerman Retail President Leo Wiener and Retail Senior Vice President Kelly Wilson will lead the restaurant and retail leasing efforts at the property.

Porter Henritze and Sonia Winfield, directors at Cushman & Wakefield, will represent ownership in office leasing.

“With its 3,000 feet of frontage along the Atlanta BeltLine, walkable MARTA access and proximity to many vibrant intown Atlanta neighborhoods, this property’s strategic location has helped establish Lee + White as a go-to entertainment destination in the West End,” Leo Wiener said.

“Kelly and I look forward to implementing our leasing initiatives to diversify the tenant base and bring more unique retailers and food options to this exciting development.”

Jeff Small Jr.

Added Jeff Small, CEO of MDH Partners, “This is a great opportunity for us to partner with Ackerman & Co. on an innovative project that is contributing to the transformation of the West End of Atlanta.

"Our investment in the redevelopment of this property will build on its proven success while helping to make Lee + White an even more integral part of the community.”

Ackerman & Co. plans to schedule public meetings to obtain input from the community about the redevelopment plans.

Evan Ziegler

Offering outstanding multimodal accessibility, Lee + White is located steps from the Atlanta Westside BeltLine, 0.4 miles from the West End MARTA station and is convenient to all of metro Atlanta’s major interstates, I-20, I-75, I-85 and I-285.

Tenants at Lee + White include Monday Night Brewing, Wild Heaven Beer, Best End Brewing Co., ASW Distillery, Hop City Craft Beer & Wine, Plywood People.

Also: Honeysuckle Gelato, Cultured South Fermentation Co., Doux South Pickles, Boxcar restaurant, Overlook Boulder + Fitness, MacStadium, and United Way of Greater Atlanta.

CONTACT:

Steve Webb

Marketing and Communications

swebb@ackermanco.net
678-993-2935

www.ackermanco.com

Wendy Chan of JLL Receives ISHC Lori Raleigh Award for Emerging Excellence in Hospitality Consulting

Wendy Chan

VIENNA, AUSTRIA, Sept. 19, 2019 -- The International Society of Hospitality Consultants (ISHC) announced Wendy Chan, as the recipient of the fifth annual Lori Raleigh Award for Emerging Excellence in Hospitality Consulting.

Chan was honored at the ISHC annual conference, held this year in Vienna, Austria.

Lori Raleigh

The award is named in honor of Lori Raleigh, who is well known as an advocate for continuing education in hospitality consulting and for supporting young talent with creative and passionate leadership.

Raleigh is the founder of The Travers Group and served as the executive director of the ISHC from 2000 to 2013.

Andrea Belfanti, Executive Director of ISHC commented, “Now that we are in the 5^th year of the Lori Raleigh Award, it is humbling and exciting to see how the past winners of this award are continuing to excel in their personal careers as well as leading our industry to new frontiers.

"Wendy Chan is no exception, she is having a big impact in Latin America and across our industry. We’re thrilled to recognize her for her many achievements and have her as an Associate Member of ISHC in the coming year.

Andrea Belfanti

"Thank you to the ISHC Awards Committee and the sponsors who nominated so many impressive young professionals that made this award possible.”

Chan currently serves as senior vice president within JLL’s Hotels & Hospitality Group, leading the advisory and asset management efforts throughout Latin America.

Additional information about the organization, along with a directory of ISHC members, is available on the ISHC website at www.ishc.com.        

Contact:

 Lauren Marshall

 Director of Membership & Marketing

Email: lmarshall@ishc.com

Phone: 678-735-9453

The Leisure Investment Properties Group of Marcus & Millichap Arranges the Sale of Black Bear Golf Club in Eustis, FL

Steven Ekovich

TAMPA, FL-- The Leisure Investment Properties Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Black Bear Golf Club, located in Eustis, Florida (North of Orlando) to Black Bear Holdings, LLC. According to Steven Ekovich, National Managing Director.

 Rob Waldron, Senior Investment Advisor served as the lead agent for the transaction.

Black Bear Holdings, LLC was formed for the purpose of the acquisition which took place on September 10, 2019. The Buyer group was led by a long time Class-A PGA Professional with extensive experience in golf course operations.

Black Bear Club, LLC,  was the Seller. The Selling entity was headed by an international businessman and entrepreneur with close ties to the Eustis area.

Rob Waldron

Black Bear Golf Club features an 18-hole championship golf course designed by P.B. Dye. The highlands style course is routed through rolling hills indigenous to the site.

The layout offers wide fairways and well-protected undulating greens. The par 72 layout plays to 7,018 yards from the Championship Tees with a course rating of 74.1 and a slope of 139. 

 Multiple sets of tees make the course playable for golfers of all ability levels. The Club has averaged 36,500 rounds annually during the past three years.

The well-appointed 5,000 SF clubhouse offers a fully stocked golf shop, meeting room, offices and the Bear’s Den Restaurant featuring a grill room, bar and covered outdoor terrace.

The practice facility is one of the best in Central Florida featuring a double-sided driving range, 16,000 SF practice putting green and a 19^th hole which is used as a practice hole and to settle wagers.

CONTACT:

Rob Waldron

Investment Advisor - Golf Division

Leisure Investment Properties Group

Of Marcus & Millichap

(813) 387-4784

RWaldron@MarcusMillichap.com