Saturday, March 28, 2020

SPECIAL REPORT: Real Estate Industry Reflects on Past National Epidemics


John Oharenko



As an example, just over a century near the end of World War I, Spanish influenza created havoc similar to today.  The epidemic spread, resulting in a global death toll of as many as 100 million people.  

 Yet Americans fared than other countries by acting quickly and aggressively, with Chicago serving as an excellent example of how to deal with this flu.

The flu arrived in Chicago by September 1918, killing over 8,000 people within two months. According to health records from September 21, 1918, to November 16, 1918, nearly 38,000 cases of influenza and 13,109 cases of pneumonia were reported – a relatively low death toll compared to other cities.   

Chicago took many precautions. For instance, the Commissioner of Health made influenza a reportable disease on September 16, and the Health Department printed placards to educate the public about the dangers of spitting, coughing and sneezing.  The Commissioner also urged people to stay home if they were sick. 

Chicago's additional efforts included limiting crowds by closing theaters, dance halls, skating rinks, and other venues, as well as prohibiting public funerals.  

Unlike today, schools remained open, as the Health Department decided children would be better off in school.  Teachers and nurses could monitor students and take preventative measures instead of staying at home unsupervised.  

On October 13, officials prohibited smoking on the street and elevated railroad cars, and this order remains in force until this day, long after the Spanish flu had passed. [i]

Shown below is a collection of 1918 and 2020 Chicago news clippings (Chicago Tribune), posters, and other information compare how many things have changed over the past century, yet remain the same in dealing with epidemics.

  The critical focus still rests on offering sanitary living conditions, practicing cleanliness, and maintaining appropriate distances.  And most important of all, staying home and safe to avoid spreading viruses.


# 1918 2020 Virus News Headlines Collage

# 1918 2020 Virus Chicago Public Alerts Collage

# 1918 2020 Virus Illinois Public Warnings Collage

# 1918 2020 Virus Advertisements Collage

Today, Chicagoans take the coronavirus very seriously, as the City's most prominent streets are nearly deserted during rush hour, as never seen before per the following photos.  Hopefully, these streets will return to "normal" very soon.

# Madison Street Coronavirus 03-25-20 Oharenko

# LaSalle Street Coronavirus 03-25-20 Oharenko

# North Michigan Avenue Coronavirus 03-25-20 Oharenko

# Theater District Coronavirus 03-25-20 Oharenko



In conclusion, America's "Yankee Ingenuity" and Chicago's "I Will" spirit both will prevail by conquering the COVID-19 virus and other future challenges.


[1] SarahD. "Chicago Fought to Limit Flu's Spread During 1918 Epidemic." Chicago Public Library. Accessed March 26, 2020. https://www.chipublib.org/blogs/post/chicago-fought-to-limit-flus-spread-during-1918-epidemic/?_ga=2.79039260.920734437.1585264013-1177394578.1585264013.


The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

The   Real Estate Capital Institute®
Chicago, Illinois USA 60622
Contact: John Oharenko, Executive Director


[i] SarahD. “Chicago Fought to Limit Flu's Spread During 1918 Epidemic.” Chicago Public Library. Accessed March 26, 2020. https://www.chipublib.org/blogs/post/chicago-fought-to-limit-flus-spread-during-1918-epidemic/?_ga=2.79039260.920734437.1585264013-1177394578.1585264013.


Seefried and Clarion Partners Claim 50 acres near Charlotte, NC (Mecklenburg County).



Paul Seefried
ATLANTA, GA -- Seefried Properties, as development partner with Clarion Partners, LLC, have acquired nearly 50-acres of land for development of a five-building spec warehouse project located in Charlotte, NC, at the southeast corner of Beam Road and Pine Oaks Drive. 

 As planned, the project will total 590,000 square feet of modern space encompassing two phases.  Together the project can accommodate multiple industrial users needing space from 20,000 to 180,000 square feet.  

Spencer Yorke 
Buildings will feature 32’-36’ clear heights, 130’-210’ truck courts, 50 trailer parks, a total of 686 parking spaces and an ESFR sprinkler system. 

 It will have two points of ingress and egress offering close proximity to Interstates 85, 485 and 77, as well as Billy Graham Parkway and Charlotte Douglas International Airport. 

“Seefried Industrial Properties is bullish on the Charlotte airport market and believes that Beam Road Distribution Center is well positioned to take advantage of the growing demand for industrial space in the Charlotte market,” says Paul Seefried, Senior Vice President of Seefried Properties.  “Our capital partner, Clarion Partners, recognized the same and we are excited to be working on another venture with them.”

Shell completion is scheduled for the second quarter of 2021.  

Merriman Schmitt Architects has been engaged as the architect; Burton Engineering is the civil engineer.

The JLL team, led by Spencer Yorke and Jordan Quinn will lead the leasing/marketing efforts for the new project.

Jordan Quinn

About Seefried Properties:

Seefried Properties was founded in 1984 by Ferdinand Seefried and is still 100 percent privately owned today.  

The firm focuses on industrial development in core markets and build-to-suits with corporate tenants and users in first and second-tier markets. 

Seefried's development, construction, leasing, property management and accounting teams firmly believe that client relationships are solidly built on trust and further developed by each individual experience. 

 Seefried is based in Atlanta, with regional offices in Los Angeles, Dallas, Chicago and Phoenix.  Seefried Properties has built over $7 billion in development volume in 25+ markets across the U.S. 

 For more information, please visit www.seefriedproperties.com.


Ferdinand Seefried 
About Clarion Partners:

Clarion Partners, LLC, an SEC registered investment advisor with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for over 30 years. 

Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe.  

With more than $50 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 350 domestic and international institutional investors. 

More information about the firm is available at www.clarionpartners.com

CONTACTS:

Mr. Paul Seefried
Senior Vice President
Seefried Industrial Properties
paulseefried@SeefriedProperties.com             
+1 (404) 232-0440

  
Barb Bennett
Marketing Coordinator
Seefried Industrial Properties
3333 Riverwood Parkway · Suite 200
Atlanta, Georgia 30339
P:  770.702.8207 │ C:  520.661.9641

Friday, March 27, 2020

Painted Tree Marketplace Selects Ackerman Retail as Exclusive Representative for Nationwide Store Expansion


  
 Brian Lefkoff 

ATLANTA, GA – Painted Tree Marketplace, a creative community of shops under one roof, has chosen Ackerman Retail, a division of Ackerman & Co., as its Master Broker for its nationwide store expansion.

Painted Tree Marketplace currently operates seven locations across Arkansas, Georgia, Tennessee and Texas.

Currently acting as the exclusive tenant representative in the Southeast for Painted Tree Marketplace, Ackerman Retail will broaden its services to help the retailer select new store locations across the U.S.

Executive Vice President Brian Lefkoff is spearheading site selection and tenant representation services for the store rollout on behalf of the retailer.
 
Leo Wiener
“Painted Tree Marketplace has one of the freshest concepts in big-box retail, and it’s already proving to be highly successful in key markets across the Southeast,” said Lefkoff. “We look forward to helping Painted Tree Marketplace open new stores in other regions across the U.S.”

Painted Tree Marketplace is seeking locations in major suburban trade areas offering highly visible, free-standing options and anchor positions in power centers. Store footprints will range in size from 35,000 to 50,000 square feet.

“As the leader of our Tenant Representation Group, Brian has done an outstanding job strengthening our services platform,” said Leo Wiener, President of Ackerman Retail. “Brian and the Tenant Representation team are excited to work with Painted Tree Marketplace in this expanded role.”

Painted Tree Marketplace, Headquarters Little Rock, AR
Bringing together a creative community of hundreds of shops, Painted Tree Marketplace sells everything from home decor items, jewelry, vintage finds and apparel to bath and body products, furnishings, arts and crafts, and baby gifts.

 The store’s experiential programs include a variety of workshops and demonstrations for the “DIY” home renovator.

Launched in 2015, Little Rock, Ark.-based Painted Tree Marketplace brings together a wide mix of small, locally owned shops which custom-design their booths and provide the stock of inventory, while Painted Tree’s staff handle all customer service at the stores.

CONTACT:

Steve Webb



Thursday, March 26, 2020

Denny St. Romain and Jubeen Vaghefi Join Cushman & Wakefield’s Florida Multifamily Investment Sales Team


 
Denny St. Romain 
FORT LAUDERDALE, FL, March 26, 2020 – Cushman & Wakefield is pleased to announce the addition of a leading, five-member investment sales team to its Florida Multifamily Group.

 Led by industry veterans Denny St. Romain and Jubeen Vaghefi, the team’s deep experience will add significantly to Cushman & Wakefield’s already thriving multifamily presence in the state.
St. Romain and Vaghefi will partner with Cushman & Wakefield Vice Chairman Robert Given and Executive Managing Director Robert Kaplan in spearheading a combined Florida platform.

 The statewide team will continue to focus on representing institutional and private multifamily owners in the sale and financing of existing multifamily properties and developable land, as well as arranging construction financing and structuring equity.

Jubeen Vaghefi
St. Romain and Vaghefi both join Cushman & Wakefield as Vice Chairmen and will focus on properties statewide. 

They are joined by three team members, Senior Director Charles Crapse and Directors Alex Kupp and Scott Peek.

The team will work closely with Cushman & Wakefield’s existing multifamily investment sales experts throughout the state of Florida, as well its Equity, Debt & Structured Finance specialists.

“With their deep experience and relationships throughout Florida, the addition of this team further strengthens Cushman & Wakefield’s position as the preeminent multifamily service provider in the state,” said Given. “We are very excited about what we can collectively offer to all of our existing and future clients as a combined force.”

Charles Crapse 
When combined, St. Romain and Vaghefi and the existing Cushman & Wakefield team have transacted approximately over $50 billion in property sales, financing and equity transactions.

“Cushman & Wakefield’s commitment to its clients, as well as its strong global capital markets presence, make this transition a perfect fit for us,” said St. Romain. 

“We look forward to working with a dominant force such as Robert Given and his team to be part of the company’s future growth, and to leverage our combined platform to better serve our clients”

Scott Peek
St. Romain and Vaghefi each bring over 20 years of experience to their new roles with Cushman & Wakefield. 

They have worked as a team for over 10 years and have held management-level positions at a number of top brokerage firms. They come most recently from Walker & Dunlop.

“We are pleased to have such an experienced and respected team join Cushman & Wakefield,” said Carlo Barel di Sant’Albano, Cushman & Wakefield's Chief Executive of Global Capital Markets & Investor Services.

 “Our firm is committed to being market leaders in the multifamily space and the addition of St. Romain and Vaghefi, along with their team, solidifies this in Florida.”


Robert Given
In addition to Given, Kaplan, St. Romain, Vaghefi, Crapse, Kupp and Peek, Cushman & Wakefield’s Florida Multifamily Team includes Zachary Sackley, Troy Ballard, Calum Weaver and Neal Victor in South Florida; Jay Ballard and Ken Delvillar in Orlando; and Brad Capas, Nick Meoli and Mike Donaldson in West-Central Florida.

Kaplan, along with Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance throughout Florida.

About Cushman & Wakefield:

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners.

Robert Kaplan

Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries.

In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.

To learn more, please visit www.cushmanwakefield.com or follow @CushWake on Twitter.

CONTACT:

Savannah Durban
Senior Communications Specialist, South Region
Marketing & Communications
 Direct: +1 404 853 5371
Mobile: +1 816 405 5067
Fax:      +1 404 875 4637


Wednesday, March 25, 2020

Newly developed luxury apartment community in Jersey City, NJ trades for $53 million

                         
104- Unit Bela Apartments in the Bergen-Lafayette neighborhood of Jersey City, NJ 

MORRISTOWN, NJ – JLL Capital Markets announced it has completed the $53 million sale of BELA, a newly developed, 104-unit, luxury apartment community located within a qualified opportunity zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.


Jose Cruz

JLL marketed the property on behalf of the seller, a partnership between Alpine Development, Fields Development Group and Grade Development Company. Golden Glades Capital Management purchased the asset free and clear of existing financing.

BELA is situated one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78, which provides accessibility to the Hudson Waterfront, lower Manhattan and the greater New York MSA. 



Completed in 2019, the eight-story property features best-in-class construction and unit design, offering a diverse mix of spacious one- and two-bedroom apartments averaging 982 square feet. 


Michael Oliver

Units feature Caesarstone countertops, oversized wood cabinets, stainless steel appliances, island kitchens, full-size washers and dryers and large closets. 

Community amenities include rooftop views of the Manhattan and Jersey City skylines, a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests. 


BELA also offers onsite parking and bike storage via its first-floor garage and approximately 2,600 square feet of ground-level retail.


Kevin O’Hearn

The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli and J.B. Bruno.

“The Bergen-Lafayette section of Jersey City was well received by the investment community and this property in particular had a strong following with the private buyers,” Cruz said.

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. 


Steve Simonelli 

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.

About Fields Development Group:

Founded and led by brothers James and Robert Caulfield, Fields Development Group’s expertise encompasses the entire spectrum of development and construction.

 Since Fields Development’s inception in 1999, the company had grown to include an in-house construction division, Fields Construction Company, providing construction services to customers throughout the Tri-State area. 

J.B. Bruno

The two companies foster a cohesive and comprehensive approach for clients, with the ability to combine construction expertise with a developer mindset. 

Through this approach, key elements such as timing, budget and value engineering are not simply contractor recommendations, but are rooted in developer insights and market experience to provide the best product and best return for the unique requirements of each client.



Greg Russo
Grade Development Company:

Grade Development Company is a real estate development company headed by Greg Russo, who gained extensive experience in the development of multifamily housing projects as a Principal at Ironstate Development. 

While at Ironstate, Greg focused on the development and financing of more than7,000 units and $5 billion worth of projects in New York, New Jersey, and Connecticut.

About Golden Glades Capital Management:

Golden Glades Capital Management was established in 2019 to create attractive investment opportunities for its founders’ personal capital gains. 

Robert Caulfield (left) and James Caulfield

The firm accepts limited partnership commitments from select investors who share the objective of achieving attractive risk-adjusted returns while making a positive impact on distressed communities across the U.S. 

Golden Glades’ core focus is to leverage the extensive experience and network of its team of principals and advisors to make direct investments in real property and operating businesses located within Opportunity Zones.


Contact:
 

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

Tuesday, March 24, 2020

Arbor Funds $3.4 Million Fannie Mae Small Loan in Kingston, PA


 Ryan Duff 

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently financed a Fannie Mae Small Loan in Kingston, PA.
Chapin Apartments received $3.4M in cash-out refinance funding through the program. This is a 7-year deal with a 30-year amortization.
 Ryan Duff of Arbor’s New York City office originated the loan.
 “This transaction provided our client the capital they needed to continue to build their portfolio,” said Duff. “At the same time, they were able to secure favorable rates for this loan, making it an ideal solution all around.”
 Chapin Apartments at 151 East Walnut Street is a garden-style community comprised of four buildings and a total of 60 units. While the units were built in 1939 and 1950, most were renovated in 2018.
Chapin Apartments,151 East Walnut Street
Kingston, PA
The complex features a fitness center, resident lounge, storage lockers and a covered parking garage across the street. It is also conveniently located near local shopping, parks and recreation. 
 Contact:

Bina Handa
Tel: 516.506.4229
bhanda@arbor.com