JLL closes sale and financing of two-building office campus in North Dallas, TX

Toll Hill Office Park, a two-building, Class A office campus totaling 248,045 square feet in Dallas, TX

DALLAS, TX, April 14, 2020 – JLL Capital Markets announced today that it has closed the sale and financing of Toll Hill Office Park, a two-building, Class A office campus totaling 248,045 square feet in Dallas, Texas.

Parker McCormack

JLL represented the seller, Cawley Partners, as well as procured the five-year, floating-rate structured acquisition loan that included future funding for Capex and TI/LC from NXT Capital on behalf of the buyer, Balfour Pacific Capital.

Toll Hill Office Park is located at 5310 and 5440 Harvest Hill Road on the southeast corner of Harvest Hill and the Dallas North Tollway just one block south of LBJ Freeway. 

The property will be an extension of DallasMidtown, a planned urban development that will include hike and bike trails connecting to White Rock Lake, parks and open space, luxury hotels, office towers, luxury condo units for sale, a 10-screen AMC movie theater, boutique shopping, restaurants and entertainment venues.

Jason Piering

 Toll Hill Office Park was recently renovated and offers tenants an on-site deli, common area conference room, atrium seating areas with Wi-Fi and covered parking. 

The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Director Parker McCormack.

JLL’s Capital Markets Finance team representing the borrower was led by Managing Director Jason Piering and Director Will Mogk.

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 best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or recapitalization. 

Will Mogk

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 Cawley Partners:

Cawley Partners is a full-service Dallas based commercial real estate company focused on building partnerships through developing, investing, managing and leasing office buildings. 

Since 1996, the company has experience with more than 12 million square feet of development and acquisition projects. The developments include office, retail, and industrial and have ranged from speculative to build-to-suit corporate headquarters. 

Contact:

 Kristen Murphy

 JLL Senior Manager

 Public Relations 

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

 jll.com.

cawleypartners.com.

Arbor Funds $15 Million Fannie Mae DUS® Loan in Waterloo, IA

 James Fiesel 

                          

UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® loan in Waterloo, IA.

The property received $15M in refinance funding through the program, with a 15-year fixed rate and four years of interest only payments.

 “It was a pleasure working with Marcus and Millichap to assist an experienced sponsor in executing a well-orchestrated business plan,” said.Arbor originations specialist James Fiesel.

 “Despite uncertain economic conditions, Arbor was able to deliver a favorable rate and terms that aligned with the borrower’s needs.”

 The Grand Crossing is a mixed-use property that features 104 residential units, with stainless steel appliances, a community workout facility and underground parking garage.

The complex also has four ground floor commercial spaces, including Jimmy John’s Gourmet Sandwiches and Sidecar Coffee.

Contact:

 Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Ware Malcomb Announces Construction Completed on Expansion of University of Southern California Roski School of Art and Design

 Radwan Madani

LOS ANGELES, CA– Ware Malcomb, an award-winning international design firm, announced construction is complete on the expansion of the University of Southern California (USC) Gayle Garner Roski School of Art and Design located at 1262 Palmetto St., Suite 515 in the Arts District of Los Angeles.

Ware Malcomb provided interior architecture and design services for the project.

“The expansion of USC’s Roski School of Art and Design needed to not only accommodate the school’s growth, but also align with its mission of responding to – and creating – art and culture in new and meaningful ways,” said Radwan Madani, Principal of Ware Malcomb’s Los Angeles office.

 “This new graduate facility evokes creativity and artistic freedom for its talented students. With a timeless and flexible design, the school can continue inspiring artists as it has been for more than a century.”

USC’s Roski School of Art and Design is one of the oldest art schools in Southern California. The first phase of the project included 15,000 square feet of offices and classrooms.

The expansion also enables the school to present arts programming and public events within the Arts District neighborhood, contributing to the existing creative community. 

CONTACTS:

Rachel Devany

VP Public Relations, KCOMM for Ware Malcomb

Rachel@kcomm.com 

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

JLL closes sale of top-performing Publix center in affluent Atlanta submarket

Five Forks Corners, Liburn, GA

ATLANTA, GA – JLL Capital Markets announced it has closed the sale of Five Forks Corners, an 88,646-square-foot, dominant, Publix-anchored shopping center in an affluent Atlanta-area submarket of Lilburn, Georgia.

JLL marketed the property on behalf of the seller, DLC Management Corporation. Atlanta-based Branch Properties, LLC purchased the asset.

Five Forks Corners is anchored by a top performing Publix that has operated at the property for more than 23 years. The shopping center is 89% occupied to an array of shop tenants, including Pak Mail, Marco’s Pizza, Fitness 19, Mathnasium, Farmers Insurance, Sun City Tanning and Lush Nail Spa.

Jim Hamilton 

 Five Forks Corner is located at the “main and main” intersection of Five Forks Trickum and Killian Hill Roads, which have a combined traffic count of 41,000 vehicles per day.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton and Directors Brad Buchanan and Mike Allison.

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.

 Brad Buchanan

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

About JLL:

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

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

Mike Allison

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. 

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

For further information, visit jll.com.

About DLC Management Corp.:

DLC Management Corporation is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, new developments, redevelopments, leasing and management. 

Headquartered in New York, DLC has regional offices in Atlanta, Buffalo, Chicago, Dallas and Washington, D.C. For additional information about DLC Management Corporation and its portfolio, please visit dlcmgmt.com.

  

Contact: 

Kimberly Steele, JLL Senior Associate, Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Comstock Acquires Another Commercial Asset in Reston, VA

Christopher Clemente

RESTON, VA —Comstock Holding Companies, Inc., (NASDAQ: CHCI) (“CHCI” or “Comstock”) announced the acquisition of 11480 Commerce Park Drive, further expanding the Reston Station transit-oriented and mixed-use neighborhood to more than 40 acres surrounding the Wiehle-Reston East Metro Station.

The Company completed the acquisition in an all-cash transaction on March 9, 2020 on behalf of a venture between CHCI and Comstock Partners, LC, a private company owned and controlled by Christopher Clemente, the CEO of CHCI. 

Tim Steffan

The 6-story, Class-A office building is situated on approximately 3.75 acres within the Commerce District of the Reston Station neighborhood adjacent to the Wiehle-Reston East Metro Station at the intersection of Wiehle Avenue and Sunrise Valley Drive. 

CHCI will generate market rate fee-based revenue in connection with the acquisition and management of the property pursuant to its existing master asset management agreement, which also provides for additional incentive-based compensation.

Matt Nicholson

The 126,000 square foot office building is currently 82% leased to multiple high-quality tenants, including Young America’s Foundation, Dev Technology, American Academy of Audiology, and others. 

This acquisition represents the fifth office building acquired by Comstock and its affiliated companies in all-cash, off-market transactions during the past 13 months and the fourth such building acquired in Reston, increasing total capital deployed for acquisitions of stabilized, transit-oriented assets to nearly $300 million in the same period. 

Comstock’s latest acquisition increases the portfolio of Class-A and Trophy-Class office properties in its Anchor Portfolio of assets under management in Reston to include six stabilized Class-A and Trophy Class office properties totaling approximately 1 million square feet, enabling the Company to achieve additional operational and leasing synergies with its existing Reston Station office portfolio.

Jim Meisel

The Company currently has two additional Trophy-Class office towers currently under construction on Reston Metro Plaza, 1906 Reston Metro Plaza, 203,000 square foot building scheduled to deliver later this year, which is approximately 55%% pre-leased to Neustar, and 1902 Reston Metro Plaza, an approximately 225,000 square foot building that is scheduled to deliver in 2021 and is 100% pre-leased to ICF Global.

“This acquisition is consistent with our focus on select high-growth urban and transitioning “sub-urban” markets," said Clemente.

 "The Reston Station neighborhood is at the forefront of the transformation taking place in the Dulles Corridor as a result of the arrival of Metro’s Silver Line. 

Andrew Weir

 “Our objective in Reston is to create a world-class mixed-use and transit-oriented neighborhood that is consistent with Fairfax County’s Comprehensive Plan and that is a valued addition to the Reston community.”

Since announcing in 2018 its plan to wind-down its subsidiary for-sale homebuilding operation and refocus its business exclusively on commercial real estate development, asset management and real estate related services, Comstock has increased real estate assets under management and development to more than 3 million square feet currently and approximately 7 million square feet at full build out of its Anchor Portfolio of mixed-use and transit-oriented properties located in Northern Virginia where global tech and consulting firms have been securing significant amounts of office space. 

During 2019, Comstock announced the completion of more than 500,000 square feet of new office leases in Reston Station, one of two large transit-oriented developments included in Comstock’s Anchor Portfolio.

Stephen Conley

“The acquisition of 11480 Commerce Park Drive furthers our strategy of positioning Comstock as a premier asset manager and service provider for capital partners including HNW family offices and institutional investors, while complimenting Comstock’s portfolio of managed assets that includes significant transit-oriented developments” said Tim Steffan, EVP, Asset Management, Development and Leasing for Comstock. 

“Incorporating this building into our Reston Station neighborhood furthers our ability to update and enhance the Commerce District of Reston Station where we are working on plans to expand neighborhood amenities to include the addition of a civic plaza adjacent to the entrance to the Metro Station while enhancing pedestrian access to Metro.”

Building amenities include a state-of-the-art fitness center with full-service locker rooms, a conference center, tenant lounge and game room, and a Monumental Market, a grab and go convenience for tenants. 

Dave Baker

Comstock intends to complete in-building common area and restroom upgrades. Comstock Commercial Management and Comstock’s Park-X Management will manage the property.

The JLL Capital Markets team, including Matt Nicholson, Jim Meisel, Andrew Weir, Stephen Conley and Dave Baker represented the seller in the off-market transaction.

On July 1, 2019, HFF was acquired by JLL.

CONTACT:

Kristen Murphy

Senior Manager, Public Relations

JLL Capital Markets

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

us.jll.com/capitalmarkets

Notorious 'Purple House' in Beverly Hills, CA Priced at $30 Million

Mega-rocker-star Prince shocked the neighborhood in 2005 when he had NBA-star Carlos Boozer's Beverly Hills home painted in purple stripes.

Photo credit: The Oppenheim Group     Source: ogroup.com

Rock star Prince
(Real name: Prince Rogers Nelson)

BEVERLY HILLS, CA -- It may have been the most infamous house-painting job in Los Angeles history in 2005 when mega-rocker-star Prince painted NBA-star Carlos Boozer's Beverly Hills home in purple stripes, according to TopTenRealEstateDeals.com.

Elizabeth Taylor

 New to the market, the home just as elegant as when Prince and Elizabeth Taylor lived there decades before, is now for sale priced at $29.995 million.

When Alaskan-native Boozer signed with the Utah Jazz in 2004 for big money, he wanted a home in the sun and bought a stunning Southern California tennis estate decorating it with the best expensive furnishings. 

Carlos Boozer

Almost as good as his new home, his music idol, Prince, offered him $95,000 per month for a one-year lease and soon moved in. 

A couple of months later when Boozer was back in LA, he discovered that Prince had changed almost everything about his house. His beautiful furnishings were gone and replaced by black-and-purple everything. 

Jason Oppenheim 

The weight room was now a disco dance floor with a DJ booth and his bedrooms converted to a hair salon and massage parlor. Boozer called “foul” and threatened to sue but Prince soon returned everything back to the way it was when he first rented the home. 

Playboy Mansion (as of 2018)

The two became best friends up until Prince's death in 2016.

Today, the mansion is on an estate comprising the main house of approximately 15,101 square feet and an English Tudor home of 3,300 square feet, along with two extra parcels of land making up the total compound of 2.15 acres. 

Purple House Lounge

The palatial main house has 10 bedrooms, 13 baths, a ballroom, wine room, large terraces for entertaining with views of city and ocean, a rooftop tennis court and a pool with stone grotto reminiscent of the Playboy Mansion. 

Built in 1953 at the cusp between Old Hollywood and the new, it is a home that was designed for entertaining and saw many a grand party over the years, including a few Prince concerts for his friends.

Purple House Pool

Now seeking its next new owner, one of L.A.’s most significant homes and former residence of Prince and Elizabeth Taylor, is for sale at $29.995 million, or for lease of the main mansion at $80,000 per month. 

Brokered by the Oppenheim Group in West Hollywood, its leader Jason Oppenheim and bevy of starlet real estate agents are seen on the Netflix series Selling Sunset.

CONTACT:

Genelle C. Brown

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

Investor purchases recently renovated office asset in Greater Philadelphia

      

518 Township Line Road is located approximately 18 miles from Center City Philadelphia in the affluent Blue Bell submarket

PHILADELPHIA, PA – JLL Capital Markets announced it has closed the sale of 518 Township Line Road, a recently renovated office building totaling 123,087 square feet in the Greater Philadelphia community of Blue Bell, Pennsylvania.

Doug Rodio

JLL represented the seller, a partnership between Kairos Real Estate Partners and Artemis Real Estate Partners, and procured the buyer, Apex Financial Advisors.

518 Township Line Road is located approximately 18 miles from Center City Philadelphia in the affluent Blue Bell submarket, which features an average household income of $143,776 within a one-mile radius of the property. 

The asset has excellent visibility and immediate access to many of Greater Philadelphia’s primary roadways, including Routes 202 and 73, Interstate 476 and the Pennsylvania Turnpike.

Brett Segal

Built in 2001, 518 Township Line Road was completely modernized between 2017-2019 with the addition of a new lobby, conference center, grab n’ go vending, Fooda café and a state-of-the-art fitness center with new locker rooms and showers. 

The upgrades led to over 85,000 square feet of new leasing. The 80%-occupied building is home to six tenants with more than 50% of the space leased to two market leaders in their respective industries: RSM US, LLC and Jefferson Blue Bell Surgery.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Doug Rodio and Managing Directors Brett Segal and Brett Grifo.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Brett Grifo

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.

Contact:

 Kristen Murphy, JLL Senior Manager, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

 jll.com.

New Bergeron Distribution Center in Pembroke Pines, FL at 100 Percent Occupancy With Berger Commercial Realty Lease

The Bergeron Distribution Center, completed in 2017, is located at 19700 Stirling Road, West Pembroke Pines, FL

Keith R. Graves

FORT LAUDERDALE, FL – With finalization of a new lease deal comprising 43,790 square feet, the Bergeron Distribution Center in western Pembroke Pines is now at 100 percent occupancy.    

The new lease at the Class A industrial property was brokered for its landlord, Bergeron Park of Commerce South Family Limited Partnership, by Berger Commercial Realty/CORFAC International Senior Vice President Keith R. Graves.

“This property’s central South Florida location and easy access to major highways were certainly a factor, but it was the 32’ ceiling clearance, additional yard and truck parking space, and the building’s clean, modern design that made it a winning deal,” Bergeron Vice President of Real Estate Frank Saia noted. 

The Bergeron Distribution Center, which was completed in 2017, is located at 19700 Stirling Road.

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900.

  
CONTACT:

Jennifer J.H. Pierce

Account Director

Pierson Grant PR
6451 North Federal Highway, Suite 1200  |  Fort Lauderdale, FL   33308
T:  954.776.1999, ext. 232  |  E:  jpierce@piersongrant.com 

www.bergercommercial.com.

www.corfac.com.
call 224.257.4400