District 114 project breaks ground in Southlake, TX

District 114, a four-story, mixed-use office building with ground floor retail totaling 94,990 square feet in Southlake, Tx

DALLAS, May 28, 2020 – JLL Capital Markets announced today that it has arranged construction financing for District 114, a four-story, mixed-use office building with ground floor retail totaling 94,990 square feet in Southlake, Texas.

Working on behalf of the borrower, Medici Development Partners, LLC, JLL placed the five-year, floating-rate construction loan with Happy State Bank & Trust.

Due for completion in the second quarter of 2021, District 114 will offer 69,878 square feet of office space and 25,112 square feet of retail space.

The property will have average floor plates of 24,000 – 29,000 square feet and offer tenants a fourth-floor outdoor patio, a 322-space parking facility and direct access to Texas Independence Park featuring outdoor work and patio space.

 De’On T. Collins

 The 3.3-acre site is positioned within Kimball Park, a 17.58-acre, walkable mixed-use development that also includes a Cambria Hotel, The Office at Kimball Park and restaurant/retail space.

Tenants at District 114 have access to the amenities at the adjacent Cambria Hotel and Conference Center, which include a fitness center, pool, restaurant, meeting facilities and executive boardrooms.

Steve Heldenfels

The project is located in Southlake, an affluent suburb of Dallas and a corporate headquarters hub for many Fortune 1000 companies.

District 114 has exceptional regional access to the entire Dallas Fort Worth Metroplex via State Highways 114 and 121 and is close to the Dallas Fort Worth International Airport, Southlake Town Square, Park Village and The Shoppes at Southlake.

The JLL Capital Markets team representing the borrower was led by Senior Director De’On Collins and Managing Director Steve Heldenfels.

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.

NAI Realvest Closes $4.4 Million Sale of Lake Underhill Business Center in Orlando, FL

Lisa Silva Garavelo

ORLANDO, FL – Tom R. Kelley, CCIM, Principal at NAI Realvest, completed the sale of the Lake Underhill Business Center, at 11495-11555 Lake Underhill Road, Orlando. 

 The property is a Class A office park with 2 single-story buildings totaling 35,000± SF.  Tom Kelley represented the seller, Harrington Mishler, LLC. 

Tom R. Kelley

The property sold for $4,400,000 and the sale closed on May 18^th.  The buyer was represented by Lisa Silva Garavelo with WRA Real Estate Solutions, LLC.

 The buyer, Garavelo Business Center, LLC, plans to re-locate their business, JMC Quality Builders, from their existing location off John Young Parkway in SW Orlando. 

Lake Underhill Business Center 11495-11555 Lake Underhill Road, Orlando, FL

 JMC Quality Builders is a national construction company, headquartered in Orlando that has performed jobs in over 30 states throughout the country.  They specialize in hospitality and commercial construction.

CONTACTS:

Tom R. Kelley, CCIM, Principal, NAI Realvest

407-875-9989, tkelley@realvest.com

 Patrick Mahoney, President/CEO, NAI Realvest,

 407-875-9989 pmahoney@realvest.com

www.nairealvest.com.

Levin Johnston Completes $26.8 Million Sale of 102-Unit Value-Add Multifamily Community in Concord, CA

The Lakes, a 102-unit value-add multifamily community in Concord, CA

CONCORD, CA, May 27, 2020 – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the sale of The Lakes, a 102-unit value-add multifamily community in Concord, California.

Levin Johnston’s Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston represented the seller and procured the buyer in the transaction.

Adam Levin

“The Lakes in Concord is a well-positioned asset for investors looking to achieve and sustain long-term wealth. 

"Concord’s convenient location, in addition to its comparatively low price point for the region, continues to attract renters employed throughout the Bay Area,” explains Levin.

“This acquisition is an ideal value-add opportunity for the buyer to implement strategic upgrades and simple operational improvements to drive strong return-on-investment, alongside organic growth based on increasing demand.”

The community is located near the borders of Concord, Pleasant Hill, and Walnut Creek and provides residents with direct access to local amenities, BART stations, and the greater Bay Area, notes Levin.

“This property was previously marketed unsuccessfully by another broker in the Bay Area,” says Johnston. “We understood the value of its straightforward value-add roadmap and were able to quickly identify a buyer who will be able to achieve institutional management results and capitalize on economies of scale based on their current local portfolio.”

Robert Johnston

Johnston also notes that the brokerage team’s deep knowledge of the local market and close relationships with the buyer and seller were instrumental in bringing the deal to the finish line in the current climate.

“By understanding the impacts of the pandemic on the Bay Area market and investor, we were able to negotiate a price that made sense for both the buyer and the seller,” adds Levin.

“Ultimately, we got the seller comfortable with providing the buyer with a small concession in order to finalize the transaction in a timely manner that was satisfying for both parties.”

Originally constructed in 1967-68, the three-building community offers one- and two-bedroom floorplans. Unit interiors are currently being upgraded to include new wood grain flooring and carpet, new countertops and cabinets, stainless steel appliances, and modern lighting fixtures.

Additional community amenities include a newly renovated swimming pool, secure parking electrical gates, two gazebos on the lake, laundry facility, elevators, and covered exterior walkways.

The Lakes is located at 1818, 1819, 1850 Laguna Street in Concord, California.

Contacts:

Alex Caswell / Elisabeth Manville   

Brower Group

(949) 438-6262

acaswell@brower-group.com

levinjohnston.com.

JLL completes $28.25 million sale of 150 East 45th Street in New York for Children’s Aid

150 East 45th Street,
also known as the Lord Memorial Building,
 in New York’s Midtown East submarket

Habib American Bank acquires 32,270-square-foot mixed-use building located steps from Grand Central Terminal in New York’s Midtown East submarket

NEW YORK, May 26, 2020 — JLL Capital Markets has completed the sale of 150 East 45th Street, also known as the Lord Memorial Building, in New York’s Midtown East submarket for Children’s Aid. 

Bob Knakal

Habib American Bank acquired the 32,270-square-foot mixed-use property for $28.25 million, or approximately $875 per square foot.

The seven-story 150 East 45th Street was designed by Gibbons, Heidtmann & Salvador and constructed in 1950 as a three-story building for Children’s Aid. 

Ellen Herman

The office building was enlarged to seven stories in the mid-1960s and totals 32,270 square feet, with approximately 5,168 square feet of retail space on the ground floor and around 27,102 square feet of office space on the second through seventh floors.

 Jonathan Hageman

The office building is located in New York’s Midtown East submarket, just steps from Grand Central Terminal and a few blocks from The United Nations Headquarters at 760 United Nations Plaza.

 The property is currently occupied by Children’s Aid, a nonprofit that will be vacating the space upon the sale of the property.

The mixed-use building was constructed in a unique “T” shape to provide excellent light and air to the space, allowing for a higher percentage of quality, usable space throughout each floor. 

The floorplates average around 5,400 square feet, with protected air secured by an easement with the neighboring property, 712 Third Avenue.

Clint Olsen

The JLL professionals overseeing the sale of 150 East 45th Street for Children’s Aid includes Chairman of New York Investment Sales Bob Knakal; Managing Directors Jonathan Hageman and Clint Olsen; Executive Vice President Ellen Herman; and Directors George D’Ambrosio and Albert Mamiye. 

Financial advisory services were provided by JLL Executive Managing Director Max Herzog. The buyer was represented by Jonata Dayan, Executive Vice President of Co-op and Condo Sales, and Brett Weiss, Senior Associate, with HSP Real Estate Group.

Jonata Dayan

“It is a great shot in the arm for the local investment sales market to see this kind of confidence expressed by a prominent foreign bank under current market conditions”, said Knakal. 

Max Herzog

“150 East 45th Street offered an excellent opportunity for Habib American Bank to purchase a boutique office property with potential to be a headquarters building for them.”

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.

George D’Ambrosio

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


About Children’s Aid

For more than 165 years, Children’s Aid has been committed to ensuring that there are no boundaries to the aspirations of young people, no limits to their potential. 

We know what it takes to ensure children and youth grow up strong and healthy, and ready to thrive in school and life: excellent education and health care, social-emotional support, and strong stable families. 

Today, we serve nearly 50,000 children, youth, and their families at more than 40 sites in four under-resourced neighborhoods in New York City.  To learn more, visit ChildrensAidNYC.org.

Albert Mamiye

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. 

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 94,000 as of March 31, 2020. 

Brett Weiss

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

CONTACTS:


George Shea, Mark Faris
Shea Communications
Phone: +1 212 627 5766
mfaris@sheacommunications.com

Kimberly Steele

Senior Associate, Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX  77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

jll.com.

            

Ware Malcomb Announces Promotion of Alicia Zaro to Director in Los Angeles Office

Alicia Zaro

LOS ANGELES, CA, May 27, 2020 – Ware Malcomb, an award-winning international design firm, today announced Alicia Zaro has been promoted to Director, Interior Architecture & Design in the firm’s Los Angeles office.

In this role, Zaro is responsible for the growth and management of the Interior Architecture & Design Studio and oversees all interiors projects for the Los Angeles office. 

 Zaro joined Ware Malcomb in 2014 and was promoted to Studio Manager in 2018. Zaro brings extensive interior architecture and design expertise to the Ware Malcomb team, contributing strong design influence, team leadership and devotion to client services.

Zaro has worked on a variety of interiors projects including creative office, renovation, education, retail, hospitality, public, financial and entertainment.

Over the last few years, her role has grown to include business development, managing the studio and project oversight. 

 Radwan Madani

“Alicia has built a great team and a large network of loyal clients and industry partners,” said Radwan Madani, Principal of Ware Malcomb’s Los Angeles office.

 “Her excellent design talent, combined with her strong leadership abilities have been instrumental in expanding our Los Angeles interiors practice and delivering amazing designs for our clients, including many creative end-user spaces. 

"We look forward to her continued success and leadership of our interior design practice in the Los Angeles market.”

 Zaro is a graduate of the highly selective NAIOP So Cal Young Professionals Group, an industry-leading professional development and leadership program. A Certified Interior Designer, Zaro holds a Bachelor’s degree in Interior Architectural Design from the University of California, Davis. She is also an active committee member for CoreNet Global, Southern California.

For more information, please visit waremalcomb.com/news and view Ware Malcomb’s Brand Video at youtube.com/waremalcomb.

CONTACT:

Rachel Devany

VP Public Relations

KCOMM for Ware Malcomb

Rachel@kcomm.com 

Maureen Bissonnette

 Associate Principal, Marketing

 949.660.9128

 mbissonnette@waremalcomb.com

Whole Foods-anchored retail center near Miami sells for $46.75 million

Plaza San Remo,  a 59,694-square-foot, fully leased, Whole Foods Market-anchored retail center that is part of a larger mixed-use project in the Miami-area community of Coral Gables, FL

Roy Rosenbaum

 Miami, FL,  May 26, 2020 – JLL Capital Markets announced today that it has closed the $46.75 million sale of Plaza San Remo, a 59,694-square-foot, fully leased, Whole Foods Market-anchored retail center that is part of a larger mixed-use project in the Miami-area community of Coral Gables, Florida.

JLL marketed the property on behalf of an institutional investment advisor. A newly raised core fund advised by Zurich Alternative Asset Management, LLC (“ZAAM”) of New York purchased the asset.

Danny Finkle

 Completed in 2007, Plaza San Remo is anchored by a high-producing Whole Foods Market. 

The rest of the tenants include Pediatric Associates and OXXO Care Cleaners, both of which have made long-term commitments to the center.

The property is at 6701 Red Rd. and is the ground-floor retail component of a seven-story, trophy, mixed-use asset that also features medical office space and a seven-story parking garage.

Plaza San Remo is surrounded by a dense and affluent Coral Gables customer base that includes 111,533 residents with an average annual household income of more than $135,000 that live within three miles of the property.

Additionally, the location at the crossroads of Coral Gables and South Miami places it near several demand drives, including more than 1.8 million square feet of office space within a half mile, the University of Miami and South Miami Hospital.

Sean Bannon

 “We are happy to add this well-located asset to our portfolio,” said Roy Rosenbaum, Director of Acquisitions, who spearheaded the deal for ZAAM. “The demographics and infill nature of this acquisition opportunity were quite compelling.”

“This is the second investment in our newly raised third-party fund,” added Sean Bannon, Managing Director and Head of U.S. Real Estate for Zurich.

“The physical, locational and tenancy features will do well for our international investors, offering them an attractive yield, term and credit. 

"We anticipate this will be a long-term hold for us as we continue to invest in South Florida.”

Luis Castillo 

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

 “Plaza San Remo is a trophy Whole Foods store serving one of the most recognizable residential submarkets in South Florida,” Finkle said.

“The fantastic credit tenancy, core Coral Gables location and outstanding tenant sales performance made Plaza San Remo a highly desirable asset by investors and an unparalleled core investment opportunity.”

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

Eric Williams

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:

 Kimberly Steele,

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Daum Commercial Completes $14.35 Million Sale of Warehouse Complex in Tight Los Angeles County Submarket

 Natalie Lara

  

RANCHO DOMINGUEZ, CA, May 26, 2020 – DAUM Commercial Real Estate Services recently completed the $14.35 million sale of two industrial warehouses totaling more than 85,000 square feet in the South Bay submarket of Rancho Dominguez, Los Angeles County, California, on behalf of both the seller and the buyer.  

Jordan Lara 

DAUM Associate Natalie Lara played an instrumental role in advising and understanding the goals of the seller, a cosmetic products manufacturer, and in identifying an ideal opportunity for the buyer, First Industrial Realty Trust, whom she procured alongside DAUM Executive Vice Presidents Jordan Lara and Andrew Lara. 

Andrew Lara

The Chicago-based publicly traded real estate investment trust, which owns and operates a national portfolio of industrial assets, plans to maximize the value of the property’s unmatched infill location by completing strategic redevelopment, according to Natalie.  

The redeveloped site will consist of a 27,962 square-foot building with 15 docks situated on 3.98 acres of land. 

“We immediately recognized that this building’s prime location was well aligned with the buyer’s investment strategy of focusing on the creation of long-term value within infill markets like the South Bay,” says Natalie. 

According to Jordan Lara, the property’s close proximity to the 710, 91, 405 Freeways and Ports of Long Beach and Los Angeles opened up a significant value-add opportunity for the buyer. 

 DAUM closes $14.35 million sale of two industrial warehouses totaling more than 85,000 square feet in the South Bay submarket of Rancho Dominguez, Los Angeles County, CA

 “While this property, as built, is primarily suited to manufacturing and light distribution needs, we strategically determined that the future of this asset could be more of a robust distribution operation, based on its location in a booming logistics environment,” explains Jordan.  

Andrew Lara adds: “Sourcing a buyer who could redevelop the asset to access its full potential and fulfill a huge demand in the market required several specific real estate fundamentals to come together. Ultimately, this was a true win-win scenario for both parties involved.”  

This redevelopment project is scheduled to be completed 3^rd Quarter 2021. The property is located at 19400 and 19302 S. Laurel Park Road in Rancho Dominguez, California. 

CONTACTS:

Katie Haga / Elisabeth Manville   
Brower Group   
(949) 438-6262  
khaga@brower-group.com  

www.daumcommercial.com.