JLL closes sale of Chicago cold storage portfolio

 John Huguenard

CHICAGO, IL – JLL Capital Markets announcedit has closed the sale of a three-property cold storage portfolio totaling 712,051 square feet in high barrier-to-entry Chicago markets.

 JLL marketed the portfolio on behalf of the seller, Investcorp, a leading global provider and manager of alternative investments. 

Lineage Logistics, which is controlled and operated by Bay Grove, purchased the assets. 

 The portfolio comprises 2635 S. Western Ave. and 2658 S. Leavitt St. in Chicago; 8424 W. 47th St. in Lyons; and 1544-46 Hecht Dr. in Bartlett.

These facilities provide tenants with easy access to Chicago’s urban core population, and each location is known for its food-oriented user base and benefits not only from the region’s population base of 9.5 million but also for being one of the leading food production centers in the world.

Ed Halaburt 

The portfolio is 100 percent leased to 11 tenants and features clear heights ranging from 24 to 48 feet and ambient temperatures ranging from down to -10.

Additionally, it represents one of the few multi-property, multi-tenant cold storage transactions nationally.

 The JLL Industrial Capital Markets team representing the seller was led by Senior Managing Director John Huguenard and Senior Director Ed Halaburt along with Managing Director Sean Devaney and Senior Directors Kurt Sarbaugh and Robin Stolberg.

 “What is unique about this cold storage portfolio is that it is a multi-tenant portfolio with fewer than four years of average remaining lease term that was able to close in spite of uncertainty caused by the COVID-19 pandemic,” Halaburt said.

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

Sean Devaney

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.

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.

Kurt Sarbaugh 

 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.

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

About Investcorp

Investcorp is a leading global manager of alternative investments. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. 

The Firm continues to focus on generating value through a disciplined investment approach in six lines of business: private equity, real estate, absolute return investments, infrastructure, credit management and strategic capital.

As at December 31, 2019, the Investcorp Group had $31.1 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.

Robin Stolberg

Since its inception in 1982, Investcorp has made over 195 Private Equity deals in the US, Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 800 commercial and residential real estate investments in the U.S. and Europe, for in excess of $61 billion in transaction value.

Investcorp employs approximately 450 people across its offices in New York, London, Bahrain, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore. 

For further information, including our most recent periodic financial statements, which details our assets under management, please visit: investcorp.com and follow us @Investcorp on LinkedIn, Twitter and Instagram.

CONTACT:

Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com.

(bay-grove.com)

www.lineagelogistics.com

Ackerman Retail Bolsters Investment Sales Team with Addition of Experienced Broker KB Yabuku

 KB Yabuku 

ATLANTA, GA, June 5, 2020 – Strengthening its full-service brokerage team, Ackerman Retail, a division of Ackerman & Co., has added KB Yabuku as Vice President of Investment Sales to join Ackerman Retail Senior Vice President Sean Patrick’s investment sales team.

He will advise buyers and sellers in strategic retail investment opportunities throughout the Southeast U.S.

“KB brings deep relationships with investors, proven deal-making ability and extensive commercial real estate and banking expertise that will be crucial in helping us expand our investment sales services,” said Leo Wiener, President of Ackerman Retail.

Leo Wiener

 Added KB Yabuku, “I’m excited to join Ackerman Retail and look forward to using my transaction experience and relationships in the investment community to achieve great results for buyers and sellers of single-tenant and multi-tenant retail properties.”

 Prior to joining Ackerman Retail, KB focused on retail development and site selection as Southeast Managing Director for Hart Lyman Companies.

He also specialized in the sale of net-lease retail properties across the United States in his role as Associate Director at the Stan Johnson Company.

Sean Patrick

Yabuku formerly worked in the real estate group of BB&T as an underwriter for all property types and at the Staubach Company/JLL as an office tenant representation broker. 

A graduate of Georgia State University with a BBA in Real Estate and the University of Georgia’s Terry College of Business with an MBA in Finance, KB is also a graduate of the Urban Land Institute’s Center for Leadership program, Atlanta BeltLine Inc.’s inaugural Beltline University class and a member of  REGA (Real Estate Group of Atlanta). 

CONTACT:

Steve Webb

 swebb@ACKERMANCO.NET

www.ackermanco.com

JLL closes sale of fully leased Houston-area distribution center

Trent Agnew

HOUSTON, TX – JLL Capital Markets announces that it has closed the sale of Cedar Crossing Distribution Center, a 100-percent leased, single-tenant, 129,527-square-foot distribution facility in the Houston-area community of Baytown, Texas.

JLL marketed the property on behalf of the seller, Mountain West Industrial Properties and American National Insurance Company. High Street Logistics Properties purchased the asset.

Completed in 2009, Cedar Crossing Distribution Center is fully leased to Merih Cotton Corporation, a family owned and operated Houston-area cotton distributor that has been in business for upwards of 35 years.

The front-load building features a 24-foot clear height, 33 dock-high doors, one drive-up ramp and low office finish. Situated on 7.37 acres at 3710 Cedar Blvd., the property provides exceptional access to the Port of Houston’s two dedicated container terminals, Barbour’s Cut (5.6 miles) and Bayport Container Terminal (9.4 miles).

 Rusty Tamlyn

Cedar Crossing Distribution Center is also within the 15,000-acre Cedar Port Industrial Park, which is the largest master-planned, rail-served industrial park in North America. 

The JLL Industrial Capital Markets team that represented the seller was led by Managing Director Trent Agnew, Senior Managing Director Rusty Tamlyn, Director Charlie Strauss and Analyst Ethan Goldberg along with Senior Vice President Richard Quarles, who leased the building on behalf of the seller.

“The Southeast Industrial submarket lacks optionality for smaller tenants, as most development in the area is focused on big box buildings, so Cedar Crossing will always have significant interest from tenants that need to be near the Port of Houston,” Agnew said.

“We were extremely pleased with both the buyer and seller’s ability to execute this transaction during the COVID-19 pandemic.”

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

Charlie Strauss 

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. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com.

Ethan Goldberg 

About Mountain West Industrial Properties

Mountain West Industrial Properties specializes in the development, ownership and operation of multi-tenant industrial real estate assets.

 The company takes an entrepreneurial, hands on approach with regards to its properties, user clients, and partners. 

Mountain West Industrial Properties prides itself on its focused and responsible oversight in its portfolio managements and investments, providing a superior service to tenants, users and investors.

 By specializing in flex and bulk distribution warehouse properties, the firm is afforded a deep understanding of the market while growing its expertise in the needs and requirements of its clients. 

Mountain West focuses its services in the industrial sector via three distinct strategies: acquisition, development and third-party management.

Richard Quarles

About American National Insurance Company

American National Insurance Company (American National), headquartered in Galveston, Texas, was founded in 1905 and is licensed in all states except New York. 

American National and its subsidiaries offer a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension products and property and casualty insurance for personal lines, agribusiness and certain commercial exposures. 

The family of companies operates in all 50 states. For more information, including company news and investor relations information, please visit the company’s web site at americannational.com.

Cedar Crossing Distribution Center, Baytown, TX

About High Street Logistics Company

High Street Logistics Properties was founded in Boston in 2002 by senior executives of one of the nation’s pre-eminent real estate development, investment and services companies. 

CONTACT:

 Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Holiday Inn Express & Suites Miami-Kendall will resume full operation June 15, 2020 following temporary closure

Constantino Papadopulos

Miami, FL – The Holiday Inn Express & Suites Miami-Kendall will resume full operation and re-open to guests on June 15, 2020, following a temporary closure due to the business impact of COVID-19.

Constantino Papadopulos, General Manager, Holiday Inn Express & Suites Miami-Kendall said:

 “We are excited to welcome our guests and colleagues back and are deeply appreciative of their understanding during the unprecedented COVID-19 global emergency.

"We are also grateful to local health authorities, medical personnel and frontline responders for their continued efforts to safeguard the health and wellbeing of our community and we will remain vigilant as we reopen our doors.” 

Cecilia Orbegozo

The health and well-being of guests, employees and the community will continue to serve as highest priority as the hotel resumes its operations.

In addition to continuing to follow the guidance of relevant health authorities, the hotel is maintaining enhanced cleaning and disinfection procedures:

• The hotel utilizes IHG’s established Way of Clean program which includes deep cleaning with hospital-grade disinfectants in guest rooms and public spaces.

• Guests may see hotel colleagues taking a variety of additional steps to protect health and safety such as maintaining social distancing; using personal protective equipment such as masks and gloves; conducting visible and more frequent deep cleaning of high touch surfaces in public areas; and implementing changes to our breakfast buffet ~ now offering to go option.

 Holiday Inn Express & Suites Miami-Kendall

• The hotel is also providing increased access for guests to individual guest amenity cleaning kits; visible sanitizer stations in public spaces (including meeting rooms); and potential removal of in-room collateral or other high touch items.

For assistance in making a reservation, guests can contact the hotel directly at (786) 837-2100, or go to www.hiexpress.com/miamikendallfl or book through the IHG app.There are currently almost 2,700 Holiday Inn Express hotel locations around the globe. 

Find Holiday Inn Express hotels onTwitter https://twitter.com/HIExpress or Facebook http://www.facebook.com/holidayinnexpress.

CONTACT:

Cecilia Orbegozo, CHSP

Director, Sales & Marketing

corbegozo@miamikendallhotel.com

(786) 837-2106

JLL closes $2.75 million sale of Daytona Beach-area retail center

 Jennifer Swanson 

ORLANDO, FL – JLL Capital Markets announced it has closed the $2.75 million sale of Palmetto Pointe, a 9,594-square-foot, Class A retail strip center shadow anchored by a Walmart Neighborhood Market in the Port Orange area of greater Daytona Beach, Florida.

 JLL marketed the property on behalf of the seller, Gatlin Development Company. An undisclosed private investor purchased the asset.

Tarik Bateh

Completed in 2016, Palmetto Pointe is home to high-quality restaurant and service tenants and shadow anchored by a high-performing Walmart Neighborhood Market.

 Situated on 1.67 acres at 3801-3991 S Clyde Morris Boulevard, the center is at the hard corner, signalized intersection of Clyde Morris Boulevard and Madeline Avenue, exposing the center to approximately 30,000 vehicles per day.

Palmetto Pointe is in the fast-growing Port Orange community, with more than 62,600 residents within a three-mile radius of the center.

 The JLL Capital Markets team representing the seller was led by Senior Directors Tarik Bateh and John Krzyminski and Associates Jennifer Swanson and Max Krzyminski.

John Krzyminski 

 “Palmetto Pointe presented a compelling investment opportunity for the buyer to acquire a newly built, durable shopping center adjacent to a high-volume Walmart Neighborhood Market in a fast-growing, coastal Florida community,” Bateh said.

 “The sale of Palmetto Pointe is a testament that well-located properties with solid fundamentals are still being sought after by buyers and have both interest and the capacity to close,” Max Krzyminski added.

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

Max Krzyminski

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.

About Gatlin Development Company, Inc.

Gatlin Development Company, Inc. (“GDC”), is a real estate investment corporation specializing in retail shopping center development, management and renovation.

Frank C. Gatlin III

The company was founded by Frank C. Gatlin III, CEO in 1976 with a mission statement based on integrity, commitment, and experience.

The principal of the GDC team possess decades of experience in retail development. They also have extensive knowledge with respect to the development of custom luxury homes, affordable single-family homes, apartment complexes, retirement housing, hotels, light industrial buildings and self-storage facilities.

 CONTACT:

 Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 gatlindc.com.

jll.com.

Stos Partners Closes Third Sale Within Six Weeks Bringing Year-to-Date Transaction Activity to Nearly $100 Million

Stos Partners Brokers $10.4 Million, 65,300-SF,
100 Percent-Leased Temecula, CA
Industrial Property

 

CJ Stos

TEMECULA, CA, June 4, 2020 – Stos Partners, a privately held commercial real estate investment and management firm, has sold a 65,300 square-foot industrial asset in Temecula, California for $10.4 million. 

The property was sold to an Orange County-based private investor in an off-market transaction.

According to Principal at Stos Partners, CJ Stos, the firm has remained extremely active despite the current environment. 

Stos Partners has closed nearly $100 million in transactions since January of this year, including three deals that were completed within the last six weeks.

 Jay Boyle

“We are one of the most active investors in Southern California,” says Stos. “We are extremely well-capitalized and have an exceptionally deep understanding of these local markets so we are able to move and act quickly to get deals done.”

Stos Partners initially acquired the asset in April of 2019, repositioning and selling the asset in approximately one year.

“We initially acquired the asset for $7.1 million, quickly implementing a series of upgrades and improvements to the property,” says Jay Boyle, Executive Vice President at Stos Partners.

Rob Gunnes

“This allowed us to quickly lease up the property, bringing it to full occupancy with long-term leases in-place within the first month of ownership. 

"This ultimately attracted a lot of buyer attention, which created the opportunity to sell the asset for a premium one year later.”

At the time of acquisition, the building was 47% occupied by a publicly-traded international consumer goods and farm products company in a sale-lease back transaction. 

During escrow, Stos Partners was able to attract an additional tenant to occupy the remaining 53% of the building.

 Anthony DeLorenzo

“Because of our deep expertise within the local market, we were able to negotiate a lease with Habitat for Humanity to lease the remaining vacant space at the building on a long-term lease," Boyle says.

"This significantly increased cash flow and enhanced the overall value of the property. This sale speaks to our strength in identifying assets with strong value potential, executing on our business plan, and bringing an asset to market that is highly sought after by tenants and buyers even in the current environment.

Matt Pourcho 

"As a result, we were able to deliver returns that exceeded investor expectations.” The property is located at 28410 Vincent Moraga Drive in Temecula, California.

Rob Gunnes, Anthony DeLorenzo and Matt Pourcho of CBRE represented Stos Partners as the seller in the transaction.

Tucker Hohenstein and Mike Erwin of Colliers International represented the buyer, a private investor.

Tucker Hohenstein

 About Stos Partners

Stos Partners is a privately held commercial real estate investment and management firm that invests in real estate directly and in partnership with high net worth and institutional investors.

With a track record spanning over one-half billion in investments to date, the firm targets the most competitive risk-adjusted returns in the marketplace through opportunistic acquisitions, strategic redevelopment and ground-up development of both institutional and small-to-mid-cap commercial properties.

Mike Erwin 

Headquartered in San Diego, California with an office in Orange County, California and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships translate into the ability to source, fund and close transactions quickly and profitably.

  CONTACTS:

Katie Haga / Lexi Astfalk

Brower Group

(949) 438-6262

khaga@brower-group.com

www.stospartners.com