Marcus & Millichap Arranges $1.6 Million Sale of Net-Leased Taco Bell Site in Jacksonville, FL

Jim Shiebler

JACKSONVILLE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Marcus & Millichap (NYSE: MMI),, a 2,808-square foot net-leased property located in Jacksonville, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $1,600,000.

Jim Shiebler, James Garner and James Medefind and investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  

James Garner 

The buyer, a limited liability company, was secured and represented by Tom Gommels, an investment specialist in Marcus & Millichap’s Minneapolis office.

“The Medefind Retail team successfully positioned the property in the marketplace to highlight its numerous attractive elements including its ideal location in the center of an extremely dense retail corridor operated by the largest Taco Bell franchisee in Florida,"  stated Shiebler.

"Additionally, we promoted the facts that it is a proven location as demonstrated by its year over year upward trending sales and 18+ year successful operating history. 

James Medefind

This resulted in generating five offers for the property creating a competitive environment.”

Taco Bell is located at 1319 Dunn Avenue in Jacksonville, Fla. This unique property is ideally positioned in the heart of restaurant row.

Additionally, this dense infill, high barrier to entry location is just a half-mile from I-95, the main North/South route of travel through the state of Florida which sees over 70,000 Cars Per Day.

The location is operated by the largest Taco Bell parent operators in Florida and one of the top 10 in the entire U.S.

Tom Gommels

 This prime location has a variety of phenomenal core real estate drivers that ensure future appreciation and stability of the location.

 CONTACT:

Chris Travis

Regional Manager

Tampa, FL

(813) 387-4700

Bay Area retail center sells for $22.5 million

Del Norte Marketplace,11511-11565 San Pablo Avenue
El Cerrito, CA

SAN FRANCISCO, CA – JLL Capital Markets announced it has closed the $22.5 million sale of Del Norte Marketplace, a fully leased, 64,270-square-foot, pharmacy-anchored shopping center located in the San Francisco Bay Area community of El Cerrito, California.

Eric Kathrein

JLL marketed the property on behalf of the seller, RBL Real Estate. Miami-based Jewell Capital, LLC purchased the asset and assumed the existing debt.  

Del Norte Marketplace is a major East Bay drug-anchored retail center that was guided through a multi-year repositioning by RBL.

The property now provides a long-term, stable income stream and potential to add density to the site in the future. It is home to a mix of e-commerce resistant and essential tenants, including Walgreens, Ross Dress for Less, dd’s Discounts and IHOP.

 Tim Kuruzar

Situated at 11511-11565 San Pablo Ave., the center is in El Cerrito, an infill East Bay retail market with an average annual household income exceeding $140,510.

Positioned directly across the street from El Cerrito Del Norte BART station, the busiest BART station in Contra Costa County, the center boasts a transit-oriented location along San Pablo Avenue (Highway 123) and has direct visibility and access to the I-80 Freeway.

The JLL Capital Markets Investment Advisory team representing the seller was led by Eric Kathrein, Tim Kuruzar, Bryan Ley and Jake Dempsey.

“We ran a highly competitive marketing process,” Kathrein said. “Investors responded very positively to the attractive tenancy, long term-leases and strength of location resulting in multiple competitive offers.

Bryan Ley

"Given the current environment and challenges some retailers are facing, we expect to see a continued flight to quality from buyers.” 

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 our newsroom.

  

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

 CONTACT:

Eric Kathrein,

JLL Senior Director

CA Lic.: #01896107

Phone: +1 415 510 6961

Email: Eric.Kathrein@am.jll.com

Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 jll.com.

Easton & Associates Completes Two New Industrial Leases in Medley, FL

Edward W. Easton 

Dalton Easton 

Doral, FL– Easton & Associates, the brokerage division of The Easton Group, finalized two new industrial leases at Flagler Station in Medley.

Clothes to You and Me LLC completed a deal for 55,350 square feet of warehouse/distribution space at 10800 NW 97^th Street, #103, Medley, Florida.  Brandon Careaga and Dalton Easton of Easton & Associates represented the tenant.

 Brandon
Careaga 

 Cushman & Wakefield’s Gian Rodriguez and Wayne Ramoski represented the landlord, Futernick Properties II, LLC.

 Login Logistics USA Corp. leased 35,200 square feet of industrial space at 10801 NW 97^th Street, #9, in Medley.  Easton’s Dalton Easton and Luis Marquez of the Vivo Group represented the tenant. 

       Luis Marquez

Stuart Gordon of Cushman & Wakefield represented the landlord,  CPT Flagler Station II, LLC.

 About The Easton Group:

Edward W. Easton is founder and chairman of The Easton Group, a family-owned, boutique commercial real estate firm with over 40 years of experience and an exceptional track record.

Stuart Gordon

 The group is broken down into four business units consisting of commercial real estate investment, development, brokerage, and property management. 

The Easton Group is headquartered at International Corporate Park in Doral, Florida. 

 For more information, please log on to www.theeastongroup.com.

CONTACT:

Todd Templin

Executive VP/Principal

BoardroomPR

O 954-370-8999

C  954-290-0810

Bethesda, MD apartment community receives $34.2 5 million refinancing

Element 28 Apartments, 100 Commerce Lane, Bethesda, MD

WASHINGTON, DC – JLL Capital Markets announced it has arranged a $34.25 million refinancing for Element 28, a 101-unit, best-in-class boutique apartment building with 3,500 square feet of ground-floor retail space in Bethesda, Maryland.

JLL worked on behalf of the borrower, a partnership between institutional investors advised by J.P. Morgan Asset Management and KETTLER, to place the three-year, floating-rate loan with two one-year extension options with MetLife Investment Management. Loan proceeds will be used to refinance existing debt.

Constructed in 2017, Element 28’s mix of one- two- and three-bedroom units features best-in-class unit features. They include Bosch and Thermador appliances with paneled refrigerators and dishwashers, designer lighting package with island pendants and kitchen task lighting

Also, MechoShade blinds, white quartz and granite countertops, glass kitchen backsplashes, wood plank flooring, private terraces, custom closet shelving and stone-tiled spa showers and soaking tubs.

Kellogg (Kelly) Gaines 

 Community amenities include a 24-hour concierge, WiFi lounge with complimentary coffee, temperature-controlled wine lockers, conference room fitness studio, retractable glass-walled rooftop lounge, green roof areas, plaza accessible bike parking, bike storage and transit screen providing real time status of transit options.

Jennifer Keller

Element 28 is at 100 Commerce Lane, an irreplaceable location steps from the intersection of Wisconsin Avenue and Old Georgetown Road in Bethesda’s live-work-play area.

 With a WalkScore® of 95, which categorizes the property as a “Walker’s Paradise,” Element 28 is one block from the Bethesda Metro Station and near the high-end shopping at Bethesda Row and Woodmont Triangle.

Jamie Leachman 

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Kelly Gaines, Senior Director Jennifer Keller, Managing Director Jamie Leachman and Associate Amy Lousararian.

“The strength of the sponsorship, Class A+ product and core location in one of the most sought-after markets in the D.C. Metro all contributed to tremendous interest from the lending community,” Leachman said.

“JLL is thrilled to have helped the partnership close this transaction with Met Life, who performed flawlessly and never wavered during these uncertain times.”

Amy Lousararian

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 our newsroom.

CONTACT:

Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 kettler.com.
jll.com.

Dream Finders Homes Opens New Townhomes at its Newest Master Planned Community of SilverLeaf in St. Augustine, FL

Holly Forest Townhome model at Dream Finders Homes'  master-planned community of SilverLeaf at 102 Pine Bluff Drive
near the intersection of St. Johns Parkway and County Road 210, 
St. Augustine, FL

ST. AUGUSTINE, FL – Five professionally decorated Holly Forest Townhome models are open and ready for viewing at Dream Finders Homes' master-planned community of SilverLeaf at 102 Pine Bluff Drive near the intersection of St. Johns Parkway and County Road 210.

The new one and two-story maintenance-free townhomes with from 1,239 to 2,081 square feet offer flexible floor plans that range from two to four bedrooms, two to two-and-a-half bathrooms, and one or two car garages, according to Brad Muston, division president of Dream Finders Homes.  Prices begin at $205,990.

Brad Muston

“SilverLeaf is an 8,500-acre development with 3,500 of those acres in conservation,” Muston said. “When you build in SilverLeaf, you can be part of a lifestyle with more than a million square feet of residential, lifestyle and retail space.”

Sixty-six homesites are available for the townhomes, with monthly HOA fees of only $251 that covers lawn maintenance, landscaping and exterior paint.

 The fee also includes amenities like three swimming pools, a splash pad, children’s playground, tennis and pickleball courts, a dog park and event lawn, he added.

“In addition to townhomes, we also offer single-family homes at SilverLeaf,” Muston said. “Whether you decide on a townhome or a single-family home, both will offer designer features that will help you customize your dream home in this much sought-after community.”

 CONTACTS:

Brad Muston, Division President, Dream Finders Homes,

888-214-1164 Brad.Muston@dreamfindershomes.com

Jassy Friddle, Director of Marketing, Dream Finders Homes,

888-214-1164 Jassy.Friddle@dreamfindershomes.com

Beth Payan, Larry Vershel Communications

407-644-4142 or 407-461-3781; beth@larryvershel.com

www.dreamfindershomes.com 

Woodmont Lodging, Milestone Companies and Blue Vista Capital Management Announce Joint Venture Recapitalization of 388-Room, Full-Service Sheraton Milwaukee Brookfield Hotel

The refurbished lobby at the Sheraton Milwaukee Brookfield Hotel,

 375 South Morland Road just off I-94 in Brookfield, WI

MILWAUKEE, WI —Woodmont Lodging, a leading hotel company, Blue Vista Capital Management, a leading real estate investment firm, and Milestone Companies, a premier full-service real estate development company specializing in hotel assets, announced the joint venture recapitalization of the 388-room Sheraton Milwaukee Brookfield Hotel in Wisconsin. 

Woodmont Lodging and Milestone Hospitality will acquire a minority interest in the hotel and provide asset management services.  Blue Vista Capital Management will be the lead investor in the transaction.

                “The Sheraton Milwaukee Brookfield Hotel benefits from its prime location in the reinvigorated Brookfield submarket,” said Elliott Estes, principal, Woodmont Lodging. 

 Elliott Estes

 “The region continues to see strong investment, including the $24 million, 44,000 square foot Brookfield Conference Center, the redevelopment of the 100-plus store, 1.0 million-square-foot Brookfield Square Mall and the $32 million Milwaukee Tool headquarters expansion, all recently completed. 

"The hotel, especially after its comprehensive renovation this winter, will be well-positioned to be a destination for the group, business and leisure travelers to the area.”

                The Sheraton Milwaukee Brookfield Hotel project marks the third hotel transaction completed by Woodmont Lodging, Milestone Companies and Blue Vista since 2018.

 CONTACT:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

 www.bluevistallc.com.

www.milestonehotels.com.

Meridian Capital Group Arranges $51.3 Million in Acquisition Financing for The Harbor, a Multifamily Property in Coral Springs, FL

The Harbor apartments, 790 Harbor Inn Drive, Coral Springs, FL,

Boca Raton, FL – Meridian Capital Group, America’s most active dealmaker, arranged $51.3 million in acquisition financing of The Harbor (formerly known as Innovo Living on Atlantic), a multifamily property in Coral Springs, FL on behalf of the CaraCo Group.

The seven-year loan, provided by a regional balance sheet lender, features a rate of 3.40%, one five-year extension option, and three years of interest-only payments followed by a 30-year amortization schedule.

 This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, and Senior Vice President, Jason Grimm, who are both based in the company’s Boca Raton, FL office.

Noam Kaminetzky

Located at 790 Harbor Inn Drive in Coral Springs, FL, The Harbor consists of 33 two-story buildings containing a total of 310 one- and two-bedroom units and 587 parking spaces.

 Originally constructed in 1987, the property recently underwent an extensive renovation, including a brand new 5,700 square foot club house including a climbing wall, fitness and business centers, lap pool, and a yoga and Pilates studio.

Additionally, the former leasing center was transformed into a resident lounge with a chef-inspired demonstration kitchen. All apartments were completely repositioned to feature quartz countertops, stainless steel appliances, new cabinets, hard surface flooring, screened patios, and vaulted ceilings in the second-floor units.

The Harbor is centrally located near some of South Florida’s most prominent employment centers, enjoying proximity to the Sawgrass Expressway. Boca Raton, Cypress Creek, Sunrise, Fort Lauderdale, Pompano Beach, and Coral Springs, FL are all within 20 miles of the property.

Jason Grimm

“The purchase was originally supposed to close in what turned out to be the middle of the COVID-19 pandemic," said Kaminetzky.

"With concern about the effects of the state-wide shutdown in Florida, CaraCo postponed the closing.

"Meridian worked with the lender, seller, and buyer to successfully create an agreement whereby within 10 business days after Broward County’s stay-at-home order expired, was lifted, or amended, and retail and restaurants were permitted to open, the deal would close.

"Despite the hurdles, Meridian was able to successfully close the loan on equivalent economic terms as quoted pre-COVID.”

 Added Grimm: “While most borrowers were experiencing extreme financing obstacles during the COVID-19 pandemic, Meridian was able to leverage our deep relationship with a regional balance sheet lender to help our client navigate to a successful closing.

"It was a thrilling feeling to be able to deliver a fantastic deal to a great client during this turmoil. It would not have happened if not for the decades of confidence that Meridian has built with the lender.”

Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors.

In 2019, Meridian closed over $40 billion in financing across more than 250 unique lenders.

 Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties.

Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.

CONTACT:

Jonathan M. Stern
Managing Director
Meridian Capital Group
1 Battery Park Plaza, 26th Floor
New York, NY 10004
jstern@meridiancapital.com
Direct: 212.612.0181
Fax: 212.201.5181
www.meridiancapital.com