Daum Commercial Directs $37 Million Sale of New Industrial Building in West Rancho Dominguez Submarket of Los Angeles County

Anthony Bergeman

WEST RANCHO DOMINGUEZ, CA – DAUM Commercial Real Estate Services has directed the sale of a brand new, state-of-the-art industrial facility totaling more than 112,075 square feet in the supply-constrained Rancho Dominguez submarket of Los Angeles County, California, for $37.32 million on behalf of the developer and landlord, a partnership between Panattoni Development Company and M. Payne Investments.

 Anthony Bergeman, Executive Vice President and Principal at DAUM Commercial Real Estate Services, initially directed the sale of the land to the developer, led the leasing of the new building upon completion of construction and now directed the disposition of the fully leased asset.

Joe Carroll

 “The South Bay area of Los Angeles County remains in high demand among industrial users, as well as investors due to its close proximity to major thoroughfares, providing convenient access throughout the entire L.A. Metro and greater Southern California region,” explains Bergeman, who notes that the tight Rancho Dominguez submarket is currently seeing vacancies hovering just above 3%.

 “The industrial sector is an asset class that has continued to perform despite the pandemic,” he explains. “This strong demand, coupled with the quality new construction of the asset and quality tenant allowed us to break the South Bay record of price-per-square-foot for the sale of a Class A industrial property for a large credit tenant.”

 Ryan Plummer

 The tenant, an industry leading multinational company, signed a long-term lease to occupy the entire property earlier this year, according to Bergeman, who also represented the lessor alongside Resource One Real Estate and Development’s Joe Carroll.

 “Our ability to work closely with the developer on identifying the initial parcel of land, tenanting the property and directing the sale of the final completed asset speaks to our strength as a true partner to our clients,” says Bergeman.

  “This sale is also demonstrative of our deep expertise in the LA market and ability to aid developers at every level to bring a property full cycle.”

 The industrial asset offers immediate access to the 110, 105, 405, and 91 freeways and close proximity to LAX and the Ports of Los Angeles and Long Beach. 

 Andrey Mindirgasov

Building also features include 19 dock-high doors, three grade-level doors, 32-foot clear height, 3,600 square feet of modern creative office space, an ESFR sprinkler system, drive-through capabilities, and major frontage on three streets.

 The property is located at 15100 South San Pedro Street in West Rancho Dominguez, California.

 The buyer was represented by Ryan Plummer, Andrey Mindirgasov, Sean Fulp and Mark Schuessler at Newark Group, Inc.

 Contacts:

 Katie Haga / Elisabeth Manville

Brower Group
(949) 438-6262
khaga@brower-group.com

 

Arbor Funds $18.2 Million Bridge Loan in College Park, GA

The Life at Avery Park apartments, College Park, GA

 

 UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a bridge loan in College Park, GA. The 220-unit property received $18.2M in acquisition funding. 

 Joseph Charneski of Arbor’s New York City office originated the deal.

 “We were pleased to assist repeat sponsor, Sureste Partners, LP, continue their growth in the metropolitan Atlanta area,” Charneski said. “This loan provided our borrower with the renovation dollars needed to implement their capital improvement plan and to reposition the property in the marketplace.” 

 Joseph Charneski

 The Life at Avery Park was built in 1970. The pet-friendly complex includes spacious two- and three-bedroom floorplans with granite countertops and stainless steel appliances.

 Surrounded by lush landscape, the multifamily property features a swimming pool with sun deck and new playground.

 It is conveniently located with office parks, Hartsfield-Jackson Atlanta International Airport, and public transportation nearby. 

  Contact:

  Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

 

Dream Finders Homes’ Holly Forest Amenity Center to Open Early Next Year at Silverleaf Master-Planned Community in St. Johns County, FL

Brad Muston

 ST. JOHNS COUNTY, FL – Holly Forest – a Dream Finders Homes’ neighborhood within a larger development – soon will have its own amenity center at the master-planned community of Silverleaf, off County Road 210.

 Division President Brad Muston said when the Holly Forest amenities center is completed in early 2021 it will offer a lap pool with a zero-entry, a fenced playground with a shaded sitting area, a large event lawn, and a cabana-style clubhouse.

 

“Those features are in addition to others at Silverleaf, including tennis and pickleball courts, dog parks, and numerous pools and water parks designed for adults, families and kids,” he said.

 

The 8,500-acre development that comprises Silverleaf has more than 3,500 acres of conservation and offers quick access to Interstate 95 for a 25-minute drive to historic St. Augustine or downtown Jacksonville , he added.

 

Dream Finders Homes currently has a total of 76 homesites [18 43-foot lots and 58 53-foot lots] available in Holly Forest , where prices start in the low $300,000s for plans ranging from 1,622 to 3,518 square feet of living area.

 

                    Holly Forest Amenities Center, Silverleaf Community,
                                            St. Johns County, FL

 

The one- and two-story floor homes can be built from 17 different floor plans that offer three to six bedrooms and two to three baths.

 

For more information, please visit www.dreamfindershomes.com or call 888-214-1164. 

 

 

Contacts:

 

Brad Muston, Division President

 Dream Finders Homes,

 888-214 1164

 Brad.Muston@dreamfindershomes.com

 

Caroline Marchant, Marketing Assistant,

 Dream Finders Homes,

 888-214-1164

 Caroline.Marchant@dreamfindershomes.com  

 

Beth Payan, Larry Vershel Communications

 407-644-4142 or

 407-461-3781; beth@larryvershel.com.

JLL Selected to Market Five Building 674,000-Square-Foot St. Vincent’s Medical Center Campus

  

Kellie Hill 

LOS ANGELES, CA, Nov. 20, 2020 – JLL announced today that it has been hired to assist the owner to lease and reposition the five building, 674,000-square-foot St. Vincent’s Medical Center campus in Los Angeles, California.  The campus was purchased from Verity Health in April 2020 by Dr. Patrick Soon-Shiong.

The campus includes:

• St. Vincent’s Medical Center, a 391,000-square-foot hospital building located at 2131 W. 3rd Street.  After shuttering in January, the hospital building was leased by the State of California to serve as the Los Angeles Surge Hospital for patients infected with COVID-19 as well as researching the progression of the disease. The lease to the State of California expired September 30^th.

St. Vincent’s Medical Center Campus, Downtown Los Angeles, CA

 

• 2200 W. 3rd Street, a 46,273-square-foot Class A, medical office building.

 

• 2222 Ocean View Avenue, a 34,449-square-foot medical office and life science building.

 

• 201 S. Alvarado Street, 110,003-square-foot medical and administrative office building.

 

• 262 S. Lake Avenue, a 92,927-square-foot residential building.

 

• More than 1,300 parking spaces throughout, including surface lots, a six-level parking structure and multiple subterranean garages.

 Chris Isola

JLL’s Chris Isola, Bryan Lewitt, Tony Morales and Kellie Hill are overseeing leasing at the campus. 

 

Currently the campus can immediately accommodate office or medical office users ranging from 10,000 to over 600,000 square feet.

There are immediate opportunities in the 2200 W. 3^rd Street medical building for providers seeking space from 1,000 square feet and up.

Other potential uses for the campus include healthcare, media/technology, post-acute care, rehabilitation, oncology, transitional care, behavioral health and social services, housing, life science, biotech, clinical research and higher education.

“The St. Vincent’s Medical Center campus is one of Los Angeles’ premier properties that will help boost the region’s economy and strengthen its position in the medical and life science industries,” said Chris Isola, JLL Executive Vice President. 

Bryan Lewitt

 “The 7.5-acre campus presents a rare opportunity for a company to position itself as a market leader and attract highly skilled professionals in a competitive workforce environment.”

St. Vincent’s Medical Center campus is ideally located in Downtown Los Angeles’ Westlake district just minutes from the US-101 and SR-110 Freeways, providing convenience access to neighboring communities throughout greater Southern California. 

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. 

 Tony Morales 

JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. 

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

  Contacts:

Kristen Murphy

Senior Manager

 Public Relations

 Investor Services JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 

David Ebeling

Phone: 949 861 8351

Email: david@ebelingcomm.com

  jll.com.

 

MetLife Investment Management provides $52.76 million loan for Research Triangle lab conversion

 

Martha Nay

BOSTON, MA – JLL Capital Markets announced it has arranged $52.76 million in financing for Perimeter’s Edge, a flex/office, lab-convertible portfolio totaling 341,547 square feet across four buildings in Morrisville, North Carolina.

 JLL worked on behalf of the borrower, Longfellow Real Estate Partners, to secure the five-year, floating-rate acquisition loan through MetLife Investment Management.

Greg LaBine

Loan proceeds were used to acquire the property and fund the forthcoming lab conversion. Brigitte Burkett originated the loan for MetLife Investment Management

 According to JLL Research, life sciences real estate capital markets are well positioned for relative outperformance in 2020.

 Perimeter’s Edge consists of 2450 and 2600 Perimeter, 507 Airport Boulevard and 515 McCrimmon Parkway, which are all located within Perimeter Park, one of the Research Triangle’s largest office parks comprising more than three million square feet.

This location is just minutes from Raleigh-Durham International Airport, North Carolina State University, Duke University and University of North Carolina at Chapel Hill.

Additionally, the property has superior access to Interstates 40 and 540 providing connectivity throughout the Raleigh-Durham area, which is one of the nation’s top life science markets.

 JLL’s Capital Markets team representing the borrower was led by Managing Directors Greg LaBine and Roger Edwards and Senior Director Martha Nay.

Roger Edwards 

 “This transaction is the perfect reminder that relationships matter,” LaBine added. “At the height of the pandemic when capital was scarce, the team at MetLife Investment Management was ready to support Longfellow, even during tumultuous times.

"We are pleased that MetLife Investment Management and Longfellow have renewed that relationship, and it has already fostered additional business between the two firms.” 

 “Longfellow continues to see attractive opportunities in the life science sector and having capital sources that understand our business plan and conversion strategy is crucial,” said Joe Van Saun, Partner at Longfellow Real Estate Partners.

“The JLL team has worked diligently with us over the years to foster our relationship and this latest transaction with MetLife is a testament to those efforts.”

 “Record highs in both VC and IPO funding, which pay the rent for many life science companies, should translate to robust NOI potential in the near to medium term,” added Audrey Symes, Research Director, JLL Healthcare and Life Sciences.

Audrey Symes

 “Major market going-in caps remain in a tight band, with unlevered IRRs pointing to upside scenarios.”

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

CONTACT:

Kristen Murphy

Senior Manager, Public Relations

 Investor Services JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 www.jll.com

 info@lfrep.com

 

EverWest Brings Houston Beltway 8 Office Building to 100% Occupancy Level

 Della Wegman

 

HOUSTON, TX, Nov. 19, 2020 – A prime location and institutional-level management by Denver-based EverWest Real Estate Investors has attracted a major new office tenant to the company’s Beltway 8 office asset.

Jessica Ochoa

With the new lease, Sourcepoint, Inc. commits to 34,852 square feet, bringing the EverWest property to 100 percent occupied.

“The pandemic has had a notable impact on leasing volume in metro Houston, keeping many office users on the sidelines as they wait to make any long-term real estate decisions,” said EverWest Managing Director Della Wegman.

Mia Jarrell

“Times like this make a building’s location and operating condition more critical than ever. For Sourcepoint, a highly accessible Beltway 8 location – combined with a building that EverWest has diligently maintained in Class A condition – was the right combination for this significant lease commitment.”

John Pruitt

Located on over 10 acres at 8101 W. Sam Houston Parkway S, the EverWest building totals 136,800 square feet in two stories. It offers direct frontage to Beltway 8 / Sam Houston Tollway and is less than 30 minutes from downtown Houston and both the William P. Hobby and Houston George Bush International Airports.

Jack A. Russo

Features of the building include generous window lines, controlled access entries and covered and surface parking.

Sourcepoint, a leading provider of technology-based solutions to the U.S. mortgage industry, will use the space for a mortgage underwriting, processing and closings.

Bob Parsley 

The company, which is already located in Houston, is scheduled to move to the 8101 building in late 2020. The new space will house its current Houston operations and provide room for expansion.

John Pruitt, Jessica Ochoa and Jack Russo of JLL represented EverWest in the transaction. Mia Jarrell, Bob Parsley and Darren Gowell of Colliers International represented Sourcepoint.

Darren Gowell

EverWest is a leading investor, developer and lender in key markets across the United States, and is actively seeking new acquisition and development opportunities across the industrial sector.

CONTACT:

Stacey Hershauer

focusAZ 

 P 480.600.0195

www.focusaz.com

 

Plaza Advisors Continues Hot Sales Pace with Naples Towne Center Deal

 

Bealls Department Store, Naples Towne Center, Naples, FL

 

 NAPLES, FL --Plaza Advisors is pleased to announce the sale of the Naples Towne Center in Naples, Florida. The 134,707 square foot retail plaza is located on US 41 and is in close proximity to several national retailers including Home Depot and Walmart Supercenter.

Jim Michalak 

 The plaza was 80% occupied at the time of closing. The Naples Town Center tenant roster includes; Bealls Department Store, Dollar Tree, Rent-A-Center and Sprint (T-Mobile).

 US 41 is the main retail/commercial corridor serving Florida’s west coast communities, from Tampa to Naples. The plaza has excellent visibility and has more than 45,000 vehicles passing the plaza daily.

 The five mile trade area radius features demographics of more than 106,000 residents with an Average Household Income (AHHI) exceeding $86,000.  Additionally, there are more than 3,000 government employees nearby.

 The seller was Atlanta based RCG Ventures. The Buyer was a New York based family office.  Jim Michalak and Keith Nurre of Plaza Advisors represented the seller and were the sole brokers involved in the transaction.

 Naples Town Center is the fifth center Plaza Advisors has sold during the pandemic in 2020.

Keith Nurre

 Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the Southeastern United States.

 Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, life insurance companies, REITs, and money center banks. 

 CONTACT:

Jim Michalak

Managing Partner

Plaza Advisors

 3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 1

Fax 831.2627

jim.michalak@plazadvisors.com

www.plazadvisors.com