Investor buys Charlotte’s Residence at SouthPark

  

Andrea Howard

CHARLOTTE, NC, Nov. 30, 2020 – JLL Capital Markets announced today that it has closed the sale of the 150-unit Residence at SouthPark  

 JLL closed the property sale from institutional investors advised by J.P. Morgan Asset Management to a fund sponsored by CBRE Global Investors.

 Built in 2007, the Residence at SouthPark offers one-, two- and three-bedroom apartments that average 1,573 square feet each.

150-unit Residence at SouthPark, Charlotte, NC

The property sits on 5.56 acres and totals 236,189 square feet, holding 96% occupancy. All units include 10-22’ ceilings, built-in bookcases and workstations, gourmet kitchens, washers and dryers, granite countertops and stainless-steel appliances.

 Additionally, the Residence at SouthPark offers penthouse and loft apartments. Community amenities include a rooftop deck with a saltwater pool and firepits, club level with skyline views, 24-hour fitness center, business center, game room and a coffee, tea and wine bar.

 

Allan Lynch

The SouthPark submarket has been noticing a boom in interest because of the area’s recent urbanization in response to demand from young families desiring more space with suburban schooling without sacrificing city-life amenities.

 With walkability to local dining, retail and grocery top-of-mind, the apartments are in close proximity to Whole Foods and the premier SouthPark Mall and Sharon Square shopping destinations, among others.

 SouthPark is near other elite Charlotte neighborhoods such as Myers Park, which is just five minutes from the property and offers more than 675,000 square feet of office and 247,000 square feet of retail; and Dilworth, which offers over 767,000 square feet of additional retail, restaurants, galleries, pubs and more.

 The JLL Capital Markets team representing the seller was led by Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Jeff Glenn. 

Caylor Mark

 “Residence at SouthPark is an iconic Charlotte address that is primed for renovation after originally delivering in 2007,” said Lynch. 

“The community’s concrete construction and oversized units also make it one of the most attractive assets in the Carolinas.”

 “The Residence at SouthPark is a well-maintained and well-located asset in suburban Charlotte, where we believe we will continue to see outsized demand for high-end apartments,” said Robert Perry, Executive Managing Director of CBRE Global Investors.

  “This particular asset performed well throughout the COVID-19 pandemic, in part due to its oversized layouts and boutique unit count. We are looking forward to the continued successful operation of the property by our team.”

 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 sales advisory, debt placement, equity placement or a recapitalization.

John Currin 

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.

 About J.P. Morgan Global Alternatives

 J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management.

  With more than 50 years as an alternatives investment manager, $145 billion in assets under management and more than 600 professionals (as of June 30, 2020), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds.

 Operating from offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. 

Jeff Glenn

 About CBRE Global Investors

 CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.

 CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE: CBRE). 

It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors.

  CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide.               

 *Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans.

Robert Perry

 This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.

 CONTACT:

 

 Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 

us.jll.com/investorservices

 

jpmorganassetmanagement.com.

www.cbreglobalinvestors.com

 

University of California, Riverside Completes Development of New Student Housing and Dining Hall Buildings

The University of California, Riverside (UCR) has completed the development of Dundee Residence Hall (below) and Glasgow Residential Restaurant (above)) at 900 University Avenue in Riverside, CA.

                                   Dundee Residence Hall

RIVERSIDE, CA, Nov. 30, 2020 – The University of California, Riverside (UCR) announced that it has completed the development of Dundee Residence Hall and Glasgow Residential Restaurant on its campus located at 900 University Avenue in Riverside, California.  This is the University’s first new student housing project completed in six years.

            Thomas Toepfer

JLL project management oversight included the two building, 176,000-square-foot Dundee Residence Hall which features 820 beds, fitness center, lounges, study rooms on multiple floors, laundry room and a large multipurpose room.

The two buildings create a landscaped courtyard with gardens, trees, outdoor seating and areas designated for table tennis.  

Adjacent to Dundee Residence Hall, the 51,000-square-foot Glasgow Residential Restaurant offers 830 seats and features a state-of-the-art commercial kitchen, presentation kitchen, nine walk-in freezers, private dining rooms, four food stations, retail store, bakery and outdoor terrace seating area on the second floor.

              Gerry Bomotti

“The completion of the Dundee-Glasgow project positions UCR to meet immediate and long-term growth needs and also reflects the direction of the campus by enhancing the campus community experience for all students at UCR,” said Thomas Toepfer, UCR Executive Director, Real Estate Services.

Gerry Bomotti, UCR Vice Chancellor, Planning, Budget & Administration continued by saying “The Dundee-Glasgow project was delivered on time and on budget, concluding a long-term process that has delivered a great facility that will fulfil current and future campus needs by serving our students for years to come.”

JLL’s Project and Development Services group, led by Osvaldo Diaz, oversaw project management services including design, procurement and construction management on behalf of UCR. 

                  Osvaldo Diaz

“This was a team effort where we were able to bring much needed housing and dining to the students at UCR,” said Diaz, JLL Vice President. 

 “We were able to effectively and efficiently deliver on time while managing complex construction dynamics in a challenging time.”

JLL Project and Development Services is a leader in the development, design, construction and branding of commercial real estate projects for the world’s most prominent corporations, educational institutions, public jurisdictions, healthcare organizations, industrial facilities, retailers, hotels, sports facilities and real estate owners.

Ranked No. 2 in Building Design + Construction’s 2018 Construction Management Giants survey and No. 6 on Engineering News-Record’s 2018 list of Top 100 Construction Management-for-Fee Firms, JLL’s project management team comprises 6,000 project managers across 56 countries and is actively managing $45 billion under construction.

CONTACT:

David Ebeling

Phone: 949 861 8351

Email: david@ebelingcomm.com

 

$43 million in acquisition financing arranged for Riata Apartments in Chandler, AZ

 Riata Apartments, 100 North Hearthstone Way, Chandler, AZ

 SAN DIEGO, CA – JLL Capital Markets announced it has arranged $43 million in acquisition financing for the 300-unit, luxury Riata Apartments in Chandler, Arizona.

 JLL worked on behalf of the buyer, EPI Limited Partnership, to secure the 25-year, 2.43% fixed-rate, fully amortizing life insurance company loan.  

 The JLL Capital Markets team representing the borrower was led by Managing Director Zach Koucos, and Director Tim Brousse.

 Zach Koucos

 Comprising 266,874 rentable square feet and completed in January 2020, the Class A Riata Apartments consist of studio, one- and two-bedroom units.

 Units boast a contemporary style and contain luxury finishes on countertops, backsplashes, cabinets, kitchen islands (in select units) and wood-style flooring.

Community amenities include a resort-style pool and spa, clubhouse, billiards table, arcade games and business center.

 The apartments are located at 100 N. Hearthstone Way in Chandler, just southeast of Phoenix, and within walking distance to over 2.5 million square feet of retail, dining and entertainment, including the Chandler Fashion Center.

 The Riata Apartments are also situated near the Price Road Corridor, a major technology, medical and financial services employment hub.

 Given its centralized location, the apartments appeal to residents seeking a generous balance of live-work-play. The property was 92% leased at the time of closing.

Tim Brousse

“Riata is an excellent acquisition for EPI and we are grateful they entrusted us to arrange the new financing,” Koucos stated. “This attractive 25-year fixed rate, non-recourse loan is a testament to the strength of sponsorship and quality of the asset in a capital marketplace that is still rather fragmented.”   

 CONTACT:

 Natalie Passarelli

Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 

us.jll.com/investorservices

 

Chicago-area retail building with pharmacy tenant trades for $5 million

Chicago-area retail building with pharmacy sold, 
1855 West Irving Park Road, Schaumburg, IL

 

CHICAGO, IL – JLL Capital Markets announced it has closed the $5.1 million sale of a 13,180-square-foot, single-tenant retail building ground leased to CVS Pharmacy in the Chicago-area community of Schaumburg, Illinois.

 JLL marketed the property on behalf of the seller, a New York-based private high-net worth individual. A California-based DST provider purchased the asset.

Alex Sharrin 

 Founded in 1963, CVS Health Corporation is the largest U.S. pharmacy by total prescription revenue. The company is headquartered in Rhode Island and employs more than 300,000 workers.

This Schaumberg location is one of about 9,900 CVS retail locations and is situated on 1.80 acres at 1855 W. Irving Park Rd.

Completed in 2005, this property is just 30 miles outside of Chicago in an area surrounded by 132,270 residents within a three-mile radius.

As an essential tenant, all CVS retail locations have continued to operate throughout the COVID-19 pandemic and has seen an increase in demand for prescriptions and product.

 The JLL Capital Markets team representing the seller was led by Managing Director Alex Sharrin and Director Alex Geanakos.

Alex Geanakos

 “Pharmacy investment sales have reached a three-year high in terms of pricing premium and volume,” says Sharrin.

 “Tenants such as CVS and Walgreens have been an incredibly defensive investment within the 1031 Exchange market, private capital market and even institutional capital market in 2020.”

 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 sales 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:

 Natalie Passarelli

Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 us.jll.com/investorservices

 

jll.com.

 

Marcus & Millichap Handles $1.3 Million Sale of Lakeside Business Park in Orange Park, FL

Lakeside Business Center, 2821 Bolton Road, Orange Park, FL.

 

ORANGE PARK, FL, 

 Justin W. West

November 24, 2020– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Lakeside Business Center, a 25,880-square foot industrial property located in Orange Park, FL, according to Justin W. West, regional manager of the firm’s 

Jacksonville office. The asset sold for $1,300,000.

Peter Catanzaro and Edward F. Duke III, investment specialists in Marcus & Millichap’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. 

"Investors were attracted to the property due to the potential upside by increasing occupancy in a rapidly growing Orange Park, FL submarket," says Duke.

Peter Catanzaro

"The industrial space was primarily anchored by Baker Distributing, a National Distributor of HVAC/R parts and equipment and has served as their primary location in the Orange Park area since approximately 1983.

"The buyer was sourced from the Central Florida area and was looking to invest in the Jacksonville, FL MSA.”

Lakeside Business Center is located at 2821 Bolton Rd in Orange Park, FL. The subject property has significant upside as the current occupancy rate is 80 percent.

 However 72 percent of which is derived from three tenants (Baker Distributing, All Kids Care, Exodus Harvest). Baker Distributor’s, a tenant since 1983, occupies 41% of the total space and is the only tenant on a triple-net lease.

These factors combined with potential completion of the sister office building proposed on the eastern edge of the parcel, allows the investor to experience stable cash flow day one, with a tremendous opportunity to increase the income stream within the first twelve months of ownership.

Edward F. Duke III

CONTACT:

  Justin W. West

Vice President /

 Regional Manager,

Jacksonville, FL

(904) 672-1400

 

 

Harbert Realty Services of Florida Brokers Five-Year, 6,482-SF Lease with Marshall Insurance at Wescar Building in Heathrow, FL

Wescar Building, 195 International Parkway, Heathrow, FL

 

 HEATHROW, FL -- Harbert Realty Services of Florida represents the landlord of the Wescar Building (195 International Pkwy, Heathrow, FL) in a 5 year deal with Marshall Insurance for 6,482 SF.

Josh Smith

Josh Smith, director, and Justin Walker, associate, represented the landlord.

Marshall Insurance is a full service insurance agency that specializes in all lines of both personal and commercial insurance products.

There has been much leasing activity at the Wescar building in spite of a restricted Covid market. Four tenants have been renewed for longer-term deals and five new tenants have been signed at the building for a total of 18,305 SF in deal transactions.

Justin Walker

The Harbert team succeeded in increasing NOI substantially with only two suites remaining for lease.

CONTACT:

 

Kim V Washington | Creative Manager

Harbert Realty Services

2 North 20^th Street, Suite 1700 | Birmingham, AL 35203

P: 205.323.2020 | D: 205.918.8104

www.harbertrealty.com

 

LL arranges sale of trophy industrial park in Charlotte, NC

Metrolina Park, an eight-building core logistics portfolio
totaling nearly 1.9 million square feet in Charlotte, NC 

CHARLOTTE, NC – JLL Capital Markets announced it has closed the sale of Metrolina Park, an eight-building core logistics portfolio totaling nearly 1.9 million square feet in Charlotte, North Carolina. 

 Pete Pittroff

 JLL worked on behalf of the seller, Beacon Partners, a leading developer, owner and operator of institutional-quality real estate in the Carolinas. New York-based Clarion Partners, one of the largest industrial owners in the U.S., purchased the portfolio on behalf of one of its co-mingled funds. 

 Developed by the seller, Metrolina Park is an award-winning master-planned industrial development ,which has exhibited the most successful lease-to-core story in the marketplace. 

 The portfolio properties are situated on 114 acres off Statesville Rd at an irreplaceable infill location adjacent to I-77. From this prime logistical position, Metrolina offers seamless connectivity to I-485 and I-85 – the industrial backbone of the Southeast. 

Patrick Nally

 Pete Pittroff, Patrick Nally, Travis Anderson, Jody Thornton and Dave Andrews of the JLL Capital Markets team represented the seller in the transaction.   

“This process is a credit to Beacon, Clarion, the quality of the project itself and the robust real estate fundamentals in the Charlotte marketplace,” says Senior Managing Director Pittroff.

 “Despite a highly unpredictable investing environment, industrial real estate remains an incredibly stable and high returning alternative asset class." 

 "Evidenced by the Metrolina transaction, we’ve seen a significant repricing of core industrial from a fundamental risk/return perspective and specifically in a high-growth top secondary market like Charlotte, the risk premium over traditional gateway markets has noticeably contracted,” said Senior Director Nally.

Travis Anderson

The Metrolina transaction affirms the fact that Charlotte’s industrial capital markets environment is exceedingly healthy, and that Charlotte is an incredibly attractive and highly coveted market for allocators of core capital.” 

 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 sales 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. 

 

Jody Thornton

About Beacon Partners 

Beacon Partners is a Charlotte-based commercial real estate firm specializing in the development, acquisition, leasing and management of industrial and office properties.

 Beacon Partners leases and manages over 10 million square feet of space throughout the Carolinas. 

 About Clarion Partners

 Clarion Partners, LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 38 years. 

Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. 

Dave Andrews 

With over $55 billion in total assets under management, Clarion Partners offers a broad range of both equity and debt real estate strategies across the risk/return spectrum to its more than 400 domestic and international institutional investors. 

 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.

. 

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

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

  

Central Florida Developer James E. Dicks Jr. Receives U.S. Secretary of Defense Medal

 

 James E. Dicks Jr.

LAKE MARY, FL   – After serving two three-year terms as state chairman of the United States Department of Defense’s Employer Support for the Guard and Reserve [ESGR], James E. Dicks Jr. – a Marine and founder of DIX Developments – has been awarded the Secretary of Defense Award.

 

Dicks received the award for his service to the guard and reserve, defense personnel and their families, according to Maj. Gen. James O. Eifert, Adjutant General of Florida’s National Guard.

 

Established in 1972 and supported by a network of more than 3,600 volunteers throughout the U.S. , the ESGR promotes cooperation between reserve service members and their civilian employers by assisting in the resolution of conflicts arising from an employee's military commitment.

 Maj. Gen. James O. Eifert

Dicks’ award cites his performance and initiative as the “driving force behind significant improvements” to essential ESGR programs, stating that he committed “substantial personal time” and “routinely went above and beyond his requirements to support the program’s mission” as an ombudsman for employers and their employees who serve in the United States Armed Forces Guard and Reserve.

 

“We’ve been extremely fortunate having James represent Florida ’s ESGR for the past six years,” Eifert said. “His steadfast representation and advocacy will be sorely missed throughout Florida and we wish him well.” 

 

As he leaves one post, Dicks will take on a new one as chair emeritus, and will remain on the Florida State Committee as the boss lift director, he said.

 

He will be succeeded as state chairman by recently appointed retired Major General Rita Broadway, who has served ESGR in various capacities for more than 35 years.

 

For the past 14 years, Dicks has been successful at raising capital and developing prime Florida real estate, going from landowner to a full service, multi-use real estate development, construction and management firm.

Major General Rita Broadway

 As a best-selling author, he’s published nine books on financial topics, been quoted in The Wall Street Journal, Newsweek, USA Today and Forbes magazine, and has appeared on CNBC, NBC, ABC, FOX and CBS. 

 

CONTACTS:

 

Scott Prewitt., VP Business Development of DIX Developments, 407-920-9399 or scott@dixdevelopments.com. 

 

Beth Payan

Larry Vershel Communications Inc

2433 Lee Road

Winter Park, FL 32789

407-644 4142 (main)

407-461 3781 (cell)