Foreign investor acquires Baltimore industrial facility

 

Jay Wellschlager

BALTIMORE, MD, Feb. 26, 2021 – JLL Capital Markets announced today that it has closed the sale of and secured acquisition financing for a fully leased, 313,000-square-foot infill warehouse at 2209 Sulphur Spring Rd. near Interstates 95 and 695 in Baltimore, Maryland. 

 JLL marketed the property on behalf of the seller, The O’Donnell Group. Aminim Group purchased the asset. Additionally, working on behalf of the new owner, JLL arranged the acquisition loan.

Bruce Strasburg

Located in an Enterprise Zone at the northern end of the Baltimore-Washington Corridor, the property features approximately one acre of fenced storage, heavy power, security, 35 loading docks and the potential for 56 trailer drops.

Tenants include Liberty Tire Recycling and Indusco Wire Rope and Fittings. 

Since 2013, the property received approximately $6.5 million of capital improvements invested into the property, including a new roof, T5 and LED lighting, dock seals, 35,000-pound levers, façade accents and two new bridges to traverse and improve access over a stream on the property along with additional loading positions, asphalt and storefronts. 

Craig Childs 

 The JLL Capital Markets team representing the seller included Managing Director Jay Wellschlager, Senior Managing Director Bruce Strasburg, Director Craig Childs and Analyst Elizabeth Runge, with local market expertise provided by the building’s leasing team, Dave Dannenfelser and Tyler Boykin. Senior Director Paul Spellman secured the loan on behalf of the new owner.

 

In 2018, the seller engaged Managing Director Dave Dannenfelser and Vice President Tyler Boykin of JLL Agency Leasing to lease the property, which they purchased in December of 2017 with a pending full building vacancy.

Dave Dannenfelser 

Within just 12 months, the team successfully brought the vacant warehouse to full occupancy with an average lease term of more than seven years. 

 

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.

Tyler Boykin

About The O’Donnell Group

The first O’Donnell development partnership was created in 1972. 

Since then, The O’Donnell Group has developed or acquired over 23,000,000 square feet of industrial and office business parks in California, Washington, and Alaska.

 Over the years, The O’Donnell Group has consistently been ranked among the top developers in the state of California.

 

About Aminim Group

Aminim Group is a privately held, boutique commercial real estate investment company led by industry veterans.

Paul Spellman

Aminim has purchased more than 10,000 apartment units in the United States, and around 900,000 square feet of industrial and other commercial space.

 

 Aminim focuses on acquiring and investing in multifamily, residential, industrial and logistics commercial real estate in growth markets.

 

 

CONTACT:

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

 us.jll.com/capitalmarkets

 

EverWest Acquires Two-Building Industrial Portfolio in Aurora, CO for $66.45 Million

Phil Larger

 AURORA, CO – EverWest Real Estate Investors has acquired Tower Business Center, a new, two-building industrial portfolio in Aurora, Colorado, for $66.45 million.

Jessica Ostermick

 Located in the Denver airport submarket, the portfolio totals 422,961 square feet and is fully occupied by two national credit tenants under full-building, long-term leases.

Jim Bolt

“This was a rare opportunity to capture Class A product located in the largest and most dynamic industrial corridor in the city, and with more than 12 years of stable, contractual cash flow,” said EverWest Director of Acquisitions Phil Larger.

Delivered in 2019 by United Properties, Tower Business Center is located at 18701 and 18901 E. 38th Ave. Its buildings total 289,113 square feet and 133,848 square feet, respectively.

Jeremy Ballenger

They feature 32’ clear height, a combined 73 dock-high and five drive-in doors, 130’ truck courts with secured yards, LED lighting and ESFR sprinkler systems. Collectively the buildings can park 417 cars and 73 trailers.

The 18701 cross-dock building is fully leased to Tempur Sealy, the world’s largest bedding provider. The 18901 building is fully leased to Sprouts Farmers Market, with cooler, dry storage and ripening capabilities.

Tyler Carner

Jim Bolt, Jeremy Ballenger, Tyler Carner and Jessica Ostermick represented the seller, a joint venture between United Properties and Artis REIT.

Tower Business Center is the latest in EverWest’s active industrial acquisition strategy. The firm is seeking additional attractive real estate opportunities.

For more information on EverWest, visit www.everwest.com. For more information on GWL Realty Advisors, visit www.gwlra.com.

 CONTACT:

 Stacey Hershauer

focusAZ 

 P 480.600.0195

www.focusaz.com

 

Ware Malcomb Announces Completion of Medline Industries Inc. Customer Service Center in Dubuque, IA

 

Dawn Riegel

 

 OAK BROOK, IL, Feb. 23, 2021 – Ware Malcomb, an award-winning international design firm, today announced construction is complete on the Medline Industries Inc. Call Center. Ware Malcomb provided architecture and interior design services for the project. 

Medline Industries Inc.’s new call center located in Dubuque, Iowa is 130,000 square feet and LEED Certified. With a design goal of creating a “town within a town”, the impressive size of the call center offers over 1,000 workstations.

Cameron Trefry

 “Medline’s unparalleled growth created a need for a new customer service center, which supports and responds to all of Medline’s Core Business Units,” said Cameron Trefry, Principal of Ware Malcomb’s Chicago, Oak Brook and Washington D.C. offices.

“With such an expansive space, it was our top priority that the entire facility emphasizes connectivity and community,” said Dawn Riegel, Director, Interior Architecture and Design of Ware Malcomb’s Chicago and Oak Brook offices. 

To help designate the space, the design team implemented neighborhoods and active, interwoven landscaping using materials and fixtures such as acoustical clouds and colored lighting to serve as beacons for each area.

 Break out spaces were implemented throughout to serve as individual oases for those needing to unwind away from their desks.

Adjacent to the cafeteria is a light-filled corner city center with access to an outside patio, providing employees an opportunity to connect with nature and unwind.

To enhance staff members’ well-being, a 5,200 square foot gym/multipurpose room with a full-size basketball court is available to all employees.

The gym also boasts a 2,200 state-of-the-art fitness center. To encourage activity, the space includes a quarter mile track around the interior of the open office. 

The General Contractor for the project was Alston Construction.

CONTACTS:

Rachel Devany

VP Public Relations, KCOMM for Ware Malcomb

Rachel@kcomm.com 

Maria Rodgers, Public Relations Manager, 949.660.9128, mrodgers@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

RPG and CenterSquare Acquire 203,000 SF Value-Add Asset in North San Diego, CA

 

Adam Robinson

 VISTA, CA, Feb, 23, 2021 – RPG, a San Diego-based owner, operator, and developer of high-quality commercial real estate, in joint venture partnership with CenterSquare, a global investment manager has acquired 1 Viper Way in the North San Diego submarket of Vista, CA.

RPG is a dynamic real estate owner and operator who has a rich history within the San Diego market. To date, the firm has more than 4.8 million square feet in AUM totaling more than $900 million across San Diego.

“This acquisition is perfectly aligned with our niche approach to identifying, sourcing, repositioning, and developing exceptionally well-located, high-quality assets in the San Diego market, especially in North San Diego,” says Adam Robinson, Founder and President of RPG. 

“This property previously served as the headquarters for an automotive technology company for 20 years and is now currently vacant. This provides a significant opportunity for upside potential and allowed us to acquire the asset at a discount.”

Jeffrey B. Reder

RPG and CenterSquare plan to implement a comprehensive repositioning plan to modernize the property to appeal to a growing number of industrial tenants throughout the region.

“North San Diego has emerged as a hub of growth over the last several years as quality industrial users continue to migrate to the region,” says Robinson. 

“By updating the property and integrating features and amenities we know users are demanding, we can drive long-term demand for the property over time. In fact, our firm RPG is known throughout San Diego for our creative industrial properties and the unique value our assets bring to tenants and the community.”

 

Aric Starck

Planned improvements to the property include adding nine new dock-high doors along with five new grade level doors. The JV partnership also plans to reduce the amount of office and mezzanine space to appeal to last mile industrial users.

“CenterSquare continues to have strong conviction in the growing value of ‘last-mile’ industrial properties for tenants and looks forward to meeting the strong demand from a broad spectrum of users in the e-commerce, manufacturing, and life sciences sectors in the San Diego market,” says Jeffrey Reder, Managing Director for CenterSquare Investment Management.

According to Aric Starck, Vice Chairman at Cushman & Wakefield, “1 Viper Way is well positioned to attract industrial demand in the county as one of the region’s largest lease-up opportunities, with 28’ clear heights, heavy power and exceptional dock loading with the ability to significantly expand dock and grade level loading.”

 Bill Cavanagh 

The property is located at 1 Viper Way in Vista, California. Starck and Bill Cavanagh with Cushman & Wakefield represented Stockbridge, a private equity real estate investment management firm based in San Francisco, in the transaction.

 

About RPG

RPG is a privately held, full-service commercial real estate investment firm that acquires, owns, and develops industrial, office, residential and mixed-use properties throughout Southern CA. 

The firm is spearheaded by Adam Robinson who has directed the firm’s acquisition and development of over 4mm SF and over $700 million in commercial properties.

          With Adam Robinson at the helm, RPG oversees a portfolio of over 3 million square feet of real estate, with a focus in multi-family, mixed-use, office and industrial product. The firm continues to actively seek value-add investment and ground-up development opportunities in Southern California.

Contact:

Lexi Astfalk

Brower Group

(949) 438-6262

Lastfalk@brower-group.com

www.cushmanwakefield.com.

Hospitality Ventures Management Group (HVMG) Assumes Management of The Nautilus Inn in Daytona Beach, FL

Nautilus Inn, Daytona Beach, FL

DAYTONA BEACH, FL, Feb. 23, 2021—Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, today announced that it has taken over operations of the 99-room Nautilus Inn in Daytona Beach, Fla.  Owned by Asante Asset Management LLC, the hotel plans to undergo a multi-million renovation scheduled to begin August 2021. 

“The Nautilus Inn will benefit from our in-depth, firsthand knowledge of the Florida marketplace, as it joins our existing portfolio of six branded and independent Sunshine State hotels,” said Robert Cole, president & chief executive officer, HVMG. 

 

“Our growing footprint, as well as our familiarity with the local and state markets, allows us to share best practices and create economies of scale that will help the hotel increase profitability and grow market share.  The pandemic has devastated the travel industry, but we are confident that through our proprietary management and marketing systems, the hotel will improve upon its current performance.”

Mary Beth Cutshall

Located directly on the beach at 1515 S. Atlantic Ave., the Nautilus Inn is adjacent to Daytona Beach Shores, nestled on the family-friendly, south end of Daytona Beach.  Guests may enjoy such nearby attractions as Daytona International Speedway, Blue Spring State Park and Ponce de Leon Inlet Lighthouse & Museum, as well as all the nearby attractions of Central Florida. 

Property amenities include an ocean-front sundeck with heated pool, whirlpool and chaise lounges.  Guest rooms provide fully-equipped kitchens with coffeemakers, a flat-screen TV with cable, quality bathroom amenities, a spacious private balcony and complimentary wi-fi.

 Robert S. Cole

“To ensure guests that we are taking health and safety protocols very seriously, we have implemented a number of new standards to help reduce touch points and unnecessary interactions,” said Mary Beth Cutshall, EVP & chief development officer, HVMG. 

 “In addition to following and posting all local and statewide guidelines, we also have added HVMG’s Trust & Preparedness Plan, a streamlined, deep-cleaning program.  We will continue to take all proactive, preventative measures to ensure we are providing the safest possible environment for our guests and team members.”

 CONTACT:

CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

  www.hvmg.com 

Stan Johnson Co. Arranges Sale of Dual-Income Investment Property in Houston, TX

Evan Altemus 

 HOUSTON, TX -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 11410 Gulf Freeway in Houston, Texas.

 The property includes a freestanding, 2,800-square-foot retail store leased to AT&T as well as an income-generating billboard leased by Outfront Media. 

Stan Johnson Company’s Evan Altemus represented the 1031 exchange buyer, an individual investor from Sugar Land, Texas. 

The seller, represented by EDGE Realty, was a private investor also based in Texas. 

The property sold for approximately $1.6 million reflecting a 7.29 percent cap rate.

 “The local buyers wanted a property within the Greater Houston area with COVID-19-resistant tenants,” said Altemus, Associate Director in Stan Johnson Company’s Dallas, Texas office who specializes in representing buyers and sellers of multi-tenant properties nationally.

 “The credit quality of AT&T was appealing to the buyer, but the supplemental income from the property’s billboard was a critical aspect. 

"The investor was targeting a traditional multi-tenant property, but this asset checked several boxes for them, as they looked to reduce risk while still providing good cash flow and debt terms.”

11410 Gulf Freeway building and an income-generating billboard
(top left) leased by Outfront Media

 Adjacent to Almeda Mall, the property is situated on 0.36 acres with prominent visibility from Interstate 45, which is the highest trafficked interstate in the city. 

The retail building was constructed in 2010 and features a long-term net lease with option periods and rent increases.

 CONTACT:

David Ebeling

Ebeling Communications

 (949) 278-7851

 david@ebelingcomm.com

www.stanjohnsonco.com.

 

New Redfin Virtual Shopping Study Shows Jump in Number of Homebuyers Making Offers for Unseen Properties

Susan Moguel

FORT LAUDERDALE, FL -- Nearly 63% of people who bought a home in 2020 made an offer on a property that they hadn't seen in person, according to new study by Redfin. This is the highest share of sight-unseen offers since at least 2015.

What’s behind this trend and what should homebuyers know before proceeding with a sight-unseen offer on a home?

Susan Moguel, Marketing Director at Arden, South Florida’s award-winning residential agrihood community that saw a whopping 50% increase in home sales in 2020, offers her insights:

“Three main factors that have converged to produce this growing trend. 

Firstly, with mortgage rates reaching a record low of 2.65 percent in January 2021, homebuyers are scrambling to lock in the savings.

“Further, the coronavirus pandemic has drastically altered people’s perceptions and needs when it comes to their homes.

 "With many families now spending more time than ever before in their homes due to COVID restrictions, many are trading their cramped city apartments for more spacious single-family homes in suburban areas.

 "For example, in South Florida, single-family home sales jumped between 15.8% and 16.6% year-over-year, in Broward, Palm Beach, and Miami-Dade.

 "As a result, the increased demand for homes has outpaced the supply, turning today’s real estate market into a highly competitive environment.

 "Many homebuyers simply don't have the luxury of being able to wait until they can visit a home in person.

“Finally, the realities of COVID-19 have made buyers a lot more comfortable with virtual shopping.

 "As telecommuting became a necessary part of everyday life for millions of Americans, realtors had to quickly adjust, introducing virtual home showing options for countless properties and making the process of buying a home sight-unseen easier than ever before.”

Susan also shares a few helpful tips for those thinking about buying a home sight-unseen:

“Homebuyers who plan to look for their new home virtually, should remember to ask their agent questions that would help them fill the gaps of a virtual experience.

 "For example, since you can’t smell or hear every sound during a virtual showing, ask your agent if any of the rooms have an unpleasant odor or if they can hear any noise from a nearby street.

 “Video can also make it difficult to gauge the true size of different spaces, so make sure to confirm that everything in the home is as big or as small as it appears on screen.

  “Finally, don’t forget to also do some research on the neighborhood of your new home. 

Google Street View can be a great tool in that process.”

CONTACT:

 Vlad Drazdovich

Account Supervisor

c: 954-696-5965 |  o: 954-379-2115 ext. 105

www.redbanyan.com

500 W. Cypress Creek Rd. #560 Fort Lauderdale, FL