IMG Brokers $41 Million Sale of Waterleaf Townhomes and Apartments in Port St. Lucie, FL

 

 Karlin Conklin

Port St. Lucie, FL — Investors Management Group, Inc. ("IMG")  announced it has sold Waterleaf Townhomes and Apartments, a 230-unit community located at 1900 SE Hillmoor Drive in Port St. Lucie to Covenant Capital Group for $41.55 million.

IMG and its investors will exchange the proceeds as part of a long-term multifamily investment strategy.

 IMG acquired the property in 2017 for $26.75 million. The Company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park, and other common-area amenities.

Darron Kattan 

IMG’s renovations attracted renters who paid an average $200 premium for the upgrades.

“Identifying communities with attractive fundamentals in emerging markets is IMG’s competitive advantage. 

"We're always operating ahead of the mainstream," said IMG Principal and Executive Vice President Karlin Conklin.

 Conklin also notes that “With the heightened competition in secondary and tertiary markets, investors are paying premium prices for the best multifamily assets.

"It’s a good sign of investor confidence in multifamily as a reliable investment vehicle. We’ll continue following our value-add business model in Southeast markets as we grow our portfolio.”

 IMG currently owns an apartment community in Tampa, the 276-unit Solis at Ballast Point which it acquired in 2018. IMG has transacted over 1,000 units across the Miami and Tampa metros over the last decade.

 Darron Kattan of Franklin Street represented IMG in the transaction.

Neil Schimmel

Founded by Neil Schimmel, Investors Management Group (“IMG”) is a real estate sponsor focused on multifamily assets across a national platform.

 For over a decade, IMG has grown investor capital by increasing rental housing value and enhancing the resident living experience.

 IMG has acquired 9,500 multifamily units representing 40 properties nationally since 2010. Of the properties sold, the average return was 27%.

 IMG currently owns and operates 3,600 apartment units across the U.S. Total investor capital in IMG-sponsored multifamily real estate exceeds $360 million.

 

 CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

 

Lincoln Property Co. Promotes Three in Desert West Region

 

David Krumwiede

PHOENIX, AZ, March 31, 2021 – Leading developer and property manager Lincoln Property Company (LPC) has promoted three within its Desert West development and leadership team: David Krumwiede, Nick Nudo and Justin Arnitz.

In his new role as Senior Executive Vice President, Krumwiede will continue to direct LPC’s award-winning metro Phoenix presence while also advancing a strategic multi-market expansion of LPC Desert West across its region of Arizona, Nevada, Utah and New Mexico.

Nudo has been promoted to Director of Real Estate, focusing on leasing for the firm’s Class A office and industrial space in the Desert West region.

 Arnitz, who advances from Real Estate Associate to Associate Director of Real Estate, focuses on LPC Desert West development and acquisitions, and collaborates with Nudo on property leasing efforts.

Nick Nudo 

“This year marks the 20^th anniversary of the LPC Phoenix office,” said Krumwiede. “It has been an honor to serve Lincoln over the past two decades and to establish – and continue to grow – our talented team and our high-quality, highly creative market presence.

Across his career, Krumwiede has managed the development and acquisition of more than 22 million square feet of space, including the development of almost 15 million square feet of Class A office, industrial, retail and mixed-use product.

Nudo previously served LPC as a Senior Real Estate Associate, and held Senior Associate and Associate broker positions at Cushman & Wakefield and Lee & Associates. Arnitz previously served LPC as Real Estate Associate.

 Cumulative activity by LPC Desert West has earned the team numerous awards, including back-to-back 2018 and 2019 NAIOP Arizona Owner/Developer of the Year.

Justin Arnitz

Recent landmark projects by LPC Desert West include development of the first two (of eight) Class A office buildings at The Grand at Papago Park Center in Tempe, Arizona; the Class A Lincoln Logistics 40 and Park303 industrial employment centers in Phoenix’s West Valley; and the Class A Waypoint and Union office projects at the confluence of Scottsdale, Tempe and Mesa, Arizona.

Upon their disposition, Waypoint, Grand1, Grand2 and Lincoln Logistics 40 earned record-breaking sale prices.

The Desert West team continues to pursue acquisition and development opportunities across the region. To learn more contact Krumwiede or John Orsak at 602.912.8888.

CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

Native Realty Expands Team of Property Enthusiasts, Promotes Kaley Tuning to Sales Director

 

Kaley Tuning

 

Dino Flora 

FORT LAUDERDALE, FL – March 30, 2021 – Native Realty, the pioneering Fort Lauderdale-based commercial real estate firm led by Jaime Sturgis, bolstered its team of Property Enthusiasts with the addition of Real Estate Agents Dino Flora and Spencer Scalzitti. Both are based in Native’s Flagler Village headquarters.

The firm also has promoted Kaley Tuning to Sales Director. She first joined Native as a Sales Associate in fall 2019.

Spencer Scalzitti

 A longtime resident of South Florida, Flora comes to Native with nearly two decades of leadership, strategic management and customer service experience. He spent 17 years serving in various leadership roles at JM Family Enterprises.

 Scalzitti has several years of real estate experience in Florida and New York. At Native, he is focusing on the firm’s substantial portfolio of investment sales and leasing offerings in Flagler Village.

 “We are thrilled to welcome Dino and Spencer, two talented and dedicated professionals who share our collective passion for the neighborhoods we are actively placemaking,” Sturgis said. 

“It is also exciting to have Kaley take on this new role. She has been a valuable member of the Native team since her arrival.”

Jaime Sturgis

Tuning has more than 15 years of industry experience, including nearly a decade at Fort Lauderdale-based Stellar Homes Group.

 Notable recent transactions completed by Tuning include:

 Representing New Jersey-based Asbury Ale House in a 9,263-square-foot lease for its first South Florida location at Society Las Olas in downtown Fort Lauderdale

• Brokering a 7,193-square-foot office lease with Fairway Independent Corp. at a Fort Lauderdale building owned by prominent real estate investment firm Elion Partners
• Arranging a 3,000-square-foot lease with “paint and sip” concept Strokes Art Bar in the emerging 13th Street neighborhood

Native Realty is headquartered at 719 NE Second Ave. in Flagler Village.

  

 CONTACT:

Eric Kalis

Vice President

BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 www.nativerealty.com. 

Cara Leonard-Munn joins Bellwether Asset Management to lead Debt Team

Cara Leonard-Munn

 

 LOS ANGELES, CA March 30, 2021 - Bellwether Asset Management, Inc. (“Bellwether”) announced today that it has hired Cara Leonard-Munn as Senior Vice President, Debt Asset Management.

 In her new role, Mrs. Munn will be responsible for leading the Bellwether debt asset management team which oversees a wide variety of real estate debt investments, inclusive of private loans and public securities.

Dennis Grzeskowiak

 Mrs. Munn joins Bellwether from CBRE where she provided structured finance advisory services and Savills plc. where she led the Global Hotel Group investment banking platform’s expansion into the US.

 Previously, Mrs. Munn led the Structured Investments platform at Lowe Enterprises Investors and was a member of the real estate principal investment team at Canyon Capital. Mrs. Munn started her career as an attorney at Cox, Castle & Nicholson.

Joe Mossotti

 "Bellwether Asset Management is extremely pleased to add Cara to lead our Debt Asset Management group" said Dennis Grzeskowiak, Bellwether Co-Founder and Principal.

 "Our outsourced asset management services are viewed as best in class, and Cara’s addition to the team bolsters our capabilities and reputation.”

 Joe Mossotti, Bellwether Co-Founder and Principal, commented further “Cara’s significant experience in structured finance in addition to her legal background is the perfect fit to grow and manage our debt asset management platform, which continues to see significant demand from both new and recurring client engagements.”

 CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

 http://www.bellwetheram.com/

 

Upper East Side multi-housing development site in New York City sells for $32 million

 

SOLD: 1303-1309 Third Avenue, Upper East Side, New York City

 Guthrie Garvin

NEW YORK, NY,  Mar. 29, 2021 — JLL Capital Markets announced today that it has completed the $32.325 million sale of 1303-1309 Third Ave., a premier corner development site on New York City’s Upper East Side.

 JLL worked on behalf of the seller Gastonia, LLC to complete the sale to the buyer, EJS Group.

 The assemblage, located at the southeast corner of Third Ave. and E. 75^th St., provides a unique development opportunity with more than 150 feet of wraparound frontage.

 Jonathan Hageman

The site is ideally positioned for a developer seeking to build in the heart of one of Manhattan’s most desirable and established neighborhoods.

The property is within walking distance to major attractions and amenities, including Central Park, world-class museums, leading hospitals, premier schools, fine dining and shopping.

 It is located in close proximity to the Q, 4, 5 and 6 subway lines, providing direct access to Midtown and the rest of Manhattan.

 The JLL Capital Markets team representing the seller was led by Managing Directors Guthrie Garvin, and Jonathan Hageman; Directors Jack Norton and Solomon Michailow; and New York Investment Sales Chairman Bob Knakal.

 Jack Norton 

“1303-1309 Third Ave. is a unique development opportunity with extraordinary potential,” said Garvin. 

“Its location within one of Manhattan’s most sought-after neighborhoods offers developers the chance to create a stand-out residential property.”

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

Solomon Michailow

 

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.

 CONTACTS:

 George Shea and Rachel Tate

Shea Communications

Phone: +1 212 627 5766

Email: rachel@sheacommunications.com

 

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

 

Hampton Inn & Suites in the Florida Panhandle sold

Hampton Inn & Suites I-10 North hotel, Pensacola, FL

 

Steve Leslie 

MIAMI, March 29, 2021 – JLL Hotels & Hospitality announced today that it has closed the sale of the Hampton Inn & Suites I-10 North hotel located in Pensacola, Florida.

 JLL represented the seller in completing the transaction to the buyer, Omega Hotel Group.

 The Hampton Inn & Suites I-10 North was built in 2006 and is located at 7050 Plantation Road and totals 85 keys.

The Property is strategically positioned near the junction of Interstates 10 and 110 and proximate to Pensacola International Airport, Port of Pensacola, Pensacola Beach and the Naval Air Station.

The Florida Panhandle is continuously demonstrating positive market fundamentals, with drive-to leisure located hotels showing one of the fastest paces of industry recovery.

Gregory Rumpel

The market has shown tremendous resilience with Q4 2020 RevPAR significantly outpacing prior year (up 31 percent YOY).

The JLL Hotels & Hospitality team representing the seller was led by Vice President Steve Leslie and Senior Managing Director Gregory Rumpel.

 “We experienced a tremendous amount of interest on the sale of the Hampton Inn & Suites Pensacola with a buyer pool that has even expanded from pre-Covid-19 levels motivated by strong branding, improving RevPAR fundamentals and a revived focus on drive-to-markets,” said Leslie.

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

 

 

Redevelopment opportunity sold in high-growth Los Angeles, CA market of Koreatown

 

SOLD: Redevelopment opportunity on 0.21 acres at 513 Western Avenue on the southwest corner of West 5th Street and South Western Avenue,  just north of Wilshire Boulevard
in Koreatown, Los Angeles, CA

NEWPORT BEACH, CA, March 29, 2021 – JLL Capital Markets announced today that it has closed the $2.9 million sale of a covered land play consisting of a 3,600-square-foot value-add retail building with future development potential in the heart of Koreatown, one of the most active and emerging neighborhoods in Los Angeles, California.

 JLL marketed the property on behalf of the seller, a private family office based out of Los Angeles. A private investor purchased the asset.

 Completed in 1920, the one-story building is currently fully leased to Ace Hardware on a month-to-month basis, providing the new owner with an income stream while they go through the re-entitlement process with the city.

Adam Friedlander

Based on current zoning, the new owner could eventually redevelop the property into a multi-housing asset with between 23 and 41 units, depending on if they take advantage of Los Angeles’ Transit Oriented Communities (TOC) program that would allow for a larger unit count.

 The property consists of 0.21 acres at 513 Western Ave. on the southwest corner of West 5th Street and South Western Avenue just north of Wilshire Boulevard in Koreatown, one of the most impressive growth submarkets in Los Angeles.

This central Los Angeles location puts the site between Downtown LA, Hollywood, Miracle Mile and Hancock Park, making it ideal for retail or multi-housing uses.

Additionally, the property has near immediate access to the Purple Line’s Wilshire / Western Station and is 2.8 miles from both the 101 and Interstate 10, providing quick, convenient and affordable access to the majority of Los Angeles’ robust employment and cultural hubs.

 The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Director Adam Friedlander (Ca. Lic. #1806555).

Los Angeles' Purple Line’s Wilshire / Western Station 

 “The ACE Hardware investment offering was a unique opportunity to acquire a single-tenant storefront retail building at a below market rent,” Friedlander said. “In addition, the ACE Hardware lease was month to month.

 “Opportunistic buyers were attracted to the property and understood the future development potential of the site,” he added. “Dense, in-fill locations of Los Angeles continue to be highly sought after by developers looking to redevelop commercial properties into its highest and best use.”

 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:

 Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

$220 million construction loan secured for National Real Estate Advisors to build Jefferson Health’s new ambulatory clinic in Center City, Philadelphia

 

Rendering of planned Jefferson Health,
452,000-square-foot, specialty care pavilion,
 at 1101 Chestnut Streetin Center City, Philadelphia.

PHILADELPHIA, PA – JLL Capital Markets announced t it has arranged $220 million in construction financing for the new Jefferson Health, 452,000-square-foot, specialty care pavilion to be constructed at 1101 Chestnut St. in Center City, Philadelphia.

 Serving as exclusive advisor to the joint venture partnership between National Real Estate Advisors, LLC on behalf of a client (“National”), Joss Realty Partners, SSH and Young Capital, JLL secured the construction financing through a syndicate of banks.

 Located at the corner of 11^th and Chestnut Streets, the 19-story, specialty care pavilion will also include a three-story underground garage, access to loading docks and parking for some 320 vehicles.

Chad Orcutt 

The build-to-suit project is being developed by National Real Estate Development, LLC, a subsidiary of National.

 The contemporary design features a curved glass façade set in a podium to reflect both the state-of-the-art nature of the facility and the integration of the building into the East Market development. Occupancy is scheduled for the 1^st quarter of 2024.

 The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Chad Orcutt and Jim Galbally. 

 “The project represents a transformative moment for Jefferson’s Health’s future and a significant investment in Center City Philadelphia,” Orcutt said.

 “The new Jefferson medical office building will centralize an array of clinical services into a specialty care pavilion.”

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

Jim Galbally

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:

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

 jll.com

natadvisors.com.

jll.com.