Shoreham hotel in Midtown Manhattan sold

 

Michele Mahl

NEW YORK, NY– JLL Hotels & Hospitality announced it has closed the sale of Shoreham, a 179-key boutique hotel located in Midtown, Manhattan, just minutes from both Central Park and the 5^th Ave. shopping corridor.

The sale represents the fifth asset JLL Hotels & Hospitality has advised on in New York City since September 2020.

 Nikhil Chuchra 

JLL represented the seller to complete the sale to a private buyer. The property was offered fully unencumbered of brand management and the buyer plans to continue operations as a hotel.

 The Shoreham totals 89,681 square feet and features a fitness center, business center and is pet-friendly.

 The hotel also includes over 2,000 square feet of meeting space and a restaurant, Aqua 55 and benefits not only from its location, but also from proximity to various perennial demand drivers, being situated near multiple theaters, the Rockefeller Center and leading office tenants, including Fortune 500 companies, financial institutions and media companies.

Jeffrey Davis

New York City has shown resilience throughout the pandemic, historically being one of the fastest cities to recovery following an economic downturn.

The sale represents continued investor interest in the New York City recovery story and comes as travel and visitation headwinds surrounding Manhattan grow increasingly more positive by the week.

 The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director Jeffrey Davis, Executive Vice Presidents KC Patel and Michele Mahl, Associate Nikhil Chuchra and Analyst Desmund Delaney.

 “Manhattan remains a focal point for hospitality capital as transaction activity begins to gain momentum,” said Patel. “Strategically located on 55^th and 5^th Ave., the Shoreham Hotel will draw demand from all corners of the Midtown market.”

KC Patel 

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide.

 The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

 For more news, videos and research resources on JLL, please visit our newsroom.

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

Desmund Delaney

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
PR, Americas

JLL

M +1 224 477 7307

JLL.com

Sale and financing completed for Forum Fitzsimons Apartments in Aurora, CO

 

Pamela Koster

DENVER, CO – JLL Capital Markets announced it closed the sale and arranged acquisition financing for Forum Fitzsimons, a 397-unit multi-housing property located in Aurora, Colorado.

 JLL represented the seller, a partnership between Sightway Capital, Catalina Development and Pollin Group, to complete the sale to the buyer, Avanti Residential. 

Forum Fitzsimons Apartments
 13650 East Colfax Avenue, Aurora, CO

JLL also worked on behalf of Avanti Residential to secure the acquisition financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Joshua Simon

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Joshua Simon and Jordan Robbins, Managing Director Pamela Koster, Senior Director Chris McColpin and Managing Director Matt Steffen, who also handled financing.

 Forum Fitzsimons was completed in 2018 and features a four-story, wrap construction. The property totals 317,961 rentable residential square feet and offers studio, one- and two-bedroom floorplan options.

Units feature granite countertops, 10’ and 12’ ceilings, custom cabinetry, vinyl flooring and contemporary appliances.

Community amenities include two swimming pools, business center, fitness center and outdoor courtyards with fireplaces. The property also has 28,226 square feet of ground floor retail space.

Jordan Robbins

 Located at 13650 E. Colfax Ave., Forum Fitzsimons is strategically situated near the area’s most prominent economic drivers and positioned in a recently completed residential mixed-use community.

The property is located across from the 18.5-million-square-foot Anschutz Medical Campus is proximate to the Fitzsimons Life Science District, Denver International Airport, the Buckley Air Force Base and just 10 miles from Downtown Denver.

 Also, in a transit-orientated location, Forum Fitzsimons is just one block from the Colfax Light Rail Station, granting access to Downtown Denver, the Denver Tech Center and the airport.

Chris McColpin

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.

  About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

Matt Steffen

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.

JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020.

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com.

CONTACT:

 Natalie Passarelli

PR, Americas

JLL

M +1 224 477 7307

JLL.com

 

InvenTrust Properties Corp. Announces Plans for Extensive Renovation of Gateway Market Center in St. Petersburg, FL

Kara Morabito

 

 ST. PETERSBURG, FL -- InvenTrust Properties Corp. ("IVT") announced plans for the extensive renovation of Gateway Market Center, a 231,058-square-foot shopping center anchored by Target and Publix, located at 7751-8229 9th Street N in St. Petersburg, Florida.

  Construction is scheduled to begin in the first quarter of 2022 with the renovation taking approximately 18 months to complete.

Dave Joss

"Gateway Market Center continues to evolve, as shown by the recent store renovations within Target and Publix, as well as the transformation of a former office supply store into Homegoods and Five Below," said Dave Joss, VP of Construction and Development for IVT

  "This redevelopment will right size retail stores, improve the connectivity within the site and provide numerous shopping center enhancements that elevate the overall customer experience.".

Matt Hagan

 Matt Hagan, InvenTrust Properties' VP Leasing Southeast and Kara Morabito, Leasing Representative, will oversee leasing at Gateway Market Center.

  IVT's improvements to the center include the demolition of approximately 60,000 square feet of existing building area and the construction of several new buildings. 

Two new anchor-sized buildings will be developed at the center while three new buildings for small shop tenants and restaurants will also be added. 

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)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

Buddy Freddy’s Restaurant in Plant City, FL Sold for $2 Million

 

Suzanne Wheaton

ORLANDO – Paul P. Partyka, CCIM, MiCP, CIPS, Partner at NAI Realvest,  represented the owners, Robert E. Wheaton and Suzanne Wheaton, in the sale of the former Buddy Freddy’s Restaurant property at 1101 Goldfinch Drive, Plant City, Florida. 

Robert E. Wheaton

The buyer, Brightwork Acquisitions, LLC, purchased the 1.68-acre property for $2,225,000.  The new owner plans to develop the site.  Matt Britten of Brightwork Real Estate, Inc. represented the buyer.

 “This iconic restaurant and mainstay in Plant City is another victim of the pandemic, but in its place will be a new Chick-fil-A” said Partyka.

 

CONTACTS:

 Paul P. Partyka, CCIM, MiCP, CIPS, Partner,

 NAI Realvest 407-875-9989, ppartyka@realvest.com

 Patrick Mahoney, President/CEO, NAI Realvest,

407-875-9989, pmahoney@realvest.com

 

KBS Signs More Than 40,000 Square Feet with Two Leases at 814,018 Square-Foot Class A Office Park in Emeryville, CA

Diana Rivers

 

EMERYVILLE, CA – KBS, one of the largest investors in commercial real estate, has signed 40,504 square feet in leases with two tenants at The Towers Emeryville, an 816,090 square-foot, Class A office park in Emeryville, California. Diana Rivers, Associate Director at Cushman & Wakefield is handling property management services for The Towers Emeryville on behalf of KBS.  “Companies in the greater San Francisco market are drawn to The Towers Emeryville for its beautiful water views, first-class amenities, and superior tenant services,” says Rivers. Giovanni (Gio) Cordoves “They simply can’t find all of these benefits in downtown San Francisco for the price.” The Towers Emeryville is owned by KBS Real Estate investment Trust III.  The transactions include a new 20,252 square-foot leasewith LeapFrog Enterprises, Inc., a global educational entertainment and electronics company, and a 20,252 square-foot lease extension and expansion with Centre for Neuro Skills (CNS), a premier provider of brain injury rehabilitation services with seven locations across California and Texas.  The recent lease transactions are a reflection of the quality and unique waterfront location of the buildings, situated just outside of San Francisco in the East Bay, according to Giovanni (Gio) Cordoves, Western regional president for KBS.  “KBS takes a hands-on approach to its properties and prides itself on exceeding the expectation of office users,” says Cordoves. Brent Carroll “Our ability to attract new tenants while at the same time have existing tenants renew and expand within our space speaks to our strength as an operator in addition to the quality of this location and offerings the buildings provide to tenants, their employees and visitors.”  LeapFrog Enterprises is relocating their headquarters to The Towers Emeryville from another location in Emeryville, occupying the full 5th floor as of early June.  “With a portfolio of more than $7.7 billion in assets under management nationwide, we understand what tenants’ want in their office space and work diligently to deliver that across our portfolio,” says Brent Carroll, senior vice president for KBS and asset manager for The Towers Emeryville.  Carroll adds that the Centre for Neuro Skills renewed its lease two years ago, however, based on its rapid growth the firm is renewing its lease early and expanding to accommodate this continued growth.  Contact: Micaela Fehrenbach Account Manager O 949 438 6262 x8 Brower Group, Inc.  The Smart Agency® for Smart Clients who want Smart Work  220 Newport Center Drive, Suite 22 · Newport Beach, CA 92660

www.kbs.com.

 

The Calida Group Names Chris Leggee New Senior Vice President of Capital Markets

 

Chris Leggee

LAS VEGAS, NV -- The Calida Group, a vertically integrated multifamily investment and development firm, has announced a new Senior Vice President of Capital Markets, Chris Leggee.   Leggee brings more than 15 years of experience in commercial real estate and capital markets, spanning acquisitions, development, asset management and fundraising.  “Chris will bring a wide array of experience, knowledge and strong industry relationships to our growing team,” said Douglas Eisner, The Calida Group co-founder and managing director.  Douglas Eisner “Assembling a group of proven leaders with the talent to help us expand our platform has been a high priority for Calida. We believe Chris will be a key piece of our growth plan.”   “Calida has been a firm that I have admired from the outside for several years now.  "The way they have grown this business, outperformed in challenging market conditions, and continued to set the bar higher is what attracted me to this team,” said Leggee. “I look forward to utilizing my relationships and experience to execute our strategic vision.”

 

 

Contacts:  Dawn Britt/Sabela Burleson OneSeven Agency ElysianLiving@onesevenagency.com   702.472.7692

ElysianLiving.com.

facebook.com/ElysianLivingLV, 

Twitter @ElysianLiving 

Instagram at @ElysianLiving.

Birmingham-based OG Capital Acquires Multifamily Real Estate Community in Gulf Shores , AL

 

 

       BIRMINGHAM, AL – OG Capital, a Birmingham-based multifamily real estate investment firm, has acquired Marbella Luxury Apartments, a 96-unit luxury apartment community situated on 4.77 acres at 1910 E. First St. in Gulf Shores . 

Marbella Apartments, a 96-unit
 luxury apartment community situated on
4.77 acres at 1910 East First Street, Gulf Shores, AL 

OG Marbella, LLC, an affiliate of OG Capital purchased the property from Marbella Gulf Shores , LLC for $15 Million.   Troy Wilson and Frank Malone of Bellator Real Estate & Development brokered the transaction, which was financed by ServisFirst Bank. 

Frank Malone

Marbella features 99,600 square feet of rentable space comprised of 96 one- and two-bedroom residences. 

OG Capital will enhance the community’s clubhouse and pool areas and install washers and dryers in each unit.  

 

Additional changes aimed at increasing lifestyle value to the community, including grill stations and outdoor gathering spaces, are also planned. OG Capital hired The Mitchell Company of Mobile led by Chris Sylvester to manage the community.

Jordan Weaver

“We are thrilled to acquire Marbella Luxury Apartments, the only multifamily property constructed in Gulf Shores south of the Intra-Coastal Waterway in over 20 years,” said Jordan Weaver of OG Capital.  The acquisition marks the firm’s fourth property purchase in 2021.

The community is walkable to Gulf Shores Elementary School , a Rouse’s Market and is less than two miles to the beach. 

 

“We look forward to serving our residents through high-quality service and first-class amenities,” said Weaver, adding “ Gulf Shores is a strong market that will continue to become more desirable.”

OG Capital has previously made significant investment in the Gulf Shores market, including Fairhope Commons also in Baldwin County . 

 

Since 2007 OG Capital 

David Oakley

has built a track record of successfully investing incommunities throughout the southeast. 

 

 In addition to its latest acquisition of Marbella , the firm has holdings in various markets spanning from Chattanooga , Tennessee to South Alabama .

 

 OG is headquartered in Birmingham , Alabama and was founded in 2007 by David Oakley.

CONTACT:  

 

David Oakley, OG Capital,

205-913-4632,or  David.Oakley@og.capital

Beth Payan, Larry Vershel Communications Inc.

407-461-3781 (direct) or Beth@LarryVershel.com