Thursday, June 17, 2021

Blue Onyx Breaks Ground on 78-Unit Multifamily Complex in East Orange, NJ

Levi Kelman

EAST ORANGE, NJ – Blue Onyx Companies, an integrated commercial real estate development and management company, has broken ground on its pioneering “14 Summit” multifamily complex in the heart of East Orange, N.J.

 The ground-up, five-story residential building (78 units) will transform two lots and create a new campus – that includes the adjacent “18 Summit” – designed to enhance and support the local community.

 

The construction at 14 Summit St. is expected to be completed by spring 2023.



 '14 Summit' Street apartments, East Orange, NJ
 

The project, located between N. Arlington Ave. and N. Walnut St., totals 77,913 square feet, and will include eight studio apartments, 51 one-bedroom units and 19 two-bedroom units.

 

 It features unique amenities, including a coworking space, state-of-the-art fitness center, pet washing station, community lounge, two rooftop terraces and bike storage rooms. Inglese Architecture and Engineering has designed “14 Summit” to blend with the surrounding brick buildings.

 

“Our existing, neighboring project, ‘18 Summit’, offers quality, efficient and affordable units to an underserved population.


 East Orange, NJ Mayor Ted R. Green

 

‘14 Summit’ builds off this communal success by catering to a broader consumer base in this very commuter-friendly and walkable area through a thoughtfully curated mix of diverse apartment types,” said Levi Kelman, CEO, Blue Onyx.

 

“This amenity-driven and inclusive project is designed with the vision to build a more connected community, which is at the heart of our mission.”

 

He added: “As always, we strive to carry out our development projects in a way that strengthens community bonds across New Jersey’s neighborhoods.”

 

Adam Schlitt


Located in the City of East Orange – nicknamed “The Crossroads of New Jersey” – the two-building, 2-acre complex offers easy access to the Garden State Parkway and Interstate 280 in the central section of Essex County.

 

The transit-oriented site is located approximately a half-mile from Main Street, a major commercial corridor of the city, and the East Orange train station.

 

Blue Onyx’s “14 Summit” builds off the success of the company’s other East Orange asset, the adjacent 18 Summit.

 

Blue Onyx purchased the pre-war vacant and distressed property in 2014 and oversaw a full redevelopment process.


               18 Summit Street Apartments, East Orange, NJ

 

The building was completely gut-renovated and restored, with a modern interior. The company also rehabilitated 18 Summit’s unique, historic façade, which had been damaged.

 

The building, which opened in 2017 offering 75 units, is fully leased and serves as an anchor for the community.

 

“Blue Onyx’s initial ‘18 Summit’ project was a continuation of the standard of excellence that we set for all new construction in the City of East Orange," said Mayor Ted R. Green.  "Their restorative approach maintained the character of the community while giving it a fresh, new look.”

 

“Their new property at 14 Summit is a great complement to the existing building – a sophisticated, modern housing option for both millennials and baby boomers alike. We are excited about this ongoing partnership and thank Blue Onyx for investing in our city.”






Blue Onyx has properties and holdings throughout New Jersey and in parts of New York. Since 2009, the company has focused on niche markets with untapped value and potential.

“Together, our two impressive properties in East Orange will cement the transformation we’ve pioneered in this area, with working families and commuters benefiting greatly from these new living options,” added Adam Schlitt, manager of development, Blue Onyx.

 

The project received approval from the East Orange Planning Board in January 2021. March Associates has been selected as the construction manager with work anticipated to begin in summer of 2021 and targeting completion by early-2023.

 

 CONTACT: 

Dan Gunderman
Senior Account Executive

 

M 862.377.5106
P 646.586.9931
E dan@violetpr.com

Violet PR
7 N. Willow St, Suite 8C, Mailbox 11
Montclair, NJ 07042

www.violetpr.com

www.blueonyx.com.


Anita Gross Promoted to Associate Principal, Corporate Accounts at Ware Malcomb's Irvine, CA Headquarters

 

 Anita Gross

IRVINE, CA, June 17, 2021 – Ware Malcomb, an award-winning international design firm, today announced Anita Gross has been promoted to Associate Principal, Corporate Accounts in the firm’s Irvine, Calif.-based headquarters office.

In her new role, she leads the Corporate Accounts Team, which supports the project delivery of corporate accounts nationally. 

Gross joined Ware Malcomb in 2005 as a Project Manager and has held multiple roles within the company throughout her tenure including promotions to Studio Manager and Director.

 In 2017, she was promoted to Director, Corporate Accounts to assist in the strategy and growth of Ware Malcomb’s Corporate Accounts team, capitalizing on her leadership, client management and technical skills. 

“With over 25 years of industry experience, Anita brings extensive knowledge to our Corporate Accounts program and truly embraces the Ware Malcomb culture,” said Ted Heisler, Vice President, Interior Architecture & Design at Ware Malcomb.


Ted Heisler


“Her mastery of account management has allowed us to successfully grow the Corporate Accounts program to comprise over 50% of Ware Malcomb’s business.”

Gross holds a Bachelor of Science degree in Architecture from the Georgia Institute of Technology and a Master of Business Administration degree from the University of Phoenix.

 She is an active member of several industry organizations including the Orange County Chapter of Commercial Real Estate Women (CREW) Network, and the National Association of Industrial and Office Properties (NAIOP) Southern California Chapter, where she is an Alumnus of the NAIOP Young Professionals Group (YPG). 

 CONTACTS:

 Rachel Reenders

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

 

Mixed-use property in West Hartford, CT sells for $40.5 million

 

 Blue Back Square sits within West Hartford Center,
 West Hartford, CT

BOSTON, MA – JLL Capital Markets announced it has closed the $40.5 million sale of Blue Back Square, a dynamic 445,661-square-foot mixed-use property with ground floor retail, best-in-class office and medical office space, along with 48 residential units in West Hartford, Connecticut.

Chris Angelone

JLL marketed the property on behalf of the seller. The purchaser was a joint venture between Charter Realty & Development of Greenwich, Connecticut, and funds managed by Miami-based Rialto Capital.

 Blue Back Square is a fully integrated mixed-use development consisting of six buildings on 6.4 acres at Memorial and Isham roads in West Hartford.

The property is within West Hartford Center, which is known as “The Center” and is one of Connecticut’s most well established and dynamic trade areas.

There are few – if any – opportunities for new development in The Center of this scale, and the area has historically commanded the highest rental rates for retail and office space in central Connecticut.

Zach Nitsche

Completed in 2008, Blue Back Square anchors the center’s shopping and dining district and houses 208,596 square feet of retail, 104,224 square feet of Class A office space, 98,565 square feet of best-in-market medical office and the 48 loft-style apartment units. 

Notable tenants include Crate & Barrel, Barnes & Noble, Cinepolis Luxury Cinemas and an array of desirable local and national restaurants and stores.

 The JLL Capital Markets Investment Advisory team included Chris Angelone, Zach Nitsche, Nat Heald and Dave Monahan, along with Sean O’Neill of JLL’s Leasing team.

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

Nat Heald 

About Blue Back Square

Blue Back Square is a unique shopping, living, dining, and entertainment destination. 

Anchored by Crate & Barrel, Cinepolis Cinemas, West Elm, and Barnes & Noble, the property also has several upscale restaurants and retailers such as The Cheesecake Factory, Fleming’s Prime Steakhouse and World of Beer. 

Centrally located in the highly sought-after town of West Hartford and regionally accessible to all of Central Connecticut, Blue Back Square is where people shop, eat, work, play and live.

Dave Monahan
About About Charter Realty & Development Corp.

Charter Realty & Development Corp. is a full-service commercial real estate acquisition, development, and leasing company founded in 1993 by Paul Brandes and Dan Zelson

Charter specializes in acquiring both urban and suburban infill retail and mixed-use assets. 

Charter’s vertically integrated platform identifies value-creation and growth opportunities for all real estate product types. .

 About Rialto Capital

Rialto Capital is a fully integrated real estate investment management, asset management and operating company.

Paul S. Brandes 


Rialto Capital was formed in 2007, and, since its founding, has participated in the investment of billions of dollars of equity in real estate assets. 

The company invests and manages assets throughout the capital structure in real estate properties, loans, and securities.

 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. 

 Dan Zelson
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 March 31, 2021.

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

 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 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:

 Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 or

 Kate Terricciano

 Image Marketing on behalf of Charter Realty

Phone: +1 860 919 1020

Email: Kate@imagemarketingconsultants.com

bluebacksquare.com 

jll.com.

rialtocapital.com.

charterrealty.com

 

Tuesday, June 15, 2021

KBS Sells Four-Building, 100% Leased, 372,763-Square-Foot Class A Industrial/Flex Park in Austin, TX

SouthPark Commerce Center, a 372,763-SF, Class A
 industrial/flex park
 located at the southeast corner
 of Interstate 35, State Highway 71 and U.S. 290
 in southeast Austin, TX


Giovanni (Gio) Cordoves

AUSTIN, TX – KBS, one of thelargest investors in premier commercial real estate in the nation, announced it has sold SouthPark Commerce Center, a four-building, 100% leased, 372,763-square-foot Class A industrial/flex park in Austin, Texas, to BentallGreenOak on behalf of an institutional investor.


“Austin is a high-growth, burgeoning industrial market that has continually led the nation in economic and population growth over the last decade and throughout the pandemic,” says Giovanni (Gio) Cordoves, Western regional president for KBS. “KBS recognized this early on, initially acquiring the property in 2005.”

 Austin has been classified as a best place to live in the U.S. by U.S. News & World Report from 2017-2020.

 

Tina M. Ross
Several national publications have given the city high rankings for its job market, soaring tech salaries, nation’s high-tech hub, best city to start a business, best city to live in America and best market for real estate investment in 2020.

In addition, the Austin market attracts major tech companies such as Apple, Amazon, Facebook, Google, Oracle, and Tesla, further contributing to this ongoing growth and making it increasingly appealing to investors, notes Cordoves.


 Amanda Kennedy

 

“Due to our expertise in the Austin office market, we have a hyperlocal pulse on this region,” says Cordoves.


 

Brad Merz

“This insight led us to acquire premier office assets 515 Congress and Domain Gateway as well as SouthPark Commerce Center and adjacent SouthTech Business Center, another high-quality industrial asset.

 

 "Our recognition of this market’s potential, combined with the superior quality of SouthPark Commerce Center and our strategic management of this property enabled us to enhance its value over time.”


The property’s ideal location is just one of the factors that has attracted numerous creditworthy tenants to it, according to Brett Merz, asset manager for SouthPark Commerce Center and senior vice president of KBS.

 

“KBS employed its noteworthy diversification strategy to bring a broad-based tenant roster to SouthPark Commerce Center,” says Merz.

 

“Many global and national companies call this asset their home in the Austin market. The fact that it has been 100% leased since 2015 speaks to the high-quality of this asset and the strength of KBS’ asset management program.”


Dustin Volz

The industrial real estate sector has remained strong throughout the pandemic, with average rental rates increasing nationwide 4.2% since Q1 2020.

While vacancies fluctuated over the last year, the overall industrial vacancy rate has decreased to 5.2% as leasing momentum and demand for industrial space continues to surge.

 

Built in 1998, SouthPark Commerce Center features a 24-foot clear height with 36% office finish.

 

The property is situated inside SouthPark Commerce Business Park, one of the top business parks in the Austin market.


Dom Espinoza


Its best-in-class location at the southeast corner of Interstate 35, State Highway 71 and U.S. 290 in southeast Austin places the center within 10 miles of some of the largest demand drivers in the region. 


Those include Austin’s CBD, Austin-Bergstrom International Airport, the University of Texas at Austin and the 5-million-square-foot Tesla GigaFactory currently under construction.

 

SouthPark Commerce Center is accessible to many major roadways and within a 30-minute drive of Hays County, one of the fastest-growing large counties in the nation with 47% population growth from 2010 to 2019.


Bruce Fischer


Senior Managing Directors Trent Agnew and Dustin Volz, Director Dom Espinoza and Analysts Josh Villareal and Wesley Gilmer with JLL Capital Markets represented KBS in the disposition.

 “It’s hard to find an industrial property of scale as compelling as SouthPark Commerce Center in infill Austin,” says Agnew.

“The asset attracted considerable attention from a wide mix of potential buyers including institutional advisors, private capital and closed-end private equity funds.”

Howard Chu
 Attorneys Bruce Fischer, Howard Chu, and Tina Ross, and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County and Texas offices represented KBS as legal counsel in the disposition.

 “We enjoyed working with KBS on the successful disposition of SouthPark Commerce Center,” says Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team.

 

SouthPark Commerce Center is located at 4401 Freidrich Lane in Austin, Texas.


 Josh Villareal
About BentallGreenOak

 

BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services.


 BentallGreenOak serves the interests of more than 750 institutional clients with expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. 


Wesley Gilmer


BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. 





BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.  

CONTACT:

 Micaela Fehrenbach 

mfehrenbach@brower-group.com

 www.bentallgreenoak.com

www.kbs.com.

 

 




Suburban Atlanta shopping center sells for $37.6 million

 
 

Roswell Market Place, 10800 Alpharetta Highway
 Roswell, GA

 

ATLANTA, GA – JLL Capital Markets announced it has closed the $37.6 million sale of Roswell Market Place, a fully leased, 95,522-square-foot shopping center anchored by Sprouts Farmers Market in the Atlanta-area community of Roswell, Georgia.


Jim Hamilton

JLL represented the seller, Branch Properties, LLC. East Coast Acquisitions acquired the property.

 

Roswell Market Place is located at 10800 Alpharetta Hwy. in Roswell, one of the highly most sought-after and affluent suburban Atlanta communities.

 

The average household income within a five-mile radius of the property is more than $142,000.

 

 The area is surrounded by explosive residential growth, including 300 new multi-housing units and 298 townhomes less than 0.5 miles from the property. 

 

Completed in 1986 and most recently renovated in 2015 and 2016, the fully leased retail property is anchored by Sprouts Farmer’s Market, one of the fastest-growing retailers in the U.S.


Brad Buchanan 

It is also home to a diverse, internet-proof tenancy that includes Starbucks, Chipotle, Subway, Hollywood Feed, Another Broken Egg Cafe, Bad Daddy’s Burger Bar and Tin Drum.

 

The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Andrew Kahn. Hamilton and team have a long history with Roswell Market Place, having facilitated its sale to Branch Properties in 2018.


Andrew Kahn.
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 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:

 Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

branchprop.com.

 

eastcoastacq.com.