The Waffle Experience signs 2,400-SF lease for first location in Los Angeles Area at Conejo Gateway Plaza in Newbury Park, CA

Shauna Mattis

 

LOS ANGELES, CA – JLL announced The Waffle Experience has signed a new lease for 2,400 square feet of space at Conejo Gateway Plaza, a 60,000-square-foot retail center located at 727 N. Wendy Drive in Newbury Park, California.  The Waffle Experience is now open, the first outside of the Sacramento area.

 Alex Otto 

JLL’s Shauna Mattis and Alex Otto represented the landlord, DH Holdings, in the lease.  The Waffle Experience was represented by Shaun Kennedy of FGP Commercial Leasing.

"After a lull in 2020, retail tenants are out in force looking for space, whether a newer concept like The Waffle Experience opening its first location in the LA area or a well-capitalized brand looking to grow," said Shauna Mattis, JLL Executive Vice President.

Shaun Kennedy

"As we return to normalcy, we expect to see more tours and more leasing being signed in all categories, from restaurants to discounters to entertainment concepts.”

Currently, The Waffle Experience has three locations, all in the Sacramento area.  In addition to Conejo Gateway Plaza the restaurant also plans to open in the Atlanta area.in the coming months.

         Conejo Gateway Plaza, 727 North Wendy Drive

                           Newbury Park, CA

Ideally located in the dynamic West Thousand Oaks community of Newbury Park, Conejo Gateway Plaza is adjacent to the US-101 Freeway, providing convenient access to neighboring communities and the affluent of Dos Vientos Ranch.

 DH Holdings is currently developing a beautiful entertainment area in the Center that will transform Conejo Gateway into a social hub for the community.

 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.”

JLL Capital Markets closes sale and arranges acquisition financing of retail asset anchored by Target and H-E-B in Odessa, TX

 

Winwood Town Center is situated on 40.43 acres
 at 3801-3915 East 42nd Street at the epicenter
of one of Odessa’s busiest intersections,
42nd Street and Grandview Avenue,
exposing the center to more than
65,000 vehicles per day.

 

Chris Gerard

DALLAS, TX – JLL Capital Markets announced it has closed the sale of and arranged acquisition financing for Winwood Town Center, a fully leased 365,559-square-foot regional shopping center anchored by Target and H-E-B in the west Texas community of Odessa, Texas.

 JLL orchestrated this off-market opportunity on behalf of the seller, Brixmor Property Group. Fidelis Realty Partners LLC acquired the asset.

 

 Additionally, working on behalf of the new owner, JLL arranged the 10-year acquisition loan with Frost Bank.

 

 Ryan Shore 

Completed between 1987 and 2002, Winwood Town Center is home to a mix of national tenants, including a rare Target lease, H-E-B, Ross Dress for Less, dd’s Discounts, Office Depot and Michaels.

Additionally, the asset includes ground leases to Chick-fil-A, Taco Bell, BBVA and Jack in the Box.

 

Winwood Town Center is situated on 40.43 acres at 3801-3915 East 42nd St. at the epicenter of one of Odessa’s busiest intersections, 42nd Street and Grandview Avenue, exposing the center to more than 65,000 vehicles per day.

 

Barry Brown

Odessa is in Texas’ Permian Basin and part of the Midland-Odessa MSA, one of the fastest-growing regions in the United States over the past five years with more than 33 percent population growth.

The center draws from an expanded trade area that includes more than 158,000 residents. 

 

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard, Ryan Shore and Barry Brown. 

 

The JLL Capital Markets Debt Placement team included Senior Managing Directors Colby Mueck and Ryan West and Senior Director Clint Coe. 

 

Colby Mueck

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.

Ryan West

Clint Coe

 

 

CONTACT:

Kimberly Steele

 JLL Manager, Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

Stan Johnson Co. arranges $7.6 million sale of industrial manufacturing facility near Detroit, MI

A 186,443-square-foot industrial building
 located at 18450 15 Mile Road
in Fraser, MI

 

FRASER, MI -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a 186,443-square-foot industrial building located at 18450 15 Mile Road in Fraser, Michigan.

The manufacturing facility is leased to AAM Metal Forming (NYSE: AXL), a leading global tier 1 automotive supplier that designs and produces driveline and drivetrain components and modules, chassis systems and other formed products for the automotive industry.

 ACW Fraser American LLC, a Tucson, Arizona-based institutional investor, was exclusively represented by Asher Wenig of Stan Johnson Company.

Asher Wenig 

Fraser Fifteen LLC, an institutional investor based in Clifton, New Jersey, acquired the asset for $7.6 million. The cap rate was not disclosed.

“I was proud to represent my client in the sale of this attractive asset,” said Wenig, Senior Director and Partner in Stan Johnson Company’s New York office. “They were able to take advantage of a hot industrial net lease market.”

Located in a northern suburb of Detroit, Michigan, the mission-critical facility is situated on 14.35 acres and was recently renovated in 2020.

At the time of sale, there were approximately 15 years remaining on the primary lease term. The lease features an absolute triple net expense structure and provides 2.0 percent annual rent increases during the primary and option terms.

“The offering was well-received by the market, allowing us to generate several offers by many qualified buyers,” Wenig added.

“Combined with this being a mission-critical facility, well below market rents and there being available buildable FAR, this will be an outstanding investment for the buyer for many years to come.”

 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.”

www.stanjohnsonco.com.

JLL arranges $296 million refinancing for 321 North Clark Office Tower in Chicago

321 North Clark, a 936,240-SF trophy office tower
in Chicago’s River North submarket.

 

CHICAGO, IL – JLL announced its Capital Markets group  arranged a $296 million refinancing for 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket.

 JLL worked on behalf of the borrower, a joint venture partnership of Hines, American Realty Advisors and Diversified Real Estate Capital, LLC, to secure the five-year, floating-rate loan through Nuveen Real Estate.

Keith Largay

JLL’s Capital Markets team representing the borrower was led by Senior Managing Directors Keith Largay and Danny Kaufman with support from Analyst Michael Halbach.

 “As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” Largay noted.

 “The strength of Hines, ARA and Diversified as the borrower in tandem with the quality of 321 N. Clark attracted a truly exceptional amount of interest from the lending community,” Kaufman added.

Daniel A. (Danny) Kaufman 

Situated along the banks of the Chicago River, 321 N. Clark offers a premier riverfront location with immediate access to the financial, entertainment, technology and residential districts of the city.

The property is served by a variety of public transportation options, including a seasonal water taxi and shuttle bus service between the building and Ogilvie and Union train stations; Brown, Green and Orange Line service within a five-minute walk and multiple bus line stops.

 Additionally, 321 N. Clark is just minutes from Interstates 90, 94 and 290 as well as Lakeshore Dr.

 The 35-story office tower was originally built in 1987 and underwent an $85 million renovation in 2019, which positioned the property as a premier destination for today’s tenants.

The updates included re-imagining and renovating the lobby and incorporating a four-tier riverfront restaurant and event space operated by Lettuce Entertain You, modernizing the elevators and cab design and adding an amenity floor featuring a state-of-the-art fitness center and  modern tenant lounge.

321 N. Clark also features a 168-space, on-site parking garage, conference center and bike parking. The property is leased to a diverse and notable tenant roster which includes the American Bar Association and Foley & Lardner.

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

  

 CONTACT:

Kristen Murphy,

 JLL Senior Manager, Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

www.hines.com

  aracapital.com.

JLL Capital Markets lands key hire in Nashville; Bradley Worthington will be Director focused on investment sales advisory transactions

Bradley Worthington

 

NASHVILLE, TN, July 8, 2021– JLL Capital Markets announced today that it has added Bradley Worthington as a Director in its Nashville office.

 In this role, Worthington will focus on investment sales advisory transactions across asset classes in the greater Nashville area and surrounding Tennessee markets.

 Worthington joins JLL with more than five years of experience in the commercial real estate industry.

He has held positions as an analyst/associate and affiliate broker at local and national commercial real estate firms, and most recently as a Vice President with The Charles Hawkins Co., an independent real estate firm in Nashville.

Richard Reid

He is a board member for NAIOP’s Nashville chapter and committee member for the Iris Ball. Worthington earned a Bachelor of Business Administration degree from the University of Mississippi.

 “As the markets continue to gain momentum, we felt it was important to have a dedicated commercial investment sales advisory executive in our Nashville office,” said Richard Reid, JLL Senior Managing Director who oversees the Atlanta and Nashville markets.

“We’re seeing more and more investors look at Nashville to invest in and we’re excited to have Bradley on board to complement our existing Southeast experts and advise these clients going forward.”

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

  

 CONTACTS:

 Murphy, Kristen

 Kristen.Murphy@am.jll.com

 

Seyfarth’s Growing Team in Seattle Adds Ian S. Taylor, Lauren Parris Watts and Andrew Escobar

 

 Ian S. Taylor

SEATTLE, WA -- (July 8, 2021) -- Seyfarth announced today the arrival of partner Ian S. Taylor to its Real Estate department and Leasing practice group in Seattle.

Taylor was most recently a partner in the Real Estate and Municipal Law practice groups at Seattle-based Pacifica Law Group.

Lauren Parris Watts

Taylor represents both private and public landlords and tenants in all components of real estate leasing, including drafting and negotiating agreements for office, retail, and other commercial spaces.

In addition, he regularly counsels clients on land development issues, complex purchase and sale agreements, environmental contamination cleanup and remediation projects, condominium conversions, eminent domain cases, and legislative and regulatory matters. 

 Andrew Escobar

“Ian is a skilled real estate lawyer with incredible transactional experience,” said Paul Mattingly, chair of Seyfarth’s Real Estate department.

“With the extraordinary growth of our national portfolio leasing practice and other leasing demands, Ian is an important addition to our team.”

Denice Tokunaga

Prior to joining private practice, Taylor was a senior deputy prosecuting attorney in the Civil Division of the King County Prosecutor’s Office where he represented the office of the King County Executive, Department of Transportation, Facilities Management, Metro Transit, and the King County International Airport.

 Earlier in his career, Taylor was a King County criminal prosecutor where he tried nearly 40 jury trials.

“We are strategically growing our Seattle roster with talented attorneys in impactful practice areas," said Denice Tokunaga, co-managing partner of Seyfarth’s Seattle office.

Paul Mattingly

 "Our team serves many clients from the retail and industrial sectors and Ian’s leasing practice expands our capabilities and bandwidth in this space.”

Taylor is the latest partner to join Seyfarth’s new Seattle office following the recent additions of Labor & Employment partner Lauren Parris Watts and Litigation partner Andrew Escobar.

In July 2020, Seyfarth announced the formal launch of the office, the firm’s first in the Pacific Northwest and fifth on the West Coast.

Seyfarth’s Seattle office is currently comprised of 17 lawyers, including 11 partners, from a cross-section of the firm’s nationally ranked departments.

Thomas Wybenga

The office’s other co-managing partner, Thomas Wybenga, added that, “Ian is an entrepreneurial lawyer with an excellent network and deep connections in the Puget Sound business community. We’re excited to have him aboard as we continue to build Seyfarth in Seattle.”

Notably, Taylor served in the United States Marine Corps where he earned many awards and commendations. He received a J.D. and B.A. from the University of North Carolina at Chapel Hill.

About Seyfarth

With more than 900 lawyers across 17 offices, Seyfarth Shaw LLP provides advisory, litigation, and transactional legal services to clients worldwide.

 

 CONTACTS:

John Garger jgarger@rippmedia.com 212-262-7484
Ivan Alexander ivan.k.alexander@gmail.com

 

Stos Partners Acquires 125,000-SF Multi-Tenant Industrial Property in Ventura County, CA for $20 Million

 

CJ Stos

VENTURA COUNTY, CA, July 8, 2021 – Stos Partners, a privately held commercial real estate investment firm, has acquired an approximately 125,000 square-foot multi-tenant industrial property in the Ventura County submarket of Simi Valley, California, from a private seller for $20 million.

According to Jason Richards, Partner at Stos Partners, the San Diego-based firm was able to draw on close relationships to secure the asset through an off-market transaction.

 Jason Richards

“We were drawn to this property based on strong and secure in-place cashflow and potential for tremendous upside,” says Richards.

“The asset is in an exceptional Ventura County location that offers close proximity to the San Fernando Valley and Downtown Los Angeles, further driving its appeal to quality tenants.”

The property is 94% leased to a diverse base of several long-term tenants, notes Richards.

Dan Cherrie 

The property is located at 2320-2380 Shasta Way in Simi Valley, California. Dan Cherrie with CBRE represented Stos Partners as the buyer.

CJ Stos, Principal at Stos Partners, adds: “Drawing upon deep experience in industrial markets throughout Southern California, we are continuously monitoring for opportunities to acquire properties best situated for growth.

"Our firm’s ability to quickly identify and source deals speaks to the strength of our relationships, as well as our strong track record and reputation in the industry.”

Tanner Jansen

­According to Tanner Jansen, Vice President of Acquisitions at Stos Partners, the asset presents the opportunity to bring rents up to market through Stos Partners’ proven value-add business plan.

“We will immediately implement capital improvements including mechanical system upgrades, parking lot repaving, and fresh paint on both the exteriors and interiors, in order to better accommodate its current uses as well as attract new tenants and unlock new value potential,” Jansen explains.

 CONTACTS:

Katie Haga / Elisabeth Manville

Brower Group

(949) 438-6262

khaga@brower-group.com

www.stospartners.com.

 

MCA Realty Raises First Fund with $50 Million in Equity Commitments; More than $130 Million in Buying Power

Tyler Mattox

 

ORANGE COUNTY, CA – MCA Realty, a full-service real estate investment and management company based in Orange County, California, announced the successful raise of its first fund with $50 million in equity commitments, resulting in approximately $130 million in buying power.

MCA Realty's principals, Tyler Mattox, Jared Gordon, and Peter Cheng have successfully navigated a full spectrum of market conditions, and pride themselves on building and maintaining strong relationships with industry partners.

The MCA Realty Industrial Growth Fund, LP received broad support from both existing and new limited partners, achieving its initial fundraise target of $50 million.

 The strategy will leverage MCA Realty’s investment platform and expertise in acquiring value-add industrial properties across the Western U.S. - specifically targeting small and mid-bay multi-tenant industrial assets.

Jared Gordon

MCA Realty typically invests in single assets on behalf of its limited partners, but due to high demand in the industrial sector was able to raise their debut fund in just three months during the global pandemic.

“We have a long-established track record within the multi-tenant industrial space across the western states, which is one of the reasons we were able to raise capital for the fund so quickly,” explains Tyler Mattox, Principal at MCA Realty.

“Our proven approach, the stability of tenants in this asset class through the COVID-19 pandemic, combined with the increasing tenant demand of well-located industrial assets was attractive to investors.”

Peter Cheng

The fund will target small and mid-bay industrial properties in markets poised for economic growth where there is opportunity for value creation.

“The industrial sector has undergone tremendous growth over the last several years as the rise in e-commerce has continued to grow,” says Mattox.

 “In fact, this trend has been accelerated by the pandemic and demand for industrial properties has continued to rapidly increase.

 "Because of our niche focus, we understand how to identify, source and acquire these assets below replacement cost where we can then implement upgrades and address operational inefficiencies to enhance long-term value.”

Lakewood Business Park, Lakewood, WA

According to Mattox, the firm has already begun to deploy capital within the fund, acquiring its first property, Lakewood Business Park, a 136,350 square-foot industrial property in Lakewood, Washington in late 2020 for $18.2 million.

“The launch of this fund will allow MCA to act quickly on acquisitions that make sense for our investors in terms of asset class, geography and target return profile,” says Mattox. 

“We will continue to deploy capital over the next 24 months in key markets across the Western U.S.”

 CONTACT:

khaga@brower-group.com

www.mca-realty.com.

JLL Capital Markets placed the loan for 114 Pacific Court in the high-barrier-to-entry Irvine Spectrum submarket in Irvine, CA

 

114 Pacific Court, a 110,392-SF, Class A office building in  Irvine, CA

 NEWPORT BEACH, CA – JLL Capital Markets announced it has arranged financing for 114 Pacifica Court, a 110,392-square-foot, Class A office building in Irvine, California.

 JLL worked on behalf of the borrower, Meridian and Harrison Street to secure the floating-rate loan through H.I.G. Realty Partners. The three-year loan has two, one-year extension options.

The JLL Capital Markets team representing the borrower was led by Managing Director John Chun.

John Chun.

“The Irvine Spectrum submarket has a limited number of available medical office space, and Meridian and Harrison Street have a well laid-out business plan to attract a wide variety of medical office tenants,” Chun noted.

 Loan proceeds will be used to convert 114 Pacifica into a Class A medical office building, which will include adding a three-level parking structure in the north end of the property.

In addition, the property is currently 49% occupied and as leases roll over the next two years, ownership will convert the general office tenants to medical office tenants.

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:

Kristen Murphy

 JLL Senior Manager, Public Relations

Phone: +1 617-848-1572

Email:  Kristen.Murphy@am.jll.com  

http://www.harrisonst.com/

jll.com.