Tuesday, August 17, 2021

Reuten Associates Announces Plan for Luxury Senior Housing Community in Downtown Closter, NJ

Mary Ann Hubschman

CLOSTER, NJ, Aug.17, 2021 – Reuten Associates and Metropolis Property Group unveiled plans today for a 195-unit luxury senior housing development in Closter, N.J.

The Residences at Reuten Park will replace five obsolete post-World War II-era manufacturing buildings located within the Reuten Corporate Park to create a modern, state-of-the-art senior housing community.


Mike Reuten

“We fully support plans to convert the industrial park into a residential community that will benefit seniors and add to the charm and beauty of our town,” said Mary Ann Hubschman, who owns and operates the Palisades Country Day School across the street from Reuten Corporate Park with her husband Richard Hubschman.

“This development will more than meet the needs of seniors in Closter which currently doesn’t offer this type of housing for our residents.”

 “We believe that transforming the oldest portion of Reuten Corporate Park from a manufacturing center to a beautiful luxury senior housing community is the ‘highest and best use’ of our land,” said Mike Reuten, owner and managing partner, Reuten Associates.

 “It will beautify the neighborhood and add a significant asset to our community – benefitting seniors, families, neighbors and local businesses.”

 “Often times, seniors like me have to move outside of their communities because of the lack of senior housing options,” said Pat Reuten, co-owner of Reuten Associates. 

“This new development will be a wonderful way to allow seniors to stay close to their families in Closter while still giving them the opportunity to embrace their independence.”

 Nick Sparozic, a lifelong area resident who owns the property where Closter Car Wash operates (formerly Jersey Nick’s Car Wash), also supports the project.

 “For generations, the Reutens have played a pivotal role in Closter becoming one of New Jersey’s most livable communities," said Sparozic.

"Their business has created jobs, provided a significant source of revenue for the town’s tax base, made donations to charities, and provided other meaningful ways of support for the town.

 “Mike Reuten is continuing the family tradition of caring for Closter’s residents by giving the town’s senior population the opportunity to stay in their own community. I’m 100 percent in support of it.”


 The Residences at Reuten Park will be located on an approximately six-acre property at 231 and 239 Herbert Avenue in downtown Closter – within walking distance of downtown retail stores and restaurants including Closter Plaza, as well as the Closter Nature Center.

 The property is located 10 miles north of the George Washington Bridge in Bergen County.

 

 CONTACT:

 

Alexa Cangialosi 

alexa@violetpr.com

https://www.metropolispropertygroup.com/

 


Stream’s Greater Los Angeles Leader Martin Pupil Named Partner

 

 Martin (Marty) Pupil 

LOS ANGELES, CA, Aug.17, 2021 – Stream Realty Partners (Stream), a national real estate services, development, and investment company, is pleased to announce that Martin (Marty) Pupil has been named Partner.

 “In three short years, Marty has significantly grown our Greater Los Angeles presence and footprint,"  stated Stream’s President, Chris Jackson.

 As respected industry veteran with an impressive track record, and strong leader who inspires his team and colleagues, we are excited to have him as a partner in our firm.” 

Chris Jackson

 Pupil joined Stream’s Greater Los Angeles office in 2018 and currently serves as Executive Managing Director, overseeing the operations for Stream’s Greater Los Angeles and Orange County offices.

Since he joined the firm, Pupil has successfully added numerous services lines and new markets, including the Inland Empire and Los Angeles.

  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.”

Monday, August 16, 2021

JLL closes $766 million sale of 12-property, 2.3-million-SF office portfolio in the Washington, DC metropolitan area.

 

Stephen Conley
WASHINGTON, DC– JLL announced its Capital Markets group has closed the $766 million sale of a 12-property office portfolio totaling 2.3 million square feet in the Washington, D.C. metropolitan area.

 JLL represented the seller, WashREIT, accelerating WashREIT’s transformation into a multifamily-focused REIT.

 The portfolio sale consists of six office properties across Northern Virginia and six in Washington, D.C.’s central business district.

Matt Nicholson
 


JLL’s Capital Markets team representing the seller was led by Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir, Dave Baker and Chris Capece.

 “We greatly appreciated the opportunity to work with WashREIT on this transformative transaction and taking the lead on reopening the Washington, D.C. marketplace,” Conley said.

 JLL’s Capital Markets group 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.

Jim Meisel
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 WashREIT

WashREIT owns and operates real estate assets in the Washington, D.C. market.

Backed by decades of experience, expertise, and ambition, the firm creates value by transforming insights into strategy and strategy into action.

Andrew Weir
WashREIT’s portfolio of 31 properties includes 7,059 multifamily apartment units and approximately one million square feet of commercial space.

 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.

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 92,000 as of June 30, 2021.

Dave Baker



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

 

 

  













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

 

 

IMG Expands to South Carolina with Acquisition of 242-Unit Greenville Asset

 

Andrea Howard

 Greenville, SC — Investors Management Group, Inc. ("IMG"), a California-based real estate investment and asset management firm, has acquired its first apartment community in South Carolina.

 

 The company purchased Tapestry at Hollingsworth Park, a 242-unit asset built in 2013 and located at 201 Rocky Slope Road in Greenville for an undisclosed price.

IMG now owns 16 apartment communities across the U.S. Sun Belt region (3,700 units) valued at $625 million.


Neil Schimmel

Nationally the company owns 4,300 units ($750 million). The firm has acquired more than $340 million in apartment assets since the start of the pandemic, bolstering its multifamily portfolio across the country.


“While our entry into the Greenville market was multiple years in the making, discussions started heating up earlier this year,” according to Neil Schimmel, Founder-CEO of IMG.

 

 "There's an oncoming surge of investor interest in multifamily projects in the beltway between Charlotte and Atlanta. The Greenville market is leading the recovery in terms of economic growth and population gains. These were the top drivers behind this deal."

Tapestry at Hollingsworth Park is located within Verdae, the largest Master Planned Urban Community in Greenville's history, minutes from Interstate 85 and the city's thriving downtown.

 

Tapestry offers a resident clubhouse with cyber cafe, coffee bar, library, outdoor kitchen and dining terrace, fitness studio, salt water pool with cabana, and car care center.


Tapestry at Hollingsworth Park,  
a 242-unit, 19-building  asset built in 2013
  at 201 Rocky Slope Road in Greenville, SC
 

Tapestry at Hollingsworth Park  encompassing a mix of one- two- and three-bedroom floor plans averaging 1,105 square feet.

IMG's value-add business plan will improve the asset through upgrades to unit interiors and community amenities.

Freddie Mac financing was secured through NorthMarq. Andrea Howard, Managing Director of NorthMarq's nationally ranked Multifamily Investment Sales team, represented the Buyer and Seller.

 

 

  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.”

Sunday, August 15, 2021

'King of Diamonds' Harry Winston Home Up for Sale at $32.5 Million

 

Marilyn Monroe 

NEW YORK CITY, NY -- Known throughout the world as the King of Diamonds and Jeweler to the Stars, Harry Winston’s jewelry designs have been sought after by movie stars, royalty and heads of state since the 1920s. 


Lauren Weisberger

Showing exceptional talent as early as age 15 for spotting valuable stones, Harry left his parents small jewelry business in California and moved to New York City, where he became a legendary diamond and jewelry specialist.

Paula Zahn

 

The Winston name became synonymous with fine jewelry such as in the 1953 song “Diamonds Are a Girl’s Best Friend” sung by Marilyn Monroe in the movie Gentlemen Prefer Blonds and Lauren Weisberger’s best-seller Chasing Harry Winston.


Mary Tyler Moore

He was well known for lending his glitziest jewels to actresses to show off at the Academy Awards, but Harry was especially famous for his donation of the Hope Diamond to the Smithsonian in 1958, according to TopTenRealEstateDeals.com.


Louise Beit

Harry owned the Hope Diamond for 10 years. Something else he owned for a long time: his jewel of a New York apartment with stunning views overlooking Central Park, which is now on the market, priced at $32.5 million.

Harry Winston

 One of New York’s premier white-glove addresses located directly across from the water basin in Central Park, 927 Fifth Avenue was built in 1917 in the Renaissance Revival style on 12 floors.

Harry Winston apartment home, 927 Fifth Avenue,
 New York City, NY

Located on the entire 9th floor, Harry’s former apartment has six bedrooms, five bathrooms, formal living and dining rooms as well as a library, butler’s pantry, an eat-in kitchen, six fireplaces, 27 oversized windows, herringbone floors and 10’6’ ceilings.

With over 5,000 square feet, rooms in the pre-war building are quite spacious, as befitted the period.  

 

Designed by Warren & Wetmore, well known for designing New York’s Grand Central Terminal and many of the era’s largest hotels, including the Mayflower Hotel in Washington D.C. and the Royal Hawaiian Hotel in Honolulu. 

 

 Former residents of the building have included Paula Zahn and Mary Tyler Moore.  



Though Winston died in 1978 at the age of 82, the Harry Winston salons are still the gold standard of jewelry stores with locations throughout the world, including the U.S., England, China, Switzerland, Germany and Japan. 

 John Burger

The 927 Fifth Avenue listing agent is John Burger of Brown Harris Stevens and Louise Beit of Sotheby's International Realty, both located in Manhattan.

 

 

  CONTACT:

Genelle C. Brown
Content Manager, Media Division

TopTenRealEstateDeals.com
Phone:  336-459-3728

Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

 

Photo Credit:  Brown Harris Stevens
Sources:  TopTenRealEstateDeals.com and www.bhsusa.com
Video: https://www.youtube.com/watch?v=9YPPdaZHnnM  
Video Credit: Sean Evans, @evvo1991 backtothemovies.com/

Saturday, August 14, 2021

Daum Commercial Completes Challenging Industrial Sale in Los Angeles County's South Bay Submarket

SOLD: a two-building industrial complex
totaling 145,000 square feet
in the South Bay submarket
 of Los Angeles County, Ca
 

 UNINCORPORATED LOS ANGELES COUNTY, CA – DAUM Commercial Real Estate Services has completed the sale of a two-building industrial complex totaling 145,000 square feet in the South Bay submarket of Los Angeles County, California. 

The complex was sold for a total consideration of $17.25 million and is located at 13255 S. Broadway & 360 W. 132nd Street in Unincorporated Los Angeles County, California.

The asset was acquired by Hager Pacific Properties, a Newport Beach-based real estate investment firm specializing in industrial, retail, and hospitality renovation projects, according to Michael Collins, Vice Chairman at DAUM Commercial, who represented the seller, a private party, in the transaction.

Michael Collins
“Our client owned a fully leased, well-located asset in the highly desirable South Bay submarket that had environmental concerns,” explains Collins.

 “Based on our deep and long-standing relationships within the Southern California industrial investment community, we were able to source a buyer who is well equipped to address the challenges, ultimately closing at a price based on the current status of the property.”

 

Collins notes that the property is located in one of the tightest industrial submarkets in the county, which is seeing compressed vacancy rates near 2%, according to a recent DAUM report. 

“This is a prime opportunity for the buyer to leverage previous experience remediating environmental issues and implement a proven value-add strategy to realize the upside,” continues Collins.

Rob Neal
Rob Neal of Hager Pacific Properties was a delight and honored all of his timeframes and commitments, allowing for a smooth transaction.”

The asset consists of one 108,000 square-foot building and one 37,000 square-foot building, with each leased to a single tenant.

 The complex benefits from frontage on three streets, convenient access to major area freeways, and close proximity to Downtown Los Angeles and the Ports of Los Angeles and Long Beach.

 CONTACTS:

 Arleeny Escarcega / Elisabeth Manville  

Brower Group  
(949) 438-6262 
aescarcega@brower-group.com 

 

michael.collins@daumcommercial.com.

 

www.daumcommercial.com.

JLL Capital Markets leads financing efforts for the historic collection of 28 office and retail buildings at Denver’s Larimer Square

 

 Larimer Square offers 28 office and retail buildings
along Larimer Street and Market Street
in downtown Denver, CO

DENVER, CO – JLL Capital Markets announced it has arranged post-acquisition financing for Larimer Square, a historic mixed-use collection of 28 office and retail buildings along Larimer St. and Market St. in Downtown Denver, Colorado.

 JLL worked exclusively on behalf of the property owner to secure the financing, which will be used to help the property owner realize its vision for the project through extensive restoration and renovation of these historic buildings.

Anthony Fertitta
Originally built in the late 1800’s, Larimer Square is listed on the National Register of Historic Places and comprises approximately 247,856 square feet of creative office and retail space along a full city block. 

The portfolio also includes the 306-space Market Street parking garage.

 Situated in the heart of Denver’s historic lower downtown “LoDo” district, Larimer Square has been a catalyst of vibrant urban activation for more than 150-years.

The portfolio of buildings benefits from its core compilation of retail and restaurant tenants along with creative office space above.

Larimer Square has helped spur further historic preservation of existing brick and timber buildings as well as the development of new mixed-use projects throughout the LoDo area.

Kristian Lichtenfels
An attraction in its own right, Larimer Square is also proximate to the Cherry Creek bike path, University of Colorado Denver campus, Ball Arena and Coors Field.

 The JLL Capital Markets team was led by Senior Managing Director Anthony Fertitta and Senior Director Kristian Lichtenfels.

 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.

 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