JLL Capital Markets sale of Union Bank Tower in Portland, OR

Union Bank Tower, Central Business
 District, 707 SW Washington Street
 Portland, OR

 

 PORTLAND, OR – JLL Capital Markets announced it has been engaged on behalf of a partnership between Melvin Mark Companies and Downtown Development Group to market for sale, a core, data center reposition of a 178,634-square-foot office investment opportunity located in the West end of the Central Business District in Portland, Oregon.

Buzz Ellis

The JLL Capital Markets Investment Sales Advisory team that is representing the seller is being led by Managing Directors Buzz Ellis and Conan Lee, along with Director Adam Taylor.

 The JLL Capital Markets Debt Advisory team leading the debt efforts includes Managing Director Alex Witt and Director Zach Kersten.

 “Union Bank lies at a critical network junction that has enormous potential for future growth of new physical network infrastructure as well as IP peering,” said Lee.

Conan Lee

 “With capital allocations targeting alternative assets at all-time highs, now is the perfect time to present this iconic tower to the market.”

 “Now that the tower’s namesake tenant has left the building, a new owner will have the generational opportunity to re-brand the asset, adding value in the process,” added Ellis.

Union Bank Tower is exceptionally located at 707 SW Washington St., just one block from Portland’s preeminent internet exchange (Pittock Block), which is only one of two primary internet exchanges for the entire Pacific Northwest.

Adam Taylor

Additionally, the property is near the CenturyLink and AT&T buildings, while Hillsboro -- one of the fastest-growing data center submarkets in the world -- is located just 18 miles west.

Regionally, Portland has become a strategic location for connectivity between San Francisco and Seattle, while, globally, Portland offers low latency to the Midwest, East Coast, Asia Pacific, EMEA and Latin America.

 The most used and commercialized north/south long-haul fiber routes that connect Portland to Seattle and San Francisco originate at Union Bank Tower.

Alex Witt

The 17-story property is 72 percent leased to 30 office tenants with rare connection capabilities, providing a unique opportunity to create additional data center and telecommunication space.

 The tower is home to 10 fiber-optic carriers, with a total of 18 existing data center tenants exchanging data in its Meet-Me-Room.

Union Bank Tower is the key point of origination and termination of two key long-haul fiber routes, the Joint Trench and FTV Build. 

 Zach Kersten

There are four major fiber entries in the parking garage of the building, with four major providers owning physical long-haul fiber cable assets that originate in the tower and an additional six carriers with long-haul fiber pairs.

  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 and advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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

CONTACT:

Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am

jll.com

 

The Keyes Company Promotes Ray Betancourt to District Sales Manager, Commercial Division

 

Ray Betancourt

 

Miami, FL  – The Keyes Company announces the promotion of commercial real estate veteran Ray Betancourt to District Sales Manager of the firm’s Commercial Division. Betancourt is based in the firm’s headquarters in Miami.

Betancourt has served The Keyes Company for 25 years, most recently as a Commercial Realtor Associate.

Betancourt will be responsible for managing the firm’s growing team of Commercial Associates and Administrators. This includes recruiting new talent and mentoring associates through the firm’s training process.

Mike Pappas

“Ray has been critical to the success of our Commercial Division,” said Keyes President and CEO Mike Pappas. “He is a dynamic leader, with a broad knowledge of commercial real estate. Ray has worked hard throughout his career and is an integral part of the Keyes family.”

 Additionally, Betancourt is actively involved in real estate industry organizations. He is a member of the National Association of Realtors, Florida Association of Realtors, Miami Association of Realtors and Innovating Commerce Serving Communities (formerly International Council of Shopping Centers).

 

CONTACT:

Daniel Benjamin

Senior Account Executive

 BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.keyescommercial.com.

JLL Capital Markets leads $81 million sales efforts for multi-housing community Solterra at Civic Center in Norwalk, CA

  

Chelsea Jervis

LOS ANGELES, CA – JLL Capital Markets has closed the $81 million sale of Solterra at Civic Center, a 192-unit, garden-style, value-add multi-housing community in Norwalk, California.

 JLL marketed the property on behalf of the owner, RedHill Realty Investors, Shelter Asset Management and Tokyu Land Corporation. A private company acquired the property.

 Solterra at Civic Center comprises one- and two-bedroom units averaging 904 square feet. Units feature large walk-in closets, private balconies, bathtubs and central HVAC and heating.

 Sean Deasy

Forty-nine of the homes have been renovated and feature new high-end cabinetry, quartz counters, vinyl plank flooring and stainless-steel appliances.

The property’s low-density layout on an over 8-acre site also features an unrivaled community amenity set that includes a tennis court, two luxury swimming pools, cabana room, fitness center, sports courts, and playground.

 Located at 12700 Bloomfield Ave., Solterra at Civic Center is ideally positioned with easy access to I-5, I-106, I-605 and California 91, offering residents easy access to Southern California’s most prominent employment, retail, and entertainment centers. 

Solterra at Civic Center is centrally located 17 miles southeast of downtown Los Angeles equidistant to the major business districts of Los Angeles and Orange County.

 The JLL Capital Markets investment sales team that represented the developer was led by Senior Managing Director Sean Deasy, Managing Director Peter Yorck and Directors Nick Lavin and Chelsea Jervis.

Peter Yorck 

“Solterra at Civic Center is a unique, suburban, low-density, value-add opportunity in the heart of the mid-cities,” said Yorck.

“We have seen unrivaled demand from investors for this type of product as renter demand has increased due to changing renter demand related to the COVID pandemic.

"We look forward to the buyer realizing their business plan at the property.”

 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 and advisory, debt advisory, equity advisory or a recapitalization.

Nick Lavin

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 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.

 

About Tokyu Land US

Tokyu Land U.S. Corporation (“TLUS”), a wholly-owned subsidiary of Tokyu Fudosan Holdings (a fully-integrated, Japanese publicly-traded company, and one of the largest real estate owner, operator and developers in Japan), is a real estate investment company with offices in Los Angeles and New York.

Since 2012, TLUS has invested over $1.3B of equity in the U.S. in ground-up development and value-add multi-family, office, and industrial assets in primary/gateway markets.

The company’s plan is to continue to expand its footprint in the U.S. through joint ventures with local operating partners.

  CONTACT:

Cierra Lacasse

JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

Daum Commercial completes sale of 236,700-SF Class A Inland Empire industrial property to Nuveen Real Estate

SOLD: 236,700 square-foot freestanding industrial building
at 2950 East Philadelphia Street in the Inland Empire
 submarket of Ontario, CA

Ontario, CA – DAUM Commercial Real Estate Services has completed the sale of 236,700 square-foot freestanding industrial building in the Inland Empire submarket of Ontario, California to Newport Beach-based Nuveen Real Estate, one of the world’s largest real estate investment managers.

The asset was acquired from the occupant, Myers Power Products, Inc., an industry leader in the design and manufacture of engineered-to-order power distribution equipment, in a sale-leaseback transaction, according to Chris Migliori, Executive Vice President at DAUM Commercial.

“The seller had an exceptionally well-located, 100%-leased Class A industrial asset in one of the most desirable submarkets in the Inland Empire,” says Migliori.

Chris Migliori

“Based on deep, long-standing relationships with industrial investors active throughout Southern California, we were able to quickly source an experienced, well-capitalized buyer who recognized the full value of the asset, ultimately securing above asking price.”

 The property is ideally located at 2950 East Philadelphia Street, adjacent to the Ontario International Airport and bounded by Interstate 10, Interstate 15, State Route 60, and State Route 83, allowing for ease-of-access throughout the region.

Situated on 12 acres of land, the building features two oversized grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4000 amps, a fenced yard, and is naturally divisible.

CONTACTS:

Arleeny Escarcega / Elisabeth Manville  
Brower Group  
(949) 438-6262 
aescarcega@brower-group.com 

 www.daumcommercial.com.

JLL arranges $49.5 million sale and financing of creative office building in Miami Beach, FL

Melissa Rose

 

MIAMI, FL – JLL Capital Markets has closed the $49.5 million sale and financing of 1688 Meridian, a boutique Class A office building along with two parking lots in Miami Beach, Florida. 

1688 Meridian Avenue, Miami Beach, FL

 

JLL represented the seller, Ivy Realty, in the sale of the property to 1688 Property Owner, LLC. Additionally, JLL worked on behalf of the buyer to secure a loan with Värde Partners for the acquisition.

 Ike Ojala

Renovated in 2019, 1688 Meridian is a 10-story, 88,419-square-foot office tower with ground floor retail space fronting Meridian Ave. and 17^th St.

 

In addition to the office tower, the sale included two land parcels at 1699 and 1709 Jefferson Ave., which are currently used as parking lots.

 

The property is 81.4% leased, offering significant leasing and development upside.

 

1688 Meridian is positioned on a high-profile corner location at the intersection of 17^th St and Meridian Ave. just steps away from Lincoln Road, Miami Beach’s most iconic open-air pedestrian promenade.

Hermen Rodriguez

The property is surrounded by numerous amenities, including the Lincoln Eatery, Miami Beach Convention Center, Sunset Harbour, New World Symphony, The Filmore and countless restaurants, major retailers and luxury hotels.

 Miami continues to attract new capital, companies and residents due to the low tax-rate environment, pro-business culture, fast growing economy, development of a tech hub and superb quality of life.

 

According to JLL’s Second Quarter Office Outlook, Miami has achieved new all-time highs for rents within the Miami CBD posting 5.6% year-over-year growth.

Matthew McCormack 

The JLL Capital Markets team representing the seller was led by Managing Director Ike Ojala, Senior Managing Director Hermen Rodriguez, Director Matthew McCormack with support from Associate Max La Cava.

 

JLL Managing Director Melissa Rose led the Capital Markets team representing the borrower with support from Analyst Max Lescano and Associate Jimmy Calvo.

 

“1688 Meridian is a fully renovated building in the heart of world-renowned South Beach and is experiencing record tenant demand, which generated very strong interest from the investment community,” Ojala said.

Max La Cava

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 and advisory, debt advisory, equity advisory 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.

 

Max Lescano

About Ivy Realty

Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company and has acquired more than $2.4 billion in assets and currently has a portfolio exceeding six million square feet of office, industrial, residential and retail properties.

Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. 

About Värde Partners

Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $80 billion since inception and manages $15 billion on behalf of a global investor base.

James (Jimmy) Calvo

 The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending.

 Värde employs approximately 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. 

 

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. 

CONTACT:

 

Kristen Murphy

JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

ivy-realty.com. 

jll.com.

varde.com.

Metrospaces Names Steven Plumb as CFO

Steven M. Plumb

 NEW YORK, NY -- Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, has named Steven M. Plumb, CPA, as its new CFO and WWC as its public auditor.     

 Plumb most recently served as CFO at Artella Solutions, Inc., a private medical device company, and has served in a similar role at DirectView Holdings, Inc. (DIRV.PK), ProBility Media Corp. (PBYA.PK) and Bering Exploration, Inc. (BERX) and others.

 Additionally, Plumb is a former auditor with PriceWaterhouseCoopers and KPMG.  He has a Bachelor of Business Administration degree from the University of Texas at Austin.

 

 Oscar Brito

Metrospaces CEO Oscar Brito is enthusiastic about what Plumb brings to the executive team.

 “Steven has an amazing reputation as a financial leader and brings so much relevant experience to Metrospaces as we grow,” explained Brito.

 “His work as CFO with tech-forward companies coupled with his big four experience make him a great partner for our current and planned financial goals.”

Additionally, Brito has selected California-based WWC as its auditor. The forty-year-old firm was selected because of their impressive track record in PCAOB and Sarbanes-Oxley audit environments.

 CONTACT:

Kelly Hunter

khunter@sunwestpr.com

 (972) 489-4361

NCLA Files for Summary Judgment in Class-Action Lawsuit Against CDC’s Eviction Moratorium

John J. Vecchione

 

Washington, DC – The New Civil Liberties Alliance, a nonpartisan, nonprofit civil rights group, has moved for summary judgment in Mossman v. CDC, the class-action lawsuit challenging the Centers for Disease Control and Prevention’s (CDC) eviction moratorium order.

 

 The case, currently pending review in the U.S. District Court for the Northern District of Iowa, disputes the authority of CDC to impose the “Temporary Halt in Residential Evictions to Prevent Further Spread of COVID-19.”

 

NCLA represents blameless housing providers left powerless by CDC’s lawless order.

 

On August 26, 2021, the U.S. Supreme Court removed a stay on an injunction that had been entered in a D.C. District Court.

 

In doing so on facts nearly identical to those in Mossman, the Court stated, “careful review of that record makes clear that the applicants are virtually certain to succeed on the merits of their argument that the CDC has exceeded its authority.”

 

 That opinion further suggested, “The applicants not only have a substantial likelihood of success on the merits—it is difficult to imagine them losing.”

Jared McClain

President Biden admitted the lack of lawful authority for the order back on August 3, saying, “The bulk of the constitutional scholarship says that [a new order is] not likely to pass constitutional muster.”

 

 The Supreme Court’s ruling and the Biden administration’s concession make clear—at last—that CDC lacked any authority to issue the unlawful order.

 

Plaintiffs have been irreparably harmed by CDC’s ill-conceived foray into national housing policy. 

CDC’s eviction moratorium prevented thousands of members of the National Apartment Association and National Association of Residential Property Managers from using lawful eviction procedures for over a year, which will cost the members millions of dollars in unrecoverable losses.

 

 NCLA’s clients will be unlikely to obtain any economic relief or damages from their tenants, because, by definition, any tenant presenting an appropriate attestation will be insolvent.

 

Many Plaintiffs will never recover from the economic stress caused by the eviction moratorium.

                     President Joe Biden

The CDC order is without a statutory or regulatory basis. Before the Supreme Court invalidated the moratorium, several courts had already determined that the CDC order was unlawful for a host of reasons.

 

The issue is so clear, the injury to the Plaintiffs so egregious, and the binding precedent so great, that the Court should promptly grant summary judgment on the merits and declare the eviction moratorium unlawful.

 

NCLA released the following statements:

 

“Our clients have been denied access to their property, refused any remedy for non-payment of rent, and have been frozen out of court so their legitimate claims could not even be heard.

 

This lawless act was done without Congressional authorization by a bureaucrat who pays no price for issuing this order. 

Judy Pino

 

"Enough is enough. It has to stop now with a judicial order that prevents CDC and the other defendants from ever pulling this stunt again.”

— John Vecchione, Senior Litigation Counsel, NCLA

 

“The case against CDC was clear from the day the agency issued its moratorium just ahead of last Labor Day. Now, almost a year later to the date, we ask the district court to follow the Supreme Court’s lead, declare the order unlawful, and enjoin its enforcement nationwide.”

— Jared McClain, Litigation Counsel, NCLA

 

For more information, please visit the case page here.

 

 

CONTACT:

Judy Pino

 202-869-5218