Monday, October 11, 2021

PEBB Enterprises Adds William Griffiths as Controller, Operations

William Griffiths

 BOCA RATON, FL, Oct. 11, 2021 – PEBB Enterprises, a full-service private real estate investment firm, expanded its team with the addition of William Griffiths as Controller, Operations. Griffiths is based in PEBB’s Boca Raton office.

Griffiths’ responsibilities include managing financials and timelines for construction and development, lease administration and internal and external reporting.

 Before joining PEBB, Griffiths spent much of his career with CBRE|Martin & Grand Rapids, the commercial real estate services and investment firm.

Ian Weiner

 “As PEBB continues to grow, we are adding experienced team members who can provide tremendous value to the firm like William Griffiths,” PEBB President and CEO Ian Weiner said.

 “With 20 years of experience in commercial real estate, he has hit the ground running with great insight and guidance on how to improve our processes.”

Contacts:

Eric Kalis

954-370-8999

ekalis@boardroompr.com

 

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

 

https://pebbenterprises.com/.  

Levin Johnston Expands Northwest Reach

 

 Adam Levin

PORTLAND, OR – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has announced the sale of a two-property multifamily portfolio that represents an expansion of the firm’s services into the Portland, Oregon market.

The portfolio disposition comprises a total of 35 units across Northern California and Portland, culminating with the sale of Provi Apartments in the prime Laurelhurst neighborhood of Portland.

“This sale represents a trend of California capital seeking and finding strong yields in more up-and-coming markets like Portland,” says Adam Levin, Executive Managing Director of Levin Johnston.

SOLD: Provi Apartments 
in the prime Laurelhurst
neighborhood of Portland, OR

“Total employment rates in the Portland Metro Area are expected to rise by 6.7% by the end of 2021, bouncing back from a decrease in 2020.

 "Drawing on this rapid regional growth and the property’s irreplaceable location in one of the most sought-after neighborhoods in Portland, our team was successful in securing premium pricing for this well-appointed asset.”

 For more information about Levin Johnston’s $100 million in available properties, please visit www.levinjohnston.com.

Contacts:

 

Arleeny Escarcega / Jenn Quader

Brower Group

(949) 438-6262

aescarcega@brower-group.com

 

Hollywood Celebrities' Legendary Home Up for Sale at $21.5 Million

Marilyn Monroe
 

 LOS ANGELES, CA -- Southern California’s star-studded home, Farralone, was built for Chase Bank heiress-and-socialite Dora Hutchinson

  It was a longtime home for Frank Sinatra and, according to legend, was the site of JFK's affair with Marilyn Monroe, cites  TopTenRealEstateDeals.com.

 Frank Sinatra

It has been a film site for many films and television shows including Mad Men, Californication and Dreamgirls.

   Recently restored, updated and renamed “Byrdview,” it is for sale at $21.5 million.

William Pereira
 

In 1949, Dora hired futuristic-architect William Pereira to design Farralone. He was one of the most famous and prolific architects of the time.

 He had also been a film-set designer, director and producer for several 1940's movies, winning an Oscar for his special effects photography work on Cecille B. De Mille's Reap the Wild Wind in 1942.

 

Frank Gehry

 He later became a professor of architecture at the University of Southern California, where one of his students was Frank Gehry. 

 

In his career, Pereira worked on over 400 projects including the 1933 Chicago World's Fair, Washington D.C.'s Kennedy Center, the Los Angeles County Museum of Art, and his most famous, the Transamerica Pyramid in San Francisco.

 

Lucille Ball

In 1963, Pereira made the cover of Time magazine for his work on the city master plan for Irvine, California.

 

Located on 4.3 acres in the Chatsworth neighborhood, Farralone is perched on a hilltop with 360-degree views over Los Angeles, mountains and the surrounding 3,000 acres of nature preserve. 

  

                                Ava Gardner

Gated and unable to be seen from the road, flooding it with light and capturing the views in all directions.

 

Also included is a bar, formal dining area, a den-office, large chef’s kitchen with island, breakfast nook with view and top-of-the-line appliances, a number of fireplaces, and endless entertainment areas both inside and out. 


 

                  President John F. Kennedy

Its private location away from prying eyes and long-gated access at the bottom of the pinnacle make the house extremely attractive to celebrities hoping for a true getaway.

 

Hutchinson’s guest lists contained the Who’s Who of Hollywood, including Lucille Ball, Ava Gardner, Frank Sinatra and the Rat Pack


                                Sammy Davis Jr.

When the excitement of the celebrity party scene started to wear thin, Dora moved back to her native New York City and rented the home to Sinatra, who stayed for almost ten years. 

 

 Sinatra started a whole new era of entertaining for Farralone, taking it from elegant to a slightly rowdy boy’s club vibe with his Rat Pack and political buddies. 


Mariah Carey

Everyone who was anyone passed through Farralone’s doors, grounds and pool throughout Sinatra’s tenure. 

 

 Marilyn Monroe was one of the regular guests, and as legend goes, the property’s guest house with its private pool was the venue for her scandalous affair with John F. Kennedy.


Usher and Rihanna
 

In more recent times, the property has been a filming backdrop for films, music videos, television sitcoms and fashion advertising. 

 

 The house and grounds have been seen in  films such as Swordfish, Dreamgirls, Transformers and Bewitched.


Craig Knizek

 

 It has also starred in television series Mad Men and Californication and in music videos by Mariah Carey, Usher and Rihanna.

 

Now priced at $21.5 million, the listing agent is Craig Knizek of The Agency, Beverly Hills.

 

Contact: 

 

Genelle C. Brown

Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  336-459-3728

Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

 

 

Photo credit:  Scott Everts/Fox/Agency
Sources:  TopTenRealEstateDeals.com  and www.theagencyre.com
Video: https://www.youtube.com/watch?v=j-WLWBsIsL0
Video Credit:  Sean Evans, @evvo1991 backtothemovies.com/ 

 

Sunday, October 10, 2021

Booming Austin, TX economy fuels sale of Congress Commons

 

Erin Lazarus

DALLAS,TX – JLL Capital Markets has closed the sale of Congress Commons, a fully leased, 50,244-square-foot mixed-use creative office and retail property in the heart of downtown Austin, Texas.

Patrick McCord

 JLL marketed the property on behalf of the seller, Asana Partners. Clarion Partners purchased the asset on behalf of Clarion Partners Real Estate Income Fund (CPREIF).

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Ryan Shore and Chris Gerard, Managing Director Kelsey Shebay, Senior Associate Patrick McCord and Analyst Erin Lazarus.

 Originally built in the late 1800’s and early 1900’s, Congress Commons brings together three historic Austin properties – the McKean-Eilers, Day and Swift buildings – that were once home to some of the most successful businesses of the day, including the Swift Meat Packing Co. and Davis Hardware.

Repositioned in 2013 into a mixed-use creative office property, Congress Commons is fully leased to Accenture, One Medical, Sushi Junai, Swift’s Attic and the Elephant Room.


Kelsey Shebay

 The property is positioned along one of Austin’s most heavily trafficked streets – Congress Ave., between 3rd and 4th Streets.

 This location is in the heart of downtown Austin offering walkability to a world-class amenity base comprising more than 190 dining, 140 entertainment and 135 retail options.


Chris Gerard
The property also has direct access to Austin’s best outdoor amenities, including Lady Bird Lake and the 10-mile hike and bike trail.

 In addition, Congress Commons is accessible from nearly all of Austin’s trendiest spots, including the Capitol Complex, UT Health District, Innovation District, Market District and Rainey Street District.

 Austin has witnessed tremendous demand throughout the last decade with more than a 75% growth in population. The tech surge is predicted to continue to boost the Austin economy with a more than 20% population growth predicted through 2025.

 

Ryan Shore
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 and sales 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: 

 Kristen Murphy

JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

 asanapartners.com.


www.jll.com.

 clarionpartners.com.


Tenant Shuffling Reflects Improving – but Still Vulnerable – Phoenix Office Market

Curtis Hornaday
 

PHOENIX, AZ – The Phoenix office market posted more than 604,000 square feet of positive office space absorption during Q3 2021, according to the new JLL Phoenix Office Insight Report, but a single 721,000-square-foot move-out by Chase Bank negated the gain.

 

The scenario underscores the improving – but still-vulnerable – state of the local office market, according to Curtis Hornaday, Research Manager for JLL in Phoenix.

 

“Considering the extreme dynamics of the past 18 months, the metro Phoenix office market is performing well, with rents rising and demand accelerating,” said Hornaday.


Chase Bank, Downtown Phoenix, AZ

“Since April, over 562,000 square feet of speculative office product has started construction to meet that demand through high-end, Class A projects like The Grove on the Camelback Corridor and The Beam on Farmer in downtown Tempe.”

 

JLL’s Q3 report notes that direct average asking rates for Phoenix office space increased 2.8 percent year-over-year, but Class A vacancy rose to 20.4 percent, surpassing the 20 percent mark for the first time since 2014.



This was due, in part, to negative absorption and, in part, to the delivery of buildings 7 and 8 (totaling 300,000 square feet) at Allred’s Park Place Center in Chandler.

 

According to Hornaday, the heavy amenities at The Grove and The Beam are already generating strong pre-lease activity, which should sidestep any significant additional gains to overall vacancy.



A myriad of activity contributed to Phoenix’s more than 604,000 square feet of Q3 positive office absorption, including move-ins by Dansons (200,000 square feet in Central Scottsdale) as well as Align Technology and Robinhood (a total 82,000-square-foot gain at Watermark in Tempe).

 

However, the move-out of Chase Bank (721,000 square feet in downtown Phoenix), caused the quarter to end with negative absorption of 152,000 square feet.




Allred’s Park Place Center in Chandler, AZ

 

Direct average asking rates increased to $29.08 per-square-foot, up from the $29.04 posted in Q2 2021. With sublease rental rates now 14.7 percent ($4.27 per-square-foot) lower than direct rates, a prolonged flight-to-quality period has created opportunities for growth-oriented users.

 

“When you look at the Phoenix office market overall, the story is a positive one,” said Hornaday. “Companies continue to relocate and expand here, viewing Phoenix as a high-quality, lower-cost business environment with an exceptional workforce.

 

"Working with organizations like GPEC, which was just named the top economic development organization in the world by IEDC, gives Phoenix a huge advantage over other major U.S. metros.”

 

 

Contact: 

 

Stacey Hershauer

Phone: +1 480 600 0195               

Email: stacey@focusaz.com

www.jll.com.