JLL Capital Markets closes $34 million sale of One Pacific Place housing prime location of Trader Joe's in Omaha, NE

 

Amy Sands

CHICAGO, IL, April 11, 2022 – JLL Capital Markets announced today that it has closed the $34 million sale of One Pacific Place, a 90,945-square-foot retail center anchored by a high-performing Trader Joe’s in Omaha, Nebraska.

 JLL marketed the property on behalf of the seller, a joint venture between RED Development and BIG Shopping Centers. Midwest-based Lund Company Investments, Inc. acquired the asset.

Clinton Mitchell 

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder and Senior Managing Director Chris Gerard.

 Located at 10381 Pacific St. in Omaha, One Pacific Place is home to the only Trader Joe’s within 55 miles, allowing the center’s trade area to encompass a population 24% larger than the 285,284 residents living within a five-mile radius.

This makes for a diversified customer base traveling across 70 ZIP codes to the center, which is in an established and affluent Omaha submarket.

Michael Nieder 

The 93.4-percent-leased One Pacific Place is also home to a synergistic mix of daily needs, restaurant, medical and traditional retail tenants.

They include Talbots, Chico’s, Wheatfield’s, Dentistry for Health, Five Salon, Hand & Stone Massage & Facial Spa, Bath and Body Works, , Eddie Bauer, , Club Champion, Power Life, Nothing Bundt Cake and Andre’s. Completed in 1989, the center was last renovated in 2010.

 JLL Research’s recently released Grocery Tracker 2022 report details how 2021 was a record year for grocery-anchored retail property transactions. Acquisition volume for the year was more than $13.3 billion, the second-highest level in recorded history.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Chris Gerard

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.

 About RED Development

For more than 25 years, RED Development has been an industry leading, wholly integrated commercial real estate company known for its high-performing mixed-use and retail portfolio. 

SOLD: One Pacific Place, 90,945 SF.
 10381 Pacific Street. Omaha, NE

A preferred partner for best-in-class retailers and investors, RED is known nationally for its vibrant, well-trafficked ground-up developments along with its keen expertise for remerchandising and repositioning existing properties to improve profitability and appeal. 

Headquartered in Phoenix, the privately held company’s portfolio is comprised of distinctive destinations across the Southwest and Midwest. 

Trader Joe's at One Pacific Place, Omaha, NE

About BIG Shopping Centers USA, Inc.

BIG Shopping Centers USA, Inc. (BIG USA) is a subsidiary of the Israeli parent company BIG Shopping Centers, Ltd. (publicly traded in the Tel Aviv stock exchange, TASE: BIG). 

 BIG USA owns interests in 12 shopping centers across the United States, totaling 3.7 million square feet and 96% occupied, with an aggregate value of over $500 million (BIG USA’s share of ownership). Four centers are wholly owned by BIG and the remaining with partners.

 BIG USA is seeking to sell its remaining centers in the U.S., after successfully completing the sale of 13 shopping centers, valued at $1 billion, in the past nine months.

 

 CONTACT:

Kimberly Steele

PR, Capital Markets, Agency Leasing and Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 REDdevelopment.com.

JLL’s Capital Markets group in Miami promotes three associates into production roles to accommodate increased demand for commercial real estate services

 

Cody Brais

 MIAMI, FL, April 11, 2022 –  According to Real Capital Analytics, all commercial real estate trades in South Florida increased 183 percent year over year, with $8.8 billion in 2020 to $25 billion in 2021.

 JLL’s Miami Capital Markets office saw a 121 percent year-over-year increase in investment sales, debt and equity transactions in 2021.

Kenny Cutler

To continue to grow and to service existing clients, Cody Brais,  and Max La Cava are now directors specializing in a variety of property types in Florida and the Southeast.

 As part of the investment advisory team, Brais and La Cava both focus on the disposition of commercial real estate assets across Florida and the Southeast.

 Max La Cava

In 2020, Brais joined JLL’s industrial capital market’s team in South Florida, as part of its acquisition of HFF. He has facilitated more than $4.8 billion of commercial real estate transactions during his career.

 La Cava is a member of JLL’s International Capital Coverage Latin America Team and he is part of JLL’s Single-Family Rental (SFR) Team formed in January 2021.  

Danny Finkle

Before joining JLL in 2019, he worked at a Miami-based private equity firm and at a bulge bracket private bank covering $18 billion of Latin American wealth.

Cutler is part of the debt and equity advisory team and joined JLL in 2019 as part of the HFF acquisition.

Since starting his career as a commercial real estate analyst in 2017 after graduating from the University of Florida’s Master of Science in Real Estate (MSRE) program, he has worked on closed commercial real estate transactions that total more than $2.4 billion in volume.

“People, companies and capital are moving to Florida in droves due to its business-friendly environment and excellent quality of life.

 "Institutional investors have recognized this cultural shift and are tailoring their investment criteria to target markets like South Florida,” said Senior Managing Director Danny Finkle, who co-leads JLL’s Miami office and U.S. Retail Capital Markets platform."

Chris Drew

“The South Florida economy is thriving as the greater economy emerges from the pandemic and as a result all sectors within our industry are directly benefiting,” said Senior Managing Director Chris Drew, who co-leads JLL’s Miami capital markets office with Finkle.

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

 

CONTACT:

Kimberly Steele

PR, Capital Markets, Agency Leasing and Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 

JLL’s Phoenix Capital Markets office appoints Senior Managing Directors Ben Geelan and Brad Miner to co-lead the investment sales, debt and equity advisory platforms in Phoenix, AZ

Ben Geelan

 PHOENIX, AZ – JLL Capital Markets has promoted Senior Managing Directors Ben Geelan and Brad Miner to co-heads of the Phoenix Capital Markets group.

 Geelan and Miner have more than 27 years of combined commercial real estate experience. Geelan will oversee the investment sales advisory platform of the business while Miner will oversee the debt and equity advisory platform.

 “We are happy to continue our proven tradition of growing our best people into leadership roles,” said Kevin MacKenzie, Executive Managing Director, National Production Leader, JLL Capital Markets.

Brad Miner

“Ben and Brad have both been excellent producers, with natural leadership abilities and possess the complementary skill sets we seek in office heads.

"Phoenix has strong fundamentals, with massive growth opportunity, so we look forward to continuing our trajectory in this important market under new leadership.”

 Geelan focuses primarily on office and industrial sales in Phoenix and the greater Southwest region.

 He joined JLL in 2019 as part of the HFF merger and has more than ten years of experience in the industry.

Kevin MacKenzie

Miner has more than 17 years of experience in commercial real estate finance and focuses primarily on originating debt and equity transactions in the Southwest with an emphasis on multi-housing.

 He has been involved in various capitalizations through his career, including construction, bridge and conventional debt placements as well as subordinate debt and joint venture equity financings. Miner also came to JLL as part of the HFF acquisition in 2019.

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

 CONTACT:

  Kristen Murphy

JLL Director

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

 

Western Specialty Contractors Chicago Senior Branch Manager Steve Genovese Receives ICRI 40 Under 40 Award

Steve Genovese

 

 St. Louis, MO, April 8, 2022 – The International Concrete Repair Institute (ICRI), the only association in the concrete industry devoted solely to repair and restoration, recently announced the winners of its 40 Under 40 Award.

 

 Western Specialty Contractors is proud to announce that Steve Genovese, Senior Branch Manager of its Chicago Branch, was among the announced winners.

David Grandbois

This year’s 40 Under 40 winners were recognized at the ICRI’s 2022 Spring Convention, April 4-6, in Baltimore, MD.

 The prestigious award recognizes 40 individuals who exemplify dedication to the concrete repair industry. 

A peer nominated award, the ICRI 40 Under 40 recognizes individuals who have demonstrated their commitment to continued professional growth, high potential for continued success in leadership roles, and a strong passion for – and commitment to – the mission of ICRI.

Tony Marchiafava 

“It is a great privilege to be recognized by my industry peers for this award,"  said Genovese.

"I am thankful for all the relationships that I have made and continue to make during my 16+ years in this industry while being an active ICRI member. 

"ICRI has been a key component in developing my industry knowledge throughout my career.”

 

Genovese started with Western in 2006 as an Asst. Sales/Project Manager, then promoted to Sales/Project Manager in 2008 and Department Manager in 2013. He was named Western’s Chicago Branch Manager in 2016.

 

He has been an active member of the Illinois ICRI Chapter since 2007 and served as the chapter’s president in 2015. He has a Bachelor of Science in Construction Management from Illinois State University and an Associate in Arts from Triton College.

Derek Robertson

In 2021, the ICRI honored Western’s Chicago Branch with a “Project of the Year” award for its concrete restoration work at Extra Space Storage in Chicago.

The project was selected for its unique construction challenges and historical significance. Western made slab underside concrete repairs throughout the 1900s building and slab topside repairs on the building’s ramps and parking surfaces. 

Western also applied a traffic bearing membrane to all the vehicular traffic surfaces in the three-story building, which previously stored the Chicago Tribune’s delivery trucks.

 

Western’s Minneapolis Assistant Branch Manager David Grandbois was named an ICRI 40 Under 40 in 2020, the award’s inaugural year. Project Manager Tony Marchiafava of Western’s Minneapolis Branch and Derek Robertson of its New York Branch also received the award in 2021. 

 

 CONTACT:

 Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

 

 www.westernspecialtycontractors.com.

Graycor Names Industry veteran Sue Sylvester New Head of Business Development for the Southwest Region

 

Sue Sylvester

PHOENIX, AZ, April 8, 2022 – Leading national general contractor Graycor Construction Company has hired industry veteran Sue Sylvester as Business Development Manager, responsible for identifying and pursuing new business opportunities across the Southwest region.

Sylvester joins a leadership team that includes Graycor Construction Company’s President Tim Hanifin, Southwest Division Operations Manager Rusty Martin and Construction Manager Geovanni Villalta.

Tim Hanifin

This combination of national and regional expertise brings the full scope of Graycor’s manufacturing, industrial, office, hospitality and retail capabilities to Arizona and the region.

“Sue understands the sectors driving our economic future and takes an approach that optimizes creativity and strategy in pursuing those opportunities,” said Hanifin.

 “Leveraging her 25-plus years of experience in the Valley, Sue brings a wealth of local relationships and knowledge in a variety of markets and product types to our Phoenix-based team.

"We look forward to the successes we will achieve together as we continue to evolve and grow our Southwest footprint.”

Since the establishment of its Southwest Division office, Graycor has developed millions of square feet across the region.

Rusty Martin 

This includes landmark projects such as the 1.2 million-square-foot G303 industrial development and build-out of this manufacturing facility for MLILY in Glendale, Arizona; multiple buildings at Gilbert Spectrum, including two award-winning Class A office projects for satellite developer Northrop Grumman, in Gilbert, Arizona; multiple light industrial buildings at the airport-fronting Skybridge project at Phoenix-Mesa Gateway Airport in Mesa, Arizona; and the award-winning Camelback Collective, featuring a Class A office building and boutique AC Marriott Hotel in the heart of metro Phoenix’s Camelback Corridor.

In 2021, Graycor Inc. celebrated its 100^th anniversary. A third-generation, family-owned and operated company, it has 10 offices nationwide, more than 50,000 projects in its portfolio and has performed more than one million man-hours with zero recordable injuries over the course of its time in business. 

Geovanni Villalta

Sylvester holds a Bachelor of Science degree from Arizona State University and studied Business Strategies for the Environment through the Executive Program at Stanford University.

She co-founded the Arizona Chapter of the U.S. Green Building Council and the Business Development Guild, and holds LEED accreditation and a Professional Business Developer certification from these organizations, respectively. 

Sylvester is also past President of the A4LE Arizona Chapter and is actively involved in the Greater Phoenix Economic Council and Valley Partnership Community Project.

  

CONTACT:

 Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 www.graycorconstruction.com.

 

JLL Capital Markets advises on $60 million purchase and financing of University Mall in Burlington, VT by a JV comprising Eastern Real Estate and Taconic Capital

Claudia Steeb

BOSTON, MA, April 7, 2022 – JLL Capital Markets announced today that it has advised on the $60 million purchase of and arranged $36.27 million in acquisition financing for University Mall, a 617,000-square-foot, grocery- and Target-anchored enclosed regional mall in Burlington, Vermont, that is the No. 1 shopping center in the state.

 University Mall, a 617,000-square-foot,
grocery- and Target-anchored
 enclosed regional mall
in Burlington, VT

JLL advised a joint venture between Eastern Real Estate and Taconic Capital on their acquisition of the asset. Additionally, working on behalf of the new owner, JLL secured a non-recourse acquisition loan from HarborOne Bank and Berkshire Bank.

 Dave Monahan 

With an estimated 3.9 million visitors per year, University Mall generates more foot traffic than any other shopping center in the state of Vermont.

The 96.3-percent-leased mall is the largest enclosed shopping center in the state and is anchored by Hannaford Supermarkets and Target’s first and only store in Vermont.

The mall is complimented by a diverse mix that includes JCPenney, Kohl’s, Sears, H&M, Victoria’s Secret, Bath & Body Works and Party City. The new owners announced they are exploring a range of plans to reenergize the property, which was originally constructed in 1979 and last renovated in 2018.

Chris Angelone

University Mall spans nearly 52 acres at 155 Dorset St. in Burlington less than three miles from four colleges and universities, including the University of Vermont, and both The University of Vermont Medical Center and the Burlington International Airport are within a mile.

The property also has excellent visibility from Interstate 89, one of Vermont’s most heavily travelled interstates with average daily traffic counts exceeding 47,000.

Cameron Pittman

The property draws from an extended trade area that includes approximately 42 percent of the state’s population and 278,812 residents within a 25-mile radius earning an average annual household income of $105,521.

 The JLL Retail Capital Markets team advising the purchaser was led by Senior Managing Directors Dave Monahan and Chris Angelone, Senior Director Cameron Pittman and Managing Director Nat Heald.

 “Eastern Real Estate has made a number of savvy regional mall acquisitions over the past few years, and Taconic Capital has a proven track record of intelligent, opportunistic direct real estate investments,” Monahan said.

Nat Heald

“University Mall is a tremendous addition to their portfolios, offering exceptional upside potential. 

Eastern and Taconic make an excellent team, and I am excited to see the transformation of University Mall under their ownership.”

 The JLL Capital Markets Debt Advisory team included Managing Director Claudia Steeb and Senior Managing Director Brett Paulsrud.

 

Brett Paulsrud

“Obtaining debt that enables Eastern Real Estate and Taconic to pursue their transformation of University Mall was a key factor in selecting the lending group for this opportunity,” Steeb added. 

“The lenders at HarborOne Bank and Berkshire Bank were flexible in providing terms to meet the needs of the ownership group.”

CONTACT:

Kimberly Steele

JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

 

Cuningham announces completion of unique affordable housing and community center development in Minneapolis, MN

 Sam Olbekson

 

MINNEAPOLIS, MN – Cuningham, a design firm with expertise in architecture, interior design, urban design, landscape architecture, and master planning, has announced on behalf of its client, the Red Lake Nation, the opening of Mino-bimaadiziwin Affordable Housing.

  The first-of-its kind,110-unit affordable housing community features a Red Lake Nation embassy and healthcare clinic and is located in the heart of Minneapolis’ American Cultural Corridor.

 Mino-bimaadiziwin, which means “living the good life” in Ojibwe, provides housing to Red Lake Ojibwe Band members and other local Native American residents, as well as bringing much-needed services to the tribe’s urban population.

Jeff Schoeneck

 It is the first housing project developed by a tribal government in a major city, according to Sam Olbekson, AIA, NCARB, Founder and CEO of Full Circle Indigenous Planning + Design, LLC and Cuningham consultant.

“The Red Lake Ojibwe Band identified a strong need for culturally-specific supportive housing for its community members living off the tribe’s northern Minnesota reservation,” says Olbekson.

“In addition to the affordable housing units, the development’s Red Lake Nation embassy and healthcare clinic will create a convenient hub for residents to receive the services, resources, and care they need.”

 

Project funding for the nearly $42 million development came from the city of Minneapolis, Hennepin County, the Shakopee Mdewakanton Sioux Community, and 15 other sources.

 “We’ve seen widespread support for Mino-bimaadiziwin from a range of local stakeholders who hold a strong belief that this permanent housing solution, as well as convenient access to community resources and physical and mental health services, will create a solid foundation upon which residents will flourish,” says Jeff Schoeneck, AIA, NCARB, LEED AP, Principal and Executive Director of Cuningham’s Live Studio.

The project was built on a site that previously served as a temporary navigation center for unsheltered residents in response to an encampment of over 300 people called the Wall of Forgotten Natives.

The Cuningham team collaborated closely with Red Lake Ojibwe community members and other stakeholders to ensure the design was strongly rooted in place and aligned with enhancing and uplifting the resident experience and overall mission of the project.  

CONTACTS:

Katie Haga / Elisabeth Manville

The Smart Agency, Inc.

(949) 438-6262
khaga@thesmartagency.com

 

iBorrow provides financing for acquisitions and value-add repositionings of two vacant properties in New Jersey

Brian Good

MONTCLAIR, NJ and CLIFTON, NJ – iBorrow, a nationwide private direct lender for commercial real estate, recently provided financing to support the acquisitions and repositionings of two vacant properties totaling nearly 50,000 square feet, both located in Northern New Jersey.

 The assets include a three-story, 19,952 square-foot property in Montclair, which was historically used as a self-storage facility, and a 28,178 square-foot industrial property in Clifton, according to Brian Good, CEO of iBorrow.

“These two projects reflect strong fundamentals of the New Jersey market that support the demand for upgraded properties spanning a range of sectors,” explains Good.

He notes that the state saw solid population growth over the past decade, especially within the Northern counties where these properties are located.

 “Both of the assets will allow the borrowers to serve the needs of their respective submarkets through strategic conversions into new product types with sound and actionable business plans.”  

CONTACTS:

Katie Haga / Elisabeth Manville

The Smart Agency, Inc.

(949) 438-6262
khaga@thesmartagency.com

 

www.iBorrow.com.

 iBorrow

12100 Wilshire BLVD., Suite 510

Los Angeles, CA 90025

O: 310.843.0001 | F: 310.843.0888  

info@iborrow.com |  www.iBorrow