Premier retail and dining destination center in Miami sells for $216 million

 

Kim Flores

 MIAMI, FL, Aug. 4, 2022 – JLL Capital Markets announced today that it has closed the $216 million sale of Mary Brickell Village, a 200,503-square-foot, Publix-anchored mixed-use retail center with an 875-space parking garage in Miami’s dynamic Brickell district.

 JLL marketed the asset on behalf of the sellers, Rockpoint and Ivanhoe Cambridge. RPT Realty acquired the center.

Danny Finkle

The JLL Retail team representing the sellers was led by Senior Managing Directors and Co-Heads of U.S. Retail Capital Markets Danny Finkle and Chris Angelone, Executive Managing Director Matthew Lawton, Senior Director Eric Williams and Vice President Kim Flores.

 “Mary Brickell Village is one of the most unique and well positioned retail properties in the country,” said Finkle.

“The Miami Brickell district has quickly evolved into one of the most dynamic and exciting places in South Florida, and this 5.2-acre parcel with a variety of best-in-class retailers and restaurants is in the absolute epicenter.”

Chris Angelone

Mary Brickell Village is anchored by a high-volume Publix and Miami’s only LA Fitness Signature Club.

 The center is complemented by an exceptional roster of high-quality, leading retailers and popular restaurants, including Moxie’s, North Italia, P.F. Chang’s, Shake Shack, Blue Martini, Starbucks, Massage Envy, Candela Gastro Bar and EWM Realty.

Originally constructed in 2008, the property underwent substantial renovations and modernizations between 2018 and 2020.

Matthew Lawton

Positioned on a 5.2-acre site at 901 South Miami Ave., Mary Brickell Village is in an infill, transit-oriented location that sees incredibly high vehicle and pedestrian traffic.

This irreplaceable location is at the epicenter of the Brickell District and surrounded by excellent demand drivers, with 18.4 million square feet of office space, more than 147,000 daytime employees, over 6,600 hotel rooms and 76,000 residents all within 10 blocks.

 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.

 Eric Williams

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:

Kimberly Steele, JLL Sr. Manager, Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

rockpoint.com

 ivanhoecambridge.com.

 rptrealty.com

Mesirow hires Will Beam as Managing Director, Acquisitions in Institutional Real Estate Direct Investments

 

Will Beam

 

CHICAGO, IL, Aug. 4, 2022 – Mesirow, an independent, employee-owned financial services firm, today announced Will Beam has joined as a Managing Director, Acquisitions in Mesirow Institutional Real Estate Direct Investments.  Leveraging nearly 20 years of real estate investment experience and past oversight of more than $4.5 billion in real estate investments, Will’s focus will be on all aspects of the acquisition process. “Will has a proven track record in the direct real estate investment space, specializing in multi- and single-family rental housing, and deep relationships, spanning the breadth and scope of the industry, that will enhance our capabilities to serve clients,” said Alasdair Cripps. Alasdair Cripps. “On behalf of our team, I wish to welcome Will to Mesirow and look forward to his future contributions as we remain laser-focused on providing institutional investors with access to compelling investment opportunities and attractive risk-adjusted returns.”    Will joins Mesirow from Magnolia Capital, where he served as Managing Director and Principal of Investments and Business Development.  Previously, Will had advanced to the role of Partner at Heitman, after working in multi-family acquisitions for 13 years.  Over the course of his career, Will has helped lead acquisitions, financing and dispositions along with raising capital for new investment products.

For more information, please visit: https://www.mesirow.com/capabilities/global-investment-management/institutional-real-estate-direct.

CONTACT:

mediainquiries@mesirow.com Michael Herley | 203.308.1409

Native Realty CEO Jaime Sturgis brokers $9.84 million sale of 6.6-acre commercial site in Davie, FL

 

Jaime Sturgis

 FORT LAUDERDALE, FL –– Jaime Sturgis, the CEO of industry disruptor and neighborhood placemaker Native Realty, just closed his third big investment sales transaction in the last three weeks. Sturgis represented the buyer of a 6.6-acre commercial site in Davie.

 Summerwind Properties LLC of Fort Lauderdale acquired the 10450 W. State Road 84 site for $9.84 million. Digital Comm Link Inc. was the seller. The transaction closed on Aug. 2.

 The site includes two existing industrial buildings totaling 14,605 square feet, leaving plenty of room for future office or industrial development.

Its proximity to I-595, Fort Lauderdale International Airport and Port Everglades make the site highly desirable for commercial users.

      Rendering of Flagler Village, Fort Lauderdale, FL

On July 15, Sturgis represented Summerwind in the $17.5 million sale of a Fort Lauderdale industrial building. The Davie transaction satisfies the requirements for a 1031 exchange.

 Five days after closing the Fort Lauderdale industrial sale, Sturgis represented both sides of the $10 million off-market sale of a Flagler Village office building.

 In that deal, Charlotte-based real estate investment company Asana Partners expanded its established presence in Flagler Village by acquiring the office building, an adjacent warehouse and surface parking.

 

 CONTACT:

Eric Kalis

Vice President,

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

 www.nativerealty.com.

 

TPG/Marshall Hotels & Resorts Names Douglas Osborne General Manager of 20-Room 1715 on Rittenhouse, A Boutique Hotel in Philadelphia, PA

 Douglas Osborne

 

 PHILADELPHIA, PA—TPG/Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, announced Douglas Osborne has been named general manager of the 20-room 1715 on Rittenhouse, a Boutique Hotel, located in the heart of Philadelphia's affluent Rittenhouse Square neighborhood.

“A twenty-plus year hospitality operations veteran with nearly a decade of that experience in Philadelphia, Douglas is the ideal leader to take the hotel to the next level while ensuring improved guest satisfaction and strong financial performance,” said Mike Marshall, president and CEO, TPG/Marshall Hotels & Resorts. 

Mike Marshall

“With the completion of its multi-million dollar renovation, 1715 on Rittenhouse, a Boutique Hotel, has achieved ‘like-new’ status that makes it the ideal destination for upscale visitors seeking a truly unique Philadelphia experience. 

"While 1715 on Rittenhouse is very much a hotel, with each room boasting its own theme, the guest experience is more akin to staying in a luxury Philly townhouse with each room uniquely decorated to give guests a distinctive experience for their stay.”

Most recently, Osborne was clubhouse manager of the Germantown Cricket Club where he built relationships with affluential guests that had major ties within Philadelphia’s marketplace.

 

  CONTACT:

Chris Daly, media

DG Public Relations

(703) 864-5553

chris@dalygray.com

 

Plaza Advisors brokers sale of Oakhill Village Shopping Center near Orlando International Airport.

Oakhill Village shopping center,
 a 103,427 square foot grocery
anchored plaza located 10 miles
 northwest of Orlando International Airport. 

 

 Plaza Advisors is pleased to announce the sale of the Oakhill Village shopping center. The 103,427 square foot grocery anchored plaza is located ten miles northwest of the Orlando International Airport. 

The price was not disclosed

Alejandro Silbestein 

The property is situated at the intersection of Hiawassee Road and Old Winter Garden Road and features a combined traffic count of 54,500 AADTC.

 Oakhill Village was constructed in 1989, is situated on 11.43+/- acres and was 99% occupied at the time of the sale.

The property is anchored by Dollar General pOpshelf. The trade area is largely built-out with considerable barriers to entry and contains over 120,000 residents in a three-mile radius.  

 Oakhill Village Associates LTD was the seller of the asset. Escape 22 Oakhill, LLC acquired the center. Plaza Advisors represented the seller. Alejandro Silbestein of Resma LLC represented the offshore investor.

   CONTACT:

www.plazadvisors.com

 Jim Michalak

Managing Partner

Plaza Advisors

 

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 1

Fax 831.2627

jim.michalak@plazadvisors.com

 

 

 

JLL Capital Markets sells 250,000 SF office building in Northern NJ

 

Grace Braverman

MORRISTOWN, NJ, Aug. 3, 2022 – JLL Capital Markets announced today that it has completed the sale of Westgate, a vacant, 250,000-square-foot office property in Basking Ridge, New Jersey. The price was not disclosed.

Westgate is located at 477 Martinsville Road
 in the affluent community of Basking Ridge,
 which has an average household
income of $212,127

 JLL represented the seller, and procured the buyer, Edgewood Properties, who is actively seeking a tenant for the property.

Jose Cruz

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jose Cruz, Kevin O'Hearn and Sean Ryan, Managing Directors Steve Simonelli and Michael Oliver and Vice President Grace Braverman.

 

According to O’Hearn, “Westgate is a trophy asset which should benefit from the ‘flight-to-quality’ tenant trend we’re currently seeing in the market.”

 

 

Completed in 1991, Westgate previously served as the headquarters for Everest Reinsurance before they relocated to larger space at nearby Warren Corporate Center.

 Kevin O'Hearn 

The two-wing layout, each with separate entrance and elevator bank, with a dramatic full-height central lobby, provides a wide range of space flexibility.

 

 In addition, the four-story, granite-clad building features in-demand tenant amenities, including large private balconies, full-service cafeteria, modern fitness center, large terrace overlooking a picturesque fountain pond, conference room space, several generators, and a sprawling 34.6-acre site with manicured landscaping.

 

Westgate also features a 116-space parking garage and plentiful surface parking.

Sean Ryan

The property is located at 477 Martinsville Rd. in the affluent community of Basking Ridge, which has an average household income of $212,127, and is home to a variety of major corporations and pharmaceutical companies as well as the Memorial Sloan Kettering Cancer Center next door.

 

 In addition, the immediate area surrounding Westgate is highly amenitized with numerous restaurants and cafes, national hotel chains, recreation and entertainment options.

 

Westgate is also in close proximity to area highways, including Interstates 78 and 287 and Route 22, and to the Lyons N.J. Transit station providing connections to New York City and throughout the state.

Steve Simonelli 

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.

 

 

About JLL

Michael Oliver 

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

 

  CONTACT:

Kristen Murphy, JLL Director, Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

 

MCA Realty expands into Sacramento, California and Salt Lake County, Utah markets with purchase of two assets totaling nearly $14 million

 Tyler Mattox

 

 ORANGE COUNTY, CA – MCA Realty, a full-service real estate investment and management company based in Orange County, California, has announced the completion of its ninth and tenth acquisitions since deploying the MCA Realty Industrial Growth Fund, LP.

 The firm’s most recent purchases include a small-bay industrial portfolio in Sacramento, California and a multi-tenant industrial building in Salt Lake County, Utah for a total consideration of $13.8 million.

 According to Tyler Mattox, Principal at MCA Realty, the Sacramento and Salt Lake County properties are the first assets acquired by MCA Realty in their respective submarkets.

 “Both the Sacramento and Salt Lake County markets are displaying favorable long-term outlooks,” says Mattox.

“Even amidst recession conversations, these markets appear resilient, so we are confident about the potential of our latest acquisitions.” 

 The firm has expanded significantly into new markets since deploying its growth fund at the end of 2021.

 Mattox adds. The $50 million fund, raised in just three months, has been utilized to acquire a total of 10 assets to date.

  CONTACT:

 

Katie Haga

The Smart Agency, Inc.

(949) 438-6262

khaga@thesmartagency.com

Despite record inflation, RECI notes the economy moving upwards

 

John Oharenko

Chicago, IL – The Real Estate Capital Institute® reports the American economy continues moving forward at a healthy pace based on strong corporate earnings and low unemployment.

 The Real Estate Capital Institute® director, John Oharenko, states, "Even as interest rates climb, overall real estate pricing remains attractive based on a limited supply of product, which is exacerbated by extremely costly new construction."

 As a result, last month's Fed meeting resulted in three-quarters of a point.  The Fed announced that additional rate hikes are possible as the central bank attempts to tame a 40-year-high inflation rate.

  The stock market anticipated this rate hike, and the benchmark ten-year treasury dropped, hovering in the 2.75% +/- range. 

 Furthermore, the yield curve remains inverted, as markets expect some correction, perhaps even a mild recession.  High inflation persists, but the pressure may ease.

Commercial real estate capital markets readily absorb higher borrowing costs.  However, substantial pricing discounts for bargain hunters remain out of reach, particularly for multifamily and industrial assets. 

 

 Discounting of 10% to 15% from a year ago is considered a "fair" transaction.  However, most institutional properties continue showing strong performance, resulting in little need for lowering prices. 

And even as mortgage rates and expenses rise, owners benefit from rising rents, staying in step with inflation. 

 

For comparison, the best rates for longer-term permanent loans were in the 3.5% range at the beginning of this year, while today's best rates fall in the 4.5% range. 

 

Even as the best quality assets remain competitively priced, challenged property types, such as shopping centers, enjoy a price recovery of as much as 20% or more. 

 

 Over the past five to ten years, retail assets continued declining as shoppers moved to internet sales. 

 

As sales tax loopholes disappear and shipping costs climb, consumers gradually return to brick-and-mortar facilities for shopping needs.  While major malls plagued by obsolete footprints remain undesirable, small retail strip centers are making a comeback as part of this trend. 

 

Also, developers continue to build residential communities on large mall sites as part of denser urban and suburban planning, so financing for such ventures is readily available.

 

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

 

 CONTACT:

 John Oharenko 

Executive Director

john.oharenko@reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

director@reci.com / www.reci.com