Saturday, September 10, 2022

JLL Capital Markets arranges $20 million acquisition financing for a 500-space parking garage located at 14-40 Beach Street. in Boston, MA

Amy Lousararian
 

 BOSTON, MA JLL Capital Markets has arranged the $19.6 million acquisition financing of 14-40 Beach St., a 500-space, 149,000-square-foot parking garage in Boston, Massachusetts.

 JLL worked on behalf of the borrower, Neighborhood Property Group, to secure the five-year, fixed-rate loan through HarborOne Bank.

 Located along Beach Street, the garage is positioned between Harrison Ave. and Washington St. in Boston’s Chinatown neighborhood and nestled between the Financial and Theater Districts.

Greg LaBine 

The location is only a few blocks north of the I-93 interchange with I-90 providing excellent vehicular connectivity to the North and South Shore, Logan Airport and Boston’s affluent western suburbs.

Additionally, the property includes 4,338 square feet of 100-percent-leased, ground-floor retail space.

 The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Greg LaBine and Director Amy Lousararian.

14-40 Beach St., a 500-space,
149,000-square-foot parking
garage in Boston, MA

 “While today it is a core cash-flowing garage, it will be exciting to see how the NPG team adapts the asset for additional revenue opportunities and the future of mobility,” said LaBine. 

“Harbor One was supportive of the business plan and executed the financing flawlessly. We hope this is the first of many garage opportunities for NPG in the Boston market.”

 

Michael Jackowitz

“Neighborhood Property Group’s acquisition of 14-40 Beach in Boston embodies the company’s focus and business plan – to acquire and reposition well-located, urban infrastructure assets in major U.S. markets to capitalize on the growing demand for mobility solutions,” said Michael Jackowitz, NPG’s Chief Operating Officer. 

“We value the assistance and professionalism of JLL and HarborOne Bank in fostering’s NPG’s expansion into the Boston market.”

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

 

CONTACT:

Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

www.nbrhdpropertygroup.com.

 

 

Brett Thompson joins JLL Phoenix Office as Senior Vice President


 

Brett Thompson

 

PHOENIX, AZ – The Phoenix office of JLL  announced the addition of Brett Thompson as Senior Vice President.

 

 Thompson brings nearly a decade of experience to the full-service real estate firm. He will focus primarily on landlord representation, expanding JLL’s local market presence in this sector.

 

Thompson was previously a Director for a leading global commercial real estate brokerage firm, where he served local and multi-market accounts in corporate leasing, expansions, relocations, acquisitions and dispositions.


Ryan Timpani

In his new position, Thompson will work primarily with office leasing broker Ryan Timpani, who joined JLL in 2020, focusing on Class A office buildings.

 

“Brett puts the client experience as priority one and understands that tracking the fundamentals of a market – including the needs of its employees and employers – is the best way to create leasing success,” said JLL Senior Managing Director Pat Williams.



Pat Williams

“This is a great time to put those skills to work in Phoenix, as part of our JLL team.  We’re very pleased to welcome him.”

  

Thompson holds a Bachelor’s degree in Management from Arizona State University and is involved with the Urban Land Institute, Young Leaders, Valley Partnership, Phoenix Community Alliance and the Greater Phoenix Economic Council (GPEC).

 

He will be based out of the JLL Phoenix office, which this fall will expand and relocate into 31,000 square feet at The Grove, a $400 million, Class AA mixed-use destination being developed by RED Development on the northwest corner of 44th Street and Camelback Road, in the heart of the Camelback Corridor.

 

 

CONTACT:


Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

 

Friday, September 9, 2022

Bridge Lands Latest Tenant at Lenox Park in Atlanta, GA

 

Tina Renee McCall


  
ATLANTA, GA – Bridge Commercial Real Estate, a commercial brokerage subsidy of Bridge Investment Group, has executed a new office lease with Tidwell Group at 1277 Lenox Park, a seven-story, 152,234-square foot Class-A building nestled within the 32-acre mixed-use office campus in Atlanta.


J. Barry Tidwell

Totaling 9,483 square feet, the seven-year deal solidifies Tidwell Group’s commitment to bolstering its Atlanta hub in the coming years as the fast-growing company enters the next chapter of its growth story.

 Tidwell Group is a leading accounting and advisory firm specializing in the real estate, tax credit and construction industries.


Jeff Shaw

It is relocating the Atlanta team from its current office in Central Perimeter. 


The company is expected to hire an additional 25-30 new employees after the move is finalized later this fall, with Lenox Park’s lush greenspace, diverse amenity base and closer proximity to the urban core expected to provide an immediate recruiting advantage for young professional talent.

 

“Our extensive interior and exterior renovations and capital improvements at Lenox Park have created a first-class office environment that reflects Tidwell Group’s passion for its team and return to office,” said Tina Renee McCall, Managing Director at Bridge Investment Group.


 Kevin Lott

“We’re thrilled to welcome one of America’s fastest-growing accounting firms to the campus, which continues to serve as a dynamic talent hub for companies of all sizes.

 

"Emerging small-to-mid-sized users are driving a lot of the activity right now in both the local and national office market as more businesses place a premium on highly-amenitized buildings that equally value collaboration, wellness and flexibility.”


Trey Weghorst


 

Bridge Commercial Real Estate’s Jeff Shaw, Kevin Lott, Scott Rees and Trey Weghorst represented the landlord in the transaction. Greg Metcalf with JLL represented Tidwell Group.


"Our senior leadership team has evaluated numerous locations as we continue strategically expanding our tax credit and advisory services," said J. Barry Tidwell, Tidwell Group’s managing partner..

"Ultimately, we selected Lenox Park for its location and the incredible array of amenities for our employees."

Scott Rees
"Employees are our greatest asset. It's our goal to attract the best talent in the country and provide a modern and collaborative environment for them to thrive in."

Located adjacent to Buckhead’s central business district and offering immediate access to I-85, Georgia 400 and Peachtree Road, Lenox Park is a 1.1 million-square-foot, Class-A office campus offering a wide variety of options for tenants.

 Office spaces ranging from 3,000 to 380,000 square feet are available, including spec suites, traditional office space and flexible office space through Abridge, a new flexible-term office program that connects businesses with move-in ready office space while preserving individual brand and workspace.


Greg Metcalf 

Acquired by Bridge in 2018, Lenox Park has undergone a $16.8 million transformative repositioning, with added amenities, a full renovation of the courtyard, construction of a food and beverage building and a bridge connecting the 1277 building to the rest of the park.

 

The central courtyard features outdoor meeting spaces, walking trails, game areas, a dog park and entertainment activation space. Lenox Square Mall and Phipps Plaza are just a few minutes from the property, along with numerous hotels and restaurants.

 

As the return to office continues to slowly increase across the country, new numbers reveal that much of the existing narratives on the future of office may be based more on speculation than actual data.

 

“The flight to quality is being fueled by companies that understand the value of having their people together but also realize those workers now have choices in a real war for talent,” said Jeff Shaw, CEO of Bridge Commercial Real Estate.

 

“Office landlords and property managers must create a compelling environment and a better product that responds to the fast-changing preferences of today’s office workers.

 

"Firms like Tidwell Group represent the first wave of that movement, and I think we’ll see more of that activity ramp up as we head into the fall and the months beyond.”

 

To learn more about Lenox Park, visit lenoxparkatl.com/. For more information about Bridge Commercial Real Estate, visit bridgecre-office.com.

 

 CONTACT:

 Nick Banaszak,

 Vice President

www.thewilbertgroup.com

m: 256.457.5384

Thursday, September 8, 2022

Atlantic & Pacific Management acquires River's Edge Apartment Homes in Lake Elsinore, CA

  

Kim Arnold

San Diego, CA Atlantic & Pacific Management is pleased to announce the acquisition of River’s Edge Apartment Homes (River’s Edge) in Lake Elsinore, CA. The price was not disclosed.

 The nine-building multifamily apartment property consists of 184 units in a garden-style community with convenient access to two major freeways.

 

River’s Edge boasts resort-style living with one and two-bedroom apartments featuring modern, open floorplans. 


It is situated near an on-ramp to the I-15 freeway along with close access to the Route 91. Lake Elsinore is strategically located with access to over one million jobs within a 45-minute commute to Los Angeles, Orange, and San Diego counties.

 

River’s Edge Apartment Homes, Lake Elsinore, CA


“We’re thrilled to welcome River’s Edge to Atlantic & Pacific Management’s offering of Southern California properties,” said Kim Arnold, Regional Supervisor at Atlantic & Pacific Management.

 

“This welcoming community just off the banks of Lake Elsinore is centrally located to schools, shopping, and dining. It offers convenient access to major freeways, meaning easy access to the region’s growing job opportunities.” 

 

For more information about Atlantic & Pacific Management, please visit https://aphoamgmt.com.

 

Also: Follow on Facebook (@AtlanticAndPacificManagement) and LinkedIn (@atlantic&pacificmanagement).

 

  

CONTACTS:


WadePfeffer

 jessica@jwipr.com 

305.804.8424

 

Marianna La Riva

 marianna@jwipr.com 

 954.471.0759

Tuesday, September 6, 2022

JLL Capital Markets closes sale of The Connection at Oxford on the campus of the University of Mississippi.

Teddy Leatherman

DALLAS, TX, Sept. 6, 2022 JLL Capital Markets has closed the sale of the 816-bed / 300-unit The Connection at Oxford located on the campus of the University of Mississippi. The price was not disclosed.

 JLL worked on behalf of the seller, Trimont Real Estate Advisors LLC. Heritage Properties acquired the asset.

  

Stewart Hayes

The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Directors Teddy Leatherman, Stewart Hayes and Scott Clifton. 

 The Seller, 532 Title Way, LLC was represented by Director Mark Cashman and Sr. Associate Scott Groeschell. 

Scott Clifton

The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Directors Teddy Leatherman, Stewart Hayes and Scott Clifton. 

 The Seller, 532 Title Way, LLC was represented by Director Mark Cashman and Sr. Associate Scott Groeschell.

Mark Cashman

Built in 2008, the 14-building The Connection at Oxford features fully furnished one-, two-, three- and four-bedroom units with an average size of 432 square foot per bed.

Units feature full-size washers and dryers, hardwood-like floors, individual bathrooms and large walk-in closets.

 Scott Groeschell

Community amenities include a 24-hour athletic club with stereo and televisions, a game room with billiards, a basketball and sand volleyball courts, clubhouse and private study rooms, a resort-style swimming pool and spa, picnic area with gazebo and firepits, a pet park, computer lounge and barbecue areas.

The 816-bed, 300-unit The Connection at Oxford
 student housing is located at 2000 Oxford Way
on the campus 
of the University of Mississippi.

Situated at 2000 Oxford Way, the property sits on the campus of Ole Miss, a nationally recognized, SEC, Power-5 university with Fall 2021 enrollment of 21,856 students.

 CONTACT:

 

Jenna Sharp

JLL

M +1 214 394 3356

JLL.com

 

EDEN Multifamily Opens New Regional Office in Charlotte, NC and Adds Industry Veteran Scott Phillips

 

Scott Phillips

 CHARLOTTE, NC, Sept. 6, 2022 – Leading developer EDEN Multifamily is poised for significant expansion across key Southeast and Mid-Atlantic U.S. markets. The Florida-based developer just opened a new regional office in the Charlotte area and tapped seasoned industry executive Scott Phillips to lead the effort.

 Phillips, EDEN’s new Senior Vice President – Mid-Atlantic Development, brings more than three decades of commercial real estate and banking experience to the company.

 

He plans to build a team in the coming months as EDEN advances projects in select markets across North Carolina, South Carolina, Tennessee, Georgia and Virginia.


JAY MASSIRMAN

EDEN focuses on developing and delivering innovative, industry leading multifamily communities that serve a wide range of economic sectors. 


Its new office is located at 52A Ervin St. in Belmont, North Carolina – just west of Charlotte.


Jay S. Jacobson

“Scott is the ideal person to oversee our substantial growth plans in a thoughtful fashion,” EDEN President Jay Jacobson said.

 “His vast experience transcends all aspects of real estate acquisitions, development, underwriting, financing and beyond. We are excited to welcome him to the EDEN family.”

 

Prior to joining EDEN, Phillips spent 27 years with Bank of America.


Phillips earned a bachelor’s degree in Business Administration from the University of North Carolina-Charlotte. He is actively involved in numerous commercial real estate organizations, including NAIOP, where he was a past Chairman, ULI and ICSC.

 

“Jay Jacobson and Jay Massirman have truly built something special with EDEN Multifamily,” Phillips said. “I am excited to have the opportunity to play a pivotal role in the continued expansion of the company. I look forward to leveraging my experience and relationships to accelerate EDEN’s ambitious growth plans.”

 

Massirman also co-founded Charlotte-based RKW Residential, one of the fastest-growing multifamily management firms in the nation. RKW oversees leasing and management of many of EDEN’s communities.

  

 

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.edenmultifamily.com.