JLL Capital Markets arranges sale of Riverhead Centre in Riverhead, NY

Jose Cruz

 Riverhead, NY, April 24, 2023 – JLL Capital Markets has closed the sale of the nine-building, 395,000-square-foot, grocery-anchored Riverhead Centre on Long Island in Riverhead, Suffolk County, New York.

The price was not disclosed.

 

JLL represented the seller, AFL-CIO Building Investment Trust advised by PNC Realty Investors, and procured the buyer, Prestige Properties & Development Company Incorporated.

 

The JLL Capital Markets Retail Investment Sales and Advisory Team was led by Jose Cruz, Kevin O’Hearn, J.B. Bruno and Mark Belenky.

 

Kevin O’Hearn

“The demand for well-located, grocery-anchored retail continues to remain strong in the suburban New York Area.  Investors liked Riverhead Centre given the stability of the cash flow as well as the future upside rent growth,” stated Cruz

 

Built in 2003, the 99-percent-leased property is highlighted by ShopRite, which replaced a Waldbaums in 2018 and is contracted under a long-term lease.

 

 The ShopRite ranks as the most visited grocer in the immediate area (Source: placer.ai). Riverhead Centre is also anchored by Home Depot, which has been in occupancy at the Property for 20 years and yields 910,000 annual visits (Source: placer.ai).

 

Additional notable tenants include Bed Bath & Beyond, Best Buy, Petco, Michaels, DSW Shoe Warehouse, Famous Footwear, Barnes & Noble, Ashley Home Store and IHOP.

 

 In total, 82% of the GLA is occupied by national tenants, and the property benefits from 9.3 years of remaining WALT.  Additionally, the property was purchased free and clear of any existing financing.

Michaels

Situated on approximately 50 acres at 1430-1550 Old Country Rd., Riverhead Centre sits at a signalized intersection in the heart of the Riverhead retail corridor with approximately 2,003 feet of frontage along Old Country Road.

 

The property is exposed to an impressive traffic count of approximately 31,000 vehicles per day, and an average household income of $153,057 within Suffolk County.

J.B. Bruno

The center is also only one mile from both I-495/LIE and NY State Route 25, accessible by an affluent shopper base in the Hamptons and North Fork.

 

.“Prestige Properties specializes in the acquisition, development and management of institutional-quality retail assets,” said CEO of Prestige Properties, Sam Shalem.

 

 “Riverhead Centre is a great addition to our more than 6.5 million square feet of retail properties under ownership in the NY, NJ, PA, MA, CT NC and FL markets.”

 

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

Mark Belenky

 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.

 

                                       About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

 

Sam Shalem

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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. 

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

 

 

 

CONTACT:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

NewMark Merrill Companies San Diego Division Celebrates 20 Year Anniversary; Portfolio hits $1 Billion in Market Value

 

Sandy Sigal

 San Diego, CA, April 24, 2023 – NewMark Merrill Companies, a Calabasas, California-based retail shopping center owner and development company, announced that May 2023 marks the firm’s 20-year anniversary of when the company opened its San Diego Division office to oversee the San Diego, Riverside and Orange County regions.

 

In 2003, NewMark Merrill’s founder Sandy Sigal partnered with John Hickman (Managing Director) to open and lead the region’s office in Oceanside, California. 

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John Hickman

Highlights of the company’s success with its San Diego Area Office:

 

• The San Diego Division has more than $1 billion in shopping centers under management in San Diego, Riverside and Orange Counties.
•  
• Operators (owner, manager, leasing) of 33 shopping centers across San Diego County, Orange County and Riverside County encompassing 3.3 million square feet of retail space.

Portfolio of more than 550 shopping center tenants across the San Diego Division portfolio, including Albertsons, Sprouts, Ralphs, Target, Walmart, Marshalls, Nordstrom Rack, PetSmart, ULTA, Dick’s Sporting Goods, Kohl’s, CVS, McDonalds, In-N-Out, Starbucks, and many others.

•  
• Involved in managing some of the areas most notable shopping centers:  Mission Marketplace in Oceanside, Grand Plaza in San Marcos, Piazza Carmel in Carmel Valley, Terra Nova Plaza in Chula Vista, Nordahl Marketplace in San Marcos, University Square in San Diego, Rancho Bernardo Village in Rancho Bernardo, and El Cajon Town & Country in El Cajon.

Terra Nova Plaza, Chula Vista, CA

•  
• Recently started construction of Melrose Landing, a two-tenant development leased to Wendy’s and Dutch Bros. in Vista, California
•  
• Active supporter of several community organizations including Operation Game On which supports combat injured veterans.

“Despite headwinds in the market, key leasing and sales metrics in our San Diego Division portfolio has remained very strong,” said Hickman.

 

 “We are confident that we will meet any industry challenges that might come our way as we remain focused on helping our merchants and properties meet consumer entertainment, dining, retail and services needs.”

 

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

Nadel Architecture + Planning Names Ryan Weller New Principal

 

Ryan Weller

 

LOS ANGELES, CA, April 24, 2023 –  Nadel Architecture + Planning, Los Angeles’ premier architecture and design firm, has further exemplified its deep commitment to curating a world-class leadership team comprising industry stand-outs by appointing Studio Director of Retail Brand Experience Ryan Weller as a Principal and shareholder in the firm, according to Greg Lyon, Chairman of the Board and Principal at Nadel.

“Ryan’s exceptional track-record of market expansion in executing high-end retail projects has taken Nadel to new heights,” says Lyon.

Greg Lyon

“With over 300 successful projects across the country’s ever-evolving high-end retail market, Ryan is poised to use his proven expertise in brand development and architectural production to continuously grow and evolve Nadel’s respected presence in this sector of design and beyond.

"Through his new leadership role as a Principal and shareholder, he will use his 20 years of industry experience to play a critical role in crafting thoughtful strategy and unified designs that deliver maximum value to our clients and respond to the economic and environmental needs of the communities we serve.”

In his new position, Weller will also continue to execute strategy that drives business development and further deepens the foothold in high-street retail for Nadel, which will mark a milestone 50 years in business this year.

Prior to joining Nadel and establishing the Retail Brand Experience studio in 2020, Weller worked as Director of Retail for Menemsha Architecture where he led a team catered to serving high-end retail and commercial clients.

 

CONTACTS:

Sophia Reznicek / Lexi Astfalk

The Smart Agency, Inc.  

(949) 438-6262 

sreznicek@thesmartagency.com

 

Keyes/Illustrated Luxury Report: South Florida Sees Notable Incremental Gains in Q1 2023

 

Christina Pappas

MIAMI and PALM BEACH, FL – South Florida’s luxury residential market recorded significant quarterly gains in the past three months as the region continues to move forward from the pandemic-era frenzy, according to The Keyes Company and Illustrated Properties’ new Luxury Report.

The first-quarter metrics hint at an active remainder of 2023.

Mike Pappas

Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida collectively recorded a 19.7% year-over-year decline in $1 million-and-up single-family sales to 2,077 in the first quarter of 2023, while the high-end condo market posted a 32.7% year-over-year drop in transactions.

However, the region’s single-family sector had a 16.9% quarter-to-quarter gain in $1 million-and-up sales, from 1,776 to 2,077.

 Luxury condo transactions jumped from 812 in the fourth quarter of 2022 to 1,178 in the first quarter of 2023.

All five geographic areas had transaction upticks in both sectors during that timeframe.

“Near-term market conditions are demonstrably improving in the luxury sector,” Keyes President Christina Pappas said. “The consistency of these quarterly increases, from Miami-Dade County to Southwest Florida and the Treasure Coast, shows that our region is accommodating the different preferences of a wide range of high-end buyers.”

The Treasure Coast was the only geographic area covered in this report to generate a year-over-year gain in luxury single-family sales.

That is largely driven by Stuart, which had substantial luxury transaction and pricing gains. Southwest Florida had an encouraging jump of 35.6% year-over-year to 396 in the first quarter of 2023 and a 152.2% surge when compared with the previous quarter.

“There is now a growing comfort shared by luxury sellers and buyers about the state of the South Florida’s market,” Keyes/Illustrated CEO Mike Pappas said. “That bodes well for the rest of 2023, and we should see year-over-year increases return in upcoming quarters.”

Other notable findings in the first quarter luxury report include:

• Miami-Dade County’s $1 million-and-up single-family sales climbed 5.9% from the fourth quarter of 2022 to 430 completed transactions in the first quarter. For high-end condos, sales increased by 3.8% to 411 during the same span.
•  
• Coral Gables stood out as the most active high-end single-family market, with $1 million-and-up transactions jumping from 55 in the fourth quarter to 84 in the first quarter – and the median sales price growing 7.2% during that timeframe.

•  
• Miami Beach had the most luxury condo sales activity in the county, with 104 completed sales (up 25.3% from the fourth quarter)
•  
• After being the only geographic area covered in the report to post year-over-year transaction increases for both luxury single-family homes and condominiums in 2022, Broward County joined its neighbors by recording year-over-year declines in the first quarter of 2023.

•  
•  However, $1 million-and-up single-family transactions rose by 6.4% (347 sales) quarter-to-quarter, and luxury condo sales surged by 21.6% (118 sales) in the same timeframe
•  
• Palm Beach County high-end condo sales skyrocketed by 52.1% from the fourth quarter of 2022 to the first quarter of 2023 (219 completed transactions), while $1 million-and-up single-family sales increased by 13.4% in the same span (645 sales). The average luxury condo price per square foot rose 11.8% year-over-year to $1,018.

•  
• The Boca Raton/Delray Beach submarket more than tripled the next-highest submarket with 76 first-quarter condo closings at or above $1 million.
•  
• The same holds true for luxury single-family, with Boca Raton/Delray Beach combining for 265 first-quarter sales (Jupiter’s 83 transactions ranked as the county’s second-highest)
•  

To see the first-quarter report, submarket data and for photos of Mike and Christina Pappas, click here: https://www.dropbox.com/scl/fo/dwvguwxmi5awli7pkzr2z/h?dl=0&rlkey=awocbxipa60y50o5sl2gw8lap

 

 

Contacts:

 

Eric Kalis and Daniel Benjamin

 BoardroomPR

ekalis@boardroompr.com or

 dbenjamin@boardroompr.com

954-370-8999

 

JLL's Industrial Capital Markets team adds senior producer Patrick Nally in Southern California

Patrick Nally

 

LOS ANGELES, CA – JLL Capital Markets announced Senior Managing Director Patrick Nally will be relocating from the firm’s Southeast region to bolster the firm’s industrial investment sales and advisory practice in Southern California, with a primary focus on the Inland Empire and Los Angeles markets.

 

Nally, who will be located in the firm’s Los Angeles office, will be working closely with the existing industrial capital markets team consisting of Senior Managing Director Mark Detmer, Senior Director Evan Moran, Directors Matt McRoskey and Chad Solomon, as well as each of the firm’s industrial Agency and Tenant Rep teams in the Inland Empire and Los Angeles markets.

Mark Detmer

“Patrick has been one of our most prolific industrial producers over the last few years with a focus on the Southeast U.S.,” said Trent Agnew, Senior Managing Director and co-lead of JLL’s National Industrial Capital Markets team.

 

“We are excited for him to take the next step in his career and relocate to LA, where he will play a pivotal role in elevating and expanding JLL’s industrial capabilities in Southern California.”

 

Evan Moran

Nally has more than 13 years of experience in finance and commercial real estate, having specialized strictly in industrial capital markets for the past 10 years.

 

Nally has worked on transactions totalling more than $15 billion of total capitalization over his career, covering more than 125 million square feet of industrial space and has represented many top global institutions.

 

During his tenure at HFF and JLL, the combined Southeast Industrial Capital Markets team grew from two people to over 30 people today, with many Southeast markets currently enjoying top market share.

Matt McRoskey

“We’re very excited to welcome Patrick and work collaboratively between each of our Industrial Agency, Tenant Rep and Capital Markets business lines and present one JLL to the market,” said Peter McWilliams, International Director and Co-Lead of JLL’s Inland Empire Industrial Team.

 

“Patrick will add depth to our existing West Coast team and bring forth tremendous work ethic, thought leadership and client relationships that will allow us to grow our market share in LA and the Inland Empire, as well as the broader region,” said Detmer.

 

Chad Solomon

 

For more news, videos, and research resources, please visit JLL’s newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                         

 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Trent Agnew

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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. 

JLL is the brand name, and a registered trademark, of Jones

 Lang LaSalle Incorporated. 

 

 Peter McWilliams

Contact:

 

 Alli Semans,

Public Relations, Associate

Phone: +1 330 329 6750

Email: Alli.Semans@jll.com

 

  jll.com