JLL Capital Markets arranges sale and acquisition financing for Parham Plaza, Ridge Shopping Center, Staples Mill Square and Stonehenge Village, totaling about 592,000 square feet in Richmond, Virginia

Susan Carras 

 Evan Parker

WASHINGTON, DC – JLL Capital Markets has closed sale of and acquisition financing for a four-property, 592,000-square-foot, grocery-anchored retail portfolio located in Richmond, Virginia. The sale price and financing details were not disclosed.

JLL represented the seller, a global real estate investment management firm, and H.I.G. Realty Partners. 

FarmViewVentures LLC and Rosenthal Partners acquired the portfolio. JLL also worked on behalf of the new owners to secure the five-year loan through Eagle Bank.

Jordan Lex

The JLL Capital Markets Retail Investment Sales and Advisory Team was led by Jordan Lex, Bill Moylan, Daniel Naughton and Tom Kolarczyk.

 

Susan Carras and Evan Parker led the JLL Capital Markets Retail Debt Advisory Team.

 

The portfolio is 95-percent leased or under LOI and features a WALT of about 9 years. The properties include:

 

·         Parham Plaza Richmond, anchored by Walmart Supercenter (1502 - 1532 N. Parham Rd., Richmond, VA)

·         Ridge Shopping Center, anchored by The Fresh Market (1503 - 1567 N. Parham Rd., Richmond, VA)

·         Staples Mill Square, anchored by Aldi (8943 - 9097 Staples Mill Rd., Henrico, VA)

·         Stonehenge Village, anchored by Wegmans (12501 - 12715 Stone Village Way in Midlothian, VA)

Bill Moylan

The portfolio benefits from a population of 82,000 people within three miles and an average household income of $113,000.

 

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.

Daniel Naughton 

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

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

JLL signs logistics specialist Axle on Demand to a 126,075 s.f. pre-lease within the two-building Class A industrial project at Echo Park 303 in Glendale, AZ

 

Kelly Royle

  GLENDALE, AZ – On behalf of full-service real estate investor and developer Echo Real Estate Capital, the Phoenix Office of JLL has signed logistics specialist Axle on Demand to a 126,075-square-foot pre-lease at Echo Park 303 in Glendale, Arizona.

Anthony Lydon, John Lydon and Kelly Royle of JLL represented Echo Real Estate Capital in the pre-lease transaction. John Grady with CBRE represented Axle on Demand.

Anthony Lydon

“Between 2021 and 2022, metro Phoenix industrial demand grew by more than 56 percent,” said John Lydon.

 “That growth was spurred in part by logistics and parcel delivery – a sector that tenants like Axle on Demand and projects like Echo Park 303 make happen. Each of these companies reflect the ongoing potential of our market.”

 

The transaction represents Axle on Demand’s sixth metro Phoenix location and fills more than half of Echo Park 303’s Building A almost four months before the anticipated completion of the Class A industrial project.

 

Echo Park 303 is Echo Real Estate Capital’s first metro Phoenix industrial development. The 676,336-square-foot project totals two buildings on approximately 40 acres at 9501 and 9701 N. 151^st Avenue. It is located within Woolf Logistics Center, minutes from the Loop 303 and Northern Parkway.

John Lydon

“We are huge proponents of the Phoenix market and excited to be nearing completion on our first industrial development here,” said Echo Real Estate Capital Principal Jon Boyajian.

 

“We are equally pleased to welcome Axle on Demand, who like us is looking to grow in this strategic industrial hub.

 

"Signing this pre-lease months before project completion has us optimistic for the future of Echo Park 303 and the tenant synergy we will create here. We are grateful to JLL and the entire project team for this ongoing success.”

Jon Boyajian

With its new lease, Axle on Demand will occupy approximately 55% of Echo Park 303’s Building A, which it will use for third party logistics services spanning warehousing, fulfilment and IT operations.

 

Building A totals 220,240 square feet with a rear-load configuration. It features 32’ clear height, 135’ secured concrete truck court, 3,000 amps of power and 3,100-square-foot spec office suite.

 

 Also under construction is Echo Park 303 Building B, a 455,936-square-foot, Class A cross-dock warehouse featuring 40’ clear height, 185’ secured concrete truck court, 6,000 amps of power and 3,850-square-foot spec office suite.

John Grady 

Building B is available for a single tenant or divisible to 225,000 square feet for multi-tenant use. Both buildings are slated for completion in September 2023.

 

Additional features at Echo Park 303 include 163 dock-high and six grade-level doors, 743 parking spaces and 120 trailer spaces in gated yards, electric vehicle charging stations, two-story storefront windows, 60’ speed bays, 7” reinforced slab, ESFR fire sprinklers and PAD zoning.

 

Since its establishment in 2016, Echo Real Estate Capital has completed more than $500 million in acquisition and development activity in eight states.

 Rendering of Echo Park 303’s Building A 
in Glendale, AZ

The Chicago-based company specializes in build-to-suit development, value-add investments, sale/leasebacks and capital markets advisory services.

 

Contact

 

Stacey Hershauer

Phone: +01 480-600-0195

Email: stacey@focusaz.com

 

CBRE Arranges Four Office Leases for KBS for New and Returning Tenants at 222 Main in Salt Lake City, UT

 

Nadia Letey

Salt Lake City, UT, June 6, 2023 – CBRE has facilitated four leases for KBS at a 22-story Class A office building in Salt Lake 222 South Main Street, City, bringing the building to 100% direct occupancy.

Scott Wilmarth

CBRE’s Scott Wilmarth and Nadia Letey represented the landlord, KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, in the lease negotiations.

 The leases, which involve nearly 30,000 square feet, include:

 

• UMB Bank, the Missouri-based financial services holding company, has signed a lease for 6,180 square feet on the second floor.
• Greenberg Traurig, the global law firm, has signed a 4,247-square-foot lease expansion, bringing the company’s total occupancy to 14,636 square feet.
• CBRE, based in Texas and the world’s largest commercial real estate services and investment firm, has signed a lease renewal for 13,085 square feet.
• HKS Architects, the international design firm, has signed a lease for 5,838 square feet on the second floor.

"The flight to quality trend that has gripped much of the national office market in recent years shows no signs of slowing down, as a growing number of local and national tenants seek out high-end properties that offer a number of desirable amenities, including 222 Main,” said Letey.

 “These four transactions are a reflection of this trend, as downtown Salt Lake City continues to see high leasing demand despite economic headwinds in other markets.”

 

The property is located at 222 S. Main St. and is proximate to several local amenities including restaurants, hotels, entertainment venues and public transportation stations.

 The building features an on-site café, a secured bike rack, locker rooms, storage space, on-site property management, dry cleaning services, on-site car wash services and a future fitness center scheduled to open in fall 2023.

 

“These leases demonstrate that companies are increasingly attracted to well-located premier office properties like 222 South Main Street, which are leading the office sector recovery,” said Tim Helgeson, asset manager for 222 Main and senior vice president at KBS.

 

Tim Helgeson

“The first-class finishes and floor-to-ceiling glass throughout the property, in addition to efficient 22,000-square-foot floor plates and over 9,000 square feet of ground floor restaurants and retail amenities, distinguish it from other office properties in the Salt Lake City market.”

 

According to CBRE Research, Salt Lake City's office market secured 444,062 square feet in lease transactions in Q1 2023, with the Central Business District, Draper and Sandy South Towne accounting for 49.8% of all leasing activity.

 

Contact

 

Derek Paumen

 Senior Communications Specialist
CBRE | Corporate Communications
C +1 651 302 1073

 Derek.Paumen@cbre.com

 

www.kbs.com.

CBRE.com | LinkedIn | Twitter | Instagram | Facebook | Weibo | WeChat

Concord Summit Capital Closes $12 Million Loan for 52-story residential tower Downtown Miami Development Site

Gil Blutrich

 

MIAMI, FL, June 6, 2023 -- Concord Summit Capital, LLC (“Concord Summit”) arranged a $12 million bridge loan for an infill property in Downtown Miami. Managing Director Justin Neelis and Associate Keegan Burger of Concord Summit’s Miami office advised the borrower and sourced the financing.

Justin Neelis

The loan will be used to refinance the existing mortgage and provide predevelopment funds for the sponsor, Bluetrich Holdings, Inc (BHI), to execute its vision for the property, a 0.55-acre parking lot acquired in 2021 for $18 million.  

Benefiting from the highest density zoning allowed, the site at 130 SE 1^st Street presents a tremendous development opportunity, as BHI plans to develop 545 multifamily units in 2024. Miami’s Planning Department is currently reviewing a proposal for the 52-story tower.

Keegan Burger

“Despite banks pulling back considerably, there is still competitive financing available for experienced sponsors in good locations," Neelis said. 

"The lender did a remarkable job closing this loan in a short amount of time and under the original terms agreed upon. The sponsor has a phenomenal piece of land in the heart of Downtown Miami that is well-positioned to develop.”

          Downtown Miami, FL Business District

Toronto-based BHI is a family office founded in 2005 by Gil Blutrich, an Israeli-Canadian real estate entrepreneur and philanthropist. BHI currently owns several development sites in prime locations throughout North America, including three sites in Miami.

 Media Contact for CSC:

 Todd Templin

 Executive Vice President

BoardroomPR

ttemplin@boardroompr.com

O 954-370-8999

C 954-290-0810

www.ConcordSummit.com

 

Ware Malcomb Announces Regional Leadership News in New York and Newark Offices

 

Meera Bahukutumbi

 NEW YORK, NY, June 6, 2023 – Ware Malcomb, an award-winning international design firm, today announced several leadership moves in its New York City and Newark, NJ offices to support continued business growth.  

Vincent Sorge

Vincent Sorge has joined Ware Malcomb as Director, Interior Architecture & Design in their New York office.

 Sorge will be focused on business development and work closely with the firm’s other regional leaders to mentor staff, oversee projects and client relationships.

 He brings more than 30 years of interior design industry experience in New York City, including prior leadership positions at other boutique and national design firms. 

 “Vincent's wealth of knowledge and industry experience make him a great addition to our interiors practice,” said Bill Sotomayor, Principal for Ware Malcomb’s New York office and Northeast interiors practice.

 

Bill Sotomayor

“He has vast expertise throughout the New York City area, decades of landlord client relationships and a passion for mentorship and talent development.”

 Sorge attended School of Architecture at New Jersey Institute of Technology and Parson’s School of Design in New York. 

Also in New York, Ware Malcomb promoted Damian Melo to Director, Interior Architecture & Design.

 In this role, he will oversee the management and operations of the New York office, and work with other regional leaders to support the continued growth of the Interior Architecture & Design studio.

 Damian Melo 

 Since joining the firm in 2017 as Studio Manager, Melo has helped shape the success of the office by providing exceptional architectural and interior design expertise to a wide variety of projects, including workplace, office, retail, automotive, industrial and R&D facilities.

 “Damian consistently demonstrates a deep understanding of all aspects of design and management and has been instrumental in winning many pursuits,” Sotomayor said. 

“His leadership and guidance have helped the team achieve outstanding results for our clients.”

A licensed architect in the states of New York and New Jersey with more than 20 years of industry experience, Melo has worked closely with local leaders to provide structure, mentoring and senior support for the regional offices.

 He earned his Bachelor of Architecture degree from the New Jersey Institute of Technology. 

 In Newark, Ware Malcomb has promoted Meera Bahukutumbi to Studio Manager, Interior Architecture & Design.

 Bahukutumbi joined the firm in 2019 and advanced from Project Manager to Senior Project Manager prior to this latest promotion.

 With a strong design background and industry accreditations including CID, LEED AP ID+C, and WELL AP, she has managed large, design-focused assignments for clients such as KS Engineers and Haymarket Media, as well as multiple large GSA projects. 

“Meera is a dedicated leader who has helped grow the Interiors Studio with teams in both Newark and Princeton,” said Marlyn Zucosky, Regional Director for Ware Malcomb’s Newark and Princeton Interior Architecture & Design studios.

 

Marlyn Zucosky

 “She has proven to be a valuable mentor with a great understanding of the team's financials, operations, and project management.” 

 Bahukutumbi is the Ware Malcomb Regional Diversity, Equity, and Inclusion Champion for the Northeast and is a member of CoreNet Global New Jersey, where she serves on its DEI committee.

 Bahukutumbi has been involved in the industry since 1998. She earned a Bachelor of Fine Arts degree in Interior Design from The International Academy of Design and Technology.

Contacts: 

 

Rachel Devany

VP Public Relations

 KCOMM for Ware Malcomb

rachel@kcomm.com

 

Maria Rodgers, Director,

 PR & Communications,

 949.660.9128,

 mrodgers@waremalcomb.com

Maureen Bissonnette, Principal,

Marketing,

949.660.9128,

 mbissonnette@waremalcomb.com