KBS Welcomes Fredrikson & Byron’s Move-In to 158,000-SF Space and Signs Two Lease Expansions at 40-Story, Class A Office Tower in Downtown Minneapolis, MN

60 South Sixth, a Class A, 40-story,
 710,332 square-foot office tower
and retail complex in downtown
Minneapolis, MN

 

MINNEAPOLIS, MN – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces that leading Midwest law firm Fredrikson & Byron has moved into the approximately 158,000 square-foot space to which the law firm had committed three years ago at 60 South Sixth, a Class A, 40-story, 710,332 square-foot office tower and retail complex in downtown Minneapolis, Minnesota.

 

 60 South Sixth is owned by KBS Real Estate Investment Trust III.

Ryan Pires

 

Further, KBS announces that two additional office tenants have signed lease agreements at 60 South Sixth. Best & Flanagan LLP, a locally based law firm, renewed 28,250 square feet, and Dacotah Bank, a Midwest regional financial institution, now occupies 5,125 square feet at the office tower.

 

“KBS has an extensive history of identifying properties within key markets throughout the country that are positioned for solid performance in the long term,” says Ryan Pires, assistant vice president for KBS and asset manager for 60 South Sixth.

Sarah Crippen

“Our recent activity at such a prominent office tower in the Downtown Minneapolis market is an example of our ability to own and operate well-located, beautifully amenitized properties that attract top-tier tenants in those markets, even in the face of current sector challenges nationwide.”

John Koneck

In 2020, upon signing its new lease with KBS at 60 South Sixth, John Koneck, president of Fredrikson & Byron, had noted that the firm committed to the agreement so far in advance of the move-in date in part because of the high quality of the property, its location, and the unique ability to acquire a block of Class-A space on Nicollet Mall in Minneapolis for its future headquarters location.

 

Koneck added at the time that the flexibility of the space and the opportunity to design cutting-edge post-pandemic space to meet its needs were also key factors in the company inking the lease three years prior to occupying the building.

Giovanni (Gio) Cordoves

“We couldn’t be more pleased with our decision to relocate to this extraordinary office building, which suits the requirements we have for our clients and our team to succeed,” says Koneck.

 

“The prime location and exceptional amenities, coupled with KBS’ unmatched service, confirm for us that 60 South Sixth is the ideal place for the Fredrikson team to call our new home.

"In addition, the location supports our continued commitment to the City of Minneapolis and its downtown.”

 

 Todd Senger

As part of its dedication to top-quality asset management, KBS’ long track record of incorporating amenities that align well with the market, property and tenant base draws in creditworthy tenants to assets like 60 South Sixth, according to Giovanni (Gio) Cordoves, Western regional president for KBS.

 

“In the current flight to quality within the office sector, high-caliber tenants like Fredrikson & Byron, Best & Flanagan and Dacotah Bank are seeking superior properties that elevate their teams’ working environment and inspire them to be a part of their companies growth,” says Cordoves.

Andrea Leon

 “60 South Sixth, with multiple amenities that promote sustainability, productivity, and convenience, is among the office buildings of choice for downtown Minneapolis office users today.”

Brent Robertson

60 South Sixth is a LEED-EB Gold, BOMA 360-certified asset in Minneapolis, Minnesota, along the Nicollet Mall in the heart of downtown Minneapolis.

variety of retail and entertainment offerings, and is immediately adjacent to the 5^th Street Light Rail Station.

 

“We recognized 60 South Sixth as a premier office property in the Minneapolis market when we moved to the building in 2015 and it has been a wonderful spot for us for eight years,” says Sarah Crippen, managing partner at Best & Flanagan.

Jon Dahl 

 “We were very pleased to extend our lease for our growing firm and are grateful for KBS’s partnership in negotiating our lease extension.”

 

“It is essential that we provide a workplace that is convenient for our team to commute to as well as access a variety of dining, shopping and entertainment options during their workday,” comments Todd Senger, Group Head - Corporate Banking for Dacotah Bank.

 

“60 South Sixth meets these qualifications for us while delivering an excellent tenant experience. Expanding our lease at this property was the obvious choice, and KBS made that process seamless.”

Mike Salmen

Brent Robertson, Andrea Leon and Jon Dahl of JLL represented KBS in Fredrikson & Byron’s lease transaction as well as the Best & Flanagan and Dacotah Bank lease expansions.Mike Salmen, Larry Serota and Will McDonald of Transwestern represented Fredrikson& Byron. 

Brent Erikson of Newmark represented Best & Flanagan and Kevin O’Neill of Colliers represented Dacotah Bank in the transactions.

Brent Erikson

“Properties that offer tenants all the features 60 South Sixth does in the downtown Minneapolis are difficult to find,” says Robertson.

 

“The renovations KBS has completed and continues to implement at this office tower keep it on the short list of preferred locations for office users in this market.”

   

 

 

CONTACT:

Kiera Moran 

kmoran@thesmartagency.com

 www.kbs.com.

fredlaw.com or LinkedIn or @FredriksonLaw.

 

JLL Capital Markets completes sale of proposed 108,000 SF industrial facility in Long Island, NY

Holbrook Logistics Center, a planned Class A warehouse totaling 108,023 square feet to be built
at 4955 Veterans Memorial Highway,
 Long Island, NY

 

Jordan Avanzato

 MORRISTOWN, NJ, June 19, 2023 –  JLL Capital Markets announced today that it arranged the sale of Holbrook Logistics Center, a to-be-built, Class A warehouse totaling 108,023 square feet in Long Island, New York. The price was not disclosed.

 

JLL represented the seller, a Long Island based developer, and procured the buyer, Eagle Cliff Real Estate Partners.

The proposed development is located at 4955 Veterans Memorial Highway and sits on an eight-acre parcel just 35 miles east of New York.

Marc Duval

Key building features include 36-foot clear heights, 22 loading positions, two drive-in doorways, 50x54 foot column spacing with a 60-foot-wide speed bay and 108 parking spaces.

Holbrook Logistics Center is set to be completed by Q3 of 2024.

The property is located three miles via Exit 59 from the Long Island Expressway (LIE) and two miles via Exit 50 from the Sunrise Highway.

 The LIE is particularly important to the industrial community as it runs east-west through the entirety of Long Island and Queens, providing access to the more than 970,000 households in the metro, and roughly 1.7 million households across Brooklyn and Queens.

Nicholas Stefans 

As the only interstate road in Long Island, large amounts of industrial inventory, like Holbrook Logistics Center, are located within a four-mile radius of the LIE.

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Jordan Avanzato and Marc Duval, Directors Nicholas Stefans and Jason Lundy, Senior Managing Director Jose Cruz and Associate Mark Belenky.

“We continue to see the Suffolk County Industrial market rapidly expand as it offers e-commerce tenants lower operating costs than in Nassau County, while providing similar access to Long Island’s affluent and dense population,” said Avanzato.

 Jason Lundy

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.

Mark Belenky

Jose Cruz

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

Contact:

 

Alli Semans

PR, Hotels & Hospitality, Capital Markets

JLL
M +1 330 329 6750

 

Site Selection andTenant Rep Experts Team Up to Bring First Central Florida Location of High End MedSpa to Newly Remodeled Winter Park Village

 Shayna Hansen

WINTER PARK, FL – After nearly a year of site searches and negotiations, the team of Shayna Hansen, Director of the Florida Region at Lincoln Property Company (LPC) and Robin Sande, Senior Managing Director for Newmark Group’s National Retail Services, succeeded in bringing SkinCeuticals SkinLabs to Central Florida’s newly remodeled Winter Park Village mixed-use center.

Robin Sande

SkinCeuticals SkinLabs with 10 locations – now 11 – nationwide, provide a comprehensive medspa destination that offers cutting-edge, dermatologist-validated services.

The search for an upscale, prominent location for the high-end retailer started in June of 2022 when Sande, SkinCeuticals SkinLabs’ national broker based in Minneapolis, teamed up with Hansen at LPC in Orlando.  

Winter Park Village shopping center, Winter Park, FL

Shortly thereafter negotiations began with representatives of  Winter Park Village Developer Casto Southeast.

Hansen added there’s only one other SkinCeuticals SkinLabs in Florida, which is located in Coconut Grove, Miami’s upscale bayside neighborhood.

“This isn’t the first time Hansen and Sande have teamed up on a prestigious retail deal,” she said.  “We previously succeeded in bringing national women’s boutique Evereve to Park Avenue in Winter Park.”

SkinCeuticals SkinLabs, opening in July at Winter Park Village, joins a new collection of highly sought-after retailers: women’s clothier Free People, and jewelry designer Kendra Scott who are also opening this summer. 

 Lovesac Co. Furniture Showroom and Tommy Bahama Marlin Bar recently announced they too will be joining the roster of high-end retailers in Winter Park Village.  

Contacts:

 

Shayna Hansen,

Director/Florida Region,

 Lincoln Property Company, 

 407-872-3516; 

Shansen@LPC.com 

 

Robin Sande,

Senior Managing Director,

Newmark National Retail Services;

 612-703-0676;

 Robin.Sande@NMRK.com

 

Beth Payan,

Larry Vershel Communications Inc.

407-461-3781

 Beth@larryvershel.com

 

 

JLL Capital Markets arranges $385 million construction financing and equity for The McBride Cohen Company to develop Phase I of South Pier at Tempe Town Lake, a $1.8 billion Master-Planned Development in Tempe, AZ

 

Loren McBride Cohen

PHOENIX, AZ – JLL Capital has raised $385 million in debt and equity for the construction of South Pier at Tempe Town Lake Phase I, a 737,585-square-foot, waterfront, trophy mixed-use project that will include 724 multi-housing units and 26,767 square feet of retail space in Tempe, Arizona.

 

Upon completion, Phase I of the McBride Cohen Company-led project will be the largest apartment development in the state of Arizona and will feature the towering Arizona Amazing Wheel, a pedestrian bridge, public dock, and world class entertainment isle.

 

JLL worked on behalf of borrower, The McBride Cohen Company, to raise $162 million in equity from Cantor Fitzgerald and Silverstein’s Opportunity Zone Fund, as well as secure $223 million in financing through both senior and mezzanine loans.

 

“We believe in the power of this project, this incredible piece of waterfront and the community we are going to create here at South Pier,” said Loren McBride Cohen, CEO of The McBride Cohen Company. “We are truly grateful to our partners at JLL for their belief in this dream.”

Tom Wilson

With an anticipated completion during the second half of 2026, Phase I will consist of three Class-A towers ranging from 22 to 24 stories that will sit on a four-story, 836-space parking structure. 

 

The planned unit mix of the project’s 724 units includes studios and one-, two- and three-bedroom apartments. 

 

Residents will benefit an unparalleled living experience with condominium-quality finishes and The Central Green, a lush, 2-acre public park at the heart of the project, along with fitness centers, spas, pools, and doorstep access to other waterfront amenities, including the South Pier Isle Entertainment District.

 

 Phase I will begin the development of the 3.2-million-square-foot resort-inspired development, making it one of the largest master-planned projects in the Western United States.

Brad Miner

Located within an Opportunity Zone, the development sits on the 3.32-acre South Pier Lot 6 and is ideally situated on the southern edge of Tempe Town Lake.

 

 It is positioned northeast of Arizona State University and directly south of Scottsdale. Residents will benefit from a myriad of public transportation options, including the Loop 202 freeway, Phoenix Metropolitan Bus System, Tempe Streetcar System and the Phoenix Metropolitan Light Rail System, all located within proximity to the site.

 

 The land is surrounded by the Novus Innovation Corridor, a planned 330-acre mixed-use urban destination. Additionally, Mill Avenue Entertainment District, Papago Park, and ASU Gammage Performing Arts District are all within proximity of the site. It is less than a 15-minute commute to downtown Phoenix.

Matt Benson

The JLL Capital Markets Advisory team representing the borrower was led by Senior Managing Director Tom Wilson, Senior Managing Director Brad Miner, Senior Director Matt Benson, Director Brock Knapp and Associate Elle Miraglia.

 

“The South Pier project will continue the evolution of the waterfront along Tempe Town Lake, providing world-class housing and retail amenities, which will drive further demand and investment to the city,” said Miner. “This phase is a vital step in generating momentum for the transformative South Pier master plan.”

 

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

Brock Knapp

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.

 

 

 

Contact:

 

 Jenna Sharp

 Public Relations, Associate

Phone: +1 214 394 3356

Email: Jenna.Sharp@jll.com

jll.com. 

JLL Capital Markets welcomes Bill Baumann to its multi-housing team

 

Bill Baumann

CHICAGO, IL–  JLL Capital Markets announced Bill Baumann has joined the firm’s multi-housing team as a Managing Director in the Chicago office.

 

He will report to Senior Managing Directors Danny Kaufman and Jaime Fink, who co-lead JLL’s Chicago Capital Markets office.

 

“We are very excited to welcome Bill to JLL,” said Kaufman. “His experience and leadership within the industry will be immediately value add to our team and clients.” 

 

In his new role, Baumann will focus on both apartment investment sales and financing deals in Chicago and the Midwest, representing multi-housing owners and developers. He will work alongside David Gaines, who co-leads JLL’s Private Capital Group.

 

 Danny Kaufman

Baumann brings two decades of commercial real estate experience, representing numerous leading private capital, institutional and banking institutions throughout his career.

 

Most recently, he served as principal and managing broker of Monarch Realty Partners, a Chicago-based multi-housing brokerage firm he co-founded in 2016.

 

Baumann earned his bachelor’s degree from Yale University and his MBA from Northwestern University.

 

 

Contact:

 

 Jenna Sharp

 Public Relations, Associate

Phone: +1 214 394 3356

Email: Jenna.Sharp@jll.com

jll.com. 

Plaza Advisors brokers sale of Orlando Square Shopping Center in Orlando, FL

ORLANDO, FL -- Plaza Advisors is pleased to announce the sale of the Orlando Square shopping center. The asset is situated on the southwest corner of Sand Lake Road and South Orange Blossom Trail in Orlando, Florida. The price was not disclosed. 

 

The 183,877 SF retail plaza was 85% occupied and is anchored by Ross, Office Depot, Ollie’s Bargain Outlet and Central Rock Gym. Notable inline tenants include Chipotle, Firehouse Subs, Bright Now Dental and outparcel tenants Chick-Fil-A and Chase Bank.

 

Plaza Advisors represented the seller, AGRE Orlando Square LLC, and was the only broker involved in the transaction. The buyer was Core Investment Management, LLC, a Miami-based active investor of retail properties located throughout Florida with over 2,500,000 SF owned and managed.

 

 This is the second transaction completed over the past year between the seller and Plaza Advisors.

 

 

Contacts

 

Jim Michalak

813.837.1300 x1

jim.michalak@plazadvisors.com

 

Jeff Berkezchuk

813.837.1300 x2

jeffb@plazadvisors.com