Levin Johnston closes $14.5 million industrial property transaction in Burlingame, CA

  

Burlingame, CA – Levin Johnston of Marcus and Millichap, one of the top brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, announces that it closed an industrial property transaction worth $14.5 million in Burlingame, California on behalf of private investor clients.

The 1.58-acre site is home to eight separate industrial suites in two adjacent buildings.

“Industrial properties, particularly ones located near transportation hubs, are in high demand even with the headwinds of economic concern and higher interest rates,” says Adam Levin, Executive Managing Director of Levin Johnston.

 

Adam Levin

“These assets, located right off the 101 Freeway, minutes from SFO, and a short drive to downtown San Francisco, are an example of a prime investment opportunity in a thriving Bay Area community.”

According to the National Association of Realtors, the region south of San Francisco including Burlingame, San Mateo, Santa Clara, and San Jose has experienced job growth of 3.3 percent which is faster than the national growth rate. 

Robert Johnston

Continued demand for workers along with the deceleration of new supply, net new industrial inventory in the first quarter of 2023 was zero compared to -633,616 square feet in Q1 2022, is keeping rent growth elevated at 6.1 percent and an average square foot rent of $27 compared to $25 in the same period last year.

“The market has some bright spots, but they need to be identified,” notes Robert Johnston, Senior Managing Director of Levin Johnston.

“Transaction dollar volume in Q1 2023 was 54 percent of what it was in 2022, so investors need a partner who has the network and experience to find the opportunities, as our team did in this transaction.”

The transaction was comprised of two adjacent properties totaling a 1.58-acre lot and 31,415 square feet of leasable space. Both properties are zoned for warehouse use with flex office space.

Jessica Tomasetti

The properties include on-site external parking, 14-foot ceiling heights, and multiple drive-in bays for warehouse access.

Public transportation is nearby with BART’s Millbrae station less than 2 miles away and CalTrain Commuter rail station 1 mile from the properties. San Francisco Airport is just 3.2 miles away and the Port of Redwood City approximately a 20 minute drive.

The Levin Johnston team of Adam Levin, Robert Johnston, and Jessica Tomasetti represented both the buyer and seller of the properties. The properties are located at 890 Mahler Road and 1550 Gilbreth Road in Burlingame, California 94010.

CONTACTS:

Hanna Kokuashvili / Kiera Moran

The Smart Agency, Inc.

(949) 520-6717

hkokuashvili@thesmartagency.com

 

www.levinjohnston.com

Alaska Permanent Fund Corp. (APFC) begins $13.4 million renovation of Downtown San Diego, CA office building

Five50West, a 20-story, 362,822-square-footoffice building
 located at 550 West C Street in downtown San Diego, CA

 

SAN DIEGO, CA –– Committed to attracting premier companies, JLL announced Alaska Permanent Fund Corporation (APFC) has started construction on the $13.4 Million renovation of Five50West, a 20-story, 362,822-square-foot office building located at 550 West C Street in downtown San Diego.

 A San Diego landmark and symbol of office grandeur, Five50West is best known for its open concept first floor lobby that seamlessly connects to the expansive outdoor concourse.

Bess Wakeman

 Five50West is now a hive of activity as it undergoes a comprehensive remodel that was designed by Gensler with construction oversite provided by JLL’s PDS team.

 “As the dust settles and the construction nears completion, the transformed Five50West will stand as a symbol of modernity and luxury, attracting top-tier tenants and revitalizing the downtown landscape, said Steve Adams, Senior Portfolio Manager at APFC.

  'The investment in Five50West is testament to APC’s commitment to San Diego as well as San Diego’s desirability as a premier market nationally for employers in all sectors.”

Richard Gonor

Leading the office leasing at Five50West are JLL’s Richard Gonor, Tony Russell and Bess Wakeman.  Five50West can accommodate a wide range of users from 2,000 to 100,000 square feet. 

 “Downtown remains one of the most desirable office markets in San Diego with its vibrant energy, walkable amenities and a live-work-play lifestyle,” said Gonor, JLL Executive Vice President.

 “The downtown market is evolving and so is Five50West.  It will now provide everything today’s employees require from a dynamic workplace – amplified amenities, food & beverage offerings, outdoor collaborative spaces, convenient location, and a safe environment.” 

 

Tony Russell

Inside, the first floor lobby will be infused with  hospitality conveniences  using modern finishes that will create an atmosphere of sophistication and innovation.

 These finishes will carry through to the upper floors offering vibrant and inspiring workspaces and stunning waterfront and city views that will attract top talent. 

 The state-of-the-art, fitness and wellness center, with anticipated completion of November 2023, will feature the finest cardio, exercise, circuit-training and strength-extension equipment, towel service, and spa like shower and locker facilities to encourage a healthier lifestyle for the building’s occupants.

 

The increased capacity conference center will support larger meetings as well as include social media sound rooms. Outside, Five50West is being adorned with new features to enhance the tenant experience.

 The expanded concourse will offer a serene escape from the hustle and bustle complete with comfortable seating areas, collaborative outdoor workspaces and an open concept café.

 Other enhancements underway include a tenant lounge, enriched exterior landscape and LED lighting program, and improved parking garage and way finding signage throughout the project. Completion of the full renovation is anticipated for Q12024.

Five50West is ideally located in the heart of downtown San Diego with panoramic views of San Diego Bay, San Diego International Airport and Balboa Park. 

 It is adjacent to the Santa Fe Depot (Amtrak, Coaster & Trolley), providing immediate access to neighbouring communities and is walking distance to the San Diego Bay, County and Federal Courthouses, Little Italy and other retail amenities.

 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.”

FIDELITY BANCORP FUNDING Hires John Omori as Senior Vice President of Construction Financing

 John Omori 

 SANTA ANA, CA, July 14, 2023 — Fidelity Bancorp Funding, Inc., a leading financial institution specializing in commercial real estate, multifamily, single-family residential bridge loans, and permanent financing, is pleased to announce John Omori has joined the company as Senior Vice President of Construction Financing.

 Omori will be tasked with launching the company’s construction financing division.

 

“With traditional banks being capital constrained especially for construction lending, it’s important that we provide a platform to our clients to alleviate those pressures,” stated David Frosh, CEO of Fidelity Bancorp Funding.  “We are confident that John will be a great asset to our clients and team as we continue to expand our business.”

David Frosh

Omori joins Fidelity Bancorp Funding following tenures at Bank of Hope, First Foundation Bank and Umpqua Bank where he specialized in multifamily and commercial real estate loan originations and underwriting of complex ground up projects.

 Frosh added,  “John understands the architectural, development and construction process as well as the lending business. Because he can put himself in the shoes of both builders and lenders, he knows how to successfully put complex deals together.”

“Despite all the concerns with the economy there continues to be a housing shortage,” stated Omori.   “MLS resale listings are at 20-year lows. Rental occupancy is still strong in many markets, especially California. 

 

"First time buyers need housing. Current homeowners are not moving because they do not want to part with their 2-3% interest rate loans.

 

"Local small to mid-size scale developers producing rental inventory or speculative housing have had their typical capital financing resources withdrawn from the market.

"We believe the construction business will remain strong despite an uncertain economy, and are expanding our focus to provide capital to developers to execute their plans.”

 

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.”

Ware Malcomb Announces Construction is Complete on DECISIO Health's Corporate Headquarters in Houston, TX

Heather Griffin

 HOUSTON ,TX -- Ware Malcomb, an award-winning international design firm, announced that construction is complete on DECISIO Health, located at 520 Post Oak Blvd. Suite 600, in Houston.

 Ware Malcomb provided interior architecture and design and branding services for the 15,000 square foot interior office renovation. 

“DECISIO’s new headquarters will allow for seamless employee integration as they continue to scale,” said Heather Griffin, Director, Interior Architecture & Design at Ware Malcomb. “Our Interiors and Branding teams worked to create a cohesive space that brings company culture to the forefront.” 

Jill Nesloney

 Notably, Ware Malcomb’s in house Branding Studio played a pivotal role in the successful outcome of the project by providing custom branded graphics for key spaces within the office. 

By interpreting the essence of DECISIO’s brand and integrating it throughout the space, the team successfully captured the company’s identity and values.  

Edward Edson 

Ware Malcomb worked closely on the project with the building owner/developer, Griffin Partners.

  Headquartered in Houston, Griffin Partners is a commercial real estate investment, development, and property management firm that owns and operates properties throughout Texas, Colorado, Arizona, Utah, Tennessee, and North Carolina.

  General contracting services for the project were provided by Crest Builders. The tenant was represented by Edward Edson with Colliers and the building was represented by Jill Nesloney with Lee & Associates.  

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

waremalcomb.com

 

Sendero Capital and Angelo Gordon complete first medical office building acquisition as part of their programmatic joint venture in Hamden, CT

1952 Whitney Avenue, a 53,120-square-foot
 medical office building in Hamden, CT

 

BOSTON, MA, July 12, 2023 –  JLL Capital Markets announced today that it advised on the acquisition of 1952 Whitney Ave., a 53,120-square-foot medical office building in Hamden, Connecticut.

 

JLL represented Sendero Capital and Angelo Gordon, who have formed a programmatic joint venture (also arranged by JLL) for up to $300 million in investments in outpatient healthcare real estate over the next two years, in the acquisition.

Brannan Knott 

The purchase of 1952 Whitney Ave. is the first acquisition as part of the joint venture, which will focus on value-add and core plus outpatient medical office and surgery center assets throughout the Northeast United States – a region with high barriers to entry, strong growth, and one of the largest concentrations of healthcare businesses in the U.S.

 

1952 Whitney Ave. is a mission critical healthcare facility that is 88% occupied to a diverse tenant roster.

 

The property is anchored by Hartford Healthcare and Yale New Haven Health as well as dominant physician practices providing a range of specialities, including internal medicine, cardiology, dermatology, endocrinology, podiatry and physical therapy.

 

Located in the New Haven suburb of Hamden, 1952 Whitney Ave. is convenient to Route 15 and Interstate 91, providing access throughout the Southern Connecticut area.

Anthony Sardo

Additionally, the property has a Connecticut transit stop in front of the building. 

The facility is positioned in a healthcare-concentrated area with more than 3.2 million square feet of acute-care, rehabilitation and cancer hospitals nearby providing ancillary demand.

 

The JLL Capital Markets team was led by Managing Director Brannan Knott and Director Anthony Sardo.

 

“A well-located, health system-anchored medical office building was a great way to kick-off the venture,” said Knott.

 

“We expect Sendero and Angelo Gordon are going to be very active in the regional market and believe this is to the benefit of those looking to transact as they have knowledgeable and good people at the helm to work with.”

 

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

 CONTACT:

 

Kristen Murphy

Director, Public Relations, Americas

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@jll.com

 

Shutts & Bowen Attorneys Close $30 Million Land Finance Deal, Making Way for Midtown Miami, FL Luxury Condo

 

 Philip C. Rosen

Miami, FL – Shutts & Bowen Fort Lauderdale partners Brendan Aloysius Barry and Philip C. Rosen recently led a team of attorneys representing Metropolitan Commercial Bank in the closing of a $30,000,000 land acquisition and pre-development loan for a luxury condominium on the 1.6-acre Midtown Gateway site. 

 The financing was for the acquisition of a vacant platted lot consisting of 1.6 acres, bounded by NE 36th St., the 

FEC Railway Corridor, NE 35th St., and NE 1st Ave., and situated within the Midtown Miami East Special District and is referred to as the “Gateway to the Design District”. 

Manuel Vidal

Although subject to final approvals, the maximum entitlements for the mixed-use project could consist of up to 607,657 sq. ft., including 400 residential units with a potential maximum height of 48 stories and the developers, Terra and Lion Development Group, are expected to break ground sometime next year.

“We are pleased to assist Metropolitan Commercial Bank in structuring and closing this transaction, which will help realize the Developer’s targeted growth strategy in South Florida,” said Barry, a member of Shutts’ Real Estate Practice Group.

Brendan Aloysius Barry

“The transaction represents an important step in the further development and maturation of the Midtown neighborhood and highlights Metropolitan Commercial Banks’ commitment to South Florida.”

Manuel Vidal, Florida Market Manager for Metropolitan Commercial Bank, said “here at Metropolitan Commercial Bank, we lend to best-in-class sponsors who are battle and time-tested experts in their asset class.

"We help them create and sustain generational wealth by understanding exactly how they create value, and by structuring our transactions to maximize this value creation. 

David Martin 

"Terra has been on the front lines of reinvigorating some of the city’s most desirable neighborhoods for more than a decade now. 

"We saw a great opportunity to help the firm acquire the last remaining undeveloped parcel in the Midtown Miami PUD. 

 "We are proud to add David Martin and Michael Simkins to our Florida sponsor roster.”

Barry and Rosen were assisted on the deal by Ed Stacker and Jacob Leuze.

Michael Simkins

About Shutts & Bowen LLP

Shutts & Bowen, established in 1910, is a full-service business law firm with approximately 300 lawyers in offices in Ft. Lauderdale, Jacksonville, Miami, Orlando, Sarasota, Tallahassee, Tampa, and West Palm Beach.

CONTACT:

Daniel Benjamin

Senior Account Executive,

 BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

www.shutts.com.