KBS Signs a 15,099 SF New Lease Agreement With Brunswick Group at 21-Story Class A Office Tower in Dallas, TX

 

Turtle Creek, a 21-story, 300,961 square-foot
 Class A office tower located in Dallas, TX

DALLAS, TX – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, has signed a 15,099 square foot lease agreement with Brunswick Group, a global advisory firm at 3811 Turtle Creek, a 21-story, 300,961 square-foot Class A office tower located in Dallas, Texas.

Giovanni Cordoves

The transaction represents the presence of improving leasing fundamentals in the Dallas-Fort Worth market, according to Giovanni Cordoves, Regional President, Western U.S.

 

“Despite challenges in increasing interest rates and the cost of capital expenditures, KBS continues to see promise in the Dallas office market. 3811 Turtle Creek offers Brunswick Group the ability to lease new office space in the area that accommodates their recent growth as well as their future anticipated growth,” says Cordoves.

Kim Brooks

“While summer vacations and storms have impeded some of the progress, the Dallas metro area continues to be one of the leading metro areas in the country in returning employees to the office, at times topping more than 60%, according to the Kastle Return to Office Barometer. 

Justin Miller

This combined with a limited construction pipeline, point to an ongoing recovery for Dallas’ top-tier office properties in the near future.”

Kim Brooks, Justin Miller and Scott Walker with Transwestern Real Estate Services represented KBS in the transaction.

 

Jihane A. Boury, vice chairman at Savills, represented Brunswick Group in the leasing transaction.

“Brunswick Group’s move to 3811 Turtle Creek will allow them to have a full floor with great views of the beautiful Dallas skyline,” says Boury. “We are excited to have found them a location that serves their Dallas office needs.”

Scott Walker

The property offers spectacular views of downtown Dallas, Turtle Creek and the Park Cities. It is connected to Turtle Creek Village which offers a 22,000-square-foot grocery store and 100,000 square feet of restaurant and entertainment-themed retail space.

3811 Turtle Creek is a LEED Gold-certified, Energy Star-rated, WiredScore Golbuilding that has achieved a BOMA 360 Performance rating.

The asset is located within blocks of downtown Dallas’ West Village, which includes 275,000 square feet of restaurants and pedestrian-friendly retail.

Jihane A. Boury

First-class amenities at the property include a newly renovated lobby, corridors, gym and deli; new contemporary spec suites; a tenant wine bar and game room with wine lockers; and outdoor patio with fire pits.

Brett Merz,

Additional common amenities include a conference center, event facilities, a free bike-sharing program, and on-site car wash/detailing.

“We were pleased to work with Brunswick Group and welcome them to 3811 Turtle Creek’s prestigious location which offers supreme amenities, and stellar service,” says Brett Merz, asset manager for 3811 Turtle Creek and senior vice president of KBS.

“As a company, we approach sustainability with transparent and measurable goals and 3811 Turtle Creek is no exception.

"With its multiple green features, this property offers tenants excellent walkability, a unique design, and an unparalleled tenant experience.”

 

Contact:

 

Arleeny Escarcega 

aescarcega@thesmartagency.com

 

 

 

 

JLL Capital Markets heads sales efforts for Ballston One, a 239,678-square-foot office building in Arlington, VA

 Ballston One, a 239,678-SF office building
located in Arlington, VA

 WASHINGTON, DC –  JLL Capital Markets  has closed the sale of Ballston One, a 239,678-square-foot office building located in Arlington, Virginia. The price was not disclosed.

 

Matt Nicholson

JLL represented the seller, UBS Realty Investors, LLC, and procured the buyer, Penzance.

 

Ballston One is located at 4601 North Fairfax Dr. in the Ballston submarket of Northern Virginia. The building was constructed in 1986 and currently is occupied by a mix of federal government and private sector tenants.

 

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel Omar.

Andrew Weir

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.

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

 

 

Contact:

 

 Kristen Murphy,

 JLL Director,

 Public Relations

Phone: +1 617 543 4873

Email: Kristen.Murphy@jll.com    

 

 

 jll.com

 

 

Ken Wood joins JLL Value and Risk’s Advisory’s multi-housing practice

Ken Wood

 

LOS ANGELES, CA – JLL’s Value and Risk Advisory platform has hired Ken Wood as a Director in its Los Angeles office.

 

Kai Pan

 Wood will work with Kai Pan, who leads the national multi-housing practice for the group, and Aaron DeCollibus, who leads the West Coast multi-housing team, and will focus on multi-housing value and risk advisory assignments for institutional clients throughout California, Nevada and the Western U.S.

 

Wood joins JLL from Apprise by Walker & Dunlop, where he was a Senior Director focused on multi-housing and affordable housing developments.

Over the course of his nearly 20-year valuation career, he has appraised a diverse selection of asset classes, including multi-housing, retail, office and industrial, as well as specialized assets such as affordable, seniors and student housing; gaming and hospitality; life sciences and data centers.

Aaron DeCollibus

“We’re really excited to add Ken to our platform. He has a deep background across many asset classes and in particular on the multi-housing side, where we continue to see increased client inquiries on the value of their assets and the potential risks associated with rising insurance costs, natural disasters and more,” said Mike Ellis, CEO of JLL’s Value and Risk Advisory platform.

 

Wood graduated from the University of California, Davis with a Bachelor of Arts degree. He is a certified General Real Estate Appraiser in California and Nevada and is a candidate for Designation of the Appraisal Institute.

 

Mike Ellis

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

 

U.S. property valuation and tax consulting services are performed by JLL Valuation & Advisory Services, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 

Contact:

 

 Kristen Murphy,

 JLL Director,

 Public Relations

Phone: +1 617 543 4873

Email: 

Kristen.Murphy@jll.com    

 

 jll.com

 

 

Stos Partners completes $12.5 million sale of 61,112-sf industrial complex in San Marcos, CA after paying $8.77 million for the asset in 2021

SOLD: 61,112-square-foot industrial complex
located on 3.29 acres at 1545-1565 La Mirada Drive
 in the North County San Diego market of San Marcos, CA 

 

  SAN DIEGO, CA – Stos Partners, one of the most active commercial real estate investment and management firms in Southern California, has announced the successful sale of a 61,112-square-foot industrial complex located on 3.29 acres at 1545-1565 La Mirada Drive in the North County San Diego market of San Marcos, California to a private investor for $12.5 million.

CJ Stos

Stos Partners acquired the property in May 2021 for $8.77 million.  Led by Principal and Founder CJ Stos, Partner Jason Richards, Executive Vice President Jay Boyle and Vice President of Asset Management Travis Gorzeman, the company implemented its value-add strategy and capital improvement program which included a new roof, parking lot, exterior painting, drought resistant landscaping and signage.

Jay Boyle 

Stos Partners was represented by Matt Pourcho, Anthony Delorenzo, and Matt Harris with CBRE along with Chris Roth, Rusty Williams, and Jake Rubendall of Lee & Associates. Brant Aberg and Bryce Aberg with Cushman & Wakefield represented the buyer in the transaction

“The North County San Diego industrial market has seen great demand for specialized manufacturing assets because of its growth in the life science, technology and communications,” says CJ Stos, Principal at Stos Partners. 

Jason Richards

“Our team identified this asset’s value during the initial acquisition in 2021. Through deep relationships with local brokers, we were able to secure a buyer in a timely manner.”

“The North County San Diego industrial market is comprised of 54 million square feet with strong vacancy of 2.2 percent,” said Richards.  “In 2022, we saw over 2.2 million square feet of leasing activity in the market.”

The property is ideally located near the California 78 Freeway, providing convenient access to neighboring communities.  It is also less than one mile from North County San Diego’s largest development, North City, which consists of 200 acres of mixed-use commercial space.

Travis Gorzeman

Competitive building features include 21 grade-level roll-up doors, secured outdoor storage areas, multiple ingress/egress points, and minimal first floor office space.

About Stos Partners

Stos Partners is a privately held commercial real estate investment and management firm that invests in real estate directly and in partnership with high net worth and institutional investors.

 With a track record spanning nearly $1.75 billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through value-add acquisitions and strategic repositioning of industrial and multifamily assets of both institutional and small-to-mid-cap commercial properties.

Headquartered in San Diego, California with an office in Orange County, California and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships translate into the ability to source, fund and close transactions quickly and profitably. More information is available at www.stospartners.com.

Matt Pourcho

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.”

Historic Restoration of Pasadena’s I. Magnin & Company Building Revitalizes 475 South Lake Avenue as a Mixed-Use Destination

  

Elise Kunihiro

 

 PASADENA, CA, Sept. 15, 2023 – RDC, an award-winning architecture, planning and interior design firm, is proud to announce the transformation of the historic I. Magnin & Company building.

 

 After a decade of vacancy, the iconic 45,000-square-foot multi-level former department store is now preparing to open as a highly anticipated mixed-use destination featuring a new upscale Erewhon grocery store location, as well as Brella, an app-enabled childcare center, and Tia, an integrated women’s healthcare clinic.

Yuval Chiprut

The building is owned by 475 South Lake Avenue, LLC, an investor consortium led by Yuval Chiprut, also Erewhon’s chief development officer, and has been redeveloped working closely with Long Beach-headquartered architecture firm RDC.

 

“Erewhon’s 10^th store is a special gem,” said Erewhon CEO Tony Antoci, “The Pasadena location brings life to a historical landmark along with Erewhon’s commitment to wellness and culinary excellence.”

Tony Antoci

“The I. Magnin building revitalization offered a special opportunity to blend the architecture of the original 1949 historic landmark with modern functionality,” said Terry Todd, associate principal with RDC. 

 

 “The result is a multi-use destination that resonates with the vibrant character of the South Lake Avenue corridor."

Terry Todd

"Erewhon is continuously thinking about our customer experience and creating stores in places that reflect our core values of healthy food and community,” said Chiprut.

“By repurposing existing space, the redevelopment reduces the environmental impact of new construction,” said Elise Kunihiro, job captain with RDC.

Harold C. Chambers 

“The adaptive re-use of the landmark building aligns with Erewhon’s commitment to sustainability and responsible business practices while maintaining the cultural fabric of the community.”

 The I. Magnin & Company building is named for the iconic I. Magnin luxury department store.  Originally opened in 1949 in the distinctive Late Moderne style by renowned architect Harold C. Chambers and landscape architect Ruth Shellhorn, the building is a significant local cultural touchstone, and the City of Pasadena has designated the building as a historical landmark.

Ruth Shellhorn

The building has also gained Mills Act approval, the most important economic incentive program in California for the restoration and preservation of qualified historic buildings by private property owners, providing property tax relief for owners who actively participate in the restoration and maintenance of their historic properties.

“RDC restored and preserved the building’s original architectural features,” noted Kunihiro. “Replacing the building entry doors with modern aluminum storefront characteristic of Chamber’s design, removing entrance awnings added at a later date, substituting the exterior lights with fixtures resembling the original, and refurbishing the deteriorating original wood framed fixed windows.”

RDC’s Todd added, “Not only did the owners make a considerable investment in reclaiming the historic exterior appearance, but they also rehabilitated the structural integrity by upgrading the entire plumbing, electrical, and mechanical systems and replacing the roof to meet modern sustainability goals safeguarding the future longevity of the building.”

 

Charlotte Nobrega

RDC worked in close collaboration on the Erewhon store interiors with architects Humberto and Charlotte Nobrega.  RDC used 3D technology to scan the building, documenting the historic architectural details and technical specifications of its construction

 

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.”