Lincoln Property Company Purchases Class A Salt Lake City Distribution Facility

201 Commerce Center, Building 6 totals
307,940 SFon 17.9 acres with 32 ft. clear height,
 excellent truck circulation and abundant loading.

  

Rebecca Perlmutter

 

San Francisco –- CBRE National Partners arranged the sale of a Class A distribution facility in Salt Lake City, Utah to Lincoln Property Company, a global, full-service real estate firm. The price was not disclosed.

Darla Longo

Rebecca Perlmutter, Brett Hartzell, Tom Dischmann, Matt McAfee, Darla Longo, Barbara Perrier, Joe Cesta, Paige ,Morgan Michael Longo and Eric Cox of CBRE National Partners represented the seller.

 

Barbara Perrier

“The combination of a strong workforce, excellent quality of life and a well-built, very functional distribution building attracted strong investor demand and resulted in a successful sale,” said Perlmutter, Vice Chairman at CBRE. 

Paige Morgan

The Class A distribution facility known as 201 Commerce Center, Building 6 totals 307,940 sq. ft. on 17.9 acres with 32 ft. clear height, excellent truck circulation and abundant loading. The building is 100% leased to four tenants with below market rents and 2.6 years of weighted average lease term remaining.

Michael Longo 

“We are very pleased to add this highly functional, multi-tenant building to our client’s portfolio,” said Gary Kobus, Senior Managing Director at Lincoln Property Company. “Salt Lake City is rapidly-growing and a target market for us going forward.

Gary Kobus

"This building’s location and access will allow our tenants to continue to benefit from the many favorable attributes that Salt Lake City has to offer.”

Brett Hartzell

The West Valley submarket of Salt Lake City had a vacancy rate of 2.2% in the third quarter this year, below the 4.6% market average, according to CBRE Research.

Tom Dischmann

Leasing activity was strong in Q3, with year-to-date leasing volume reaching nearly 9 million sq. ft. in 2023, positioning it as the second-highest year in leasing activity in the market’s history.

Matt McAfee,

“This sale is reflective of the continued strong investor demand in the solid, dynamic market that is Salt Lake City,” said CBRE Vice Chairman Brett Hartzell. 

CONTACTS:

 

Olivia Vallone (she/her)
Communications Specialist

CBRE | Corporate Communications
C +1 847 691 9144
Olivia.Vallone@cbre.com | LinkedIn

 

Samantha Cheung

+1 415 772 0138

Samantha.Cheung@cbre.com

 

JLL Capital Markets’ Peter Yorck to join its Southeast multi-housing team

 

Peter Yorck 

ATLANTA, GA,-–  JLL Capital Markets announced Senior Managing Director Peter Yorck has joined its Southeast multi-housing investment sales team, based in the Atlanta office, after spending eight years with JLL/HFF in both the Los Angeles and San Francisco offices.

 

John Weber

 In his new role, Yorck will grow institutional multi-housing sales for the greater Atlanta and Nashville markets.

Yorck will be working alongside partners on the Southeast multi-housing investment sales team, which include Senior Managing Director John Weber, Managing Director Bill Shippen, Senior Director Vic Ciancetta and Director Nick Brown.

 

Investor interest has proven to be strong throughout the Atlanta market, and specifically, from 2021 through 2022, the area saw north of $36 billion in multi-housing investment sales transactions close.

Bill Shippen

“We are excited to welcome Peter to Atlanta as he is a perfect cultural fit with a proven track record of success,” said Senior Managing Director Richard Reid, who co-leads the Atlanta and Nashville offices for JLL Capital Markets.

 

“Given the positive living trends in the Southeast, we look forward to Peter and the team furthering the growth of our multi-housing investment sales business.”

 

In the past 30 months, Yorck has executed an investment sales transaction volume of approximately $2 billion in LA County alone, including Thea at Metropolis, the largest sale in LA County history.

Vic Ciancetta

Throughout the course of his career, he has been involved in more than $6 billion of investment sales and capital markets transactions.

 

“My family and I could not be more excited about the opportunity to relocate to Atlanta. I look forward to continuing to work with incredible partners in Atlanta and Nashville and to further grow our institutional multi-housing business within this very important segment of the overall market,” said Yorck.

 Nick Brown

Prior to joining HFF in 2015, Yorck served five years as an Infantry Officer in the U.S. Army, deploying twice to Afghanistan. He served in Army Special Operations with the 3^rd Ranger Battalion as well as with the 101^st Airborne Division.

 

Yorck earned his bachelor’s degree from Princeton University.

 

  

Contact:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com    

Kieran Miller, MAI, and Justin Perkins join JLL Value and Risk Advisory multi-housing team in New York and Los Angeles

  

Justin Perkins

NEW YORK, NY,  Oct. 19, 2023 – JLL’s Value and Risk Advisory platform announced today that it has hired two multi-housing experts in key gateway markets.

 Kieran Miller, MAI, joined the firm as a Senior Director in New York City and Justin Perkins has joined as a Director in Los Angeles.

 

Miller and Perkins will focus on multi-housing value and risk advisory assignments and will report to Peter Rastetter, MAI and Aaron DeCollibus, MAI, CCIM, AI-GRS, Executive Directors for the national multi-housing practice in New York and the West Coast, respectively.

 

Kieran Miller

“We’re excited to add Kieran and Justin to the team, especially in these key gateway cities that are critical markets for our institutional clients,” said Kai Pan, Executive Managing Director and the National Head of the Multi-Housing Property Sector for JLL Value and Risk Advisory.

 

“Multi-housing remains a preferred asset class for investors and our clients are demanding insights into the current value of their assets, as well as the risk due to natural disasters, rising insurance costs and more.

 

 "The addition of valuation experts, Kieran and Justin, will help our clients evaluate their asset’s value and risk positions in the dynamic markets of New York and Los Angeles.”

 

Kai Pan

Miller has more than five years of experience in commercial real estate with a background in analysis and appraisal. 

He was a Senior Commercial Real Estate Appraiser most recently at AEI Consultants and previously at BBG. His experience includes valuation for bank financing and estate and litigation purposes. 

Miller is a graduate of St. Lawrence University in Canton, New York.

 

Aaron DeCollibus

Perkins joins JLL from BBG, Inc. where he was a Senior Appraiser involved in the valuation of a variety of investment-grade properties across the U.S.

 In addition to his valuation background, he spent time at James Capital Advisors as a Senior Associate working with loan originators to underwrite loans for commercial properties and at CIT Group as an Assistant Vice President Portfolio Management/Underwriting.

Peter Rastetter

 Perkins has a Bachelor of Arts and a Masters in Real Estate Development from New York University.

  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.

 

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

 

jll.com

JLL arranges sale of SLS Brickell in Miami

SLS Brickell, a 124-room luxury and lifestyle hotel
located in Miami’s Brickell submarket 

 

 MIAMI, FL – JLL’s Hotels & Hospitality group announced on behalf of Constellation Hotels Holdings that the firm has arranged the sale of SLS Brickell, a 124-room luxury and lifestyle hotel located in Miami’s Brickell submarket for the second time.

Michelle Kelban

The Kastrati Group acquired the hotel for $53.5 million and was represented by Jordan Karp and Disruptive Real Estate. The sale did not include the restaurant space formerly known as Bazaar Mar by Jose Andres, as JLL had sold it in a separate transaction to Black Lion Investment Group in Q1 of 2023.

 Jordan Karp 

Managing Director Andrew Dickey and Senior Vice President Maciej Polek led the JLL team on the transaction. This team also led the financing and sale of the SLS South Beach in 2015.

 

 The seller was also represented by Latham & Watkins in the disposition, led by Michelle Kelban, Global Co-Chair of the firm’s Real Estate Practice, and Aaron Friberg counsel in the firm’s San Diego office.

 

“This transaction was a great opportunity to work with the Constellation team again and to continue our global relationship,” said Dickey.

Andrew Dickey

“This asset was highly sought after with several bidders, which reflects the quality of the asset, its improving location within Brickell, and the long-term view of Miami’s growth.”

 

The SLS Brickell was developed by the Related Group, designed by Philippe Starck and Arquitectonica, opened in 2016 and is located within the SLS Tower, one of Brickell’s most successful mixed-use projects.

 

Amenities include nearly 58,000 square feet of indoor and outdoor event space, an upscale three-meal restaurant, three bars and lounges, and an expansive rooftop pool and spa.

Aaron Friberg

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years and has sold/financed 60% of all hospitality transactions in the state of Florida since 2010. 

 

Our hotel valuation, brokerage, asset management, and consultancy services have helped more hotel investors, owners, and operators achieve high returns on their assets than any other real estate advisor in the world.JLL’s Hotels & Hospitality Group  

 Maciej Polek

For more news, videos and research resources on JLL Hotels & Hospitality, please visit the firm’s U.S. media center web page: https://www.us.jll.com/en/industries/hotels-and-hospitality.

 

 

 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

 

jll.com

 

McCullough Landscape Architecture Expands in Los Angeles

  

Kira Becker

Los Angeles, CA – McCullough, an award-winning landscape and urban design firm, announced that it has expanded its presence in the Los Angeles Area with the investment in expanding its workforce and capabilities.

Olivia Wax

While the San Diego-based firm has offered services via its presence in Los Angeles, this operational investment marks an expansion of the McCullough team and an affirmation of the firm’s commitment to the Los Angeles area and greater Southern California.

 

, Bianca Zeto

On the heels of its recent Bay Area office expansion, McCullough announced the growth of its Southern California office with five new hires and enhanced capabilities serving the Los Angeles area.

Haya Abboodi 

 McCullough welcomes rising star Associate Landscape Designer Kira Becker onto the Los Angeles team. In addition, the San Diego office additions include Olivia Wax as Junior Associate, Bianca Zeto as Project Accountant, Lindsey Bonjean as Office Administrator, and Haya Abboodi as Intern.

 

Lindsey Bonjean

“By hiring a dedicated landscape designer in Los Angeles and expanding our team, we will be better positioned to collaborate with owners, developers, architects and other stakeholders, and share our knowledge and expertise even more effectively,” observed David McCullough, ASLA, PLA, Principal Landscape Architect at McCullough.

 

David McCullough

New team member Kira Becker is a recent graduate of University of California, Los Angeles’ Landscape Architecture extension program, holds a B.S.in Industrial Engineering from Southern Methodist University, and an ASLA Honor Award Recipient

 

Her portfolio includes projects in sectors such as residential, commercial, and multifamily projects around Southern California, focused on Los Angeles-based regional projects.

 

The company’s previous work in the Los Angeles Area includes projects for One South, Peninsula Pointe, and Red Car Properties. Student housing projects include at Mt. San Antonio College, Crafton Hills College, and Oxnard College.

 

Contact:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

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