JLL strengthens Value and Risk Advisory platform with addition of industrial expert Patrick Shannon

  

 

Patrick Shannon

 

 CHICAGO, IL – JLL’s Value and Risk Advisory platform has appointed

Patrick Shannon as an Associate Director based in Michigan.

 

 With an extensive background in industrial property types, Shannon brings a wealth of experience and expertise to the team, further enhancing JLL's capabilities in the Midwest region. Shannon will work alongside Jim O’Leary, who leads the Midwest industrial team.

 

"We are delighted to welcome Patrick to our industrial team," said Katie Parsons, Executive Managing Director and National Head of the Industrial Property Sector at JLL Value & Advisory Services.

Katie Parsons

 "Patrick's longstanding experience in the industrial sector and his exceptional track record of providing client-focused solutions make him a valuable addition to our platform. His appointment reinforces our commitment to delivering best-in-class services to our clients across the region."

 

Shannon’s responsibilities will include conducting appraisals and consulting assignments for a wide range of industrial properties, including flex, manufacturing, warehousing, and vacant land uses. With his deep understanding of the market and comprehensive knowledge of industrial assets, Shannon will play a critical role in providing strategic advice and insights to clients across the region.

 

Jim O’Leary

Prior to joining JLL, Shannon spent 17 years with Grubb and Ellis, which was acquired by Newmark, where he served as a Senior Managing Director.

 

Shannon holds a bachelor’s degree in Economics from the University of Michigan and is a Practicing Affiliate of the Appraisal Institute.

 

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,

 JLL Director, Public Relations

Phone: +1 617 543 4873

Email: Kristen.Murphy@jll.com    

 

jll.com.

Keyes/Illustrated Luxury Report: South Florida Sees Return of Year-Over-Year Gains in Q3 2023

 

Christina Pappas 

 

MIAMI and PALM BEACH, FL– South Florida’s luxury residential market experienced year-over-year gains in many important categories during the third quarter of 2023, according to The Keyes Company and Illustrated Properties’ new Luxury Report.

 

Buyers and sellers of $1 million-and-up single-family homes and condominiums acknowledged that the pandemic-era frenzy is firmly in the past, and the region is back in a “normal” market.

Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida, luxury single-family sales jumped from 2,221 in the third quarter of 2022 to 2,397 in the third quarter of 2023 – a 7.9% increase.

 

 The region’s condo sector had a 0.3% uptick in $1 million-and-up transactions, from 892 to 895. The tri-county area of Miami-Dade, Broward and Palm Beach counties had single-family transaction increases during that timeframe, with Palm Beach County also enjoying a big year-over-year jump in high-end condo sales (21.3%).

 

“It is encouraging to see that the incremental gains of the past few quarters gave way to notable year-over-year increases,” Keyes President Christina Pappas said.

 “We expect that to continue as we close out 2023. The luxury sector is not hampered by the current interest rate environment or broader economic challenges.”

 

  

CONTACT:

 

Eric Kalis

Vice President,

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza

 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

Corporate park in northern Virginia becomes the new home of Fairfax County Public Schools

Cheryl Russ

 

HERNDON, VA  – JLL has negotiated the lease and managed the construction of the buildout to transform nearly 40,000 square feet within two tech park buildings into usable space for classrooms, offices and testing rooms for Fairfax County Public Schools in Herndon, Virginia.

 

JLL represented the tenant, Fairfax County Public Schools (FCPS), the largest public school system in Virginia, in site selection and lease execution through its brokerage service.

 

JLL’s Project and Development Services (PDS) group managed the project from design through occupancy, which included assisting in site selection and overseeing the budgeting and development of RFPs for design and construction.

 

After negotiating the original lease for 33,186 square feet in December 2021, JLL negotiated the expansion space of 6,366 square feet in March 2022.

 

The two buildings are adjoined by a breezeway and include part of 455 Spring Park Place and the entirety of 465 Spring Park Place.

 John Gibb

 

The JLL Brokerage team representing Fairfax County Public Schools included John Gibb, Managing Director, Tenant Representation. JLL’s PDS team was led by Cheryl Russ, Vice President, Project and Development Services.

 

“What’s really exciting about this project is that it is an adaptive reuse of office space for a school,” Gibb said.

 

“As urban environments get built up, we are left with limited space for building new educational institutions. In this case, it was more efficient to locate an educational facility in one-story buildings that externally resemble a school as much as corporate offices and transforms the buildings into exactly what Fairfax County Public Schools needed.”

 CONTACT:

Kimberly Steele

PR, Occupier

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

JLL Capital Markets arranges $18.5 million acquisition financing for the 150-unit / 480-bed Bellamy Coastal student housing located in Conway, SC near Myrtle Beach

 

Patricia Heminger

CHICAGO, IL – JLL has arranged the $18.5 million acquisition financing for Bellamy Coastal, a 150-unit / 480-bed, Class A student housing property, serving Coastal Carolina University in Conway, South Carolina.

 

JLL worked on behalf of the borrower, Eastman Residential, to secure the five-year, fixed-rate acquisition financing through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.

Katia Novi

The JLL Capital Markets Debt Advisory team was led by Senior Director Dan Kearns, Senior Director Patricia Heminger, Senior Analyst Sam Tarter and Analyst Katia Novi.

 

Built in 2018, Bellamy Coastal features multi-story townhome apartments with large living areas and both front and rear access leading to private backyard areas. Community amenities include a resort-style pool, a sundeck, a beach volleyball court, a 24-hour fitness center, a computer lab, study area, hammock garden and in-apartment security systems.

 Dan Kearns

The community is located at 300 Bellamy Avenue, just 0.5 miles east of CCU’s campus. Additionally, residents are just 10 miles away from downtown Myrtle Beach.

 

"Our JLL team is thrilled to help facilitate the first financing between Eastman Residential and Freddie Mac, establishing what will be a tremendous long-term relationship," said Kearns.

Sam Tarter

JLL’s Capital Markets group 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.

 

Bellamy Coastal, a 150-unit / 480-bed,
Class A student housing property, serving
Coastal Carolina University in Conway, SC.

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 

Real estate mortgage market rates continue to rise in uncertain environment

John Oharenko

Chicago, IL – Worries about an economic slide accompanied by inflation, the bond markets the 5% mark for 10-year treasuries in late October.   Such rates were not seen since 2007.  

 John Oharenko, executive director of  the Real Estate Capital Institute's®, suggests, "Flirting with the 5% benchmark treasury shows that the markets are serious about tackling inflation.  The full effects of such yields are yet to be felt by the property markets."

 

 And given the bond markets' punishing yields, the Fed is less likely to raise rates anytime soon.  As expected, the real estate mortgage markets reacted with uncertainty, as witnessed by the following:

 

Multiple Mortgage Rate Increases:   The dramatic volatility in rates forced many lenders to increase rates during the past few weeks.  For example, Freddie Mac's Small Balance rates increased by 40 basis points, spanning three hikes since the end of September.

 

Depressed Housing Markets:  More rent increase pressure puts on more demand for multifamily properties as high rates drove home sales to fall to the lowest levels in more than 13 years.  At the same time, the largest gap between homeownership costs and rental occurred, reaching over a 50% difference.  

 

Mortgage Term Flat Pricing:  Five and ten-year benchmark treasury yields remain nearly identical.  For instance, Fannie Mae Small Loan rates start in the 7.25% range for 5- and 10-year terms.  

 

However, construction and floating-rate lenders offer much wider pricing differentiation due to the limited supply of funding sources that prefer avoiding variable rate risk exposure.  Floating rate deals often are priced over 8%, allowing few new construction ventures to pencil out.

  

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries and bank prime.  

 

 Contact:

 

John Oharenko,

 Executive Director

director@reci.com 

 www.reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

 

 

 

 

 

 

Cushman & Wakefield to Oversee Leasing for Summerlin® Office Portfolio in Las Vegas

  

Amy Lance

Las Vegas, NV — Howard Hughes Holdings Inc. (NYSE: HHH), developer of the Summerlin^® community in Las Vegas, announced it has retained Cushman & Wakefield (NYSE: CWK) to oversee leasing for the Howard Hughes office portfolio in Summerlin, which includes locations in Downtown Summerlin®, the community’s 400-acre vibrant and walkable urban core.

 

Cushman & Wakefield Las Vegas-based brokers, Charles Van Geel, Senior Director; and Amy Lance, Director, will lead the effort, effective immediately.

Venessa McEvoy

 Howard Hughes’ office portfolio in Summerlin includes some of the Las Vegas Valley’s most prestigious Class-A office buildings, including 1700 Pavilion, its newest building in Downtown Summerlin that spans 265,898 square feet adjacent to the Las Vegas Ballpark®. 1700 Pavilion opened earlier this year and is 77% leased.

Charles Van Geel

Other Class-A office buildings at Downtown Summerlin include One Summerlin, which is 207,307 square feet and 88% leased; and Two Summerlin, which is 147,139 square feet and 100% leased.  

 

Howard Hughes’ newest Class-A offering is the Meridian campus, located adjacent to the I-215 Beltway at Town Center Drive, just west of Aristocrat Technologies, Inc., and slated to open in January 2024.

 

“We are pleased to launch our partnership with Cushman & Wakefield to oversee office leasing for Summerlin, which includes some of the most desirable office space in the Las Vegas Valley, one of the top locations to which people are continuing to move as they seek better opportunities outside the more expensive coastal job centers,” said Frank Stephan, President, Nevada Region for Howard Hughes.

 

Frank Stephan

“We are thrilled to have been selected as the leasing team for this premier assignment in the Summerlin community," said Venessa McEvoy, Cushman & Wakefield’s Market Leader for Nevada.

 

"Howard Hughes is a world-class developer/owner with a rich history and strong foothold in Summerlin, having introduced exceptional lifestyle opportunities and, in turn, becoming a magnet for a variety of businesses in this sought-after community—Howard Hughes is synonymous with Summerlin."

 

For information about Summerlin office leasing, contact Charles Van Geel at Charles.VanGeel@cushwake.com, 702-688-6966; or Amy Lance at Amy.Lance@cushwake.com, 702-688-6872.

 

 Contact:

 

Melissa Warren,

The Warren Group

melissa@twgpr.com;

702-528-6016