JLL Capital Markets arranges $30 million sale for the 146,000-square-foot complex along the Chicago Riverwalk

 

 Keely Polczynski

 CHICAGO, IL – JLL Capital Markets has completed the $30 million sale of The Retail and Parking at Marina City, a 146,000-square-foot retail, dining and entertainment complex with structured parking along the Chicago Riverwalk.

Michael Nieder

JLL represented the seller, Pebblebrook Hotel Trust, in the sale of the property to Sperry Equities.

The JLL Investment Sales and Advisory team representing the seller was led by Michael Nieder, Keely Polczynski and John Dettlaff.

John Dettlaff

Sperry Equities led the negotiations for the acquisition and will asset manage the Retail and Parking at Marina City on behalf of their investor, a foundation in which Rand Sperry is a trustee.

The Retail and Parking at Marina City is located at 333 N. Dearborn St. in the heart of Chicago’s River North neighborhood and directly on the Chicago Riverwalk.

Bertrand Goldberg

The property is close to many of the city’s demand drivers, including the Magnificent Mile shopping corridor, Millennium Park, Navy Pier, Museum Campus, and Soldier Field.

Designed in 1958 by architect Bertrand Goldberg, The Retail and Parking at Marina City was designed as a “city within a city” and has been a popular destination for locals and tourists.

 It sits at the base of two condominium buildings, with the 450-space parking garage occupying the first 19 floors of each tower. Prominent retail tenants include Smith & Wollensky, Legal Sea Foods, Yolk, Spin, 10Pin, Tortoise Supper Club and Jefferson Beach Yacht Sales.

According to JLL’s Q3 2023 Retail Outlook, retail continues to be a highly attractive asset class with strong underlying fundamentals. Retail real estate is experiencing a significant shortage of available space, with the availability rate below historical averages, which should bode well for pricing and rents going forward. 

Marina City, a 146,000-square-foot retail, dining
 and entertainment complex with structured 
parking along the Chicago Riverwalk.

“The Retail and Parking at Marina City is an iconic destination on Chicago’s Riverwalk and one of the premier dining and entertainment assets in the city of Chicago,” Nieder said.

 “The offering was highly sought after by various capital sources and offers upside through vacant lease-up while benefitting from significant on-site demand drivers including Hotel Chicago, The House of Blues and the Marina City Condominium Association.”

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 

JLL Capital Markets handles the refinance of The Jones, a 224-unit, garden-style apartment community located in Arlington, TX

  

Kristi Leonard

DALLAS, TX – JLL Capital has arranged the refinance of The Jones, a 224-unit, garden-style apartment community located within the DFW metro in Arlington, Texas. Financial terms were not disclosed.

 

JLL represented the borrower, WindMass Capital, to secure a floating-rate loan through Benefit Steet Partners. Notably, this refinance marks the beginning of a new relationship between both parties.

The JLL Capital Markets Debt Advisory team was led by Managing Director Kris Lowe and Director Kristi Leonard.

Kris Lowe

Considering WindMass’ growth and investment strategy coupled with the wide array of products offered by Benefit Street Partners, the relationship is expected to be rewarding in the coming years.

 

Built in 1977, the two-story apartment community features studio, one-, two- and three-bedroom units with balconies/patios, spacious walk-in closets, central air and heating, dishwashers, refrigerators and washer and dryer connections.

The Jones, a 224-unit, garden-style apartment
 community located within the DFW metro
 in Arlington, TX

Situated at 2109 Lincoln Dr., The Jones offers residents excellent access to the area’s major thoroughfares, Highway 360 and Interstate 30, and is a 25-minute commute to downtown Fort Worth and downtown Dallas.

 

 Proximate neighborhood amenities of the property include AT&T Stadium, Texas Live!, Globe Life Field, Texas Rangers Golf Club, Lake Viridian and numerous shopping and dining options.

 

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 

JLL Capital Markets brokers sale of the 13,877-square-foot Garden Oaks Shopping Center in Houston,TX

  

Meredith Cullen

HOUSTON, TX –  JLL Capital Markets represented the seller, Fifth Corner, and Meredith Cullen and David Cook with Cushman and Wakefield represented the buyer, in the sale of Garden Oaks Shopping Center, a 13,877-square-foot retail strip center located at the northeast corner of Shepherd Road and 34^th Street in Houston, Texas. The price was not disclosed.

 

Originally developed in 1950 and extensively renovated, the fully leased property is occupied by Upside Pub, Pinks Pizza, Village Liquor, Community Vet and Molly’s Mutt House. The property features a strong tenant lineup, which provides essential goods and services to the fast growing nearby population.

 

 David Cook 

Situated at the intersection of N. Shepherd Road and 34^th Street, Garden Oaks Shopping Center is well positioned just north of Interstate-610, benefiting from its daily traffic counts of over 230,000 vehicles per day.

 

 The surrounding neighborhood, Garden Oaks/Oak Forest, includes high-end single-family housing, multi-housing developments and an ever-growing restaurant and entertainment scene. Within a five-mile radius is a population of 569,333 residents and an average household income of $110,800.

Ryan West

Conveniently located, Garden Oaks/Oak Forest provides excellent access to Houston’s major employment hubs with a 12-minute drive to Downtown, an 11-minute drive to the Uptown/Galleria area and a 16-minute drive to the Texas Medical Center.

 

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analyst Clay Andersen.

 

John Indelli 

“Garden Oaks Shopping Center is well-established, and assets of this quality and location rarely become available,” Indelli said. “While Garden Oaks Center was ultimately acquired by a local group, there is significant institutional capital forming that will chase unanchored strip-center retail assets.”

 

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.

 

Clay Andersen

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 

                                                                          

Native Realty Names Dan Ross Executive Director - Commercial

  

Dan Ross

FORT LAUDERDALE, FL –  – Native Realty is elevating Dan Ross, a valuable team member for the last half-decade, to Executive Director - Commercial. In this new role, Ross will serve as team leader for Native’s commercial agents and provide training, mentorship and any guidance the agents need to be successful.

 

Promoting Ross is a critical component of the organizational evolution of Jaime Sturgis-led Native, which continues to expand and diversify its service offerings.

 

“Dan Ross has made a substantial impact on Native and grown tremendously throughout his time with us,” Sturgis said. “This is a great opportunity to establish new leadership roles and put systems in place for a new team member onboarding, professional development and individualized goal setting. Doing it now allows us to be more scalable going forward.”

 

CONTACT:

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

www.nativerealty.com.

C 305-794-5123

O 954-370-8999

Web | Facebook | Instagram | LinkedIn | Twitter 

 

 

JLL Capital Markets arranges $10.6 million refinancing for the 49-unit Azul Luxury Residences in Stuart, FL

  

Emily Pohlman

 SAN DIEGO, CA, Jan. 5, 2024 – JLL Capital Markets has arranged the $10.6 million refinancing of Azul Luxury Residences, a 49-unit multi-housing community located in Stuart, Florida.

 

JLL worked on behalf of the borrower, Diversyfund, to secure a $9 million senior mortgage loan and a $1.6 million mezzanine loan through SteepRock Capital.

Azul Luxury Residences, Stuart, FL

Built in 2019, the three-story Azul Luxury Residences features one-, two- and three- bedroom spacious units with 10-foot ceilings, balconies, walk-in closets, stainless steel appliances, air conditioning and in-unit washers and dryers.

 

Common area amenities include a swimming pool, spa, clubhouse and a fitness center.

Bryan Clark,

Located at 201 SW Joan Jefferson Way, Azul sits in the heart of Historic Downtown Stuart, on the Southeastern coast of Florida.

 

The property boasts walkability to many of the area’s shops and restaurants, as well as well as Lyric Theater and the Creek Arts District.

 

 Nearby outdoor activities are also easily available with the proximate St Lucie River, Shepard Park and Memorial Park. Additionally, the property is situated directly between US Highway 1 and Interstate 95, offering residents convenient access to Miami, Orlando and Palm Beach.

 

The JLL Capital Markets Debt Advisory team was led by Managing Director Bryan Clark, Director Kenny Cutler, Associate Brad Vansant and Analyst Emily Pohlman.

Kenny Cutler

"We were happy to have the opportunity to work with Bryan and his team on another transaction. JLL was able to identify the right lending partner in a difficult environment and move us to a quick close through the holiday season," said Isaac Dixon with DiversyFund.

 

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.

 

Isaac Dixon 

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 

Hold-Thyssen Brokers $540,000 Sale of North Kirkman Road Office Building in Orlando, FL To Established Orlando Law Firm

Martin Forster

  ORLANDO, FL --- Hold-Thyssen, Inc., a full service commercial real estate firm based in Winter Park, recently arranged the sale of the building known as Sunrise on Kirkman located at 220 N. Kirkman Rd. in Orlando.

 

Buyer, Max & Associates, LLC, an established Orlando law firm specializing in immigration, paid $540,000 for the property which includes a 2,262 square foot concrete block building constructed in 2003 on 0.28 acres of land with eight parking spaces.   

 

“This highly visible building, divided into two equal sized suites, quickly attracted the attention of several buyers ranging from emergency care doctors, chiropractors, investors and accountants to a tailor,” said Martin Forster, CCIM who brokered the transaction representing the Denver-based seller, Sunrise on Kirkman, LLC.

SOLD: building known as Sunrise
 located at 220 North Kirkman
Road, Orlando, F.

“It was a rare opportunity for the attorney to acquire a small, manageable building on a main road, with great visibility facing a high traffic count,” said Forster.  “The transaction moved quickly,” said Forster, “just 31 days from listing to closing before year end.”

 

For more than 40 years, Hold-Thyssen has provided commercial property brokerage, leasing and management services to institutional and private investor clients nationwide and internationally. 

 

 The firm’s current portfolio includes more than 100 commercial properties throughout the United States.

 

 

 

 

CONTACTS:

 

Martin Forster, CCIM, Senior Broker Associate, Hold Thyssen, Inc.,

 321-299-4164, 

mforster@HoldThyssen.com

 

Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services,

407-691-0505, 

afisher@HoldThyssen.com

 

Beth Payan, Larry Vershel Communications Inc.

 407-644-4142 or

 407-461-3781

 beth@larryvershel.com