Sale of two logistic centers completed in Texas

 

 Pauli Kerr

 DALLAS, TX –  JLL Capital Markets has arranged the sale of two industrial logistics centers, Northwest Logistics Center in Houston and CentrePort 2 in Dallas/Fort Worth (DFW).

 

JLL represented the seller and procured the buyer, Sterling Investors.

Brooke Petzold

The JLL Capital Markets team was led by Industrial Group Co-Head and Senior Managing Director Trent Agnew, Senior Directors Charlie Strauss and Parker McCormack, Directors Tom Weber, Lance Young and Pauli Kerr, Associate Matthew Barge and Analyst Brooke Petzold.

Trent Agnew

“It was a pleasure to work with both parties to put together an entity sale on these two infill, Class A buildings,” said Agnew. 

 

“With the strength of the Texas industrial markets we continue to see capital pushing to get more exposure within the state as the growth prospects look incredibly bright over the next few years, especially as the construction pipeline falls off in 2024.”

 

CentrePort 2 is a 430,852-square-foot, cross-dock building, built in 2017 and featuring 97 dock doors and 32-foot clear heights. 

The property is located in the Upper Great Southwest submarket, directly south of DFW International Airport and with direct access to Highway 360 and Highway 183.

Charlie Strauss

Northwest Logistics Center is a 411,460-square-foot, cross-dock building, built in 2018 and featuring 138 dock doors and 32-foot clear heights. 

The property is located in the Northwest submarket of Houston, within three miles of US-290.

 

In 2023, DFW and Houston achieved a combined 50 million square feet of positive net absorption, which accounted for over 80 percent of total net absorption in Texas and over 23 percent of the U.S. total.

 

Both markets continued to see accelerated rent growth in 2023, with rents outpacing the prior year by 15.6 percent in Houston and 16.6 percent in DFW.

 Parker McCormack

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. 

 

Khaled W. Kudsi

About Sterling Investors, LP

 

Sterling Investors, LP is a privately held, employee-owned real estate investment advisor that was founded in 2020 by Khaled W. Kudsi, the former Head of Acquisitions at Northwood Investors.

 

 Sterling invests in all types of real estate transactions and is a long-term investor focused on the acquisition of high-quality assets across a subset of targeted investment themes.

 

Sterling operates a fully discretionary $411 million fund vehicle raised from institutional limited partners, including large university endowments and foundations.

 

Tom Weber

About JLL  

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. 

A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise.

 Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

 

CONTACT:

 

Alli Stent

PR, Hotels & Hospitality, 

Capital Markets

Chicago | JLL
M +1 330 329 6750

 jll.com.  

sterling-investors.com

 

JLL arranges $395 million in financing for the70 Pine Street tower trophy asset in NYC’s Financial District

70 Pine Street, a 66-story, mixed-use property

with luxury multi-housing rental, retail and hotel

space built in 1932 originally for office use, and

at the time, was the third tallest building in the world.

 

NEW YORK, NY – JLL’s Capital Markets group announced that it has secured the $395 million refinancing of 70 Pine Street, a 66-story, mixed-use property with luxury multi-housing rental, retail and hotel space located in a landmarked building in the Financial District of New York City.   JLL worked on behalf of the borrowers, DTH Capital and Rose Associates, to secure financing through Goldman Sachs.   The renowned landmark property was built in 1932 originally for office use, and at the time, was the third tallest building in the world.   Mint House Hotel, within 70 Pine Street tower, New York, NY  Renovated in 2016, the property is now a state-of-the-art adaptive reuse building with 612, 100% free-market, luxury rental residences featuring hardwood floors, high-end kitchens with stone countertops and stainless-steel appliances and in-unit washers and dryers.   In addition, residential amenities at 70 Pine include a 22,000-square-foot fitness center with an array of fitness equipment, two golf simulators, two bowling alleys and a screening room in the property’s historic bank vault. The property also includes a children’s playroom, co-working and lounge spaces.                                             The 165-key Mint House hotel Geoff Goldstein occupies floors two through six of the property and offers spacious studio-, one- and two-bedroom apartments.  With the intention to attract guests seeking longer term stays, the rooms feature fully equipped kitchens, en suite laundry in select rooms, custom-designed furniture, free wi-fi, spacious living areas and smart TVs. Most recently, Mint House at 70 Pine has ranked one of the top hotels in New York City on Trip Advisor.   The property features two world-renowned restaurants including, SAGA (two Michelin-starred) and Crown Shy (Michelin-starred), and Overstory, a World’s 50 Best-rated contemporary cocktail bar.   There is also a gourmet market that focuses on fresh and regionally produced goods. Other retail offerings include a beauty salon, coffee shop, and a quick-service restaurant. Marc Ehrlich Marc Ehrlich, Chief Investment Officer at Rose Associates, said, “Rose Associates and DTH Capital thank JLL, Goldman Sachs and the individual team members who assisted in this refinancing. While the current credit market has its challenges, 70 Pine drew significant interest. Christopher Peck "This property has outperformed as an asset since leasing began in 2016, and it is a shining example of a successful office to residential conversion.”   70 Pine is located in the heart of the Financial District and is walking distance to eight subway lines, providing seamless access to all major employment centers throughout Manhattan, Brooklyn and New Jersey.    Residents are able to commute to Midtown Manhattan in under 15 minutes with express train service to Grand Central and Penn Station. 70 Pine is situated five blocks from the Wall Street water ferry, which provides access to Dumbo, Williamsburg, Long Island City, East 34th Street and several other stops along the Brooklyn, Queens and Manhattan waterfront. JLL’s Capital Markets Debt Advisory Team was led by Senior Managing Director Christopher Peck and Managing Director Geoff Goldstein and Vice President Christopher Pratt. Christopher Pratt “Rose Associates and DTH Capital are among the most experienced sponsors in the industry, and their market-leading redevelopment of this iconic property presented lenders with a spectacular opportunity in New York’s strong luxury housing market. It was a pleasure to work with all parties to close the transaction,” said Peck.    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 represented Transwestern Hospitality Group in the $31 million financing for the 122-key Hotel Granduca in Houston, TX

  

Jillian Mariutti 

NEW YORK, NY, Feb. 16, 2024 –  JLL Capital Markets has arranged $30.6 million in financing for the 122-key Hotel Granduca in Houston, Texas.

 

JLL represented the borrower, Transwestern Hospitality Group, and secured the five-year, floating-rate loan from Prime Finance.

 

The hotel boasts several amenities, including two dining options (Alba restaurant and Il Giardino), a spacious bar and seating area, meeting rooms totaling 2,860 square feet and event space spanning 2,050 square feet, which opens to the courtyard.

FINANCED: 122-key Hotel Granduca in Houston, TX.

 

Additionally, there is a large gym available for guests. The hotel also provides ample surface parking and of outdoor space.

 

Built in 2006, the six-story hotel sits on 3.57 acres of land and features a beautiful Italian-inspired design. Its centerpiece is a landscaped interior courtyard with a pool, garden, and seating area.

 Mark Fisher

The ground floor of the building will undergo renovations in the second half of 2024.

 

The JLL Capital Markets team was led by Senior Director Jillian Mariutti and Managing Director Mark Fisher.

 

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

 

CONTACT:

 

Alli Stent

JLL PR, Hotels & Hospitality

 Capital Markets

Chicago,IL  

M +1 330 329 6750

Vestar Reports Strong Results for 2023

David Larcher

PHOENIX, AZ ==Vestar, one of the leading privately held shopping center owners and operators in the Western United States, experienced a landmark year in 2023. The Phoenix-based company demonstrated remarkable growth and innovation as it expanded its presence across the west.

Rendering of Verrado Marketplace, Buckeye, AZ

David Larcher, Vestar’s President and CEO expressed enthusiasm for the company's growth trajectory and milestones, stating, “We are very proud of what our team accomplished in 2023. It underscores our ability to adapt to dynamic market conditions and meet the evolving needs of retailers and consumers alike. 

"Our robust development activity reflects the fact that the demand for open-air retail exists, particularly in areas of heavy population growth.”

 

With a year-ending average occupancy rate at a record 95%, Vestar executed 396 new and renewed lease agreements, totaling more than 1.7 million square feet of retail space, an 11% increase over 2022. Comparable rent growth exceeded 13% on new leases and over 6% on renewals.

 

Vestar continued to make progress in its development strategy. Verrado Marketplace, Vestar’s largest active development located in Buckeye, announced that national retailers Target, Harkins BackLot, Safeway, Marshalls, Ross and HomeGoods would anchor the $155 million project, scheduled to break ground in 2024

 

 Queen Creek, another growth market targeted by Vestar, is home to 600,000 square feet of new development projects at Vineyard Towne Center and Queen Creek Crossing, now moving into the second and final phase with construction scheduled to conclude in 2025.

 

Peoria’s Shops at Lake Pleasant opened in fall 2023 and will see its final stores open in spring 2024, while Laveen Towne Center in Phoenix progresses in the early stages of pre-development.

 

CONTACT:

 

Carli Richards Communications Director 2415 E. Camelback Rd #100 Phoenix, AZ 85016 Phone1: (602) 866-0900 crichards@vestar.com

 

 

Austin Hollo

MIAMI, FL – Florida East Coast Realty (FECR) Chief Operating Officer Austin Hollo was honored at United Way Miami’s recent Tocqueville Society Grand Reception celebrating the Grant Family and Hollo, who received their Inaugural Next-Gen Philanthropist Award.

 

Hollo joined United Way Miami’s Board of Directors in 2023. He is also a long-standing member of the Young Leaders Executive Committee, and Past Chair of Professional Development, for the organization.

 

“Giving back to the community has always been a high priority for me and my family,” said Hollo. “The power and strength of our community lies with the support that individuals give to a common cause.

 

"We liken philanthropy to paying back a community that has given us so much opportunity. We believe that supporting United Way Miami enables us to make the greatest positive impact across the community.”

 

CONTACT:

 

Don Silver 

 for Florida East Coast Realty.

COO

donsil@boardroompr.com 

O 954-370-8999 

C 954-629-7523

 

JLL Capital Markets facilitates $32 million sale and $25 million acquisition financing of Phoenix medical building portfolio

 

Mindy Berman

 PHOENIX, AZ –  JLL Capital Markets has arranged the $32 million sale and the $25 million financing of a strategically located outpatient medical building portfolio totaling 80,315 square feet.

 

The portfolio consists of three Banner Health Centers located in the high-growth east valley of Phoenix in Mesa, Gilbert and Queen Creek, Arizona.

 Pat Williams

JLL represented the seller, Banner Health, and procured the buyer, Stockdale Capital Partners. JLL also represented the buyer and borrower, Stockdale Capital Partners, in obtaining acquisition financing.

 

The portfolio is 100 percent occupied by Banner Health, one of the largest nonprofit health systems in the country, to administer outpatient care. The properties were constructed in 2013 and 2014 to meet the high growth in demand for healthcare services in the east valley of Phoenix.

Matt DiCesare 

Banner Health Centers are Banner’s preferred consolidated outpatient delivery platform for primary care, select specialties and services such as lab, imaging and pharmacy under one roof.

The JLL Medical Properties Group Investment Advisory Sales team was led by Senior Managing Director Mindy Berman, Executive Managing Director Pat Williams, Director Matt DiCesare and Associate Liam Sorensen.

JLL Medical Properties Group Debt Advisory team was led by Senior Managing Director John Chun, Director Daniel Digerness and Associate Liam Sorensen.

"This high-quality medical portfolio is ideally positioned to capture and grow outpatient market share," said Berman. "The properties are strategically located on major thoroughfares in densely populated pockets of the east valley of Phoenix.

 Liam Sorensen

"We were delighted to select Stockdale to partner with Banner Health and are excited to see Stockdale grow its healthcare real estate portfolio.”

“Stockdale is pleased to partner with Banner Health on the acquisition of these three medical office buildings. This acquisition will allow us to support Banner’s continued care delivery in these rapidly-growing markets” said Andrew Saba, Managing Director, Healthcare at Stockdale Capital Partners.

 “Our dedicated Healthcare Fund will continue to look for attractive real estate investment opportunities across the country as demand for outpatient healthcare increases.”

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. 

John Chun

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.

 

About Banner Health

Banner Health is one of the largest, secular nonprofit health care systems in the country.

 In addition to 33 hospitals, Banner also operates an academic medicine division, Banner – University Medicine, and Banner MD Anderson Cancer Center, a partnership with one of the world’s leading cancer programs, MD Anderson Cancer Center. 

Daniel Digerness

Banner’s array of services includes a health insurance division, employed physician groups, outpatient surgery centers, urgent care locations, home care and hospice services, retail pharmacies, stand-alone imaging centers, physical therapy and rehabilitation, behavioral health services, a research division and a nursing registry. 

To make health care easier, 100% of Banner-employed doctors are available for virtual visits and patients may also reserve spots at Banner Urgent Care locations and can book appointments online with many Banner-employed doctors.

Andrew Saba

Headquartered in Arizona, Banner Health also has locations in California, Colorado, Nebraska, Nevada and Wyoming. 

CONTACT:

           

Alli Stent

PR, Hotels & Hospitality

 Capital Markets

Chicago | JLL
M +1 330 329 6750

bannerhealth.com.