JLL Capital Markets arranges $55 million financing of the 456,208-square-foot, open-air Quartermaster Plaza in South Philadelphia

Quartermaster Plaza, a 456,208-square-foot, 
dominant, open-air shopping center
located in in South Philadelphia, PA

  

 PHILADELPHIA, PA, Feb. 21, 2024 – JLL Capital Markets has closed the $55 million financing of Quartermaster Plaza, a 456,208-square-foot, dominant, open-air shopping center located in in South Philadelphia, Pennsylvania.

 

JLL worked on behalf of the owner, DRA Advisors and KPR Centers Partnership, to secure the five-year bank loan. DRA and KPR originally purchased the property in July of 2022 as one of a 33 grocery-anchored shopping center portfolio from Cedar Realty Trust. 

Michael Gigliotti

Built in 2004, the 99-percent-leased Quartermaster Plaza is anchored by BJ’s, The Home Depot and Sprouts Farmers Market.  The property boasts a weighted average lease term of eight years and 15.7 years of weighted average tenure.

 

96% of its gross income is derived from a national and credit tenant lineup that includes Bank of America, Wendy’s, Walgreens, PetSmart, Planet Fitness and more.

 

 In addition, the property has enjoyed significant leasing momentum over the last 36 months, with over 53,000 square feet of new leases signed and 191,000 square feet of renewals executed.

 

Situated at 2200 W. Oregon Ave., Quartermaster Plaza is the dominant, center-of-gravity shopping center along Oregon Avenue, one of the most active retail corridors within Philadelphia city limits and the main east-west thoroughfare.

 The property is currently ranked as the 2nd most visited shopping center within a five-mile radius with over 3.7 million visits over the last 12 months.

James Galbally

The center also offers proximity to I-76, the most highly trafficked interstate in the state of Pennsylvania, and within a three-mile radius is a population of approximately 328,145 and an average household income of $88,810.

 

The JLL Retail Capital Markets Debt Advisory Team was led by Senior Managing Director Michael Gigliotti, Senior Managing Director James Galbally, Senior Director Michael Pagniucci and Associate Blaine Fleming.

 

“We were able to attract very competitive lender interest for this property from multiple capital sources to the benefit of the owners DRA and KPR. Lenders appreciate the in-fill location, high-performing anchor tenant line-up and institutional ownership that continues to create value since their 2022 acquisition,” said Pagniucci.

Michael Pagniucci 

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 on JLL, please visit our newsroom.

 

 

   CONTACT:

Blaine Fleming

 

Jenna Sharp

JLL, Public Relations, Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

http://draadvisors.com

www.kprcenters.com

jll.com.

Tangram Interiors Partners With Neiman Marcus to Create Innovative Corporate Workspace in Dallas, TX

Elizabeth Vance

DALLAS, TX, Feb.20, 2024 – Tangram Interiors, a curator of highly creative commercial interior environments headquartered in Southern California, has partnered with Neiman Marcus in 2023 to complete an innovative, luxurious corporate hub at CityPlace Tower in Dallas, TX.

This groundbreaking project reflects Neiman Marcus' commitment to prioritizing employee wellbeing and belonging. The company’s architecture and design partner, Gensler,

approached Tangram Interiors with the goal of creating a high-end, personal, and inclusive workspace to empower its associates.

With its newDallas hub, the company seeks to translate the luxurious experience of its retail stores into a workspace that prioritizes flexibility, equity, and comfort for all.

Designed in collaboration with renowned architectural firm Gensler and furnished by Tangram Interiors, the new Dallas corporate location exemplifies a hybrid space concept, integrating physical and virtual elements to accommodate the diverse needs of Neiman Marcus' remote-first teams.

EricSeverson

"The keyis cultivating an environment that allows everyone to do their best work," explains EricSeverson, Neiman Marcus Chief People, ESG, and Belonging Officer. "This sense of freedom and choice is empowering and allows all of our

associates to thrive and advance in their careers."

Throughout the hub, five associate lounges provide opportunities for comfortable and informal collaboration, each celebrating iconic Neiman Marcus store locations withunique aesthetics and art pieces.

Hybrid collaboration spaces, outfitted with state-of-the-art video conferencing equipment and virtual whiteboards, facilitate communication and participation for in-person and remote associates alike.

"We wanted each space in the hub to have its own identity while reflecting elements of our storied history and NMG’s classic elegance," says ElizabethVance, Neiman Marcus Senior Manager of Retail Project Management and Retail Excellence.

 "Thanks to the wide array of brands Steelcase and Tangram represent, we were able to create a beautiful space that fosters innovation, creativity, and equity."

CONTACT:

Rachel Devany

949-443-9300

rachel@kcomm.com

JLL lease will bring second Sprouts Farmers Market to Yuma, AZ

 

  Regan Amato

YUMA, AZ – JLL has signed a 23,228-square-foot lease bringing a second Sprouts Farmers Market to Yuma, Arizona.

 With over 400 stores in 23 states, Phoenix-based Sprouts is one of the nation’s largest and fastest-growing specialty retailers of fresh, natural and organic food.

 The new Yuma Foothills Sprouts store will be located at the northeast corner of Fortuna Road and Interstate 8. It will offer the company’s trademark grocery experience featuring fresh produce and better-for-you products, and items that cater to various dietary lifestyles including organic, plant-based and gluten-free options.

 

Regan Amato from JLL's Phoenix office represented Sprouts in the lease transaction. Thomas J. Pancrazi of A.T. Pancrazi Real Estate Services represented the project developer, The Spencer Companies. 

 

“Yuma has a young and growing population that continues to expand thanks to its thriving agricultural and military economies, and an emerging manufacturing sector,” said Amato, Executive Vice President, JLL. “That makes this southwestern Arizona town a prime location for Sprouts to expand its retail footprint.”

Thomas J. Pancrazi

Sprouts currently operates one location in Yuma at 1590 S. 4^th Ave. The store sits in Yuma’s central retail corridor, on U.S. Route 95 just off Interstate 8. The new Yuma Foothills Sprouts location will serve eastern Yuma, in an area that is underserved from a specialty grocer perspective and surrounded by new residential development.

 

“The Spencer Companies has been an active developer in Yuma for more than 30 years and is honored to be involved in bringing Sprouts Farmers Market to the Foothills Community,” said Lane S. Heida, Director, The Spencer Companies.

 

“In addition to this specialty grocery store, this new Sprouts Center will include an additional 11,250 square feet of attached, in-line retail space designed to provide enhanced restaurant, shopping and service industry benefits to those who call Mesa Del Sol and the Yuma Foothills home.”

Lane S. Heida

Development and grand opening timelines for the new Yuma Foothills Sprouts store are underway, with more details to come.

 

In Phoenix, JLL is a market leader employing more than 527 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process.

 

In 2022, the Phoenix team completed almost 115 million square feet in lease and sale transactions, with a total transaction volume of more than $11.4 million, and directed $180 million in project management.

 

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

 

CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 jll.com

 

Hybridge Capital Managemen acquires The Yachtsman Resort in Myrtle Beach, SC

  

Max B. Mellman

MYRTLE BEACH, SC, Feb. 20, 2024 –Hybridge Capital Management, a Los Angeles-based investment firm focused on commercial real estate and technology, announced that it has acquired The Yachtsman Resort located at 1304 North Ocean Boulevard in Myrtle Beach, South Carolina. 

 The deal was secured out of bankruptcy in an off-market transaction. The price was not disclosed.

              Hybridge Capital Management now owns 569 hotel/resort keys in Myrtle Beach.  The company intends to implement a capital improvement/renovation program to revitalize The Yachtsman Resort.

              "With this acquisition, we further cement our goal to create a greater sense of place within the community,” said Max B. Mellman of Hybridge Capital Management.  “The Yachtsman is an iconic piece of real estate in the Myrtle Beach community.”

 Drew Rands

Mellman and Drew Rands of Max Benjamin Partners, Inc. and Austin Ghaderi of CBRE secured the financing on behalf of Hybridge Capital Management. The seller, Lemonjuice Solutions, was represented by Bhavesh (B.J.) Patel of Hodges Ward Elliott on the sale.

              Hybridge Capital Management is an investment firm focused on commercial real estate and technology. HCM directly invests and partners with dynamic real estate investors and developers to provide equity capital for their acquisitions and new developments. 

Austin Ghaderi 

About Hybridge Capital Management

Based in Los Angeles, Hybridge Capital Management is an investment firm focused on investing in commercial real estate and technology through profound relationships, methodical analysis and industry-leading expertise

 Bhavesh (B.J.) Patel

 

 

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.”

 www.hybridgecap.com.

 

LeDonna Spongberg Promoted to Principal at Edge Realty Partners

LeDonna Spongberg

 PHOENIX, AZ, Feb. 20, 2024  – Edge Realty Partners announced that LeDonna Spongberg has been promoted to Principal at the commercial real estate firm.

Spongberg, who joined Edge’s Phoenix office in 2021, was most recently a Senior Vice President. She spearheads Edge Southwest’s Premiere property and hospitality division which focuses on working with hotel landlords, restaurant and specialty tenants with their real estate needs.

With more than 22 years of dedicated commercial brokerage experience, she has leased or sold some of the most high-profile properties in Arizona.

Over the course of her career, she has leased over 20 million feet of specialty retail and restaurants with a total value $500 million.

Driven by her passion for restaurants, retail and hospitality, LeDonna has built relationships and experience on all sides of the business from landlord representation to national tenant representation.

 Brian Murphy

“LeDonna is one of the premiere retail brokers in the southwest,” comments Brian Murphy, Managing Principal at Edge Realty Partners. “She has been integral in the growth of the Phoenix office, and we are proud to have her as a Principal in our firm.”

 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.”

JLL Capital Markets handles a transaction collateralized by a 145,439-square-foot mixed use property in Yorba Linda, CA

Packing house, Yorba Linda, CA

 

Orange County, CA – JLL Capital Markets has brokered a transaction collateralized by a mixed-use property located in Yorba Linda, California. Financial details were not disclosed.

Daniel Tyner

The underlying property is 65 percent occupied and includes 81,607 square feet of medical space and 63,832 square feet of retail space.

 

Current tenants include Chili’s, Jersey Mike’s, Handel’s, Lone Wolf Brewing, Caduceus, the UPS Store and more. 

The property features an 18,877-square-foot vacant anchor box, creating an immediate lease-up opportunity in the retail center.

 

In addition, the property is amenitized with a multi-level underground parking garage alongside the surface level parking area with 390 surface spots and 286 garage stalls.

 

The JLL Capital Markets Investment Sales Advisory team was led by Senior Director Daniel Tyner, Managing Directors Gleb Lvovich, Geoff Tranchina and Director Conor Quinn.

 Gleb Lvovich

“It is very rare to see significant value-add opportunities come available in Orange County. The property presents a unique opportunity to immediately grow NOI and improve operations at the center,” said Tyner.

 

“The combination of upside and strong fundamentals in both the retail and medical office space make the property an ideal investment for the most active capital in the market today,” Lvovich added.

 

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 and sales advisory, debt advisory, equity advisory or a recapitalization.

Geoff Tranchina

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.

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. 

 Conor Quinn

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. For further information, visit jll.com.

 

CONTACT:

Alli Stent

PR, Hotels & Hospitality, Capital Markets

Chicago | JLL
M +1 330 329 6750