Non-profit acquires 6,743 SF office building in Hollywood, CA for $5.37 million

 

Nicole Mihalka

LOS ANGELES, CA –JLL announced Los Angeles Beautification Team, a non-profit dedicated to resource conversation and community improvement, has sold its 6,743-square-foot office building on an 18,000 square foot lot, located at 1741 N. Cherokee Avenue in Hollywood, California for $5,375 million.

 Cal Ross

The buyer was Big Sunday, a non-profit committed to helping others through service projects and giving opportunities.  Big Sunday will use the building for its headquarters.  Move-in is scheduled for April of this year.

 

JLL’s Nicole Mihalka and Cal Ross, along with the Kenny Stevens team at Compass represented Los Angeles Beautification Team.  Even though the price of the property exceeded $5 million, the sale was not subject to the region’s new ULA tax (aka “the mansion tax”) because of the seller’s non-profit status.

Kenny Stevens

“As our service area grew and the demand for our community improvement services increased, we had outgrown our facility in Hollywood,” said Sharyn Romano, CEO, Los Angeles Beautification Team

 

"When we decided to sell, we were thrilled to receive multiple offers and select Big Sunday, another non-profit doing great work in this community. 

 

 “Hollywood is still our home with our administrative and field office hub remaining on Cherokee Avenue, along with an expanded nursery operation located in the San Fernando Valley.”

David Levinson

“Over the past several years we have experienced tremendous growth thanks to our volunteers and generous contributions,” said David Levinson, Founder and Executive Director, Big Sunday.  “This building is the perfect fit for us as we continue our mission of connecting people through helping.”

SOLD: for $5,375 million, this 6,743-SF
 office building on an 18,000 SF lot,
 located at 1741 North Cherokee
Avenue in Hollywood, CA

Built in 2012, 1741 N. Cherokee Avenue was designed by the renowned architects Gruen Associates.  The building boasts up to 18-foot ceiling heights with multiple offices and a large training room. It also features a spacious 7,000-square-foot landscaped outdoor green space.

 

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.”

– ends –

 

Ware Malcomb Announces Construction Completed on Unchained Labs Headquarters in Pleasanton, CA

 

 Kirsten Lien

PLEASANTON, CA – Ware Malcomb, an award-winning international design firm, announced that construction is complete on Unchained Labs’ new headquarters in Pleasanton, CA.

Ware Malcomb provided civil engineering, interior architecture and design and building measurement services for the 120,000 square foot tenant improvement project, situated in the Tri-Valley innovation region of the city at 4747 Willow Road.

Unchained Labs provides biologics and gene therapy researchers new tools to break free from conventional approaches that have underperformed.

The project consolidates the company’s operations from its three smaller previous locations into this larger two-story building.

Designed spaces within the renovated facility include 53,887 square feet of office, 20,379 square feet of manufacturing, and 14,779 square feet of lab and warehouse spaces. 

“Our interior design process was inspired by Unchained Labs’ company culture,” said Kirsten Lien, Director, Interior Architecture & Design for Ware Malcomb. “This space ties together the established environments and caters to a collaborate, cohesive space.” 

 General contracting services for the project were provided by Metcon. 

Ware Malcomb previously completed a tenant improvement of the Unchained Labs headquarters in 2016.

CONTACTS:

Maria Rodgers, Director, PR & Communications, 949.660.9128, mrodgers@waremalcomb.com

Sean Boswell, PR Associate, 949.660.9128, sboswell@waremalcomb.com

visit waremalcomb.com.

Oakley Group Appoints Michael Krombach Executive Vice President

Michael Krombach

BIRMINGHAM, AL --- Oakley Group,  one of the Southeast’s most active multi-family real estate investment firms,  has promoted  Michael Krombach to Executive Vice President and General Counsel.

 Founder and CEO David Oakley said Krombach has been with the firm over nine years and most recently has served as vice president and general counsel.

  

 Since 2015, Krombach has been heavily involved in expanding Oakley Group’s multifamily portfolio through developments and acquisitions.  He oversees the sourcing, due diligence, acquisition, and transaction process of the firm’s real estate investments.

Prior to joining the Oakley Group, Krombach was in private practice with a Birmingham law firm and before practicing law he served as an analyst for Deutsche Bank.

David Oakley

Krombach graduated from Samford University’s Brock School of Business with his B.S. and B.A. in Economics and Finance and received his juris doctorate from Samford’s Cumberland School of Law.

In his new role, Krombach will focus on execution of the company’s strategic vision by pursuing new investments and capital relationships.

 

“Michael’s talents and continued dedication to our organization has created a substantial impact,” Oakley said.

 

CONTACTS:

David Oakley, Founder and CEO of Oakley Group,

205-913-4632 or david.oakley@og.capital

Beth Payan, Larry Vershel Communications Inc.,

 407-461-3781 beth@larryvershel.com

 

JLL Capital Markets facilitates the $31 million sale of the 90,000-square-foot, two-property portfolio at Rancho Bernardo in San Diego, CA

  

Lynn LaChapelle

SAN DIEGO, CA –  JLL Capital Markets has arranged the $30.8 million sale of a premier R&D/Lab portfolio in Rancho Bernardo in San Diego, California.

 

JLL worked on behalf of the seller, Montana Avenue Capital Partners, LLC, and procured the buyer, Dollinger Properties.

Bob Prendergast 

The portfolio, comprised of two, fully leased buildings located at 16981 Via Tazon and 11501 Rancho Bernardo Blvd, offers a combined rentable area of approximately 90,000 square feet.

The JLL Capital Markets team was led by Bob Prendergast and Lynn LaChapelle along with Agency partners Tim Olson and Greg Moore.

 

"The Rancho Bernardo submarket continues to be an attractive investment destination," said Prendergast. 

"This offering presented the investor the opportunity to secure a property with a committed tenant who has invested significant capital into its lab and office space.

"The assets are proximate to major highways and are integrated in the greater I-15 Technology Corridor.”

Tim Olson

"The market demand for R&D and lab properties in San Diego remains robust, driven by the region's thriving technology and life sciences sectors," added LaChapelle.

“This transaction exemplifies our commitment to providing superior advisory services in a challenging environment and delivering exceptional outcomes for our clients."

 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.

Greg Moore

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. 

 

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413. 

CONTACT:

 

Alli Stent

PR, Hotels & Hospitality

 Capital Markets

Chicago | JLL
M +1 330 329 6750

Concord Summit Capital Adds Veteran CRE Finance Professional Robert Horton as Managing Director

Robert Horton

MIAMI, FL, March 22, 2024 - Concord Summit Capital, LLC (“Concord Summit”), a leading intermediary between sponsors and providers of commercial real estate capital, continues to bolster its talent roster with the addition of Robert Horton as Managing Director. 

 

Based in the firm’s Miami office at 1450 Brickell Avenue, Suite 2560 in the Brickell Financial District, Horton will be responsible for sourcing new debt and equity opportunities throughout the U.S.

 

“We are pleased to welcome Rob to the team. He has a background perfectly suited to execute the unique finance structures that Concord Summit excels in,” said company Chairman Kevin O’Grady.

 

Horton has more than 15 years of experience in commercial real estate, finance and construction.

 

Immediately prior to joining Concord Summit, he served as a director for George Smith Partners. Horton also served three years at Brookfield Properties.

 Kevin O’Grady

Prior to that, he was a senior real estate investment sales analyst for Marcus & Millichap and a financial/real estate analyst for Westwood Financial Corp.

 

He started his career at Tishman Construction and is a member of NAIOP, ULI and the ICSC.

 

 

CONTACT:

 

Todd Templin

Executive Vice President

BoardroomPR

O 954-370-8999

C 954-290-0810

 

 www.concordsummit.com

 

 

 

Commercial landlords seek to boost solar panel coverage, and valuation approach must adapt

 

Emre Karagozlu

 LONDON, England -- New insights from JLL reveal that more than four in ten (43%) commercial landlords globally would like to increase solar photovoltaic (PV) panel coverage to reach 50%-75% of their portfolio, despite inconsistency in valuation processes creating uncertainty.

 

Interest in solar PV has already converted into action: three quarters of landlords (75%) currently have between 5% and 25% of their portfolio equipped with solar panels. With all industries under pressure to decarbonize, the affordability and accessibility of PV offers many benefits to commercial real estate. 

As a result, PV is expected to have the highest share of future power generating capacity, overtaking natural gas in 2026 and coal in 2027.

 

The sustainability, affordability and income-generation opportunity driving PV adoption

 

In addition to the clear environmental benefits of reducing CO₂ emissions, significant advancements in PV technology have supported its adoption.

 

Between 2010 and 2020, the cost of installing PV panels fell by 90%, driven by better manufacturing and efficiency. Alongside this, modern solar PV installations have increased life expectancies, within the range of 25-40 years. This makes it one of the cheapest forms of energy generation.

 

PV panels also present a unique opportunity for extra income generation via selling energy back to the grid or to tenants. Solar PV installation therefore now acts as an investment into green energy – contributing to wider ESG objectives for businesses.

Logistical challenges and valuation complexities 

 

Installation of PV, however, is not without its challenges. There are logistical elements to consider, such as location and available space, that may limit the installation and output of the panels. 

For instance, a south-facing flat roof is better suited to large-scale implementation than a north-facing or shaded position on a roof that may need structural reinforcement to uphold the weight of a PV system.

 

At the same time, income generated by installing PV panels has a fundamentally different investment and risk profile to real estate – something that is not yet consistently accounted for in valuations.

To date it has been common for valuers to view additional PV income as similar to rental income and capitalise this at the same rate.  PV income, however, is a fundamentally different investment with complexities that need to be modelled into the income stream. 

This includes a variety of ownership structures, which can impact the potential income, up front and maintenance costs, and overall risk profile of these assets. JLL’s Value and Risk Advisory team set out a more accurate and nuanced approach to valuing assets with Solar PV in a new thought leadership paper: The value of Solar PV in real estate.

 

Emre Karagozlu, Director of Renewable Energy Valuation at JLL, sees a clear solution: “Although PV solar panels can introduce complexity to valuation, this does not have to be a barrier to widespread adoption amongst commercial and real estate landlords.

“By bringing more consistency to the valuation process, we can help landlords to better understand the impact of installing PV panels and encourage them to take this important step in the decarbonization process.

 

“The Discounted Cash Flow (DCF) approach allows greater detail to be inputted into the valuation, creating the opportunity for a more detailed appraisal that more accurately captures the benefits of installing PV panels. Increasing consistency across solar panel valuations stands to benefit us all: not just landlords, but the planet as we continue to grapple with climate change.”

 

 

 

CONTACT:

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

617-543-4873