JLL Capital Markets brokers $103 million sale of 1121 Gulf Shore Boulevard North condominium development site in Naples, FL

  

Brian Van Slyke

 MIAMI, FL, Apr. 15, 2024 – JLL Capital Markets has closed the $102.6 million sale of a trophy, beachfront condominium development site located in Naples, Florida.

 

JLL worked on behalf of the seller, Bahama Club Co-Op, and a partnership between Kolter Group and BH Group acquired the asset.

Liat Toledano

The property features 220 linear feet of beach frontage in the heart of Naples and is one of the only remaining ultra-luxury beachfront development sites in the state of Florida.

 

 It is zoned as-of-right to allow up to 45 condominium units.

Maurice Habif

Located at 1121 Gulf Shore Boulevard North, the site is within steps of the beach and the 125-acre Naples Beach Club, Hotel and Residences project under the Four Seasons brand.

 

 It offers proximity to a wealth of upscale dining options, shops and entertainment options in Old Naples, and the numerous golf clubs and A-rated schools drive significant residential demand for the area.

 

 Nearby demand drivers also include over 100 local vendors in Downtown Naples, The Ritz-Carlton Golf Course, NCH Healthcare System, the Naples Municipal Airport, Waterside Shops, Coastland Center Mall, Naples Botanical Garden and the Naples Zoo.

Simon Banke

“Kolter Urban is thrilled to continue to expand our presence on Florida’s West Coast, developing some of the most recognizable condominiums in the area including The Island at West Bay Club in Estero Bay," said Brian Van Slyke, Regional President at Kolter Urban, Florida’s West Coast.

 

 "Alongside BH Group, we look forward to bringing this ultra-luxury project in an incredible location to life and will share additional details on this one-of-a-kind beachfront development soon.”

 

“BH Group is very excited to solidify our presence in the exceptional and luxurious Naples community with our esteemed partner, Kolter," said Liat Toledano, co-founder of BH Group.

 

Luca Victoria 

 After purchasing the last parcel in Fisher Island, to now being apart of this momentous milestone marks a new chapter for our organization as we join the ranks of esteemed residents and businesses in this prestigious enclave.

"We are committed to upholding the legacy of excellence associated with Naples and look forward to contributing to its vibrant and exclusive atmosphere."

 

The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Maurice Habif, Senior Director Simon Banke, and Associates Luca Victoria and Danielle Fernandez.

 

Danielle Fernandez

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. 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

 Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

Hilton Back Bay Hotel trades for $171 million in Boston

 

Stephany Chen 

 BOSTON, MA,  Apr.15, 2024 –  JLL’s Hotels & Hospitality group announced today that it arranged the $171 million sale of the Hilton Back Bay hotel, a 390-key hotel in Boston.

 

JLL worked on behalf of the seller, Ashford Hospitality Trust, and procured the buyer, which was a joint venture between Certares and Belcourt Capital Partners. JLL also secured acquisition financing for the buyer.

Emily Zhang 

 The full-service hotel features an on-site, 209-space parking garage, as well as a restaurant and bar, fitness center and outdoor space.

 

Hilton Back Bay hotel, 40 Dalton Street, Boston, MA

The Hilton is located at 40 Dalton St. and benefits from an ideal location in Boston’s sought after Back Bay neighborhood, within walking distance of the city’s leisure, corporate and convention demand generators.

Kevin Davis

The hotel is situated near the Hynes Convention Center, the Prudential Center, Copley Place, Fenway Park, Newbury Street, Berklee College of Music and Northeastern University.

Boston is one of the most dynamic lodging markets in the country given its unique supply and demand fundamentals.

 Boston benefits from an exceptionally diverse base of demand generators bolstered by strong tourism, an expanding corporate roster, a unique concentration of the world’s best medical and academic institutions, a leading life sciences and research sector and world-class convention facilities.

 

Alan Suzuki

The sales and financing efforts were overseen by Americas CEO Kevin Davis, with the investment sales effort led by Managing Director Alan Suzuki, Senior Director Matthew Enright, Executive Vice President Stephany Chen and Associate Emily Zhang and the financing efforts led by Senior Directors Barnett Wu and Jonathan Schneider.

“We experienced an incredibly strong response to this opportunity from both the equity and debt markets, with a deep pool of potential buyers and lenders," said Davis.

 

Barnett Wu

"The transaction offered the optimal combination of great real estate with strong in-place cash flow and upside opportunity through a renovation, coupled with a strong Boston market recovery.”

 

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide.

The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

Matthew Enright

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

 

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

 

CONTACT:

 

Alli Stent

PR, Hotels & Hospitality,

 Capital Markets

Chicago | JLL
M +1 330 329 6750

Hospitality Asset Managers Association (HAMA) Releases Spring 2024 Conference Industry Outlook Survey Results

 

Sarah Gulla

NASHVILLE, TN, April 15, 2024—The Hospitality Asset Managers Association (“HAMA”) today announced the results of its Spring 2024 Industry Outlook Survey. 

 

The semi-annual report expressed the updated opinions, experiences and predictions of nearly 70 hotel asset managers on topics ranging from overall economic concerns to RevPAR predictions.

            Conducted in conjunction with HAMA'S 2024 Annual Spring Meeting that was held in Nashville, the results were presented to media live with a concluding Q&A session via online conferencing.  In total, 68 asset managers, comprising approximately one-third of membership, participated in the survey. 

“While there are some overall concerns ranging from demand to the impact of the coming U.S. presidential election, our membership tends to have a rather positive view of the industry through the near to mid-future,” said Sarah Gulla, HAMA president. 

 

“Budgetary forecasts for both RevPAR and GOP are expected to exceed expectations in virtually every segment, from select-service through resorts, and more than 70% of respondents expect RevPAR to exceed 2019 levels.”   

 

Highlighted results include:

 

·         The top three issues of greatest concern are demand, wage increases and increased insurance costs.

·         Slightly more than half (51.47%) of the respondents are contemplating a management and/or brand change.

·         83.83% of respondents believe RevPAR will return to U.S. hotels as a whole no later than 2025.

 

CONTACT:

 

Chris Daly,                                                      

chris@dalygray.com                                                  

(703) 435-6293                                                          

KBS Ends 2023 with Strong Leasing Momentum at its 488,277-SF Class A Office Tower in Charlotte, NC

Carillon, a 488,277 square-foot, Class A
office tower at 227 West Trade Street 
in uptown Charlotte, NC

  CHARLOTTE, NC – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces that it signed 111,673 square feet in lease agreements in 2023 at Carillon, a 488,277 square-foot, Class A office tower in uptown Charlotte, North Carolina.

 In addition, the firm completed an impressive $1.5 million renovation to the property. Carillon is owned by KBS Real Estate Investment Trust III.

Jennifer Kurz

Jennifer Kurz, Rhea Greene, and Tim Arnold of Trinity Partners represented KBS in the recent leasing transactions.

 

“Companies in uptown Charlotte are seeking space in top-tier office properties like Carillon to encourage in-person work among their teams,” says Kurz. “KBS pays attention to what firms in the market need and want, and they continue to deliver that at Carillon.” 

 

Carillon is located at 227 W. Trade Street, Charlotte, North Carolina 28202.

 

The leasing activity reinforces the consistent performance of high-quality, well-amenitized office properties in strong locations, according to Marc DeLuca, CEO and Eastern regional president at KBS.

Rhea Greene

“KBS continues to see tenants seeking properties that feature the flight to quality improvements that Carillon offers,” says DeLuca. “Companies are drawn to these highly amenitized buildings as a way to attract top talent and help them remain competitive.”

 

In August 2023, KBS finished construction on a hospitality-inspired renovation at Carillon that includes a tenant amenity center known as the Town Hall Floor.

 

 The floor is available to all tenants and features an additional conference room with two-way conferencing, a phone room, open lounge area for informal or formal events, a state-of-the-art coffee machine and a dedicated wellness room.

 

The building has received excellent feedback on the town hall space, which draws in many tenants daily to eat lunch and enjoy gourmet coffee,” says Cushman and Wakefield’s Christina Spratley, senior property manager of Carillon. “Tenants have begun to reserve the space for after-hours meetings and events. It’s also ideal for hosting happy hours.”

 

Additionally, the renovation included updates to the corridors and management office and the build- out of two spec suites – move-in-ready space equipped with state-of-the art technology and high-end finishes.

Christina Spratley

The spec suite program at the property has been highly successful, accounting for 15,566 square feet of the office space KBS leased at Carillon in 2023, according to Allen Aldridge, senior vice president, co-director of asset management, and asset manager of Carillon for KBS.

 “Firms are attracted to KBS’ spec suites because they are of extremely high-quality and designed with today’s top tenants in mind,” says Aldridge. “These spaces tend to lease up much faster, due to the attention to detail and materials used to design them.”

 

KBS has the ability to provide spec suites in a wide range of sizes to accommodate a broad spectrum of office users. In 2023, the firm signed leases for spec suite space at Carillon with:

 

·         A global financial firm – 5,056 square-foot new lease

·         Fisher Phillips – 4,919 square-foot expansion

·         Alliant Insurance – 3,755 square-foot new lease

·         Moffat & Nichol – 1,836 square-foot relocation and expansion

Tim Arnold

In addition, the renovations helped sign 51,327 square feet of leasing in the last two months of the year. The 12 total leasing transactions inked for the year include three tenant expansions and several sizable deals with prominent national and local tenants. These include:

 

·         The GSA, on behalf of the U.S. Attorney’s Office – 37,909 square-foot lease renewal

·         National law firm Maynard Nexsen – 21,654 square-foot relocation and renewal

·         Global financial services firm Lazard – 9,390 square-foot expansion and renewal

·         Local business law firm Rayburn, Cooper & Durham – 9,068 square-foot renewal

 

CONTACT

Elisabeth Manville 

emanville@thesmartagency.com

Max Benjamin Partners acquires debt and equity platform StackSource

Max B. Mellman

 LOS ANGELES, CA - Max Benjamin Partners (MBP), a boutique real estate advisory firm that provides innovative capital solutions to developers and investors, announced that it has acquired StackSource, a premier tech-based brokerage platform specializing in providing debt and equity financing for all types of real estate loans. 

 The integration of StackSource into MBP's operations grants the firm access to an automatically updated capital markets database and strengthens its relationships with capital providers across every state in the United States, from regional banks and debt funds to private capital providers.

              This strategic move, led by Max B. Mellman, Managing Partner of MBP, highlights the growing importance of automating capital markets data within real estate brokerage to streamline processes, reduce costs, and enhance efficiency.

 “MBP is committed to leveraging this acquisition to support brokers effectively,” said Mellman.  “We aim to use this acquisition to empower our brokers with best-in-class technology, allowing them to become better intermediaries. "This approach emphasizes "Supporting Brokers, Not Bypassing Them," reflecting MBP's dedication to fostering collaboration and innovation within the industry.”

              Mellman continued by saying “StackSource has demonstrated robust financial performance over recent years, and with MBP's support, the platform is well-positioned to realize its full potential. 

 "MBP's vision is to propel StackSource to become the next breakthrough technology in commercial real estate, offering unprecedented resources for borrowers, lenders, and brokers alike.”

 

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.mbpartners.com