JLL Capital Markets secures $26 million acquisition financing for Class A Clovis Barker Logistic Park in San Marcos, TX

Clovis Barker Logistic Park, a state-of-the-art,
two-building, light industrial park
totaling 213,817 square feet
 in San Marcos, TX

 

 MORRISTOWN, NJ –  JLL Capital Markets has arranged $26.121 million in acquisition financing for Clovis Barker Logistic Park, a state-of-the-art, two-building, light industrial park totaling 213,817 square feet in San Marcos, Texas.

Michael Klein

JLL represented the borrower, Denholtz Properties and secured the loan with Palladius Capital Management.  JLL also represented the seller and procured the buyer. 

 

Clovis Barker Logistic Park is a newly constructed Class A, rear-load industrial park. Key features include submarket leading 32-foot clear heights and ample car parking among the two properties.  The property’s shallow-bay design is expected to be utilized by small business operators with average unit sizes of 40,000 square feet.

 

Located at 1603 Clovis Barker Rd., Clovis Crossing is strategically situated just off Interstate 35 in San Marcos, Texas between Austin (33 Miles) and San Antonio (48 miles). The sites boast direct access and excellent visibility along the I-35 corridor.

 Jon Mikula

With easy access to the Texas Triangle, the area between Dallas-Fort Worth, Houston, and San Antonio, the property can be reached by over 25 million people in a matter of hours.

 

The JLL Capital Markets team was led by Senior Managing Directors Michael Klein and Jon Mikula, Managing Director Michael Johnson and Analyst John Beeler.

 

"Denholtz Properties' acquisition of Clovis Barker Logistic Park represented an excellent opportunity to take advantage of a rapidly growing submarket in San Marcos while others are hanging back trying to figure out the market," stated Johnson.

Michael Johnson

"Amidst current market volatility, it was imperative for us to work with a financing partner who could provide certainty of execution. Palladius Capital Management stepped in as an exceptional partner, delivering the necessary stability and confidence to navigate the current market conditions."

 

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.

 

CONTACT:

Alli Stent

PR, Hotels & Hospitality

 Capital Markets

Chicago | JLL
M +1 330 329 6750

Ascension Advisory Facilitates Creative $7.6 million Sale Leaseback Transaction for Micropore, Inc.

 

New York, NY –– Ascension Advisory is proud to announce the successful completion of a multifaceted sale leaseback transaction for Micropore, Inc., alongside their investment partner, Spring Mountain Capital.

 The innovative financial arrangement met and exceeded client expectations, closing four weeks ahead of schedule and realizing significant financial gains for Micropore.

 The transaction closed at a sale price of $7.6 million, providing Micropore with a net gain of $3.2 million and crucial liquidity to reinvest in strategic initiatives aimed at company growth.

Micropore, Inc., established in 1997 and located in Maryland, is a leader in developing technology for packaging fine powder chemistries into solid absorbent cartridges. These cartridges are critical components in carbon dioxide absorption systems used in rebreathing and life support systems.

 In 2018, Micropore entered into a leasing agreement for their industrial and warehouse facility, which included a strategic purchase option set to expire on May 30.

The Ascension team, renowned for their expertise in structuring complex deals, acted swiftly to solicit and secure investor interest. Within one week, a letter of intent was signed with a reputable private industrial real estate investment firm. 

Ascension meticulously coordinated the due diligence, the execution of the purchase option, and the finalizing of the sale leaseback transaction, ensuring all elements converged seamlessly for a successful closure.

For further details or to explore how Ascension Advisory can enhance your business operations, please visit our website at https://ascensionadvisory.com/our-services. 

CONTACT:

 Evan Sneider

Red Rooster PR

evansneider@gmail.com

 

Vestar Announces Grand Opening of Nordstrom Rack and Several Other Retailers at Queen Creek Marketplace in Queen Creek, AZ

Angie Kory

QUEEN CREEK, AZ – Vestar, one of the leading privately held shopping center owners and managers in the western United States, is proud to announce the opening of Nordstrom Rack at Queen Creek Marketplace, on Thursday, May 16^th.   

The 900,000 square-foot shopping center is located off the southwest corner of Rittenhouse and Ellsworth Loop Roads in Queen Creek.

Nordstrom Rack is the off-price retail division of Nordstrom, Inc. and plays a critical role in the company's Closer to You strategy, which focuses on delivering customers a more convenient and interconnected experience across its stores and digital platforms.

 This new store will span 28,025 square-feet and feature famous brands at great prices, up to 70% off apparel, accessories, and shoes for the whole family.

 

Nordstrom Rack will join Sephora, Handel’s Ice Cream, Reformed Pilates, Nothing Bundt Cakes, and Little Flippers Swim School, all of which have opened at Queen Creek Marketplace in the last six months. Those are in addition to national brands such as Target, Kohls, Harkins Theatres, Trader Joe’s, and more.

"We look forward to welcoming a new assortment of retailers including Nordstrom Rack to Queen Creek Marketplace. This addition not only enhances our shoppers' experience but also underscores our commitment to bringing top-tier brands to the

community, solidifying Queen Creek Marketplace as a premier shopping destination," stated Angie Kory, Vice President of Leasing for Vestar.

Additionally, Nordstrom Rack will benefit from the favorable location of Queen Creek Marketplace which is conveniently located within a five-mile radius of more than 150,000 residents.  Queen Creek Marketplace has become a retail destination for families, shoppers, and diners alike.

 

With a focus on providing a diverse and dynamic retail environment, Vestar continues to attract nationally recognized brands to its portfolio, ensuring that residents have access to the best retail and dining experiences.

 

Shoppers are invited to the grand opening on Thursday, May 16th at 9 a.m., with a celebration featuring light bites, gift card giveaways, beauty activations and more.

 Nordstrom Rack is also partnering with Big Brothers Big Sisters of Central Arizona to host participants in the store to shop for the spring season on Tuesday, May 14th from 3-4 p.m. before the store opens to the public.

 

Nordstrom Rack at Queen Creek Marketplace will receive new deliveries every week, so customers can find new and exciting products every time they visit with 90% of the same brands available at Nordstrom.

 Customers will be able to find the newest trends such as Frame, Sam Edelman and Madewell, ranging from denim to spring outerwear to running sneakers and more.

 Nordstrom Rack has also expanded its beauty assortment in the last year, and customers can now shop beauty brand favorites including M.A.C., Kate Somerville, Murad, Too Faced, Urban Decay, NYX Cosmetics, Shiseido and DryBar.

 

For more information on Vestar, please visit www.vestar.com. 

 

For more information about Queen Creek Marketplace, visit www.queencreekmarketplace.com.

 

CBRE Arranges 62,737-SF Expansion for Myriad Genetics, Inc. at Airport Technology Park in Salt Lake City, UT

 

 Nadia Letey

 Salt Lake City, UT –– CBRE has arranged a 62,737-sq.-ft. office lease expansion for Myriad Genetics, Inc., a genetic testing company, at Airport Technology Park in Salt Lake City, Utah.

 CBRE’s Scott Wilmarth and Nadia Letey represented Myriad Genetics in the lease negotiations, partnering closely with Joe Romero, Myriad Genetics’ Vice President of Real Estate & Facilities. The landlord is Drawbridge Realty.

Scott Wilmarth 

The expansion follows Myriad Genetics’ 234,144-sq.-ft. lease at Airport Technology Park in 2023. The space serves as the company’s laboratory and support center.

 

"CBRE has consistently demonstrated their ability to understand our unique needs and navigate the complex world of lease transactions. Their deep industry knowledge and strategic approach have empowered us to secure the most advantageous deals for Myriad Genetics,” said Romero. “With CBRE as our trusted partner, we have the confidence that our lease transactions are in the hands of a dynamic team that delivers exceptional results."

 Joe Romero

“Having operated in Salt Lake City for more than 20 years, Myriad Genetics’ growth in the last decade is notable, and a prime example of how life sciences companies are tapping into the region’s robust and growing life sciences talent pool,” said Letey, Senior Vice President.

 

“Salt Lake City has experienced remarkable job growth in the life sciences sector, surpassing the national average in the past five years. This progress has not only impacted the local economy, but it is reflected in the success Myriad Genetics has had in Salt Lake City.”

Airport Technology Park, Salt Lake City, UT

Salt Lake City’s life sciences talent pool grew 32% between 2017 and 2022, the fifth-fastest growth rate of any major U.S. market, according to CBRE’s 2023 U.S. Life Sciences Research Talent report. As of April 2022, the metro has been home to the 20th-largest pool of life sciences research talent overall (4,440 employees), with life sciences talent researchers representing 0.7% of Salt Lake City’s total workforce.

 

Myriad Genetics occupies Building D at Airport Technology Park, which is located at 322 N. 2200 West.

 

 Contact: 

 

Becca Arriola

+1 602 735 5650

Becca.arriola@cbre.com

 

JLL arranges $735 million financing for the Walt Disney World Swan & Dolphin Resort in Lake Buena Vista, FL on behalf of Tishman Hotel & Realty and MetLife Investment Management

The Walt Disney World Swan resort, Lake Buena Vista, FL

 

 NEW YORK CITY, NY–  JLL’s Hotels & Hospitality group has arranged a new $735 million, five-year, floating-rate SASB CMBS term loan to refinance The Walt Disney World Swan, Walt Disney World Dolphin and Walt Disney World Swan Reserve (collectively, “Swan & Dolphin Resort”), a 2,619-key resort situated directly adjacent to the theme parks within Walt Disney World in Lake Buena Vista, Florida.

Caleigh O’Connell

 JLL represented a joint venture between Tishman Hotel & Realty and MetLife Investment Management (MIM). Wells Fargo, Bank of America and Goldman Sachs were the lenders.

 

Located adjacent to Walt Disney World’s Epcot and Hollywood Studios theme parks, the Swan & Dolphin Resort is the only non-Disney owned hotel located on the grounds of Walt Disney World. 

Kevin Davis

 Built by Tishman and MIM and opened in 1989 / 1990 and 2021, the iconic Michael Graves-designed Swan & Dolphin Resort consists of three Marriott branded hotels – the 756-key Swan (Sheraton), the 1,514-key Dolphin (Westin) and the 349-key Swan Reserve (Autograph Collection).

 

 The Swan & Dolphin Resort hotel offers over 452,000 square feet of meeting and event space (including eight ballrooms, 99 meeting rooms) and 100,000 square feet of outdoor space. 

 

The Swan & Dolphin Resort’s amenities include 16 restaurants and seven bars, three fitness centers, six outdoor pools and a 12,000-square-foot spa.

 

The JLL team was led by Hotels & Hospitality Group Americas CEO Kevin Davis, Managing Director Mark Fisher and Analyst Caleigh O’Connell.

 

The financing represents an endorsement of the Swan & Dolphin Resort and the Tishman / MIM stewardship of the asset.

 

According to Davis, “The Swan & Dolphin Resort SASB CMBS loan priced at the tightest pricing levels seen for hotels since 2021. The market pricing was an affirmation of the strong in-place cash flows, the unique competitive position for the Resort and the incredible 35-year track record that Tishman and MIM have created in Orlando.”

 

Mark Fisher

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.

 

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