JLL Capital Markets led the financing for the development of Durham Logistics Center, a 351,000 SF industrial property in Durham, NC

Durham Logistics Center, a 351,030-square-foot
 Class A industrial property in Durham, NC

 

CHARLOTTE, NC, Sept. 23, 2024 –  JLL Capital Markets has arranged the construction financing for Durham Logistics Center, a 351,030-square-foot Class A industrial property in Durham, North Carolina. 

Financial details were not disclosed. JLL worked on behalf of Lovett Industrial to arrange the loan through Comerica Inc.

Taylor Allison

The rare infill 27.8-acre logistics and distribution development site will feature 36-foot clear heights, 84 dock-high doors, 185-foot truck court and 86 trailer parking spaces. Construction kicked off in August 2024, with delivery planned for early Q4 2025.

Located at 1716 Camden Ave., the property is positioned at an irreplaceable location, fronting I-85 and I-885 intersection with immediate access to the vital transportation and logistics corridor that has fueled the rise of the Sun Belt.

Moreover, the project boasts unparalleled access to the entirety of the booming Raleigh-Durham MSA and its core demand drivers – including the world-renowned Research Triangle Park (RTP), situated just ten miles away.

Bobby Norwood 

The JLL Debt Advisory team was led by Bobby Norwood and Taylor Allison along with Hamp Gibbs and Nick Thornton.

“Durham Logistics Center is a testament to the Raleigh-Durham market's strong fundamentals,” said Norwood. “We are seeing continued investor and lender interest in markets with diverse economic drivers, skilled labor pools and robust population growth – all hallmarks of the Triangle area."

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.

Hamp Gibbs

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

 

About Lovett Industrial

 

Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. 

Currently active in over 15 markets across the United States, Lovett Industrial’s portfolio comprises approximately 16 million square feet of completed, acquired, and under-construction warehouses and over 10 million square feet of warehouses planned for future development.

 Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at 

 

 

 

 

CONTACT:

 

 Grace Lewis, JLL PR

Phone: +1 903 520 3478  

Email: grace.lewis@jll.com

 

jll.com.

www.comerica.com,

https://lovettindustrial.com/.

 

Forman Capital Funds $78 Million Construction Loan for Condo Project Near the Miami River

Rendering of planned short-term rental
condominium project on River District 14
 at 1420 NW 14^th Avenue in Miami, FL

, Henry Pino

 MIAMI, FL and PALM BEACH, FL –– Forman Capital, a leading private direct real estate lender, provided a $77,805,708 loan to finance the construction of a short-term rental condominium project in Miami. 

Alta Development is developing River District 14 on a 1.3-acre site at 1420 NW 14^th Ave., near the Miami River. Construction is expected to begin before the end of the year.

 

Forman Capital provided a construction loan to River North Property Owner LLC, an entity tied to Alta’s main principal and founder, Henry Pino.  Principal Ben Jacobson, Chief Investment Officer/Principal Scott Mehlman and Vice President Ty Regnier sourced the loan on behalf of Palm Beach-based Forman Capital.

 

Ben Jacobsen

River District 14 features two 16-story towers with 283 fully furnished units, including studios and one and two-bedroom residences. Prices start around $500,000 and range over $1 million.

 

Owners have the flexibility to lease their units on any home-sharing platform of their choosing or through a rental program. The project is already more than 50% sold.

 

River District 14 marks the first time Forman Capital has worked with Alta Development.

 

Scott Mehlman

“Forman Capital is pleased to work with an accomplished developer like Henry Pino and help bring his latest project to life in the Miami River district,” Jacobson said. “We particularly like funding projects in emerging areas that will have a positive impact on the community.”

Ty Regnier

“The new construction condominium market continues to sizzle, and residences built for short-term rentals have proven to really resonate with buyers,” said Mehlman.  “Based on initial sales at River District 14, I think this will be a major success.”

 

River District 14 is the second short-term rental project in Miami Forman Capital financed in 2024. In April, it supplied a $54.56 million construction loan for Domus FLATS at Brickell Park, a 12-story condominium hotel that will rise at 1611 SW 2^nd Ave.

 

 

 

Brett Forman

About Forman Capital:

Palm Beach-based Forman Capital is a provider of private commercial real estate debt and equity financing for transactions ranging from $5 million to $100 million. 

 

The firm focuses on short-term construction financing, mezzanine debt, and preferred equity across various real estate asset classes and geographies.

Company principals Brett Forman and Ben Jacobson have closed more than $2.9 billion in commercial real estate transactions since 2004.  

 

 

CONTACT:

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

C 305-794-5123

O 954-370-8999

Web | Facebook | Instagram | LinkedIn

www.formancap.com.

 

Graycor Hires Randy Moon as Project Executive, Southwest Division

Randy Moon

  

 PHOENIX, AZ,  Sept . 23, 2024 – Leading general contractor Graycor Construction Company has expanded its Southwest executive leadership team, hiring

Randy Moon as Project Executive. In his new role, Moon supports high-level operations and business development for Graycor’s Southwest Division, with specific responsibility to lead its warehouse and distribution activity.

Brianna Nessler

Moon is based in Graycor’s Phoenix office, working under Southwest Division General Manager Rusty Martin and in collaboration with other members of the Southwest executive leadership team, including Project Executive Brian Bea, who oversees Graycor’s advanced manufacturing and healthcare projects and opportunities, and Brianna Nessler, who serves as Business Development Manager.

Moon’s career spans almost two decades and includes project leadership roles at firms including The Walsh Group, Meridian Design Build and Alston Construction.

“Metro Phoenix is in growth mode and so are we. Randy’s expertise in both construction and private development strengthens our position to capture the many opportunities that this market has to offer,” said Martin.

Rusty Martin

“His knowledge and solutions-focused approach, particularly in the industrial space, complements our efforts to provide superior service in growing sectors across the manufacturing, office, industrial, medical and retail spaces. Randy is an excellent addition to the Graycor team.”

Moon holds a bachelor’s degree in Civil Engineering from the University of Illinois Urbana-Champaign.

 

CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

www.graycor.com.

 

Henin Group Closes Sale of its 71-homesite Apopka Development to Homebuilder DR Horton

Jerome Henin

 APOPKA, FL and WINTER PARK, FL – Henin Group, developer of Votaw Reserve in Apopka, recently sold the 71-homesite development to DR Horton for an undisclosed price.

 The homebuilder has started site construction at the low-density community on Votaw Road in Southeast Apopka.  

 Votaw Reserve is a small, private enclave designed around green spaces and mature trees, according to Jerome Henin, founder and CEO of Winter Park-based Henin Group. Single-family homesites with 50- and 60-foot frontage in a variety of shapes are dotted throughout 28 acres, he said.

 

“We’re very pleased that DR Horton has decided to take over this beautiful community,” Henin said. “They’re offering handsome homes of varying sizes and floorplans to please everyone from single and senior owners to small and growing families.

 

Amenities approved to be completed in the community include a playground and park-like common areas. A natural wetland pond is surrounded by mature oaks and pines.

“Votaw Reserve is an ideal site for families, as it is in the A-rated Seminole County School District and offers easy access to major roadways, including Interstate 4."

 

The Henin Group, which specializes in unique luxury neighborhoods and multi-family developments,  has several other Central Florida residential developments in the works, including Seaport Village in Tavares, and Silver Lake Woods, Treasure Trove and Troon Creek in Leesburg.

 

CONTACTS:

 

Jerome Henin, The Henin Group founder/CEO, 407-644-8595 or Jerome@henin-co.com  

Christopher Henin, MBA, JD, Project Manager, The Henin Group. 

407-644-8595  Christopher@henin-co.com 

Beth Payan, Larry Vershel Communications Inc., 407-461-3781 or beth@larryvershel.com

 

 

JLL Capital Markets handles sales for Atrium Crest, a 107,529 SF office building in Clear Lake, TX

 

Atrium Crest, a six-story, 107,529-square-foot
office building in Clear Lake, TX. 

 HOUSTON, TX –  JLL Capital Markets has closed the sale of Atrium Crest, a six-story, 107,529-square-foot office building in Clear Lake, Texas. The price was not disclosed.

 

JLL represented the seller, Fullerton Properties, and procured the buyer, who was represented by Patrick Hill of Colliers.

 

Atrium Crest is located at 18333 Egret Bay Blvd. in Clear Lake, a community in southeast Houston that is home to NASA’s Johnson Space Center, driving both aerospace employment and tourism.

 

 In addition to NASA, southeast Houston has a diverse economic base comprising companies in medical, technology, logistics, tourism and the booming petrochemical industry.

 Marty Hogan

The 4.23-acre site is convenient to Interstate 45, providing access north to Houston and south to Galveston Island. Additionally, the Port of Houston is just a short drive from the property, which is the busiest container port on the Gulf Coast.

 

Renovated in 2004, Atrium Crest has a flexible layout that can accommodate a wide variety of users and space requirements. The property is currently 79% leased to a variety of tenants.

 

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Marty Hogan.

 

“Atrium Crest offered a significant value-add opportunity through the lease-up of vacant space while acquiring the asset at an extremely competitive basis,” said Hogan.

 

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

 

CONTACT:

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

617-543-4873