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Five50West, a 20-story, 362,822-square-foot office building located at 550 West C Street in downtown San Diego, CA
SAN
DIEGO, CA, Oct. 14, 2024 –– Confirming the attractiveness of high
quality and well-located office space in urban submarkets, JLL has announced they
have secured a 43,000-square-foot office lease with the City of San Diego at
the recently renovated Five50West, a 20-story, 362,822-square-foot
office building located at 550 West C Street in downtown San Diego.
Bess Wakeman
The City will be relocating its Development Services
Department to the building with move-in planned for later this year.
The lease with City of San Diego
is the latest tenant to relocate to Five50West. In the past 12 months,
JLL has seen a recent uptick in activity including additional signed
leases with SmithGroup Architects, Veritext Corp and Matthes Law.
Richard Gonor
Leading the office leasing at
Five50West are JLL’s Richard Gonor, Tony Russell and Bess Wakeman.
The team secured the lease with City of San Diego and all other recent leases
at the property.
Five50West can accommodate a wide range of
users, with current availability ranging from 2,000 to 80,000 square feet.
Tony Russell
“Downtown and the overall San Diego office
market is in a period of flux with landlords and developers working to create a
new hub for businesses and residents,” said Gonor, JLL Executive Vice
President.
“Employers and their employees want a dynamic
workplace with amplified amenities, food & beverage offerings, outdoor
collaborative spaces, all in a convenient location, and a safe environment.
Five50West has raised the
bar downtown with their recent capital reinvestment into Frive50West which will
be a model for other office landlords to emulate during the downtown
transformation.”
Newport Beach, CA– Prime US REIT, a Singapore REIT with the
principal investment strategy of investing, directly or indirectly, in
stabilized income-producing office assets in the U.S. and KBS,
one of the largest owners and operators of premier commercial real estate in
the nation, announce the completion of a major refinancing for the Prime US
REIT portfolio.
The
new agreement has an aggregate principal amount of $550 million, comprising a
$400 million term loan facility and a $150 million committed revolving credit
facility.
Prime US REIT trades on the Singapore
Exchange Securities Trading Limited ticker as: OXMU. KBS serves as the
U.S.-based asset manager for the portfolio, which includes helping to negotiate
the credit facility. Prime US REIT’s portfolio consists of extremely
well-located Class A assets with highly desirable amenities.
Rahul Rana
“The completion of this
refinancing further strengthens our capital position, allowing us to make
significant capital improvements across our portfolio, ensuring our
buildings meet the highest standards of quality, sustainability, and tenant
satisfaction," says Rahul Rana, CEO and Co-Sponsor of Prime US
REIT.
"We are committed to
providing exceptional spaces for our tenants and ensuring continued value for
our investors. We are now better equipped to seize new opportunities and
reinforce our commitment to long-term success.”
The Prime US REIT
refinance highlights the strength of Class A office as tenants reimagine how
they use office space, shining a positive light on the sector, according to Marc
DeLuca, CEO and Eastern regional president of KBS.
“KBS assisted Prime US
REIT with the financing in 2019 in conjunction with the initial listing on the
Singapore Stock Exchange,” says DeLuca.
“This refinancing marks another strategic
move by Prime US REIT and demonstrates the ongoing appeal of premier office
assets. While Class B and C office properties may be struggling due to shifting
trends in office use, companies are continuing to gravitate toward well-located
Class A office buildings with state-of-the-art amenities in key U.S. markets –
the essence of the Prime US REIT portfolio.
"Employers are
utilizing this space to attract their teams to the office in an increasingly
competitive business environment.”
Marc DeLuca
As the U.S.-based asset
manager for the portfolio, KBS’ active asset management strategies are focused
on leasing. Leasing volume in the Prime US REIT portfolio more than doubled
year-over-year in the first half of 2024, increasing from 131.2k sf to 268.6k
sf.
The increase in leases
executed in the first half of 2024 highlights improving tenant confidence in
executing leases. The weighted average lease was 4.2 years as of June 2024.
While the recovery of the office sector remains bifurcated across markets, new
leasing demand is encouraging.
One Washingtonian Center in Gaithersburg, MD is a 14-story office building with a lakefront view, adjacent to Rio Shopping Center.
The portfolio secured renewals and new
signings at several assets including Reston Square, Promenade, 171 17th Street,
Tower 909, 101 South Hanley, and One Washingtonian Center.
“Prime US REIT is in a
strong financial position, bolstered by this refinancing,” says Cindy Teo,
CFO of Prime US REIT.
“The additional liquidity
allows us to invest in critical capital improvements across our properties,
enhancing the quality and longevity of our assets. By focusing these
resources on upgrades and modernizations, we are positioning our portfolio for
continued growth and ensuring sustained value for both our tenants and
investors.”
KBS is also assisting
Prime US REIT in an asset enhancement initiative at One Washingtonian Center
in Gaithersburg, Maryland. The iconic 14-story office building with a lakefront
view, adjacent to Rio Shopping Center, offers a diverse and eclectic mix of
restaurants, shops, cinema and entertainment options.
The repositioning is
slated for completion in the fourth quarter of 2024 and will feature a fully
renovated lobby entrance, renewed tenant lounges, conference center, new
full-service gym, and Grab & Go Café with banquette seating and direct
water views.
Robert Durand
Despite the high cost of
debt creating challenges in the capital markets, and many lenders pulling back
on office financing, KBS has worked successfully with its lending relationships
to refinance multiple loans for Class A office properties in 2023 and 2024.
KBS’ ability to work with
all stakeholders to reach mutually acceptable terms and complete complex
transactions in a challenging capital markets environment was instrumental in
the original Prime US REIT bank facility loan and in the successful refinancing
of this facility on Prime US REIT’s behalf, according to Robert Durand,
executive vice president of finance at KBS.
“Our firm worked with
Prime US REIT to establish the original credit facility as well as its
refinancing, demonstrating our experience and the depth of our long-lasting
lending relationships,” says Durand.
“Our in-house financing
team has deep expertise in commercial real estate and the capital markets.
After 32 years in the industry, we recognize how economic and real estate
cycles run, and we know what financial institutions require in a qualified
borrower and operator.
"Our long-standing
relationships with lenders and a solid track record of success in office
properties and operating integrity helped bring this transaction across the
finish line.”
DALLAS, TX – JLL Capital Markets announced the sale of Village at Stone Oak, a
476,371-square-foot high-performing retail center in San Antonio, Texas.
The price was not disclosed.
JLL worked on behalf of the seller, SITE Centers, in the
sale to Sterling Organization.
Chris Gerard
Village at Stone Oak ranks in the top 5% of United States
shopping centers, according to Placer.Ai. Additionally, the property
boasts an 84% occupancy rate and features a diverse tenant mix including power,
lifestyle, convenience and office space.
Shadow-anchored by Target, the center
houses notable retailers such as AT&T, Dollar Tree, DSW, Hobby Lobby,
HomeGoods, Kirkland's, McAlister's Deli, Petco, pOpshelf, Ross Dress for Less,
Spec's and ULTA.
Strategically located in Bexar County at the intersection
of US 281 N and Stone Oak Parkway, the center also offers excellent visibility
and access.
Ryan West
It serves an upper-middle-class community north of San Antonio and
is in close proximity to the JW Marriott Hill Country Resort, TPC Golf Course
and Lady Bird Johnson High School.
The property's location capitalizes on San
Antonio's corporate presence, tourist attractions, educational institutions,
tech industry and extensive military population.
The JLL Investment Sales and Advisory team was led by
Senior Managing Directors Chris Gerard, Ryan West, Director Whitney Snell,
Associate Keenan Ryan and Analyst Andrew Griffin.
Keenan Ryan
“Village at Stone Oak occupies a prime position in one of
the most vibrant areas of San Antonio,” said Gerard. “The submarket’s growth is
fueled by population expansion, a robust local economy and strong consumer
demand.
"These factors, combined with the center's diverse tenant mix and
immediate leasing upside, make it an exceptionally attractive retail
investment.”
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.
Andrew Griffin
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.
About SITE Centers Corp.
SITE Centers is an owner
and manager of open-air shopping centers located in suburban, high household
income communities. The Company is a self-administered and self-managed REIT
operating as a fully integrated real estate company and is publicly traded on
the New York Stock Exchange under the ticker symbol SITC.
About Sterling
Organization
Sterling Organization is a vertically
integrated private equity real estate investment firm whose national platform
is focused on investing in retail real estate assets.
Village at Stone Oak, a 476,371-square-foot high-performing retail center in San Antonio, TX
Sterling Organization,
and its affiliates, own and manage 75 properties across the U.S. with more than
13 million square feet of primarily retail real estate across the U.S. worth
over $2 billion in value.
MIAMI, FL, Oct. 9, 2024 – JLL Capital Markets has secured the $42.45 million
refinancing of Vestavia Hills City Center, a 389-736-square-foot open-air,
mixed-use lifestyle center in Vestavia Hills, Alabama.
JLL worked on behalf of the
borrower, KPR Centers, in arranging the floating-rate loan through an affiliate
of MetLife Investment Management.
Chris Drew
Vestavia Hills City Center,
spanning 28 acres, is a modern, open-air shopping complex with a rich history
dating back to 1954. Located at 700 Montgomery Hwy, just 15 minutes south of
Downtown Birmingham,
Vestavia Hills City Center serves an affluent suburban
population. Recently renovated by the Sponsor, the center has undergone
multiple revitalizations and expansions across three phases.
Gregg Shapiro
The center
features 66 diverse retailers, service providers and restaurants. Anchored by a
high-performing Publix, the center also includes notable tenants such as AMC
Theaters, Planet Fitness, PetSupermarket, ShoeStation, Dollar Tree, Panera
Bread and Dave's Hot Chicken.
The JLL Capital Markets Debt
Advisory team was led by Senior Managing Directors Chris Drew and Gregg Shapiro
and Vice President Kelsey Bawcombe.
Vestavia Hills City Center, Vestavia Hills, AL
"Vestavia Hills City Center
represents a prime example of a well-positioned retail asset in a thriving
market," Drew said. "The center's strong performance, coupled with
Birmingham's status as a top 50 metro and its exceptional demographics, made
this an attractive opportunity for lenders.
"With its diverse tenant mix
anchored by a high-performing Publix and recent renovations, this property
exemplifies the type of quality retail that continues to garner institutional
interest in today's market."
For more news, videos and
research resources, please visit JLL’s newsroom.
Alex Bio Chronological revised 8-11-13
1952Journalism-History graduate, University of North Dakota, Grand Forks, ND----
1952—53 British United Press, Montreal and Ottawa, radio desk news reporter----
1953—55 Winnipeg Free Press (Canada), general news and sports reporter----
1955—60 Miami Herald, investigative reporter----
1960-73 Washington, DC Star, Copy Editor and Makeup Editor for six daily afternoon editions----
1973-79 Orlando, FL Sentinel, regional advertising manager for Lake, Marion and Sumter Counties----
1979—80 Daytona Beach, FL News-Journal, assistant business news editor---
1980—81 Pittsburgh Business Journal, real estate editor----
1981—86 South Florida (Miami) Business Journal----
1986—87 Miami Daily Review, real estate editor----
1987—2000 Orlando, FL Business Journal, real estate and legal news editor----
2000—2007 GlobeSt.com (online), Southeast Bureau Chief and Co-Editor, Debt & Equity Newsletter----
2008-2011, Senior Reporter for Real Estate Channel----
2011—2013, Senior Reporter, World Property Channel---
2007 to present—Publisher, DONE DEALS online daily real estate blog
