$32 million refinancing arranged by JLL Capital Markets for boutique office asset in Chicago

 

Katia Novi

CHICAGO, IL–  JLL Capital Markets has arranged a $32 million refinancing for 609 West Randolph, a 15-story boutique office property totaling 95,000 square feet in Chicago, Illinois.

 

Working on behalf of the borrower, Vista Property, JLL placed the five-year, 7.23% fixed-rate loan with JP Morgan Chase & Co.

 Completed in 2022, 609 West Randolph was designed with the next-generation workplace in mind. The building features touchless technology, cutting edge building systems and flexible floor plates ranging from 5,500 to 7,100 square feet.

Christopher Knight

Building amenities include a penthouse lounge and conference room, green rooftop space and amenity terrace, offices with private outdoor terraces and a lobby design inspired by boutique hotels. 609 West Randolph is 93.5% leased to a diverse mix of 10 tenants, including Fetch Rewards, Buford Capital and NTT Data.

 The property is positioned at the nexus of Chicago’s West Loop and Fulton Market neighborhoods offering immediate access to a variety of dining, nightlife, residential, shopping and hospitality options.

Matt Maksymec 

West Loop has also become the preferred location for corporate tenants moving into the Chicago CBD and is home to numerous Fortune 500 companies and boutique startups across varying industries.

 609 West Randolph offers tenants excellent transit access being located within walking distance of the Morgan/Lake station, the CTB bus line and a short drive to the Interstate 90/94 Expressway.

 

JLL’s Debt Advisory team representing the borrower was led by Managing Director Christopher Knight, Associate Matt Maksymec and analyst Katia Novi. 

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

 

Contact:

 Kristen Murphy,

 JLL Director,

 Public Relations

Phone: +1 617 543 4873

Email: kristen.murphy@jll.com

 

JLL closes sale of Valent Innovation Center in San Ramon, CA

Caroline Reynolds

SAN FRANCISCO, CA –  JLL Capital Markets has closed the sale of Valent Innovation Center, a two-story, 96,535-square-foot R&D asset

Quinn O’Connor.

JLL represented the seller, Madison Marquette. Orion Office REIT acquired the asset as the first acquisition under its new entity. The price was not disclosed.

­Most recently renovated in 2022, Valent Innovation Center offers some of the best quality lab space in the Bay Area and is fully leased to Valent USA, a wholly owned subsidiary of Sumitomo Chemical.

 

As a result, the property drew a significant amount of investor interesting spanning across institutional investors, net lease funds, high net worth investors and foreign capital.

Adam Lasoff 

JLL Capital Market’s Investment Sales and Advisory team was led by Managing Director Adam Lasoff, Senior Director Erik Hanson, Senior Managing Director Rob Hielscher, Senior Analyst Caroline Reynolds and Analyst Quinn O’Connor.

Valent Innovation Center is located at 4600 Norris Canyon Rd. in the evolving Bishop Ranch submarket of San Ramon. Bishop Ranch is a 585-acre development boasting more than six million square feet of Class A office space, nearly 10,000 new homes under developments, two hotels and the City Center Bishop Ranch retail and entertainment project in the East Bay.

Erik Hanson

In addition, Valent Innovation Center is strategically positioned near elite research talent throughout the Bay Area, including UC Davis, UC Berkeley and Stanford University.

 

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.

 

Rob Hielscher

Contact:

 Kristen Murphy,

 JLL Director,

 Public Relations

Phone: +1 617 543 4873

Email: kristen.murphy@jll.com

 

U.S. Hotel Performance Impacted by Moderate Summer Demand; Growth Forecast to Improve in Q4

 

 Rachael Rothman

Dallas, TX – Despite facing challenges from subdued summer demand and a sluggish third quarter, U.S. hotel performance is expected to reaccelerate in the fourth quarter and extend into 2025, according to CBRE’s latest forecast.

 

CBRE now forecasts a 0.5% increase in revenue per available room (RevPAR) growth for 2024, down from the previously estimated 1.2% in August.

 

This revision reflects a 40 basis point (bps) decrease in expected occupancy compared to the prior forecast, with occupancy anticipated to decline by 30 bps year-over-year.

 

The average daily rate (ADR) is expected to increase by 0.7%, a reduction of 40 bps from earlier projections. RevPAR growth is expected to reaccelerate beginning in Q4 2024, supported by recent interest rate cuts, easing inflation, and rising stock market trends.

Michael Nhu

“U.S. hotels performance was softer-than-expected during the summer months, partly due to Americans traveling overseas in record numbers. At the same time, the slow recovery in inbound international travel has created an imbalance in U.S. leisure demand,” said Rachael Rothman, Head of Hotel Research & Data Analytics for CBRE. “Despite this, continued improvements in group and business travel served as relative bright spots in the third quarter.”

In Q3 2024, hotel demand declined 0.1% year-over-year, coupled with a 0.6% increase in supply, resulting in an approximately 0.8% decline in occupancy. Modest ADR growth of 0.6% fell short of CBRE's previous expectation of 1.6%, leading to a 0.2% decrease in RevPAR for the quarter.

 

“The breakdown in the historical correlation between hotel demand and GDP growth continued into the third quarter, but we expect a normalization of this relationship due to interest rate cuts, lower CPI growth, and improving GDP indicators,” said Michael Nhu, Head of Global Hotels Forecasting for CBRE. “These trends are forecasted to strengthen the fundamentals of the U.S. hotel market, leading to reaccelerated RevPAR growth heading into 2025.”

 

 

The November 2024 edition of Hotel Horizons for the U.S. lodging industry, 65 major markets, the six hotel chain scales and six location types can be purchased by visiting: https://pip.cbrehotels.com/hotelhorizons. CBRE’s baseline forecasts do not contemplate an international war or a pervasive recession. CBRE also produces forecasts based on upside and downside scenarios.

 

 

 

 CONTACTS:

 

 

Cole Mortland

+1 619 985 8171

cole.mortland@cbre.com

 

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

www.cbre.com.

The Keyes Company, Florida’s largest independent real estate firm, Unveils Rebrand Ahead of 100-Year Milestone

 

Madeline Mordarski

MIAMI, FL  – The Keyes Company, Florida’s largest independent real estate firm, today unveiled a brand refresh in anticipation of its 100-year anniversary in February 2026. The rebrand includes a fresh tagline, logo, color palette, and partnerships, alongside significant investments in technology designed to enhance customer experience.

Keyes tapped the renowned branding agency Tiny Wins, whose clients include Tony Robbins, Visa, and CBRE, to guide the rebranding process. More than 30 focus groups and workshops with Keyes managers and associates provided crucial insights, reaffirming Keyes’ long-standing commitment to Florida’s communities.

Christina Pappas

“Our focus groups revealed that Keyes is often seen as ‘the best-kept secret’ in Florida real estate—a firm that radiates warmth and community, where real estate is truly at the heart of life,” said Madeline Mordarski, Chief Marketing Officer at Keyes. “This rebrand honors that legacy while uniting our team under one, strong identity that reflects who we are across Florida as we approach a century of service.”

Keyes President Christina Pappas echoed this sentiment, stating, “We are proud to introduce this new chapter of Keyes, blending modern tools with the care and compassion that have been our hallmark for nearly 100 years. In a real estate industry undergoing significant consolidation and standardization, we’re committed to staying true to our roots, emphasizing what is timeless: personal, hands-on service and operating on the belief that connection and community is at the heart of real estate.”

 

Mike Pappas

“Real estate is about people, not just transactions,” said Keyes CEO Mike Pappas. “That truth is at the heart of Keyes’ enduring legacy. We first opened our doors on Biscayne Boulevard in 1926, and have grown with Florida over the past century, always focused on providing the best for our neighbors. This rebranding underscores our commitment to staying rooted in community and connection as we prepare for the next century of service.”

 

CONTACT:

 

Eric Kalis and Daniel Benjamin,

 BoardroomPR

ekalis@boardroompr.com or

 dbenjamin@boardroompr.com

954-370-8999

  

JLL Capital Markets brokers sale of the Quirch Foods' 178,000 SF cold storage warehouse at 7600 82nd Place in Miami, FL

 

Taylor Osborne.

 MIAMI, FL –  JLL Capital Markets handled the sale of the 178,428-square-foot cold storage facility located at 7600 NW 82^nd Place in Miami, Florida. JLL represented the seller in the sale to BGO. The price was not disclosed.

 Luis Castillo

Situated on 15 acres, the facility offers a 30-foot clear height, 29 loading docks, 236 parking spaces and 116,000 square feet of freezer space. The property is fully leased to Quirch Foods, an international food distribution company and one of America's Largest Private Companies (#132 Forbes).

Cody Brais

The facility offers seamless access to Florida’s Turnpike, US-27 and State Road 826 (the Palmetto Expressway) and is located near the Miami International Airport and the Port of Miami.

 

The JLL Investment Sales and Advisory team was led by Managing Director Luis Castillo, Senior Director Cody Brais and Associate Taylor Osborne.

"With an aging supply, high entry barriers and increased space requirements, the cold storage sector is experiencing remarkable growth," said Castillo.

“The specialized nature and high costs of developing state-of-the-art cold storage make existing facilities like this one highly sought after, resulting in a competitive, landlord-friendly market.”

SOLD: the 178,428-square-foot cold storage facility located
at 7600 NW 82^nd Place in Miami, FL

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

 Grace Lewis

PR, Capital Markets

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com

 

$19 million refinancing secured by JLL Capital Markets for Cable Business Park in the Inland Empire market at Upland, CA

 

Jalynn Borders

LOS ANGELES, CA –  JLL Capital Markets has secured a $19.2 million refinancing of Cable Business Park, an 11-building industrial park spanning 283,164 square feet in Upland, California. JLL represented Cable Commercial Center, LLC to secure the fixed-rate, five-year loan through Principal Asset Management ^SM

.  

Alex Olson 

Built in 2004, the park is fully leased to 41 diverse tenants who have collectively contributed to the site’s remarkable 99% average occupancy rate since 2016. The property offers a wide variety of suite sizes ranging from 1,500 to 39,000 square feet, featuring 18–24-foot clear heights, ample parking and dock-high/ground level loading.

The property also features 10 airplane hangars with direct access to the adjacent Cable Airport, the largest privately owned public-use airport in the United States which adds unique value to the property by accommodating executive and tenant travel needs.

Cable Business Park, an 11-building industrial park
spanning 283,164 square feet in Upland, CA

Situated in the Inland Empire West submarket, Cable Business Park benefits from its strategic location near major transportation corridors, including the I-10, I-15 and I-210 freeways. The industrial park is well-positioned to take advantage of Southern California's integral distribution channels, connecting businesses to critical infrastructure and dense population centers throughout the region.

The JLL Debt Advisory team was led by Director Alex Olson and Associate Jalynn Borders.

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

 

CONTACT

 

Grace Lewis

PR, Capital Markets

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com