Monday, December 2, 2019

MCA Realty Repositions and Sells 94,808-SF Multi-Tenant Industrial Business Park in Las Vegas, NV

  
Walnut Business Park, a two-building, 94,808 square-foot
 multi-tenant industrial business park in Las Vegas, NV


Tyler Mattox
            Las Vegas, NV – MCA Realty, a full service real estate investment and management company, has sold Walnut Business Park, a two-building, 94,808 square-foot multi-tenant industrial business park in Las Vegas, Nevada.  MCA sold the asset to CapRock Partners, LLC for $7.85 million.

According to Tyler Mattox, Principal at MCA Realty, the firm initially acquired the property for $5.15 million in 2016 and implemented a strategic repositioning plan, which allowed the company to stabilize and sell the asset for an approximate 52.4% increase three years later.

 Dan Doherty
“When we acquired Walnut Business Park, it was in need of renovations and aesthetic upgrades,” explains Mattox. 

“We knew, given its location, its strong street visibility adjacent to East Cheyenne Avenue, and the rapid growth underway throughout the Las Vegas metro, that there was a strong opportunity for value creation by renovating the asset, leasing up vacant space, and bringing rents up to current market value.”

 Chris Lane
            MCA Realty implemented a series of interior and exterior renovations to the property including new exterior paint, upgrades to the parking lot, and new signage, among other upgrades. The firm also addressed deferred maintenance repairs.

            "By implementing these upgrades, we were able to attract a diverse group of tenants, increasing occupancy from 75% to 94%,” says Mattox. “This stabilized the rent roll, increased cash flow, and made the asset attractive to potential buyers.”

Paul
Sweetland
In addition to renovations, MCA individually subdivided the property so that units can be sold off separately as individual “air-space” condominiums. This includes 16 units that average 5,700 square feet.

“Individual condominium units are a unique feature not typically found in a multi-tenant industrial property. The flexible disposition options added value to the asset,” says Mattox.
 “The Las Vegas metro has transformed over the last five years, emerging as a hub of growth attracting high-profile tenants and institutional capital.

 Mike Kendall
"The opportunity for increased returns through the sale of individualized condominium units coupled with rising rent growth as the Las Vegas market matures resulted in strong buyer interest.”

Walnut Business Park is located at 3020-3060 N. Walnut Road in Las Vegas, Nevada. Dan Doherty, Chris Lane, Paul Sweetland, Mike Kendall, and Jerry Doty of Colliers represented MCA Realty as the seller in this transaction.

 Jerry Doty 
About MCA Realty

MCA Realty is a full-service real estate investment and management company specializing in office and industrial properties throughout the Western U.S.

The goal of the company is to identify commercial real estate investment opportunities and execute value-creation strategies that maximize returns to its investors. 

Peter Cheng 
 MCA Realty's principals, Tyler Mattox, Jared Gordon, and Peter Cheng have successfully navigated a full spectrum of market conditions and pride themselves on building and maintaining strong relationships with industry partners.

 More information is available at www.mca-realty.com.

Contacts:

Katie Haga / Lexi Astfalk
Brower Group
(949) 438-6262


Continental Partners Secures Financing for Acquisition of Historic Five-Story Mixed-Use Building in San Francisco's Financial District


Mitch Paskover
SAN FRANCISCO, CA (Dec. 2, 2019) – Continental Partners, a commercial real estate investment banking firm, has successfully secured financing for the acquisition of a historic, architecturally significant mixed-use building in the Financial District of San Francisco, California.

The bridge loan is sized to 70% of the total cost, including an interest reserve, funds for tenant improvements, and leasing commissions.

The financing was arranged by Mitch Paskover, President at Continental Partners and Delaney Crawford, Associate at Continental Partners.

The five-story, 10,384 square-foot property was purchased by M31 Capital, a private equity real estate firm. The Sponsor plans to strategically renovate each floor upon vacancy and re-tenant a majority of the floors with companies that have preleased the space, according to Paskover.

“Continental Partners completed an extensive market survey to determine comparable rents and justify the projected value of the asset at stabilization,” explains Paskover.

 “By cultivating a deep understanding of the Sponsor’s business plans and communicating our findings accordingly, we were able to identify a lender that provided a bridge loan surpassing the initial amount requested, allowing the Sponsor to meet the goals of this investment while preserving more equity for additional projects.”

The asset consists of retail and office space on the ground floor, along with four additional floors of office space and a storage basement. With current leases as much as 90% below market, the Sponsor will create significant value through improvements as these end, Crawford notes.

Delaney Crawford
 “We needed to source a lender who understood the long-term investment potential of renovated office space in the Financial District submarket, given the region’s booming technology industry, business activity, and employment growth,” says Crawford, who notes that the Bay Area’s unemployment rate registered at just2.2% as of September.

Paskover adds: “By positioning the financing request correctly and demonstrating these strong fundamentals, our team was able to far exceed the Sponsor’s requirements, structure an interest reserve, and open the door for future opportunities.”

The loan is priced at 30-day LIBOR + 350 with no prepayment penalty and has a total consideration of $6.55 million. The subject property is located at 620 Commercial Street in San Francisco, California.


Contacts:

Micaela Fehrenbach / Elisabeth Manville
(949) 438-6262

JLL closes $15.15 million sale of Charlotte-area retail building


135,197-square-foot, single-tenant retail building, 940 Concord Parkway North, net leased to Lowe’s in Concord, NC

Marc Mandel
PHILADELPHIA, PA – JLL announced  it has closed the $15.15 million sale of a 135,197-square-foot, single-tenant retail building net leased to Lowe’s in the Charlotte-area community of Concord, North Carolina. 

JLL marketed the property on behalf of the seller. A private investor in a 1031 exchange purchased the asset.

Since it was constructed in 1999, the building has been leased to Lowe’s, a FORTUNE® 50 home improvement company serving more than 17 million customers a week in the United States, Canada and Mexico. 

Situated on 20 acres at 940 Concord Parkway North, the Lowe’s building is in Concord, one of the fastest-growing suburbs within the Charlotte MSA. More than 47,000 residents earning an average annual household income of $72,273 live within a three-mile radius of the property.

Steve Schrenk
The JLL Capital Markets team that represented the seller was led by Managing Director Marc Mandel, and Directors Steve Schrenk, Ryan Eklund and Senior Managing Director Mark West.

“As seen in numerous single tenant transactions recently, the owner was able to execute on the ‘blend and extend’ strategy and capitalized on a recent lease extension with the tenant,” Mandel said. 

“Given the strength of the Lowe’s with a BBB+ Credit Rating and the tremendous residential growth in the Charlotte suburbs, this asset generated numerous offers.” 

Ryan Eklund

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.



About JLL:

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. 

Mark West
In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com.


Contact: 

Kimberly Steele
 JLL Digital Content/PR Specialist
Phone: +1 713 852-3420
Email: kimberly.steele@am.jll.com

Ware Malcomb Announces Sergio Valentini Has Joined Los Angeles Office as Studio Manager, Architecture


Sergio Valentini 

LOS ANGELES, CA (Dec. 2, 2019) – Ware Malcomb, an award-winning international design firm, today announced Sergio Valentini has joined the Los Angeles office as Studio Manager, Architecture. 
In this position, Valentini is responsible for leading the Architecture Studio in Ware Malcomb's Los Angeles office, and managing select projects.
Having previously worked at major firms in London, Chicago and Los Angeles, Valentini brings over 16 years of international architecture and design experience to the Ware Malcomb team. 

Radwan Madani
His experience includes both international and domestic projects including high-rise office, mixed-use, entertainment, aviation, residential, and hospitality. 

A multifaceted design professional, Valentini’s background includes team and project management of complex projects at different scales in a collaborative, creative environment. 
His understanding of different markets and strong technical background influence his design approach delivering the highest standard of client service while creating spaces that are sustainable, site specific and enhance the human experience. 
“We are excited for Sergio to join our rapidly growing team in the Los Angeles market,” said Radwan Madani, Principal of Ware Malcomb’s Los Angeles office. “His design talent and international experience will be an asset to every project in our Architecture Studio.”

Valentini holds a Master of Architecture degree from Politecnico di Bari in Bari, Italy. He has been active in industry associations such as the Council on Tall Buildings and Urban Habitat (CTBUH) and is currently Chair of the Los Angeles chapter of the Royal Institute of British Architects (RIBA). 

CONTACTS:



Rachel Devany
VP Public Relations, KCOMM for Ware Malcomb

Maria Rodgers, Public Relations Manager, 949.660.9128, mrodgers@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com


Ware Malcomb Los Angeles
915 Wilshire Blvd. Suite 2150
Los Angeles, CA 90017 
p. 310.903.4000

Sunday, December 1, 2019

JLL arranges $42 million loan for suburban Washington, DC retail center


Rio Washington Center, 9811 Washingtonian Boulevard, Gaithersburg, MD

WASHINGTON, DC– JLL announced  it has arranged $42 million in senior financing for the western portion of Rio, a 700,000-square-foot, lifestyle-oriented retail property in the suburban Washington, D.C. community of Gaithersburg, Maryland.

JLL worked on behalf of the borrower, Peterson Companies, to place the 12-year, fixed-rate senior loan with MetLife Investment Management. 

Loan proceeds will be used to refinance an existing loan and complete a multi-million-dollar capital improvement plan that includes the development of an outparcel building pre-leased to True Food Kitchen, garage repairs, refreshing building facades, expanding the boardwalk, new entertainment and programming spaces and an updated pedestrian bridge.

Chris Hew 
Rio has served as the area’s preeminent, master-planned, shopping, dining and entertainment destination for more than 25 years. 

The subject property is 98% leased to a mix of retailers that includes Target, Dick’s Sporting Goods, Kohl’s Department Store and Barnes & Noble along with restaurant tenants such as Yard House, Uncle Julio’s, Corner Bakery, Lanzhou Hand Pulled Noodles and Kung Fu Tea.

 Located at 9811 Washingtonian Boulevard, the property is located at the confluence Interstates 270 and 370, two of the most important, highly trafficked thoroughfares in Montgomery County. 

The area houses a dense supply of office space and daily workers from the large employers in the immediate submarket. More than 145,318 residents earning an average annual household income of $132,777 live within a three-mile radius of the property.

The JLL Capital Markets team representing the borrower was led by Senior Director Chris Hew and Director Evan Parker.

“Rio is an iconic center and provides a fantastic consumer experience,” Hew said. “We’re proud to be part of the financing effort.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Evan Parker
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.


Contact:

 Kimberly Steele
 JLL Digital Content/PR Specialist
Phone: +1 713 852 3420
Email: kimberly.steele@am.jll.com

Lynd Acquisitions Group Buys Iconic Multifamily Tower in Virginia Beach, VA for $43 Million


Mayflower Apartments, 34th Street and Atlantic Avenue Virginia Beach, VA

VIRGINIA BEACH, VA and  SAN ANTONIO, TX ----  Lynd Acquisitions Group (LAG), a Texas-based real estate investment vehicle, has acquired an iconic apartment community in Virginia Beach, Virginia for $43 million with plans to spend millions more on value-add improvements.

The 16-story, 266-unit Mayflower Apartments at 34th Street and Atlantic Avenue is a highly coveted address as it is the only high-rise rental building within a block of the Atlantic Ocean.  

A. David Lynd

 “This is a crown jewel in Virginia Beach; there is nothing else like it,” said A. David Lynd, CEO of LAG and LYND, a privately held apartment management company based in San Antonio.

 “With the Mayflower, we see a tremendous opportunity to execute our current strategy of identifying unique properties that are undervalued and craft tailored plans to unlock the value in both rents and occupancies.”

Henry Stimler
 Lynd and his co-investors plan on spending $3 million-plus on capital improvements to both common areas and individual units. 

They will invest more than $13,000 per unit to renovate interiors from top to bottom with stainless steel appliances, quartz countertops, hardwood floors and upgraded fixtures. 

 LYND Management has been retained to oversee the renovations and manage the building. 

 The property has 3,140 square feet of ground-floor commercial space, a separate parcel with 11,915 square feet of free-standing retail and on-site and off-site parking.

 Upgrades to the common areas include the addition of Amazon package lockers, surfboard lockers and an enhanced fitness center.  Built in 1950, the last renovations to the building were completed in 2010. The Mayflower has studio, one and two-bedroom units, and a penthouse floor with commanding views of the coastline.


Marc Suarez
 “Since the Mayflower is the only rental property of its kind right near the beach, we believe renters will want a well-located and nicer place to call home,” Lynd said.

 LYND has renovated more than 1,600 apartment units in the last two-and-a-half years with a combined budget of $23 million.

 “This is a very strategic asset for LYND as the company has the experience and expertise to bring this asset up to contemporary standards,” said Henry Stimler, managing director of Newmark Knight Frank in New York.  “Its platform to execute on value-add real estate is second to none in the market today.” 

 Stimler arranged a $33 million acquisition loan for LAG from Hunt Real Estate Capital which was represented by Marc Suarez in Hunt’s Miami office.  

Mike Marshall of Newmark represented the seller, Harbor Group International, a Norfolk, Virginia-based real estate investment and management firm with assets valued at $9.7 billion.

Mike Marshall 
 Since 2017, LYND has acquired 4,665 multifamily units throughout Texas, Florida and Illinois valued at nearly $300 million and performed more than $23 million worth of value-add rehabilitation work. 

Recent investments include a 444-unit garden-style apartment community in Jacksonville, 1,031 apartments in the Florida Panhandle and a 384-bed student housing community in Beaumont, Texas. 

 About LYND: 

 Headquartered in San Antonio, Texas, Lynd is a privately-held, national real estate company that specializes in third-party management of multifamily real estate assets. 

Managing approximately 23,000 apartment units in 11 states, Lynd ranks as one of the premiere multifamily management companies in the country.  For more information, please visit www.lynd.com.


  CONTACT:

Todd Templin
Executive Vice President
BoardroomPR
O 954-370-8999
C 954-290-0810
Bank of America Plaza | 1776 N Pine Island Rd
Suite 320 | Fort Lauderdale, FL 33322