JLL arranges $46 million sale of 77,678-SF Creative Office and Retail Building at 15 Broad Street in Boston, MA

15 Broad Street, an irreplaceable asset comprising 77,678 SF
of creative office and street level retail space in Boston, MA

 Clarence H. Blackall

BOSTON, MA – JLL Capital Markets announced it has arranged the $46.1 million sale of 15 Broad Street, an irreplaceable asset comprising 77,678 square feet of creative office and street level retail space in Boston, Massachusetts.

JLL exclusively represented the seller and procured the buyer, TA Realty. 

Originally commissioned as the Marshall Building, 15 Broad Street was designed by Clarence H. Blackall, one of Boston’s great architects, and completed in 1910. 

The asset features a unique exterior facade, clad with limestone up to the third floor.  The crown of the asset features a limestone cornice with copper fascia including ornamental lion heads aligned with the double hung windows.

Lauren O’Neil

15 Broad Street sits alongside Fairlane Park, which is one of the hidden treasures of downtown Boston and is just steps from Post Office Square, Rowes Wharf and Faneuil Hall. 

Coleman Benedict

 Additionally, the property is equidistant from both North Station and South Station making this asset the commuter’s dream. 

Broad Street has emerged as Downtown’s main “boulevard” with recently rebuilt sidewalks, the installation of outdoor furniture and numerous dining, retail and entertainment destinations. 

JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Lauren O’Neil, Matthew Sherry, Kerry Hawkins and Ben Sayles. 

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

Matthew Sherry

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.

Kerry Hawkins

About JLL:

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

Ben Sayles

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

Kristen Murphy

 JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

JLL arranges $45 million financing for Class A office tower in Orlando, FL

111 North Orange, a 245,000-SF, Class A office tower in Orlando, FL

MIAMI, FL– JLL Capital Markets announced today that it has arranged $45.1 million in financing for 111 North Orange, a 245,000-square-foot, Class A office tower in Orlando, Florida.

JLL worked on behalf of the borrower, a joint venture between Black Salmon Capital and Tower Realty Partners, to secure the loan through City National Bank, Florida’s third-largest bank with more than $15 billion in assets.

 Maxx Carney 

111 North Orange is prominently located along North Orange Avenue, the primary office corridor in Orlando’s central business district. 

The property has a robust amenity package within walking distance including, the Dr. Phillips Performing Arts Center, the Grand Bohemian hotel, Amway Center and numerous dining and retail options.  

The 21-story property is 92.7% leased to a diversified rent roll comprising companies in the financial services, construction, legal and insurance industries. 

On-site amenities include a full-service Nature’s Table café, fitness center with showers, full-service banking, car wash and detailing service and state-of-the-art shared conference center. 

Matthew McCormack

The JLL Capital Markets team representing the borrower was led by Directors Maxx Carney and Matthew McCormack, Associate Michael DiCosimo and Analyst Alec Carreras.

“111 N Orange is a well-positioned asset in the submarket and highly desirable to tenants due to the on-site and immediately surrounding amenities,” McCormack said. 

“With a strong operating history and solid tenant roster, 111 is an ideal investment to take advantage of the increasingly strong Orlando CBD office market.”

“Orlando continues to generate significant investor and lender interest due to solid fundamentals in the local economy, being one of the hottest job markets in the country with tremendous population growth,” Carney added. “Office assets in Orlando continue to demand premium financing terms and pricing.”

Michael DiCosimo 

 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 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.

Alec Carreras

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

About Black Salmon Capital:

Black Salmon Capital LLC is a global asset manager which provides opportunities for institutions and investors to participate directly in commercial real estate investments in major markets across the United States.

Contact: 

Kristen Murphy

 JLL Senior Manager, Public Relations 

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

jll.com.

Avanath Adds Keith Harris as Executive Vice President of Acquisitions and Opens Offices in Chicago, IL and Alexandria, LA

Keith Harris

IRVINE, CA (Jan. 13, 2020)— Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has added Keith Harris as the firm’s new executive vice president of acquisitions.

 The firm has also opened two new office locations in Chicago, IL and Alexandria, VA.

 According to John Williams, Avanath’s president and CIO, this expansion is in line with the company’s trajectory as it comes on the heels of Avanath surpassing $2 billion in AUM.

 “We have rapidly been expanding our presence throughout the U.S.,” says Williams. “The addition of Keith Harris and our new regional offices will aid in bolstering this growth.”

John R. Williams

As executive vice president, Harris is responsible for overseeing the firm’s acquisitions across the U.S. This includes all aspects of the acquisitions process including identifying and sourcing deals, due diligence, underwriting, and financing.

 “Harris is a seasoned veteran with more than 30 years of industry expertise,” adds Williams. “He is the perfect addition to guide our acquisition strategy in 2020 as we continue to increase our portfolio of affordable and workforce housing assets.”

 

Daryl J. Carter

Harris is the Chairman of the Multi-Family Green Housing Council of the Urban Land Institute (ULI), and an active member of the National Multi-Family Housing Council (NMHC).

Avanath currently owns 79 assets across 12 states and 41 different cities.

Founded by Daryl J. Carter, the Avanath management team averages 25 years of experience and has successfully guided investment funds in defining growth opportunities and delivering past returns that have performed on par with or surpassed the relative benchmark(s).

Contact:

Lexi Astfalk

Brower Group

(949) 438-6262

LAstfalk@brower-group.com

www.avanath.com.

JLL arranges $6 million loan for 80 Terrace Street in Boston, MA

Martha Nay

BOSTON, MA – JLL Capital Markets announced it has arranged a $6 million construction loan for the development of 80 Terrace Street, a nine-unit, boutique, for-sale condominium building in the Mission Hill neighborhood of Boston.

JLL worked on behalf of the developer, Primary Development, to secure the floating-rate construction loan through Centreville Bank.

Michael Johnson

80 Terrace Street will feature 21,000 gross square feet, including nine two-bedroom/two-bathroom for-sale condominium units, one commercial unit and nine parking spaces. 

The Mission Hill area is a rapidly developing area of the Boston Metro catering to high-earning professionals located within walking distance to the Longwood Medical area and an 18-minute commute into downtown Boston.

Craig Schermerhorn 

 The project, which is due for completion in the first quarter of 2021, will feature distinctive architecture with plentiful windows and energy-saving finishes. 

The property will include a secured parking garage with all spaces equipped with electric car charging ports. Units will feature 10-foot ceilings throughout, high-quality casement windows, premium appliances and finishes, elevator access and a shared roof deck with a green roof. 

 80 Terrace Street rendering, Boston, MA

The commercial component can be divided into six office studios connected to a common kitchenette area.

The JLL Capital Markets team representing the borrower was led by Directors Martha Nay and Michael Johnson. Vice President of Commercial Lending Craig Schermerhorn represented Centreville Bank.

Contact: 

Olivia Hennessey

JLL Senior Associate, Public Relations  

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

centrevillebank.com or call 401.821.9100.

 jll.com.

U.S. newsroom.

team@primary.us or visit primary.us.

Value-add retail center near Chicago sold

Broadview Village Square in Broadview, IL is home to national tenants, including Ross Dress for Less, Subway, Marshalls, PetSmart, GNC and Sally Beauty

CHICAGO, IL – JLL Capital Markets announced it has closed the sale of Broadview Village Square, a 193,536-square-foot, value-add retail center in the Chicago-area community of Broadview, Illinois.

JLL represented the seller. Bridge33 Capital LLC purchased the asset.

Amy Sands 

Broadview Village Square is home to a tenancy mostly comprising national tenants, including Ross Dress for Less, Subway, Marshalls, PetSmart, GNC and Sally Beauty.

 Additionally, the retail center is shadow anchored by LA Fitness, Ashley Furniture HomeStore, Super Target and The Home Depot.

 

Janice Sellis

Situated on 15.91 acres at 700 Broadview Village Square, Broadview Village Square is two miles from the 61-acre Loyola University Medical Center and Health Sciences Campus, which provides a built-in consumer base. It is also within the affluent Broadview suburb, which is 12 miles west of Chicago’s CBD. 

The property is surrounded by an affluent population that includes 162,178 households with an average annual household income of more than $100,000 and a buying power of $16.8 billion living within a five-mile radius.

Clinton Mitchell

The JLL Capital Markets team that represented the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Executive Vice President Janice Sellis. 

CONTACT:

Kimberly Steele

Senior Associate, Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX  77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

 U.S. newsroom.

 us.jll.com/capitalmarkets

 jll.com.

 bridge33capital.com

Cushman & Wakefield’s Tampa-Based National Senior Housing Team Negotiates Sale of The Clare, an Iconic Chicago High-Rise and One of the Nation’s Most Prestigious Senior Living Communities

The Clare was developed in 2008, and is a ±700,000-SF, 53-story, high-rise condominium community in Chicago's affluent Gold Coast Neighborhood

CHICAGO, IL — Cushman & Wakefield has negotiated the sale of The Clare, a luxury 338-unit high-rise continuing care retirement community (CCRC) in the heart of Chicago’s affluent Gold Coast neighborhood.

The Tampa, FL-based Cushman & Wakefield Senior Housing team led by Executive Director Allen McMurtry and Senior Director David Kliewer represented a joint venture between New York-based alternative asset manager Fundamental Advisors LP and Harrison, NY-based owner and developer Senior Care Development, LLC (SCD). 

Allen McMurtry 

Under the direction of the ownership team, occupancy increased from ±34% at the time of acquisition in 2012 to the current occupancy of ±99%.

Des Moines, IA-based senior living company LCS, which was a minority investor in the SCD acquiring entity in 2012, purchased the asset as the new majority owner with SCD retaining a minority investment moving forward.

 Life Care Services, the management arm of LCS which had previously managed the property under the sellers’ ownership, will remain as the manager. 

The Clare is a high-end CCRC with luxury interiors, offering residents premier views of the Downtown Chicago cityscape and Lake Michigan, as well as walkable access to nearby downtown amenities, all within a full continuum of care. 

Located within the Gold Coast, the seventh most affluent urban area in America, The Clare is situated one block from The Magnificent Mile and just over a mile from the Navy Pier.

At 55 East Pearson St., The Clare was developed in 2008, and is a ±700,000-square-foot, 53-story, high-rise. The property’s unit mix includes 248 independent living apartments, 26 assisted living units, 14 memory care units and 50 skilled nursing beds.

David Kliewer 

 The Clare offers a selection of one-, two- and three-bedroom independent living units averaging ±1,200 square feet. It was ±99% occupied with a waiting list at the time of sale.

The Clare shares a portion of the development with Loyola University’s Water Tower Campus. Loyola and The Clare have a lease agreement for thedone deals parcel’s land/development rights on which the building was developed. 

“The Clare is widely recognized as the premier Senior Living high-rise in the nation. The successful turnaround of this trophy asset represents a tremendous accomplishment for the senior living industry and, in particular, the entrance fee CCRC operating model,” said Mr. McMurtry. 

“The team of Fundamental, SCD and LCS executed a multi-year strategic plan resulting in not only an exceptional financial outcome, but a thriving community for the residents and staff of The Clare.”

Added Mr. Kliewer, “The Clare is truly a one-of-a-kind senior living asset in one of the most affluent and highest barrier-to-entry locations in the country. With Life Care Services continuing to operate the community going forward, it is well-positioned for future success.”

Media Contact:

David A. Meyer
Meyer Media  
+ 1 407 489 7488
david@meyer.media

 www.cushmanwakefield.com 

or follow @CushWake on Twitter.

Katz & Associates Announces Southeast Employee Promotions; Florida-based Eggnatz, Fontaine, Spritz, and Rodriguez Level Up in the New Year

 Nicole Fontaine

Englewood, NJ – Brian Katz, CEO of Katz & Associates, is pleased to announce promotions of David Eggnatz, Nicole Fontaine, and Eric Spritz in the Boca office, and Vanessa Rodriguez in the Orlando office.

 “Our success is built on the positive contributions from the individuals who comprise our strong team,” said Katz. “We’re thankful for the great work that has come from these best-in-class brokers, and we look forward to more in their new roles in the new year and new decade.”

Promotions in the Katz & Associates Boca Office

 David Eggnatz

David Eggnatz has been promoted to Senior Director. He is a third-generation Florida resident with in-depth understanding and knowledge of the Florida markets. He has been a valuable asset to Katz & Associates for more than six years.

Eggnatz works with national, regional and local retailers throughout Florida in addition to representing national and regional real estate owners in a third-party leasing capacity.

Nicole Fontaine has been promoted to Senior Director. With 18 years of experience including almost three years at Katz & Associates, she focuses on retail tenant and landlord representation including: new development, mix use leasing, and strategic asset marketing.

Eric Spritz

Fontaine works throughout Broward and Palm Beach counties with an emphasis on areas including Boca Raton, and downtown areas of Fort Lauderdale and Delray Beach.

As a South Florida native, she has an intimate knowledge of the South Florida market, deep community ties, and numerous professional connections.

Eric Spritz has been promoted to Senior Director. As a third-generation Florida resident, his knowledge and understanding of South Florida make him a valuable asset for tenants and landlords.

Over the past two and a half years at Katz & Associates, Spritz has handled all facets of commercial leasing including tenant and landlord representation, contract negotiation, business development, and canvassing.

Vanesa Rodriguez 

Promotion in the Katz & Associates Orlando Office

Vanesa Rodriguez has been promoted to Director. With ten years of experience including three and a half years at Katz & Associates, Vanesa’s key focus is retail leasing where she handles all aspects of tenant and landlord representation, market analysis, commercial retail leasing, and sales transactions throughout Central Florida.

Brian Katz

Katz & Associates began operations in January of 1996. The company currently maintains offices in New York City, Charlotte, Boca Raton, Nashville, New Jersey and Orlando.

 Katz & Associates’ primary focus is assisting retailers, restaurants and landlords in all capacities including strategic planning, market analysis, lease and sale negotiations and dispositions. Our team of seasoned veterans has decades of experience and invaluable market knowledge.

CONTACT:

 Laurie Kaiden

201-731-8469 (o) or 917-593-2982 (cell).