Done Deals

Wednesday, January 22, 2020

JLL arranges $20 million refinancing for Sam Houston Crossing II in Houston, TX

Sam Houston Crossing II office property, northwest Houston, TX

HOUSTON, TX – JLL Capital Markets announced it has arranged a $20 million refinancing for Sam Houston Crossing II, a 160,000-square-foot office property in northwest Houston, Texas.

JLL worked on behalf of the borrower, Buchanan Street Partners, to secure the five-year, 4.0% loan with East West Bank.

Sam Houston Crossing II is a three-story office building fully leased to three tenants.

Laura Sellingsloh

Located at 10344 Sam Houston Park Drive, the property is positioned on 8.5 acres along the Sam Houston Tollway (Beltway 8) providing connectivity to all of Houston’s major freeways, including 290 and Interstates 10, 45 and 69.

The JLL Capital Markets team representing the borrower was led by Senior Vice President John Ream and Associate Laura Sellingsloh.

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.

John Ream

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:

Kristen Murphy

JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email: kristen.murphy@am.jll.com

jll.com.

JLL arranges $57.58 million loan for extended-stay hotel in Chicago

Home2Suites by Hilton Chicago River North

CHICAGO, IL – JLL Capital Markets announced it has arranged a $57.58 million refinancing for Home2Suites by Hilton Chicago River North, a newly constructed, 206-suite, extended-stay hotel in Chicago’s downtown River North neighborhood.

Nicole Aguiar

JLL worked on behalf of the borrower, Akara Partners, to place the floating-rate loan with a global investment management firm. Loan proceeds will be used to refinance the construction loan.

Keith Largay

Home2Suites by Hilton Chicago River North opened its doors in February 2019.

The 17-story, pet-friendly hotel features a contemporary design, flexible guest room configurations and a concrete and glass exterior with floor-to-ceiling windows.

Guest amenities include a fitness center, business center, outdoor terrace with fire pit, free breakfast, meeting space with teleconferencing capabilities, and a ground-floor restaurant.

Situated in the heart of River North at 110 West Huron Street, the Home2Suites is between Michigan Avenue, Chicago’s largest shopping district, and the Loop, the downtown financial district.

Jeff Bucaro

The hotel is surrounded by 146 million square feet of office space and within walking distance to the new, $100-million Chicago Riverwalk.

Additionally, the hotel is proximate to major Chicago attractions, including Navy Pier, Millennium Park, the theater district, and the United Center.

The JLL Capital Markets team was led by Keith Largay, Jeff Bucaro, Nicole Aguiar and Brian Walsh.

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

Brian Walsh

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.

About Akara Partners:

Akara Partners is a data-driven direct real estate investment, development and operating platform that employs opportunistic investment strategies to generate superior risk-adjusted returns.

Akara was founded in 2013 to capitalize on investment opportunities across the real estate value chain.

Contact:

Kimberly Steele

JLL Senior Associate

Public Relations

Phone: +1 713 852-3420

Email: Kimberly.Steele@am.jll.com

akarapartners.com
jll.com

Tuesday, January 21, 2020

Island Hospitality Management Announces Promotions

Gregg Forde

WEST PALM BEACH, FL —Island Hospitality Management, one of the nation’s largest hotel management companies, it has promoted Gregg Forde to executive vice president and chief operating officer and Roger Pollak to executive vice president and chief financial officer.

“With a combined 47 years of hospitality experience, including 42 years with Island Hospitality Management and its predecessor companies, I cannot think of two more deserving people than Gregg and Roger to take on these expanded roles within the company,” said Jeffrey H. Fisher, Island Hospitality Management.

Roger Pollak

“With a combined 47 years of hospitality experience, including 42 years with Island Hospitality Island Hospitality Management, these promotions prepare our platform for what we hope to be a very active 2020," Fisher said.

"Our current portfolio includes 172 hotels, and our goal is to continue to develop new relationships around the country and expand our platform in 2020 and beyond.

"We are confident that Gregg and Roger will continue to provide the same exemplary leadership and direction they always have as we pursue our aggressive growth goals.”

Forde joined Island Hospitality Management’s predecessor in 2003 after beginning his hospitality career with Marriott International in 1998.

Jeffrey H. Fisher

Pollak joined Island Hospitality Management’s predecessor as controller in 1995 and has held progressive positions within the company, including director of financial reporting and controller, as well as senior vice president-accounting.

CONTACT:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com | www.dalygray.com

Hospitality Ventures Management Group (HVMG) Names Andrew J. Pace Senior Vice-President of Business Development

Andrew J. Pace

ATLANTA, GA — Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, today announced it named Andrew J. Pace senior vice-president of business development.

In the role, he will be responsible for assisting with growing and supporting HVMG’s third-party management and new development efforts.

Mary Beth Cutshall

“Having worked with Andrew in the past, I am well aware of his unique abilities to source and expand growth opportunities, which is consistent with HVMG’s growth targets as we continue to expand our portfolio of owned and operated hotels throughout the United States,” said Mary Beth Cutshall, executive vice-president and chief development officer, HVMG.

“With more than two decades of experience in all aspects of the industry, from creating and launching a hotel brand to working with hotel owners on management opportunities to overseeing ground-up hotel development, Andrew is the perfect candidate to help HVMG achieve its robust growth goals.”

Prior to joining HVMG, Pace was senior vice-president at Strand Hospitality, where he oversaw the strategic growth of the company’s 36 hotel portfolio.

CONTACT:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com | www.dalygray.com

www.hvmg.com

RPG Adds Office Space to its Expanding Ownership of North San Diego, CA Mixed-Use Property

RPG previously acquired the 39,000-SF retail
and restaurant portionof Pacific Station in 2018.

ENCINITAS, CA – RPG, a San Diego-based owner, operator, and developer of high-quality commercial real estate, has expanded its portfolio of creative and value-add assets in Northern San Diego County with the acquisition of an office building at Pacific Station, 687 South Coast Highway 101 in Encinitas, California where the firm currently owns a large retail and restaurant section of the 100,000 square-foot mixed use center.

RPG previously acquired the 39,000 square-foot retail and restaurant portion of Pacific Station in 2018. The company now owns all the commercial space in the mixed-use office, retail and residential center.

Adam Robinson

“The acquisition of this office building is directly in line with our ongoing strategy of owning well-located, modern, creative, and value-add assets,” says Adam Robinson, Founder and President of RPG.

“Because the office space is adjacent to additional assets already owned by our firm, including our new company headquarters, we are aware of the strengths and appeal of the location.”

Peter Curry at Cushman & Wakefield represented RAF Pacifica Group as the broker in the $5.9 million acquisition of the 9,733 square-foot property.

In 2019, RPG transformed 4,010 square feet of restaurant space in Pacific Station into an innovative coworking space that also serves as the firm’s new headquarters. Tenants at the new coworking location have full access to RPG’s hospitality-like amenities.

“We live in Encinitas and we are here to stay,” says Robinson. “By establishing our headquarters right in the heart of this city we love, we are demonstrating our belief in the strength and health of the market and we will continue to invest in the community by acquiring well-positioned assets such as the office building at Pacific Station.”

The office is ideally situated in a walkable, community-focused environment with access to high-quality retail and dining options within Pacific Station and the surrounding downtown Encinitas offerings.

Peter Curry

According to Robinson, four of the five office spaces within the newly acquired building are currently leased to health care, real estate and technology tenants. RPG plans to implement improvements to the offices, as well as lease the last available square-footage in the building.

“RPG’s growing portfolio of office and mixed-use assets in the North San Diego market are performing well because the area continues to attract people who want to live, work and play in an inspiring environment,” says Robinson.

Contacts:

Lisa James / Lexi Astfalk

Brower Group

(949) 438-6262

ljames@brower-group.com

Stos Partners Acquires Mission Critical San Diego, CA Parking Site for $26.4 Million

Stos Partners has acquired a 5.8-acre mission critical parking lot land site near the Port of San Diego, CA for $26.47 million.

SAN DIEGO, CA – Stos Partners, a privately held commercial real estate investment and management firm, in conjunction with an institutional partner, has acquired a 5.8-acre parking lot land site near the Port of San Diego for $26.47 million from a private entity.

With this recent transaction, Stos has completed nine acquisitions this year totaling $81.5 million and sold four assets totaling $48.36 million, bringing the firm’s total transaction volume to more than $130 million in Southern California in 2019.

“This acquisition is directly in line with our overarching investment strategy, which is to identify and acquire unique, high-quality assets in irreplaceable locations,” says CJ Stos, Principal of Stos Partners.

CJ Stos

“As the only significant parking lot in the area, we immediately recognized the potential of this one-of-a-kind site as mission critical to the many defense contractors in the vicinity who service Navy ships.”

Located directly under the Coronado Bridge at 2210 - 2310 Main Street in San Diego, the parking lot is currently 100% leased to a defense contractor.

This acquisition comes on the heels of Stos Partners’ recent addition of 5816 Dryden Place, a 22,156 square-foot multi-tenant R&D/office property in Carlsbad, California, to its portfolio. The firm will implement cosmetic improvements and building upgrades to attract small to mid-sized tenants to the property.

According to Jason Richards, a Partner at Stos Partners, the firm plans to leverage its deep experience as one of the most active buyers of industrial, flex, and office product in Southern California and expand its focus to several markets throughout the Southwest U.S.

“Looking ahead, we will continue to build upon our proven strategy of identifying local and national trends, strengthening our existing portfolio by drawing on our relationships, reputation, and expertise in these property types,” says Richards.

Jason Richards

Prominent trends include a growing need for last-mile and cold storage facilities. The U.S. cold storage market size is expected to reach $19.69billion by 2025, due to rising consumer demand for healthy food and increased participation from the private sector, Richards notes.

“Grocers and other industries are adopting Amazon’s model and purchasing individual last-mile locations for cold storage,” continues Richards. “Stos Partners recognized this, successfully completing two cold storage transactions in 2019, and we expect the trend to continue well into 2020 and beyond.”

Since its inception, Stos Partners has acquired properties with a total acquisition value of more than $530 million, including properties in California and Texas.

Contacts:

Katie Haga / Lisa James

Brower Group

(949) 438-6262

khaga@brower-group.com

www.stospartners.com.

Monday, January 20, 2020

Ware Malcomb Announces Executive Leadership Transitions

Lawrence R. Armstrong

Irvine, CA – Ware Malcomb, an award-winning international design firm, announced Lawrence R. Armstrong, who has served as CEO for 28 years, has elected to transition into the new role of Chairman of Ware Malcomb.

Kenneth Wink, a 25-year veteran of Ware Malcomb and currently Executive Vice President, has been promoted to CEO, and Jay Todisco, currently Executive Vice President who has been with the firm for 21 years, will assume the role of President.

Kenneth Wink

Ware Malcomb also announced the promotion of Matt Brady from Regional Vice President to Executive Vice President, and Tobin Sloane from Chief Financial Officer to EVP/CFO.

All executive leadership changes are effective January 1, 2020. Armstrong, Wink, Todisco, Brady and Sloane will also continue to comprise the Ware Malcomb Board of Directors.

“It has been the honor of a lifetime to have the opportunity to lead this incredible firm and its team of talented professionals for the past 28 years,” said Armstrong.

“Together, we have grown Ware Malcomb from our foundation as a strong regional operation to a leading international design firm with a future that has never been brighter.

"As I hand over responsibility for day-to-day operations to the capable hands of our new leadership team, including CEO Ken Wink and President Jay Todisco, I look forward to continuing to serve the firm in my new role as Chairman.

Jay Todisco

"Together with the additional contributions of seasoned executive team members Matt Brady and Tobin Sloane, I know Ware Malcomb is poised for continued growth and success in this new decade, and beyond.”

“I want to thank Larry for his incredible leadership of Ware Malcomb spanning three decades,” said Wink.

“I share his excitement for the future of Ware Malcomb and am honored to take on the role of CEO to implement a strategic vision for the ongoing expansion of the scope and reach of our services, the professional development of our team members, and the success of our clients.”

“I look forward to continuing to work closely with Larry, Ken and the entire team to accelerate Ware Malcomb’s business development and growth in the years to come,” said Todisco.

Matt Brady

“Ours is a firm committed to cultivating long-term relationships with our team members, partners and clients alike, all while creating industry-leading design that puts Ware Malcomb at the forefront of commercial real estate.”

Lawrence R. Armstrong – Chairman

Armstrong is transitioning from the role of CEO to Chairman of Ware Malcomb, as of January 1, 2020.

Under his leadership as CEO for the past 28 years, Ware Malcomb has grown to become a leading international design firm with 25 offices in four countries.

Armstrong’s strategic, visionary approach to the firm’s management and growth, as well as his commitment to fiscal discipline, has laid a strong foundation for future success. In his new role as Chairman, Armstrong will lead the Board of Directors for Ware Malcomb.

Kenneth Wink – CEO

Wink has been promoted from Executive Vice President to CEO. With Ware Malcomb for over 25 years, Wink has consistently demonstrated excellence in every challenge and opportunity he has been given during his tenure with the firm. He has been instrumental in leading the growth of Ware Malcomb, including developing and overseeing operations companywide. He has also coached and mentored key leaders across the firm. As CEO, Wink will lead the overall company vision, growth and management of Ware Malcomb.

Jay Todisco – President

Todisco has been promoted from Executive Vice President to President. With the firm for over 21 years, Todisco’s leadership has significantly contributed to the firm’s continued growth, and to the execution of numerous strategic and innovative initiatives companywide.

As President, Todisco will oversee the overall growth and business development for Ware Malcomb, with a focus on exceptional client service and relationship management.

An accomplished architect, Todisco is also highly engaged with Ware Malcomb’s Design Studio and oversees all aspects of design from the executive level.

Matt Brady – Executive Vice President

Brady has been promoted from Regional Vice President to Executive Vice President. With Ware Malcomb for over 20 years, Brady has led the expansion of firm services into multiple new markets in the U.S., as well as Panama and Mexico.

He has been directly responsible for the launch of the firm’s San Diego, Phoenix and Atlanta offices, while also taking on many corporate responsibilities and leading select companywide initiatives. As Executive Vice President, Brady will oversee many corporate, growth and operations initiatives for the firm.

Tobin Sloane – EVP/CFO

Tobin Sloane

Ware Malcomb Chief Financial Officer Tobin Sloane has been promoted to the additional role of Executive Vice President and CFO.

With Ware Malcomb for over 15 years, Sloane’s leadership has helped ensure the financial health of the firm while facilitating strong growth.

He will continue to remain a critical member of the executive team, while leading the financial functions of the firm and directing the accounting, administration, contracts, legal and human resources operations.

About Ware Malcomb (waremalcomb.com)

Established in 1972, Ware Malcomb is an international design firm providing planning, architecture, interior design, branding, civil engineering and building measurement services to commercial real estate and corporate clients.

With office locations throughout the United States, Canada, Mexico and Panama, the firm specializes in the design of commercial office, corporate, industrial, science & technology, healthcare, retail, auto, public/educational facilities and renovation projects.

Ware Malcomb is recognized as an Inc. 5000 fastest-growing private company and a Hot Firm and Best Firm to Work For by Zweig Group. The firm is also ranked among the top 15 architecture/engineering firms in Engineering News-Record’s Top 500 Design Firms and the top 30 interior design firms in Interior Design magazine’s Top 100 Giants.

CONTACTS:

Rachel Devany

VP Public Relations

KCOMM for Ware Malcomb

Rachel@kcomm.com

Maria Rodgers

Public Relations Manager, 949.660.9128

mrodgers@waremalcomb.com

Maureen Bissonnette

Associate Principal, Marketing

949.660.9128

mbissonnette@waremalcomb.com