Piermont Bank’s $6 million Financing Kicks Off StorageBlue’s Fifth Location in Garfield, NJ

                       StorageBlue,170 River Drive, Garfield, NJ 07026.

New York, NY, and Garfield, NJ -- StorageBlue, New Jersey’s most consumer-centric and self-proclaimed lowest-priced self-storage brand continues their New Jersey expansion efforts with the grand opening of their Garfield location at 170 River Drive, Garfield, NJ 07026.

Rob Rynarzewski

 The project. The $6M project was financed by New York’s Piermont Bank and the location is now officially celebrating its grand opening.

The deal, designed to ensure the long-term success of the project, was spearheaded by Piermont Bank. 

 Says Rob Rynarzewski, Head of Commercial Real Estate, Piermont Bank: 

“Piermont was able to work with Alan (Mruvka) at StorageBlue to creatively structure an interest-only loan that would give him the time needed to lease-up his newest facility in Garfield. 

"This is another example of how the Piermont team is able to think outside of the box for our clients. We also believe it is about building a long-term relationship that will support each other’s growth.”

Piermont Bank opened in 2019 with a mission to reinvent how banking works.  

With an entrepreneurial culture, where decisions are made quickly, consistently, and diligently, they offer clients the peace of mind with our certainty in strong execution and quick turnaround. 

Their fully digitized process turns around loans in half the time business owners typically experience. Piermont provides business owners with common sense, yet tailored banking solutions, with nothing off-the-shelf. 

They are willing to look at deals that are unique and challenge ourselves to come up with creative and relevant solutions.

Alan Mruvka 

Previously a macaroni factory, the now state of the art 60,000+ square foot self-storage facility features 650 units with sizes ranging from small to x-large.  

The heated location features outdoor drive-up units, 24/7 surveillance, keypad access, superior lighting, free curbside pickup, accepts deliveries, offers online and auto-pay, doesn’t require a security deposit, offers U-Haul truck rental and more.  

StorageBlue Founder and CEO Alan Mruvka added:

 “We are thrilled to work with Piermont Bank to create a deal that realizes the economics of launching new facilities.  

"What we have been able to do together ensures that StorageBlue can serve new communities while continuing to provide our customers with the redefined self-storage experience they’ve come to expect. 

"We look forward to StorageBlue’s continued expansion with Piermont as a partner.”

StorageBlue was founded by E! Entertainment Founder and former CEO Alan Mruvka. Mruvka’s mission is to leverage his extensive pop culture and entertainment experience into StorageBlue’s mission, culture and growth. 

 CONTACT:

 Daniel E. Chartock | Partner and Co-Creator

New York | Hamptons | Miami | Los Angeles | Las Vegas | San Francisco | San Juan | Global Social:       | Web: www.TAGMediaGroup.com (M)  212.951.0501 | (O) 212.951.0043 storageblue.com piermontbank.com

JLL arranges $58.5 milion loan for San Diego, CA multi-housing portfolio

Zane Sweet

NEWPORT BEACH, CA – JLL Capital Markets announced  it has arranged $58.5 million in financing for a recently renovated, five-property multi-housing portfolio totaling 328 workforce-oriented housing units in San Diego, California.

JLL worked exclusively on behalf of the borrower, Real Asymmetry, to arrange the 10-year, fixed-rate loan through Union Bank. 

The loan proceeds were used to refinance existing bank debt at a much lower rate, including an initial interest-only period, and provided for a very flexible prepayment structure.

The properties in the portfolio are located in and around the East San Diego submarket, which is one of the fastest growing multi-housing markets in Greater San Diego. 

The portfolio includes Asana at North Park at 3710-3810 Wabash Avenue; Pacific Cove at 4019 Oakcrest Drive; Tierra Del Rey at 3675 King Street; Tiburon at 7740 Parkway Drive; and 14^th Street at 1028 14^th Street. The portfolio’s average occupancy at closing was 96%.

The JLL Capital Markets team representing the borrower was led by Senior Director Zane Sweet.

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

  

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

 About Real Asymmetry:

Chris Honeycutt 

Real Asymmetry was formed in March 2013 by Chris Honeycutt  in partnership with Constellation Realty Management to acquire and improve an eight-unit apartment building in the North Park submarket of San Diego, California. 

Since then, the company has transacted a portfolio of improved and in-progress communities of approximately 1,000 units. 

Real Asymmetry’s strategy is a simple one: Buy underperforming multifamily assets in high-demand areas at a great price and elevate them to their highest and best use through significant capital improvement.

Contact:

 Zane Sweet

JLL Senior Director  

CA Lic.: #01786030

Phone: +1 949 885 2986

Email: Zane.Sweet@am.jll.com

 Olivia Hennessey

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

 jll.com.

JLL arranges $17.5 million loan for New Jersey apartment development

Rendering of planned The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, Monmouth County, NJ

 MORRISTOWN, NJ – JLL Capital Markets announced it has arranged $17.5 million in financing for the development of The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, Monmouth County, New Jersey.

Jon Mikula

JLL worked on behalf of the borrower, Denholtz Properties, to secure the 30-month, floating-rate construction loan followed by a 10-year forward permanent loan through Provident Bank. 

The Rail @ Red Bank will consist of 57 luxury units along with over 6,500 square feet of retail space and a two-level, on-site parking garage with 147 spaces. 

The property will provide residents with modern amenities such as two grand amenity decks, a rooftop deck, fitness center with a yoga studio and fitness on demand, resident clubroom, bike storage room, dog wash station and game room. 

Unit features will include stainless steel appliances, engineered wood flooring in the living areas, tiled bathrooms, quartz/granite countertops, nine-foot ceilings, in-unit washers and dryers and heating/cooling systems.

The property is ideally positioned in a transit-oriented location at 116-118 Chestnut Street, which is adjacent to the Red Bank Train Station. 

In addition to train service, the property is proximate to Academy Bus service and the Seastreak Ferry from Atlantic Highlands. 

 Michael Klein

The property also offers access to major roadways, including State Route 35, the Garden State Parkway and County Route 520. Completion is expected later this year.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Associate Andrew Zilenziger.

“JLL is excited to have helped Denholtz Properties with this transit-oriented development,” Klein said. “Situated next door to Denholtz’s new corporate office and the NJ Transit train platform, this project is going to help transform the immediate neighborhood and anchor the area for years to come.”

“Provident recognized the untapped potential for this underutilized neighborhood,” Mikula added.

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.

Andrew Zilenziger

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

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contact: 

Olivia Hennessey
JLL Senior Associat
Public Relations  

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

 jll.com.

Berger Commercial Realty/CORFAC Brokers Lease to Secure Second Health Insurance Company in Fort Lauderdale, FL

  

Bayview Corporate Center, Fort Lauderdale, FL

FORT LAUDERDALE, FL (April 9, 2020) – USA Medicare Advisors Insurance Agency, LLC will open its second location in Fort Lauderdale thanks to a new lease brokered by Berger Commercial Realty/CORFAC International for landlord ROC III Fairlead Bayview Corporate Center, LLC.

 Jonathan Thiel

Berger Senior Sales Associate Jonathan Thiel handled the transaction, which will provide 8,300 square feet of office space throughout a six-year lease for the health insurance company in the 412,520-square-foot, 12-story Bayview Corporate Tower at 6451 North Federal Highway.

“The extensive amenities and renovations to the building, in addition to the accessible location, and ample and secure parking have proven very attractive to businesses looking to attract top talent,” Thiel said.  

“We used thoughtfulness and creativity to make this deal the right fit for our tenant.”

CONTACT:

Jennifer J.H. Pierce

Account Director

Pierson Grant PR
6451 North Federal Highway,

Suite 1200  |

  Fort Lauderdale, FL   33308
T:  954.776.1999, ext. 232  |

 E:  jpierce@piersongrant.com 

www.corfac.com or call 224.257.4400

www.bergercommercial.com.

Pair of Chicago office assets trade to RE Development Solutions for $24 million

The East/West Corridor submarket of DuPage County, IL includes Two TransAm and 750 Warrenville, two Class A office assets totaling 212,139 square feet

Patrick Shields

CHICAGO, IL, April 9, 2020 – JLL Capital Markets announced today that it has closed the sale of Two TransAm and 750 Warrenville, two Class A office assets totaling 212,139 square feet in the prestigious western suburbs of Chicago, Illinois.

JLL represented the seller, American Landmark Properties Corporation, and procured the buyer, RE Development Solutions.

Located at 2 TransAm Plaza Drive in Oakbrook Terrace and 750 Warrenville in Lisle, both properties are positioned within the East/West Corridor submarket of DuPage County.

 This submarket is an established corporate location with immediate access to two interstates, the Yorktown-Oak Brook retail corridor and the executive housing stock in Oak Brook, Hinsdale, Burr Ridge and Naperville. 

Jaime Fink

Two TransAm offers 117,759 square feet of space within a five-story building that is 87.7% leased to 18 tenants. Nine tenants reside at the 86.7%-leased, four-story, 94,380-square-foot 750 Warrenville property.

The JLL Capital Markets team representing the seller was led by Senior Director Patrick Shields, Senior Managing Directors Jaime Fink, Jeffrey Bramson and Bruce Miller and Director Sam DiFrancesca.

“This was a fantastic opportunity to capture strong current cash flow while continuing to add value through lease up and marking in place rents to market,” Shields said.

About JLL:

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

Jeffrey Bramson 

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.

About American Landmark Properties Corporation

American Landmark Properties is the owner of numerous suburban office properties in Chicago, as well as Class A office high-rises in Cleveland, New Jersey and New York. 

 Bruce Miller

 It is widely known for its acquisition of the Willis Tower in 2004 and its sale to the Blackstone Group in 2015.

About RE Development Solutions:

RE Development Solutions is a Commercial Real Estate Management Company with a mix of roughly 1,400,000 square feet of industrial, office and retail space under management. 

Over the last four years, the firm has continuously doubled its management portfolio with a goal of reaching two million square feet under management by the end of 2020. 

Sam DiFrancesca

The team is focused on expanding its capabilities and continuing to provide excellent service to its investors and tenants.

 

Contact: 

Kristen Murphy

 JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

 jll.com.

JLL completes sale and financing of One Glen Lakes in North Dallas, TX

One Glen Lakes is a 168,953-square-foot, multi-tenant, Class A office building in Dallas, TX

DALLAS, TX – JLL Capital Markets announced it has closed the sale and financing of One Glen Lakes, a 168,953-square-foot, multi-tenant, Class A office building in Dallas, Texas.

Jack Crews

JLL represented the seller, a joint venture between Stockbridge and Cawley Partners, and procured the five-year, floating-rate structured loan with future funding for Capex and TI/LC on behalf of the buyer, ICM Asset Management.

One Glen Lakes is located at 8140 Walnut Hill Lane just west of the Texas Health Presbyterian Hospital campus in North Dallas. 

The property is situated just one block from the North Central Expressway and close to the LBJ Freeway providing superior access to the entire Dallas Fort Worth Metroplex. 

Additionally, One Glen Lakes is within walking distance of the Walnut Hill DART Station and the Dart Rail Bus Station and is surrounded by affluent neighborhoods and plentiful retail amenities. The 10-story building offers tenants an on-site deli, convenience store, on-site banking and covered parking.

 Jason Piering

The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Managing Director Jack Crews.

JLL’s Capital Markets Debt Placement team representing the borrower was led by Managing Director Jason Piering.

About Stockbridge

Stockbridge (stockbridge.com) is a real estate investment management firm headquartered in San Francisco, California, with offices in Atlanta and Chicago. 

The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States. As of December 31, 2019, the firm’s total assets under management totaled approximately $16.3 billion.

Contact: 

Kristen Murphy, JLL Senior Manager, Public Relations 

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

cawleypartners.com.

 icmassetmanagement.com.

Tratt Properties Affiliate Buys Orlando, FL CVS Distribution Center for $41.2 Million

Jonathan Tratt

ORLANDO, FL – PBV Logistics Center LLC, an affiliate of Phoenix-based Tratt Properties LLC, has completed the $41.2 million purchase of a multi-building distribution center in Orlando, Florida. 

Located in the heart of the metro Orlando market, the asset is fully occupied under a long-term lease to CVS Health Corporation and serves as a key distribution point for the retail and pharmacy leader’s Florida supply chain.

“This facility provides e-commerce and supply chain efficiencies for CVS at a critical time in our country and in a state that is one of the company’s largest U.S. markets in terms of total store locations,” said Tratt Properties Principal Jonathan Tratt. 

“The strength of the industrial logistics sector, combined with this building’s long-term credit lease to CVS, has us very confident in its longstanding value. We continue to pursue opportunities like this in strategic markets across the U.S.”

Totaling 713,585 square feet on 42.96 acres, the Orlando CVS distribution center is comprised of a main building with 685,007 square feet of warehouse space and 16,650 square feet of office space, as well as 11,928 square feet of auxiliary buildings. 

Amenities include up to 35-foot clear height, 97 loading doors with dock levelers and state-of-the-art infrastructure to manage high-volume inventory and fulfillment operations. The secured site has up to 350-foot truck courts, the ability to park 505 cars and 429 trailers, and the potential for future rail service.

Mike Davis

The CVS distribution center site is located at 8201 Chancellor Dr. in Orlando, Florida. 

It is minutes from the Florida Turnpike, Beach Line Expressway and Interstate 4, providing quick and easy access to the more than 860 CVS stores in the Florida market. 

Overall, CVS operates more than 9,900 retail locations in the U.S., District of Columbia and Puerto Rico.

Cushman & Wakefield Vice Chairman Mike Davis represented both PBV and the CVS building seller, Alegra Orlando LLC, in the transaction.

PBV purchased the CVS asset in a 1031 exchange following its disposition last month of a 526,320-square-foot industrial property in Winston-Salem, North Carolina. 

The North Carolina building, which was purchased by Griffin Capital Essential Asset REIT Inc. for $34.9 million, is fully occupied by Pepsi Bottling Ventures under a long-term, NNN lease.

CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 www.trattproperties.com.