Thor Equities Group Announces Sale Of 905 West Fulton Market in Chicago, IL To Deka Immobilien of Germany

905 West Fulton Market spans nearly 98,000 square feet over five stories and a basement on the corner of West Fulton Market and North Peoria Street in the heart of Fulton Market, Chicago, IL.

Tom Sitz

CHICAGO, IL (May 15, 2020) – Thor Equities Group, a global leader in urban real estate development, leasing and management, is pleased to announce the sale of 905 W. Fulton Market in an off-market transaction to Deka Immobilien.

On the corner of West Fulton Market and North Peoria Street in the heart of Fulton Market, 905 W. Fulton Market spans nearly 98,000 square feet over five stories and a basement.

Featuring a historic façade characteristic of the neighborhood and modern glass design, 905 W. Fulton offers contiguous floor plans, a landscaped terrace and green roof.

The property is anchored by Mondelez International’s global headquarters, which will occupy over 80,000 square feet of office space in the new building on floors two through five, as well as over 6,500 square feet of retail space on the ground floor.

Cody Hundertmark

 Thor recently announced 8,000 square feet of the ground floor was recently leased to DineAmic Hospitality, one of Chicago’s most eminent creative hospitality and events companies. Approximately 2,600 square feet on the ground floor remains available.

“Our vision for 905 W. Fulton Market was to develop a property with rich character representative of the neighborhood’s past and attract a world-class tenant to bolster the district's future as a premier live-work-play destination,” said Joe Sitt, chairman of Thor Equities.

“Fulton Market continues to gain momentum and the sale of this asset demonstrates the strength of the community, which we are very proud to be a part of.”

The Cushman & Wakefield capital markets team of Tom Sitz, Cody Hundertmark, David Knapp, Josh McGee, Paul Lundstedt and Dan Deuter was involved in this off-market transaction. Thor Equities was not represented by a broker. Colliers International was also involved in this transaction.

Driss Oualkadi

“In this current environment, it is essential to identify and secure opportunities in order to achieve stable and sustainable growth for our North America Fund. Such an opportunity is given with this long-term leased and high-quality property,” said Driss Oualkadi, president of Deka.

“The Fulton Market has been the subject of a significant urban renewal and is now recognized as one of Chicago’s most upscale and exciting neighborhoods.”

“We are pleased to have been involved in the sale of this extraordinary Fulton Market development involving two world-class organizations,” said Tom Sitz, executive director of Cushman & Wakefield.

 David Knapp

“Congratulations are in order to Thor Equities Group for delivering this premier building to the market and to Deka on its acquisition of one of Chicago’s newest, best-in-class assets.”

Thor Equities Group recently announced a lease with Aspen Dental at nearby 800 W. Fulton Market, a 19-story mixed-use development with over 400,000 square feet of office and retail space, as well as a range of public amenities.

Designed by Skidmore, Owings & Merrill, 800 W. Fulton Market is situated at the gateway to Fulton Market and was planned to meet the highest sustainability standards, with a range of smart building technologies.

Thor’s portfolio also includes nearby 942 W. Fulton Market, 1003 W. Fulton Market and 1229 W. Randolph Street.

Josh McGee

About Thor Equities:

Thor Equities is a leader in the development, leasing and management of office, industrial, residential, hotel and mixed-use assets in premier urban locations worldwide.

The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet.

Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet.

Paul Lundstedt 

 Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge.

About Deka:

DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group.

Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 313 billion (as at 30/09/2019) and around 4.8 million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany.

Dan Deuter

 It provides retail and institutional clients access to a wide range of investment products and services. 

DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.

The Deka Group’s global real estate expertise is pooled in its Real Estate Division.

 The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, manage and service around EUR 40 billion in real estate assets (as at 31/12/2019).

CONTACTS:

Bailey Webb, bailey.webb@cushwake.com

Patty Cronin, pcronin@taylorjohnson.com

www.cushmanwakefield.com or

follow @CushWake on Twitter.

www.thorequities.com.

The Pandemic’s B-side: Sustainable Real Estate Development Gains Ground in Uruguay

Fernanda Prece

Miami, FL,  May 14, 2020--According to Juan Martin Diaz of notonlydata.com:

 "The market is experiencing growing interest in real estate options in open spaces, far from large urban centers."

These are places where one can escape, and find refuge and harmony in high-end design that meets nature and personal wellness.

Developments such as Las Cárcavas, in Uruguay, stand out with their environmentally friendly proposal and strategic location in a luxury, beach-front corridor.

"The eruption of COVID-19 onto the global stage has caused innumerable

transformations in all areas of the economy, which now face an uncertain future. But it has also ignited new challenges. No stranger to these changes, the real estate market is also experiencing fluctuations. 

While owning property has traditionally been a valued form of savings in the midst of global and regional crises, there is now another phenomenon that is paving the way for new opportunities within this sector.

 John Brookes

Social isolation has also modified the preferences and habits of people who, across the board, are now looking more than ever for contact with nature - an asset that has become a highly sought after characteristic.

Along this line, developments in green, open spaces, with wide-open surroundings, both remote and sustainable, have started to become more and more attractive within the real estate market.

And though both investors and developers are still being cautious, in this context luxury real estate developments with these characteristics have become an attractive and secure option for foreign investors.

Located in Uruguay, along the Rocha coast in Garzón – a fifteen-minute drive from José Ignacio, which has become the most exclusive area in Punta del Este – the high end real estate development Las Cárcavas is a clear example of this trend.

Las Cárcavas gets its name from the rock formations generated from the rain water erosion as it flows to the sea, a typical feature of Garzón's coastal landscape. 

Unique in its style, it boasts twenty-four ranch lots and space for sixteen bungalows, all distributed on just over 128 acres situated on a UNESCO national biosphere reservation.

The development offers access to 250 meters of exclusive beach front with warm water, thanks to the tropical currents coming from Brazil, as well as luxurious amenities: a swimming pool, beach club on the shore of a lagoon, natural grass tennis court, grill area, fire pit and corrals.

"Sustainability and environmental impact are two concepts getting more attention nowadays, generating lots of interest from investors: so, even in times of adaptation and transformation for many areas, our projections are positive given the current scenario" asserts Fernanda Prece, Commercial Director of Las Cárcavas.

The project ideals are based on sustainability and a strict commitment to the environment. Therefore, and in regards to design, the ranches follow certain pre-established architectural guidelines in order to preserve the spirit of the natural landscape.

 In line with the overall vision, Englishman John Brookes, in collaboration with the Barzi Casares studio, has been commissioned to helm the landscape design for the open and communal spaces of the project; both highly respected names in the international market for their avant-garde and innovative work, in-sync with environmental protection. 

The Director explains that in Las Cárcavas, as developers, they understand the "changing dynamics of their clients' needs" and that is why they are committed to offer "substantial advantages to an investor who knows the market, and is eager to find projects that contemplate new trends."

Another unique advantage of the project is its strategic location. Besides offering political, social and economic stability, Uruguay offers fiscal advantages through recently announced tax incentives, many of which are aimed at the foreign investor. 

About Las Cárcavas

Las Cárcavas is a luxury real estate development on the Rocha coast, situated at the 204.5-kilometer mark of Road 10, in Garzón, Uruguay.

The location covers an area of over 125 acres, divided into 24 ranch lots of 2.5 acres each and 16 bungalows, each built on lots measuring 1,500 m2.

The cost for the ranches ranges between USD 580,000 and 3 million dollars. Each bungalow is valued at 1 million dollars and are turnkey ready.

Isay Weinfeld
(Photo courtesy of thepinnaclelist.com)

The access to Las Cárcavas from Punta del Este Airport is through Road 10, driving over the iconic circular bridge on Garzón Lagoon. 

Optimum Capital Partners are the landowners and developers of Las Cárcavas, which is united as a whole project under the signature of Isay Weinfeld.

For more information, please visit: www.lascarcavas.com

Contact: 

Juan Martin Diaz 

martin@notonlydata.com

JLL closes $8.75 million sale of Philadelphia light industrial building

 Jenna Imperatore

MORRISTOWN, NJ, May 14, 2020 – JLL Capital Markets announced today that it has closed the $8.75 million sale of an 86,315-square-foot light industrial building in a high barriers-to-entry market in Philadelphia, Pennsylvania. 

Michael Oliver

JLL marketed the property on behalf of the seller, The Hampshire Companies. Mountain Development Corp. purchased the asset.  

The facility is situated on 5.7 acres at 3445-3535 S. Front St. in a last-mile distribution area in south Philadelphia adjacent to Interstate 95 and less than one mile from Interstate 76.

The property has an active rail spur served by Conrail, CSX and Norfolk Southern. The building is also less than one mile from a CSX rail yard and 1.5 miles from the Philadelphia Navy Yard.

 Jose Cruz

The property features a rear load configuration, clear heights ranging from 18 to 44 feet, 14 loading docks and 10 percent office finish.

 The building is home to Ferguson Enterprises, the largest U.S. distributor of plumbing supplies.

 The JLL Industrial Capital Markets team representing the seller was led by Senior Director Michael Oliver, Senior Managing Director Jose Cruz, Directors Jordan Avanzato and Marc Duval, Senior Managing Director John Plower and Senior Vice President Jenna Imperatore.

 “The Mountain Development team did an incredible job closing on this transaction during a difficult time in the market,” Oliver said. “This shows you there are strong buyers for quality real estate and tenancy today”.

Jordan Avanzato 

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.

 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. 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

Marc Duval

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. 

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

About The Hampshire Companies

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. 

The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. 

Additional information on The Hampshire Companies is available online at HampshireRE.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook (facebook.com/hampshirere), Twitter (@hampshireco), and LinkedIn (linkedin.com/company/the-hampshire-companies).

About Mountain Development Corp.

Founded in 1979, Mountain Development Corp. (MDC) is a full-service real estate company with more than 40 years’ experience developing, acquiring, building, repositioning, managing, leasing and financing commercial property. 

John Plower 

MDC is an active acquirer of a broad range of opportunistic and value-added real estate investments, together with select core projects, capable of generating attractive, risk-adjusted returns for both its principals and select partners.

Contact: 

Kimberly Steele, JLL Senior Associate, Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Two Longtime South Florida Commercial Property Managers Join Berger Commercial Realty/CORFAC International’s Miramar, FL Office

Erica Portes

FORT LAUDERDALE, FL – Two longtime South Florida commercial property professionals have joined Berger Commercial Realty/CORFAC International at its Miramar, Florida office, the company announced. 

                     

Ian Miranda, whose commercial property experience includes a strong finance background, and Erica Portes, who has spent her career in property management, both will hold the title of Senior Property Manager at Berger. 

 They will work collaboratively on the company’s substantial Miami-Dade-based Seagis portfolio, most of which is classified as industrial.

Ian Miranda

Prior to joining Berger, Miranda managed a major downtown Miami commercial tower, for which he oversaw operating and financial efficiency, value enhancement and property maintenance.

 In addition to managing significant tenant build-outs and capital remodeling, he achieved LEED Gold certification for the property.

Lloyd C. Berger

“Both Ian and Erica’s strong property management experience adds even more to the depth of market knowledge we bring our clients,” said Lloyd Berger, founder and president of BergerCommercial Realty.

 “Berger is strategically focused on delivering the full spectrum of expertise necessary to enhance the value of every client’s asset.”

A graduate of Florida International University with a Bachelor of Arts in Finance, Miranda lives in Miami.

Portes, who has spent her career in Miami-Dade property management, most recently held the title of Senior Property Manager for a major multi-national real estate and supply chain logistics company.  There, she led a team that handled all aspects of property management, including maintenance, vendor management and customer service.

Also a Miami native, Portes studied Business Administration and Management at Miami-Dade College.

  

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.bergercommercial.com.

www.corfac.com.

KBS Develops and Sells 453-Unit Luxury Apartment Community in the Salt Lake City Real Estate Market

Hardware Apartments, a 463,956 square-foot, Class A luxury resort-style apartment community, 
455 West 200 North, Salt Lake City, UT

 SALT LAKE CITY, UT (May 13, 2020) – KBS, one of the largest investors in premier commercial real estate in the nation, announced today that it has sold Hardware Apartments, a 463,956 square-foot, Class A luxury resort-style apartment community in the Salt Lake City real estate market. 

The property, owned by KBS Real Estate Investment Trust III, was sold in an off-market transaction to Oakmont Properties for an undisclosed amount.

Rod Richerson

KBS and Salt Development began ground-up construction on the 453-unit multifamily property in mid-2016 with the first phase of 267 units – Hardware West – being completed for the asset in June 2018. 

The sale was concluded shortly after  Phase II was completed on Hardware East, which comprises the remaining 186 units of the community. Hardware Apartments is situated in Hardware Village adjacent to the historic Salt Lake Hardware Building, which is also part of the KBS portfolio.

Tim Helgeson

The development project represents KBS’ extensive understanding of the Salt Lake City market and the firm’s ability to leverage its deep expertise in markets throughout the country, according to Rod Richerson, regional president, Western United States for KBS.

“We are very strategic about when and where we do ground-up construction but being active investors for well over a decade in the market we thought this would be a successful venture,” says Richerson. 

Thomas Vegh

“We have several office assets in Salt Lake City, including the Salt Lake Hardware Building, 222 Main, Millrock Park and Parkside Tower. 

"Considering how hard it is to close deals during the current economic environment this sale was a major accomplishment but we worked diligently with the buyer over the last couple of months to see it through. 

Tatyana Litovsky

"We hit a particular challenge when they lost their lender at the last moment so KBS provided short-term market rate seller financing to help Oakmont Properties complete the transaction.”

Salt Lake City is an ideal fit with KBS’ proven strategy of investing in key growth markets nationwide with solid economic fundamentals, adds Tim Helgeson, asset manager for Hardware Apartments and senior vice president for KBS.

Amanda Kennedy

According to CBRE’s office report in Q1 2020, the Salt Lake City-Provo office market absorbed 196,654 square-feet on net – a high for Q1 over the past two years. 

The abundance of incoming supply (over 3.0 million square-feet) with substantial preleasing reaffirms that there is still strong confidence in the Salt Lake-Provo marketplace.

Situated near the heart of downtown Salt Lake City, Hardware Apartments offer a distinct variety of penthouses, lofts, studios, one- and two-bedroom luxury apartments, townhomes and stunning brownstone row houses.

Chrisdo Fan

  

A state-of-the-art fitness center, yoga room, and a resort quality rooftop lounge with an infinity pool are among the luxury common amenities at the property, making it one of the highest-level amenities packages in the area, according to Helgeson.

“This development’s leading design and unparalleled urban finishes showcase the depth of attention KBS pays to every aspect of the properties in its client portfolio,” says Helgeson. “We have seen a ramp up in leasing tied to the recent completion of construction on the second phase of this unique community.”

KBS partnered with local developer SALT on the development of this project. “Hardware Village’s ideal location, combined with KBS’ deep knowledge of the Salt Lake City market and unparalleled track record of successful properties in downtown areas throughout the country, encouraged us to partner with the firm on this project,” says Thomas Vegh, president and CEO of SALT.

 “KBS left no stone unturned in ensuring that Hardware Apartments would be a multifamily community of the finest quality in downtown Salt Lake City, which made the partnership a win-win for both companies.”

Hardware Apartments is located steps from the TRAX light rail, Downtown Salt Lake City, Trolley Square and Liberty Park, and is connected to all major thoroughfares, employment centers, arts and entertainment in the Salt Lake City market. The property is within walking distance of restaurants, shops and retail stores.

Bruce Fischer

“We immediately recognized the value of this asset for its high-end amenities and prime location,” says Ryan Ashley of Sacramento, California-based Oakmont Properties. “Hardware Apartments is prominently positioned in the robust downtown Salt Lake City market to create an elegant living experience unlike any other in the area.”

Attorneys Bruce Fischer, Tatyana Litovsky and Chrisdo Fan, and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County office represented KBS as legal counsel in the disposition.

“We were very pleased to represent KBS in what was a truly a unique disposition of Hardware Apartments.” said Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team.

CONTACT:

Micaela Fehrenbach

mfehrenbach@brower-group.com

 www.kbs.com.