Entertainer Steve Harvey Pays TV Evangelist David Turner Record $15 Million for Atlanta, GA Area Estate

Perry built his 34,688-SF home outside of Atlanta, GA in Buckhead 
with a design based on the Palace of Versailles in France

Photo credit:  Sotheby’s International Realty

Tyler Perry

BUCKHEAD, GA -- Inventive, creative powerhouse Tyler Perry has charmed his film audiences with his acting, writing and production skills generating massive wealth over $600 million well before the age of 50. 

 He has homes in the Bahamas, Wyoming, Texas, Mulholland Estates in Los Angeles (currently on loan to Prince Harry and Meghan Markle, but chooses to live and work in Georgia on his 1,100-acre property where his film studios are located.

Prince Harry and Meghan Markle

 Partial to the Atlanta area, his longtime home was a palatial mansion in the Paces Ferry community of Buckhead, which he built in 2007 on 17 acres of prime land overlooking the Chattahoochee River. 

 When he sold it for $17.5 million in 2016, it was the highest-priced home in the history of the city, according  to TopTenRealEstateDeals.com.

David Turner

That buyer, TV evangelist David Turner, has sold it once again for $15 million - still the highest-priced home in Atlanta.

Over the top for laid-back Atlanta, Perry built his home with a design based on the Palace of Versailles, but added features that would have left King Louis XIV speechless.

  In addition to a helipad, the 34,688-square-foot home has seven bedrooms and fourteen baths, stately formal rooms, a two-story library, infinity-edge swimming pool outside, resistance pool inside, lighted tennis court on top of a two-story parking garage, fully equipped gym, spa, theater, hobby house and an underground ballroom with catering kitchen.

There are both formal and informal gardens, an entire estate generator, guard house, caretaker’s suite and presidential-level security system including two gated and secured residential entrances.

Perry didn’t hold back when it came to formal landscaping.  Tyler originally spent about $40 million to build the home and a good portion of the money went into full grown plants, trees and topiary shrubs.

Steve Harvey 

 Lush greenery that now spills out into terraced formal gardens from the house with paths twisting through the trees, flowers and plants. 

The grounds include an outdoor pool with a Versailles-style painting on the bottom and seating areas among fountains where guests can relax on bar stools while enjoying drinks and conversation with swimmers. 

Chase Mizell 

 The house and grounds could easily accommodate over a hundred guests with plenty of space left over.

Turner purchased the house from Perry in 2016 and turned it into a production studio for a web-based Christian TV network, Jesus Live TV, and has now sold it to comedian, talk-show-host and self-help author Steve Harvey for $15 million. 

 The agent for the Perry property, Chase Mizell of Atlanta Fine Homes Sotheby’s, listed the home for both the sale to Turner and the sale to Harvey.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

Tire Kingdom Tampa Sold for $1.2 Million

Ronnie Issenberg

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Tire Kingdom,a 5,904-square foot net-leased property located in Tampa, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset sold for $1,255,384.

Gabriel Britti and Ronnie Issenberg, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a limited liability company, was secured and represented by the two brokers.

Tire Kingdom is located at 7602 W Hillsborough Ave in Tampa, FL and has just over eight years remaining on an absolute net lease. 

Gabriel Britti 

“Essential businesses continue to be a major focus for private investors,” says Issenberg.  “Tire Kingdom is a great company that  performs well during economic downturns. 

"We listed a couple more for sale this week and already have multiple offers” says Britti.   

CONTACT:

Scott Lunine

Vice President

Regional Manager

Miami, FL

(786) 522-7000

Apartment Owner Avanath Capital Managemnt Gifts 9,000+ Wellbeats Virtual Gym Memberships

Daryl J. Carter

IRVINE, CA — With many renters struggling due to the current pandemic, apartment owners are thinking outside the box. Avanath Capital Management, a private real estate firm that invests in affordable and workforce housing properties throughout the U.S. on behalf of institutional investors, has announced a special gift: in partnership with Wellbeats, the firm is offering free virtual gym memberships to its 9,000+ renters throughout the U.S.

This announcement comes on the heels of Avanath’s rent relief efforts – the company proactively gave all its residents a 10% discount on rent payments in April 2020.

“This pandemic has certainly altered the way we all live and work. However, the foundational element of our business remains the same: help residents live better lives,” says Daryl J. Carter, Founder and CEO of Avanath Capital Management.

“The April rent initiative alleviated some rental obligations and the launch of this new initiative gives our residents the opportunity to maintain their health and wellness while our on-site fitness amenities remain closed for safety.”

Avanath’s virtual gym membership gifts are aligned with the firm’s over-arching strategy to proactively invest in the health and wellness of its residents.

“As impact investors, we approach each investment holistically, with a focus on delivering the highest quality of life possible,” says Carter. “By integrating on-site wellness programs and community activities at no extra cost to renters, we are able to help residents access the services and amenities they need to live their best life.”

In 2019, Avanath launched Activate, a program that offers on-site health education classes and wellness services to senior housing residents. The firm also offers a wide array of on-site services in its family communities, including after-school programs, financial literacy courses, basketball clubs, and more.

“A focus on wellness is more important now than ever,” says Carter. “As we navigate this public health crisis, we are all reminded that our physical and mental health is a gift that must be nurtured. 

"The Avanath team is proud to have the opportunity to share these virtual memberships with our residents, fostering good health for many years to come.”

Avanath’s 9,000+ free virtual gym memberships  became available to residents on June 4 through Wellbeats virtual fitness.

CONTACT:

Lexi Astfalk

Brower Group

(949) 438-6262

LAstfalk@brower-group.com

www.avanath.com.

JLL arranges $182 million refinancing for Orange County, CA office campus

 

Kevin MacKenzie

NEWPORT BEACH, CA – JLL Capital Markets announced it has arranged a $182 million refinancing for Intersect, a four-building, mid-rise, Class A office campus totaling 452,060 square feet in Irvine, California.

JLL worked on behalf of the borrower, a joint venture between Hines, the international real estate firm, and a leading global investment management firm, to place the three-year, interest-only financing with MetLife Investment Management.

Loan proceeds will be used to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018.

Since the borrower purchased the property, Intersect has undergone a complete renovation with improvements to the interior and exterior to create a vibrant, creative office hub.

John Chun

The transformation took the campus from 13 to 78 percent leased at the time of closing, with 45 percent of the tenant roster being investment grade.

Intersect comprises Buildings A, B, C and D, located at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave., respectively, in the core Airport-Area submarket of Orange County.

The 15.05-acre site is situated in the heart of the Irvine Business Complex, just two blocks north of Interstate 405 at the high-profile intersection of Main Street and Von Karman Avenue.

Intersect is surrounded by a robust amenity base of retail, restaurants and entertainment offerings, including Irvine Concourse directly across the street, Park Place, South Coast Plaza and Fashion Island, as well as The District at Tustin Legacy.

The property consists of market-leading amenities including a state-of-the-art restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court.

Nick Lench

Additional features at Intersect include indoor and outdoor workspaces; a new fitness center with Peloton bikes and classes, high-end locker rooms, spin studio and outdoor yoga law; private tenant terraces; a 40-plus seat stadium-style conference center; and a 16-plus person board room.

Intersect also features an above average parking ratio of 3.91 spaces per 1,000 usable square feet through a combination of 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave. and a 181-stall subterranean parking facility.

The JLL Capital Markets Debt Placement team representing the borrower was led by Executive Managing Director Kevin MacKenzie, Managing Director John Chun and Associate Nick Lench.

“Intersect’s vision of creating a next-generation office environment that promotes a balance of work and wellness is critical in today’s environment,” said Tom Lawless, Director in Hines’ Orange County office. “We are thankful for our partnership with JLL and impressed with their execution during this time.”

Tom Lawless

“Identifying a new lender, going under application and closing during the COVID-19 pandemic provided some challenges, but a team effort and great relationships got it across the finish line to a favorable outcome,” MacKenzie said. “Hines has created a top-class asset with Intersect, and we feel fortunate to have been a part of another step in the success story.”


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.

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

CONTACTS:

Kevin MacKenzie,

JLL Executive Managing Director

CA Lic.: #01898953

Phone: +1 949 798 4126

Email: Kevin.MacKenzie@am.jll.com

 Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

hines.com 

jll.com.

“She Has a Deal” Announces Hotel Investment Pitch Competition Finalists

Michele M. Gordon

McLEAN, Va., June 15 ,2020—Officials of “She Has a Deal,” an annual hotel investment pitch competition for early-career women, today announced its five finalists  selected to advance to the final round to compete for the prize of $50,000 in hotel deal equity.

Tracy Prigmore of TL Solutions--Mary Gardella Photography 

During the preliminary judging round, 14 teams comprised of 28 participants pitched their hotel investment acquisition or development plans live on Zoom to a judging panel of top-level hotel business executives, entrepreneurs and investors. 

Chelsea Lawson from University of Houston

 The judges evaluated and selected the following five teams:

CityTerrace Ventures: Nancy Guzman and Marlene Reyes from Cornell University

Datcher: Joanne Angbazo, Kristen Collins, and Lera Covington from Cornell University

Fernweh Partners: Meaghan Carfrey, Nikki Gonzales, and Viviana Wilkins from San Diego State University

Lodgingo: Eng Ea and Regina Yoo from New York University

Phoenix Capital: Chelsea Lawson from University of Houston and Heaven Douglas from Howard University

Nancy Guzman from Cornell University

The teams, who started the “She Has a Deal” process in November 2019, completed more than 12 hours of intensive hotel investment education to learn how to source, evaluate and raise capital for a real hotel deal.

Meaghan Carfrey from San Diego State University

“These remarkable young women were so well prepared, I forgot I was judging a competition versus consulting with my tenured hospitality partners,” said Michele M. Gordon, senior director for Amadeus Hospitality, who served as a judge during the preliminary round. 

Heaven Douglas from Howard University

 “The presentations were thoroughly researched and representative of established thought leaders versus student contestants.  In a few years, I know our industry will be reaching out to these trailblazers for advice.”

Marlene Reyes from Cornell University

Pitches included ground-up construction, adaptive reuse, reflags and conversions of hotels in markets ranging from Silicon Valley to suburban Atlanta to theme park-adjacent Orlando.

“What an amazing group of young women!” said Brian Covington, judge and vice president of revenue optimization at Salamander Hotels & Resorts.

      Nikki Gonzales from San Diego State University

 “Their work was on par with, if not better, than what I’ve seen through other feasibility assessments. I applaud ‘She Has a Deal’ for providing a platform toward hotel ownership while educating in the process.”

 Regina Yoo from New York University

"Since having competed in SHaD, I can say that I am a better version of myself,” said finalist Chelsea Lawson from Phoenix Capital. “I have grown my professional network and gained valuable, transferable skills.

Eng Sou Ea from New York University

" If you would have told me when I was a freshman walking on the University of Houston campus that I would one day be competing to become a hotel owner, I would've said you were lying.

Viviana Wilkins from San Diego State University

"I am profoundly grateful to the SHaD Squad for this opportunity and excited to compete in the finals alongside my partner, Heaven Douglas."

“It really gave me hope for the future,” said Tracy Prigmore of TLTsolutions and founder of the competition.  “These women gave their projects their all, and it was so inspiring to watch them put what they learned over the last five months to work in a real-world pitch.  I can’t wait to execute the winning deal!

Lera Covington from Cornell University

“Both Hilton Worldwide and Marriott International are deeply committed to growing the number of women hotel owners of their brands, and their support of She Has a Deal really underscores both companies’ dedication to diversity,” Prigmore added.

Kristen Collins from Cornell University

In consideration of the health and safety of everyone involved, the final pitch competition, originally scheduled for April 25, will take place later this year on October 24, 2020 at the Hilton Innovation Gallery. 

Joanne Angbazo from Cornell University

For more information and to purchase tickets, please visit www.shehasadeal.com.

 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

JLL arranges $48.75 million loan for 271-unit New Jersey apartment development

Rendering of planned Print House by Vermella, a 271-unit, best-in-class apartment building
in Hackensack, Bergen County, NJ

MORRISTOWN, NJ – JLL Capital Markets announced it has arranged $48.75 million in financing for the development of Print House by Vermella, a 271-unit, best-in-class apartment building in Hackensack, Bergen County, New Jersey.

Thomas Didio

JLL worked on behalf of the borrower, a joint venture between Russo Development, The Hampshire Companies and Fourth Edition, to secure the 60-month, floating-rate construction loan through a national bank.

 

Print House by Vermella will be situated in a prime location at 150 River Street near Downtown Hackensack and the Bergen County Courthouse.

The transit-oriented development will also be adjacent to the NJ Transit Hackensack Bus terminal, within five minutes of two NJ Transit stations and will offer residents convenient access to Interstate 80.

 The fully approved project will feature 271 market-rate, luxury rental units, including a mix of studio (12%), one-bedroom (52%) and two-bedroom (36%) floor plans.

Jon Mikula

Units will include washers and dryers, spacious walk-in closets with built-in shelving, nine-foot ceilings, abundant natural light, Nu Wud flooring, and gourmet kitchens complete with quartz countertops, custom cabinetry, marble tile backsplashes and stainless-steel energy-efficient appliances.

The resort-like amenity package will include a swimming pool and sun deck; state-of-the-art fitness center with yoga studio and Fitness on Demand; gorgeous clubroom with fireplace seating area, multiple TVs, various game stations, billiards, a bar area, and an oversized dining table; a private conference room; private dog walk; and direct access to the brand-new Riverwalk along the Hackensack River.

Upon completion, this building will be the first of a multi-phase development that will total nearly 20 acres along the Hackensack River. Future phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space.

Michael Klein

The JLL Capital Markets team representing the borrower included Senior Managing Directors Thomas Didio, Jon Mikula and Michael Klein and Associate Andrew Zilenziger.

“We are pleased to help the Russo/Hampshire/Fourth Edition joint venture secure construction financing for the Print House by Vermella project on River Road,” Didio said. “The bank did a terrific job committing and closing the loan in a very difficult market.”

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.

About Russo Development

Russo Development (Russo) is one of the most experienced developers of commercial, residential and mission critical facilities in the New York Metropolitan Area.

 During its 45-year history, it has developed more than eight million square feet of premier commercial space throughout northern New Jersey.

 Russo is a fully-integrated real estate and construction firm with in-house site planning, architecture, civil engineering, construction management, general contracting, site excavation and property management capabilities.

 Russo utilizes a highly-successful development program to consistently meet market demand and is aggressively acquiring redevelopment opportunities and developable land throughout the region.

CONTACT:

Kristen Murphy

JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

jll.com.

 Russo Development

 HampshireRE.com.