Monday, June 22, 2020

Final Beam Rises at Lincoln Property, Harvard’s Union Building One in Arizona



 
Mayor John Giles
MESA, AZ, June 22, 2020 – Exactly eight months from its groundbreaking celebration, Lincoln Property Company (LPC) and Harvard Investments have placed the final beam at Union Building One – the first of four Class A office buildings planned at the confluence of Tempe, Scottsdale and Mesa, Arizona.

When complete, the project will bring a new, 1.35 million-square-foot corporate hub to the heart of Mesa Riverview.

The developers were joined today by Mesa Mayor John Giles and Vice Mayor Mark Freeman for a beam signing event, marking completion of the steel structure at Union Building One and its quick progression toward a November 2020 completion.

"Lincoln Property Company and Harvard Investments have a solid track record of building excellent Class A office space in Mesa," said Giles.

Mark Freeman 
"Mesa's Riverview District has grown into an epicenter of shopping, food, entertainment and jobs with easy access to freeways and neighborhoods. I look forward to watching Union evolve as an employment centerpiece for the District and our residents." 

“It is exciting to see Union become one step closer to completion,” said Freeman. “This is an important project for the City and the District, and it shows the City of Mesa's commitment to economic development and creating high quality projects that will help to increase the quality of life in our community.”

When completed, Building One will total 238,348 square feet in four stories, with an adjacent four-level parking structure.

Like all of the buildings at Union, Building One will deliver a creative office environment with a modern glass exterior, an active first floor, large office floorplates with high ceilings, outdoor balconies and 10-foot vision glass providing sweeping views of the surrounding city, mountains and adjacent Riverview Park and Lake.

David Krumwiede
“We have a clear vision for Union, and our development team has worked hard to keep that vision on track during a very unique time,” said Lincoln Property Company Executive Vice President David Krumwiede.

 “Revised protocols and strategic additions to our amenity package – such as touchless features and ionizing air purifiers – will ensure that Union is even more creative and relevant in a ‘new normal’ work environment.”


CONTACT:

Stacey Hershauer
480.600.0195




Block Real Estate secures $21 million equity for apartment development in Overland Park, KS


Rendering of the planned 322-unit Galleria Residences,
 Overland Park, KS

KANSAS CITY, KS, June 22, 2020  JLL Capital Markets announced today that it has arranged $21 million in joint venture equity for the development of The Residences at Galleria, a 322-unit, Class A, podium multi-housing community in the suburban Kansas City community of Overland Park, Kansas.

JLL worked on behalf of the developer, Block Real Estate Services, LLC (“BRES”), to arrange the joint venture equity partnership with Hartford Investment Management Company (“HIMCO”).

Ken Block
The shovel-ready, 5.74-acre site is at 11450 Outlook St. is directly adjacent to Sprint World Headquarters in Overland Park, the most affluent submarket in the state of Kansas. 

The project site, which was sourced directly from Sprint, is part of the broader mixed-use Galleria 115 master-planned development that, when complete, will include approximately 70,000 square feet of office and 200,000 square feet of retail space in addition to 548 multi-housing units, including the subject property. 

The property is walkable to five upscale retail centers, national grocers and ample restaurant options.

The Residences at Galleria’s mix of one-, two- and three-bedroom units will average 927 square feet and will feature high ceilings, large walk-in closets with custom shelving, highly upgraded kitchens with upgraded appliances and European-style cabinets, outdoor terraces, modern white granite countertops, full-sized washer and dryer in units, double-paned windows and more. 


Jody Thornton
The project will feature the best community amenities offered in the submarket and include a large resort-style swimming pool with shallow ledge features; pool deck with cabanas, hot tub, sports courts and water features; fitness center with Peloton bikes, massage therapy and virtual training; outdoor group fitness areas; clubhouse with fireplace, game room and social media room; executive business center; dog park and pet spa; and available garage and covered parking. The project is expected to deliver in 2022.

“Galleria will be BRES’ most exciting project to date, building on our successful experiences with this high-end podium product, which allows for a large outdoor amenity deck and other amenities that are unique in this market,” said Ken Block, BRES Managing Principal.


Mark Erland
 “We are excited to partner with HIMCO on this project, and, from the beginning of discussions with them, it was clear that we had a shared vision for the quality of this project and its high-demographics location within Overland Park.”

The JLL Capital Markets Debt Placement team representing the borrower was led by Executive Managing Director Jody Thornton, Senior Director Mark Erland, Director Matt Benson and Analyst Kellan Liem.

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.


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


About Block Real Estate Services, LLC

Block Real Estate Services, LLC (“BRES”) is a full-service commercial real estate company managing over 43 million square feet of retail, office and industrial properties and affiliate Block Multifamily Group manages 7,350 multifamily units for equity partnerships and third-party owners. 

BRES’s portfolio of services continues its role as the most comprehensive commercial real estate firm in Kansas City by providing and specializing in: real estate brokerage services, tenant representation, investment services, asset and property management, economic incentives consultation, financial services, construction and development services and the Block Funds.

Galleria Residences rendering for planned $21 million multifamily development in Kansas City suburb of Overland, KS

Contact:

 Kimberly Steele,
JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420



Levin Johnston Completes Sale of Multifamily Portfolio in Santa Clara, CA for $24.7 million



1972 Bellomy Street is one of three properties better known as the Marymount Place Apartments in Santa Clara, CA


SANTA CLARA, CA, June 22, 2020 – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has completed the sale of a 59-unit multifamily portfolio comprised of three adjacent buildings in Santa Clara, California for a total consideration of approximately $24.7 million.


Adam Levin
Levin Johnston’s Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston represented the seller and procured the buyer in the off-market transaction.

“We initially helped the seller acquire these properties a few years ago, so we were well acquainted with the assets and the recent upgrades made across the portfolio,” explains Johnston. 

“We were ultimately able to secure a strong price for the seller, while setting up the buyer with a long-term investment opportunity with further value-add potential. By purchasing all three properties together, the new owner will also benefit from economies of scale.”

According to Levin, investor demand outweighs the current supply of available multifamily properties in the Bay Area. Drawing upon strong relationships and knowledge of the local market, Levin Johnston was able to bring this deal to the finish line, even in the midst of the pandemic.

“The investment appeal of this portfolio is driven by Santa Clara’s strong employment fundamentals and low vacancy levels,” says Levin. 

“This portfolio is primarily located in the thriving tech hub of Silicon Valley – Santa Clara is the ninth most populous city in the San Francisco Bay Area and is positioned to drive long-term resident demand for years to come.”

The portfolio is situated near many of the largest tech companies, including Intel, Google, Apple, and LinkedIn, and provides easy access to major highways, shopping, dining, and entertainment options, Johnston notes.

The three properties in the portfolio, also known as Marymount Place Apartments, include:





1962 Bellomy Street, a 37-unit multifamily property that is situated on 0.96 acres, which sold for approximately $15.9 million. 

Originally constructed in 1961, the property features an attractive mix of one studio apartment, fourteen one-bedroom/one-bathroom apartments, eighteen two-bedroom/one-bathroom apartments, and four three-bedroom/two-bathroom apartments. 

The asset’s interior has been recently renovated with new paint, hardwood floors, cabinets, and modern stainless-steel appliances.  

Robert Johnston 
1978 Bellomy Street, a 14-unit multifamily property which sold for a total of approximately $6.1 million. The building was constructed in 1964 and offers renters a mix of one-bedroom/one-bathroom, two-bedroom/one-bathroom, and four-bedroom/two-bathroom apartments. 


Recent interior upgrades made to the property include new paint and carpet, modern kitchen appliances, and the installation of A/C units.

1972 Bellomy Street, an 8-unit multifamily property that sold for approximately $2.7 million. The asset was originally constructed in 1951 and has a gross building area of 2,880 square feet, offering its tenants strategically designed one-bedroom floor plans.

            Shared community amenities include on-site laundry facilities, a swimming pool, and covered parking.

For more information about Levin Johnston’s $100 million in available properties, please visit www.levinjohnston.com


Contact:

Alex Caswell / Elisabeth Manville   
Brower Group
(949) 438-6262

Sunday, June 21, 2020

Arbor Funds $11.2 million in Fannie Mae Small Loans in Kansas, Florida and Utah

 
Austin Walker 
                      
  UNIONDALE, NY  – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently financed seven Fannie Mae Small Loans in KS, FL and UT.

The properties, comprised of 240 units, received $11.2M in funding through the Fannie Mae Small Loan program.

Austin Walker of Arbor’s New York City office originated the loans.


Carter Apartments in Wichita, KS


“These transactions highlight the value of our long and trusted partnership with Fannie Mae,” Walker said. “Together, we take pride in providing our clients with customized financial solutions that align with their short- and long-term needs.”

Towers Apartments in Wichita, KS,  received $1.8M in refinancing. Built in 1981, the multifamily garden-style property was renovated in 2018. The complex is pet-friendly and features 70 one-bedroom units. Retail shopping is nearby.

Carter Apartments in Wichita, KS, received $1.8M in refinancing. The pet-friendly property was built in 1973 and features studio and one-bedroom floor plans, a playground and basketball court. The complex is a short distance from Friends University, local parks and shopping. 

124 Live Oak in Daytona Beach, FL,

Bradford Apartments in Wichita, KS, received $894,000 in refinancing. Built in 1988, the 18-unit property is conveniently located near parks and shopping. McConnell Airforce Base is less than four miles away. 

Lakewood Apartments in Lakeland, FL, received $1.1M in acquisition funding. The 24-unit complex includes one- and two-bedroom floorplans. It is a short driving distance from Hollis Gardens.

Patio Homes in Lakeland, FL, received $3.1M in acquisition funding. Built in 1982, the property features studio, one-, two-, three- and four-bedroom units. Retail shopping is nearby.

124 Live Oak in Daytona Beach, FL, received $974,000 in refinancing. The 19-unit garden-style property is in the heart of Daytona Beach. It is in close proximity to retail shopping and the Museum of Arts and Sciences.

Sandbox Apartments in Salt Lake City, UT, received $1.6M in refinancing. The 22-unit complex was built in 1960 and is conveniently located with Salt Lake Central Station, parks and shopping nearby.

Contact:

 Bina Handa
Tel: 516.506.4229

Saturday, June 20, 2020

JLL completes $7.2 million sale of 222 West 16th Street in New York City's Chelsea neighborhood


 Brock Emmetsberger
NEW YORK, NY— JLL Capital Markets announced it has completed the $7.2 million sale of 222 West 16th Street in New York’s Chelsea neighborhood. 

The contract of sale was originally signed in February and closed earlier this month despite the outbreak of Covid-19.

This transaction represented the first Chelsea multifamily building to sell in 2020. The property consists of a four-story main building with eight units and a rear carriage house with six units.

 The buildings total 6,550 square feet and offer 13 free-market residential units and one rent-stabilized unit that was delivered vacant. 


The site comes with approximately 3,774 square feet of air rights, allowing 222 West 16th Street to support development of up to 10,300 buildable square feet with its R8B zoning.

The residential property is surrounded by a wide variety of shopping, dining and entertainment options and is located just a short walk from the 1, 2, 3, A, C and E subway lines and the 14th Street PATH transit stop.

 Ryan Kossoy
The JLL Capital Markets team representing the seller includes Managing Director Brock Emmetsberger and Directors Ryan Kossoy and Reed Waggoner. 

 Steve Kim, president, with Kingstone Realty New York Inc. represented the buyer.

“222 West 16th Street’s prime location and development potential provided the buyer with an ideal investment,” Emmetsberger said. 

“We had multiple bidders, creating leverage for our client while maximize pricing, and were thrilled that closing concluded in May without any changes in pricing or terms.”

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.


Contacts: 

George Shea, Mark Faris
Company: Shea Communications
Phone: +1 212 627 5766


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