Beachwold Residential adds additional loan proceeds at The Place at Capper Landing in Jacksonville, FL

Mona Carlton

 

MIAMI, FL, Oct. 8, 2020 – JLL Capital Markets announced today that it has arranged $5.46 million in financing for The Place at Capper Landing, a garden-style multi-housing community located at 10535 Lem Turner Rd. in Jacksonville, Florida.

 

JLL worked on behalf of Beachwold Residential to secure the supplemental loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. 

Elliott Throne

 

With proceeds from this loan, Beachwold Residential can continue enhancing the property with extensive interior unit upgrades such as new fixtures, appliances and finishes.

 

Since Beachwold Residential acquired the property in 2015, it has spent $5.42 million on renovations, including interior and common area updates.

 

The property was built in 1999, is about 98% occupied, and consists of 360 units, offering one-, two-, three- and four-bedroom apartments.

 

The community is pet-friendly and has a health club, 24-hour laundry facility, playground, business center, picnic area with grills, pool with a sundeck and resident entertainment center.

Jesse Wright

 

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Elliott Throne and Mona Carlton and Director Jesse Wright.

 

The Place at Capper Landing Apartments, Jacksonville, FL

“Beachwold has had an outstanding run with Freddie Mac this year and they have done their investors a great service by adding accretive supplemental loan proceeds to an asset that already benefits from an excellent Freddie Mac senior loan,” said Wright.  

 

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 our newsroom

 

CONTACT:

 

Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com

 

jll.com.

 

Boutique retail property in Harvard Square trades

Kellie Coveney

BOSTON, MA – JLL Capital Markets announced today that it has completed the sale of a 7,200-square-foot building at 1120 Massachusetts Ave. in the Harvard Square area of Cambridge, Massachusetts.

 JLL marketed the property on behalf of the seller, a private entity advised by Ella Properties, LLC. An affiliate of The Bulfinch Companies, Inc. purchased the asset with plans to reposition the building as a first-class office, medical or biotech property.

 The JLL Capital Markets team representing the seller was led by Directors Kellie Coveney and Michael Restivo.

 Michael Restivo

The acquisition of 1120 Massachusetts Ave. further strengthens Bulfinch’s growing portfolio in the Cambridge market.

 1120 Massachusetts Ave. is in the heart of Harvard Square, a globally recognized commercial district, business address, entertainment center and residential neighborhood near Harvard University.

The transit-oriented property has a Walk Score® of 97 and is a short walk to the Harvard Square Subway Station on the MBTA Red Line, Greater Boston’s “Brain Train” for direct connection to MIT.

A 7,200-square-foot building at 1120 Massachusetts Avenue
 in the Harvard Square area of Cambridge, MA.

It is also proximate to the burgeoning employment centers in Kendall Square, Alewife and downtown Boston. Completed in 1970, the building has two floors above grade plus a fully improved basement.

 According to JLL Research’s 2020 Life Science Real Estate Outlook, the Greater Boston Area is the top-ranked life science cluster in the country, followed by the San Francisco Bay and the San Diego Metro Areas. The current pandemic has revealed how critical life sciences is to the U.S. and global economies. 

For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

 Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

Market Demand Spurs New Addition, Pamela Sassi, at Citywide Commercial

Pamela Stassi

PHOENIX, AZ, Oct. 7, 2020 – Responding to a steady pipeline of tenant and investor activity, boutique metro Phoenix brokerage firm, Citywide Commercial has added Pamela Sassi as the company’s newest sales and leasing agent.

In her new role, Sassi provides sales and leasing services for office, industrial and retail space, with a focus on the Scottsdale Airpark submarket.

 “Pamela has served in high-end sales roles in the Scottsdale market for years, and brings with her a strong history of success and strong local relationships,” said Citywide Commercial Managing Principal Todd Hamilton.

 

Todd Hamilton

“We are excited to add Pamela to the team, and look forward to reinforcing our presence in the Scottsdale Airpark, which is enjoying very high demand for commercial space.”

 According to Citywide, the Scottsdale Airpark has a total office and industrial inventory of more than 15 million square feet, with both sectors performing competitively within the market in terms of overall vacancy and rental rates.

 

“There is tremendous opportunity in the Phoenix commercial real estate market, and particularly the northeast Valley,” said Sassi. “I am excited to represent this area for Citywide and to work with a team that promotes the same synergy of knowledge, respect and customer-service that I have always followed in my professional career.”

 Sassi holds a degree in business management and is an active community volunteer supporting small business owners and local and global women’s organizations.

 Citywide Commercial was founded in the Valley in 2018 and, since that time, has more than doubled in size, adding six new brokers in 2019 and continuing to expand in 2020. The company is located in the heart of the Camelback Corridor at 2122 E. Highland Ave., Suite 335.

 

CONTACT:

 

Stacey Hershauer

480.600.0195

stacey@focusaz.com

 www.citywidecre.com.

 

 

 

Union Bank Plaza Designated First Skyscraper in Los Angeles as a Historic Landmark

Union Bank Plaza,  445 S. Figueroa Street, Los Angeles, CA

 LOS ANGELES, CA – Union Bank Plaza (UBP), a 701,888 square-foot, 40-story, office tower and retail plaza is redefining the Downtown Los Angeles skyline.

 The property was recently designated the first skyscraper in Los Angeles to become a historical landmark nominated by the esteemed Los Angeles Conservancy.

Brittany Winn

At the same time, the office tower is undergoing a $20 million renovation while preserving its historic charm. UBP is owned by KBS Real Estate Investment Trust II.  

 Built in 1967, the office tower has been an iconic part of the Downtown Los Angeles skyline for over 50 years, according to Giovanni (Gio) Cordoves, regional president, western region for KBS.  

Giovanni (Gio) Cordoves

“The repositioning project provided the opportunity for Union Bank Plaza ‘to be seen in a new light’ while still maintaining the historic characteristics that make it so unique,” explains Cordoves.

 “We made several upgrades to the property that are aligned with the needs of today’s tenants and completely preserved the historic original shell of the building as well as the outdoor plaza.”  

 

Tim Helgeson

“UBP is a one-of-a-kind property that spans a full city block and exudes the charm and rich history of 1960s architecture, which makes it a true landmark for Downtown Los Angeles,” explains Tim Helgeson, senior vice president for KBS and asset manager for UBP.

 

Mark Zwagerman

“As Los Angelenos begin thinking about returning to the office, UBP offers them a building of classic design with all the modern touches and amenities that today’s top tenants demand.”  

 “Union Bank Plaza is the perfect mix of old and new,” says Mark Zwagerman, principal and managing director at HLW's Los Angeles office, who oversaw the extensive renovations.

 

 Adrian Scott Fine

“The completed design truly reimagines the amenity spaces and enhances the overall tenant experience. We could not be prouder to be a part of a project that reestablished the property as a Class A asset in Bunker Hill’s core and the collaborative effort by all parties involved to celebrate its history.”  

 UBP is located at 445 S. Figueroa Street in Los Angeles, California, connecting the Bunker Hill business district with the burgeoning Figueroa Corridor and offering access to both phenomenal entertainment and key transportation routes.  

 

According to Adrian Scott Fine at the Los Angeles Conservancy, “Union Bank Plaza is a significant historical and cultural monument for downtown Los Angeles.

 

 Justin Collins

 "Its architecture, especially the outdoor plaza, is extremely unique and was one of the first buildings to be completed as part of the Bunker Hill Urban Renewal project, marking a new era in how the downtown was redeveloped.

 "We are thrilled to see this building become a landmark and for the continued support from KBS who worked closely with us throughout the entire nomination process.”  

 KBS engaged Swinerton Builders to lead construction efforts. Renderings, floor plans, virtual tours and more can be found on the building’s newly launched interactive site: http://www.ubpdtla.com/.  

 

Pete Collins

“KBS has created an entirely new vibe at UBP,” said Justin Collins, executive director for Cushman & Wakefield and leasing agent for the building.

 “With a new garden retail setting, a park-like experience on the plaza level including a variety of seating areas surrounded by new landscaping, fire pits, an indoor/outdoor conference center and a stunning new lobby, UBP is one of the most attractive and flexible work spaces in the Downtown Los Angeles marketplace.”  

 Brokerage professionals Justin Collins, Pete Collins, and Brittany Winn from Cushman & Wakefield serve as exclusive office leasing agents for UBP.  

For more information on the historical landmark designation, visit: https://www.laconservancy.org/locations/union-bank-square. 

To see the newly transformed photos, visit: here for pre-renovation photos, visit: here and for more information, visit www.ubpdtla.com.  

  CONTACT:

Micaela Fehrenbach 

mfehrenbach@brower-group.com

www.kbs.com.  

www.hlw.com

Dream Finders Homes Acquires NC homebuilders

 

 Ralph and Linda Huff

 Jacksonville, FL  — Dream Finders Homes has completed the acquisition of Fayetteville , NC based homebuilder H&H Homes.

  Founded in 1991 by Ralph and Linda Huff, H&H Homes currently operates in 10 markets throughout the Carolinas and has built over 9,000 homes since inception while planning to deliver over 1,000 homes in 2020. 

Patrick Zalupski

 “Linda and I are extremely pleased with our new partnership with Dream Finders Homes and we are proud to be a part of the DFH Family,"  said H&H Homes CEO Ralph Huff.

 

"The Dream Finders team, under the leadership of Patrick Zalupski, is one that we feel is aligned with the values that Linda, myself and all H&H employees hold dear.

 

 “The advantages to both companies are numerous. Dream Finders has a diverse geographic footprint, that coupled with the Carolinas footprint of H&H homes, will lend itself to major growth.

Jack Rostetter

"It was also important to us that the well respected H&H brand be continued which will benefit our employees, suppliers, trade partners and over 1,800 Coldwell Banker Advantage Real Estate Agents.”

 

“Dream Finders has found a great strategic fit in the H&H acquisition that will allow us to expand our footprint to the great state of North Carolina ,” said Zalupski.

 

“Ralph and Linda Huff have built a truly wonderful business, with a culture of building high quality homes that provide significant value and lifestyle to their customers, which aligns well with Dream Finders’ core values.

Marty O’Mahony

 

"We look forward to carrying on the Huff’s legacy and making them proud as we continue the growth of H&H. We are also excited that Jack Rostetter, current President of H&H Homes, will stay on to help lead the growth as President of the Carolinas division for Dream Finders Homes.”

 

The acquisition was financed by Boston Omaha Corporation, one of the largest shareholders in Dream Finders Homes. Investment Banking Services for H&H Homes were provided by ORE Advisory CEO, Marty O’Mahony.

 

  CONTACTS:

Beth Payan 

beth@larryvershel.com

 

Patrick Zalupski

 Dream Finders Homes

Patrick.Zalupski@dreamfindershomes.com. 

 

Marty O’Mahony

marty@oreadvisory.com. 

Ware Malcomb Announces Construction is Complete on Recoop Spa in Seattle, WA

 

Cindy Kang

 Photography by Sarah Vanausdoll

 SEATTLE, WA,  Oct. 6, 2020 – Ware Malcomb, an award-winning international design firm, today announced construction is complete on the new Recoop Spa located at 2908 1st Avenue in Seattle, Washington. Ware Malcomb provided interior architecture and design services for the project. 

 The new 3,696 square foot luxury Recoop Spa is located on the ground floor retail space of an existing five-story multifamily residential building.

 The design incorporates a reception and retail area, nail salon (including eight manicure stations and eight pedicure stations), day spa with six treatment rooms (four massage and two facial rooms), relaxation room, restroom/shower, locker room, employee break room and laundry room.

Recoop Spa, 2908 1st Avenue, Seattle, WA

The interior design includes a combination of modern and rustic features. The reception area incorporates a reclaimed wood feature wall, polished concrete floors, custom millwork to display retail items, and barn doors to welcome visitors into the nail salon. A unique entry panel by Interlam Surfaces with a custom Recoop Spa logo completes the space.

“We enjoyed working with Recoop Spa to create an inviting, luxurious environment for its customers and employees,” said Cindy Kang, Director, Interior Architecture & Design of Ware Malcomb’s Seattle office. “At the same time, the layout is designed to maximize the available space to accommodate the wide variety of services offered at the spa.”

With this new opening, Recoop Spa now has two locations to serve customers in both Seattle and Bellevue. In light of the COVID-19 pandemic, Recoop Spa is operating under strict new sanitation standards based on guidelines established by the Department of Public Health and the Centers for Disease Control and Prevention.

The General Contractor for the project was Constantine Builders.

 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

Cadence at Crown apartments in Gaithersburg, MD acquired by JRK Property Holdings

Cadence at Crown multi-housing property located at 113 Ellington Boulevard in Gaithersburg, MD.

WASHINGTON, DC –-  JLL Capital Markets announced it has closed the sale of the 538-unit Cadence at Crown multi-housing property located at 113 Ellington Blvd. in Gaithersburg, Maryland.

 JLL represented the seller and completed the sale to the buyer, JRK Property Holdings. 

Walter Coker

 The property consists of studio, one-, two- and three-bedroom apartments averaging 863 square feet.

Unit amenities include stainless steel appliances, quartz countertops, sleek finishes, and oversized windows. The asset was also built to LEED standards with energy-efficient appliances, water-saving fixtures and overall sustainability in mind.

 Community amenities include a resort-style pool and sun deck with canopies, 24-hour fitness center, Internet café, conference room, gaming lounge, contemporary library, font-desk concierge, pet spa, bike racks, electronic vehicle charging stations and more.

 Cadence at Crown is positioned in the I-270 Biotechnology Corridor, a 15-mile stretch of leading scientific and research organizations and also located near the I-270 Technology Corridor, which is home to prominent technology companies such as the National Institutes of Health and National Institutes if Standards and Technology.

 The JLL Capital Markets team representing the seller was Managing Directors Walter Coker and Brian Crivella and Director Robert Jenkins.

Brian Crivella

JLL 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 our 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.

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

Robert Jenkins

For further information, please visit jll.com.

 CONTACT:

Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com

 

Stadium Village student housing property in Minneapolis bought for $25 million

Theodora (Teddy) Leatherman

MINNEAPOLIS, MN, Oct. 5, 2020 – JLL Capital Markets announced today that it completed the $25 million property sale for the Stadium Village Apartments student housing property located at 1015 Essex St., S.E. in Minneapolis, just steps away from the University of Minnesota.

Stewart Hayes 

 JLL represented the undisclosed seller to complete the property sale to the buyer. The redevelopment opportunity is perfectly positioned on a 1.32-acre site, originally constructed in 1960.

 Stadium Village contains 121 apartments, totaling 75,000 square feet, with floorplans that include studios, one-, and two-bedroom units for students.

 For the last decade, student housing has retained steady occupancy rates of 95-100%, with a recent surge in demand for more student-centric communities. 

 Riley McChesney

Stadium Village offers the ultimate student experience, centrally positioned with walkability to campus and the university’s sports venues, more than 75 bars, restaurants and retailers, and multiple rail and bus stops for easy access to Downtown Minneapolis.

 Josh Talberg,

 JLL’s Capital Markets team representing the seller was led by Director Stewart Hayes and Senior Director Josh Talberg, along with Senior Directors Dan Linnell and Mox Gunderson, Director Scott Clifton and Teddy Leatherman and Associate Riley McChesney. 

 A leader in the sector, JLL has closed over $12.6 billion in student housing transactions since 2011.

 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.

 Dan Linnell 

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 our 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.

 Mox Gunderson

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

 Scott Clifton

For further information, please visit jll.com.

 CONTACT:

Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com