$68 million construction loan arranged for Canfield Park in Black Rock, CT

Kristen Knapp

NEW YORK, NY, Nov. 23, 2020 — JLL Capital Markets announced today that it has arranged a $68 million construction loan for Canfield Park at Fairfield Metro, a 300-unit luxury multi-housing property in the Black Rock neighborhood of Bridgeport, Connecticut. 

Peter Rotchford

 JLL worked on behalf of the borrowers, a joint partnership between Spinnaker Real Estate Partners, LLC and Eastpointe, LLC, to secure the loan through Sculptor Real Estate. Construction on the property is slated to begin this fall and expected to be completed in 2022.

 The development comprises two mid-rise five- and six-story apartment buildings including studio, one- and two-bedroom units, averaging 850 square feet.

The property also offers over 20,000 square feet of amenity space and a parking garage with 500 parking spots for residents.

 Canfield Park is located directly across from the Fairfield Metro North Train Station on the Fairfield/Bridgeport line and less than half a mile away from Interstate 95, allowing ready access to transportation for residents.

The property is also a five-minute walk to Black Rock’s shopping district with its diverse collection of restaurants, bars and retail shops.

Christopher Peck

 The JLL Capital Markets team representing the borrowers was led by Senior Managing Director Christopher Peck, Senior Director Peter Rotchford, Vice President Kristen Knapp and Analyst Rob Root.

 “This project will be highly attractive to families transitioning to a more suburban lifestyle, as well as to empty nesters downsizing from large single-family homes to modern rental properties,” said Rotchford.

“The Bridgeport market has seen a large influx of New York City residents since the beginning of the COVID-19 crisis, and this property is well positioned to benefit from the shift in renter preferences.”

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

Rob Root

 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 in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. 

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

 

 Steven E. Orbuch

About Sculptor Real Estate

Sculptor Real Estate was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe.

 Sculptor Real Estate has invested in over $14.5 billion of real estate assets across 24 different real estate-related asset classes, including direct equity investments, preferred equity structures, senior loans, mezzanine loans, ground leases and other credit investments.

For more information, please visit Sculptor Capital’s website (www.sculptor.com).

 Contacts:

 Natalie Passarelli

Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 

us.jll.com/investorservices

 George Shea, Rachel Tate

Company: Shea Communications

Phone: +1-760 -519-4596

Email: rachel@sheacommunications.com

 

Investor Relations Contact		Media Relations Contacts
Elise King		Jonathan Gasthalter
+1-212-719-7381		Gasthalter & Co. LP
investorrelations@sculptor.com		+1-212-257-4170
		jg@gasthalter.com

 

MCA Realty Sells Multi-Tenant Industrial Asset in Temecula, CA for $14 Million

131,577-SF Diaz Commerce Center, 27711 Diaz Road, Temecula, CA

 Temecula, CA – MCA Realty, a full-service real estate investment and management company based in Orange County, California, has recently announced the sale of Diaz Commerce Center, a 131,577 square-foot industrial asset in Temecula, California. The industrial property was sold to a local investor for $14 million.

Tyler Mattox

 “There continues to be strong demand for well located, quality industrial assets across the Inland Empire,” explains Tyler Mattox, Principal at MCA Realty.

  “We have been involved in the market early on and this recent sale is demonstrative of our ability to find and acquire undervalued properties and bring them full cycle.”

 Mattox explains that it further demonstrates an ability to get deals over the finish line in the current environment.

 “Industrial properties, including multi-tenant industrial, is an asset class that has continued to perform despite the pandemic,” he explains.

 “There has been a continued shift towards more last mile distribution and rising e-commerce use and this trend has been exacerbated by the current environment, making industrial properties attractive to many investors.”

Scott Stewart 

  Scott Stewart at Lee & Associates represented MCA as the seller. Barret Woods at Lee & Associates represented the buyer.

 MCA Realty initially acquired the property, which consists of two separate buildings, in September 2018 for $10 million.

 “We were able to lease the remaining vacancy in the property during escrow when we first acquired it, and significantly shorten our expected hold period.” says Mattox. 

“This increased the value of the asset more rapidly which allowed us to sell it for a reasonable profit two years later.”

 Mattox also notes that at the time of sale the existing tenant’s lease was up for extension. The tenant opted not to exercise its below market option, which created an additional opportunity for the buyer.

 

Barret Woods 

During ownership, MCA implemented a series of improvements including the addition of LED lighting, updated asphalt, and increased the parking.

 In addition to these improvements, the firm also added additional fenced yard space, which created better functionality for the building. 

  “The upgrades to the property combined with growing demand in the region resulted in strong pricing,” says Mattox. 

“This allowed us to achieve a good return for our capital partners. We plan to continue to invest in properties throughout the western region and execute on our strategy.”

 Contacts:

 Katie Haga / Lexi Astfalk

Brower Group
(949) 438-6262
khaga@brower-group.com

 

 

Daum Commercial Directs $37 Million Sale of New Industrial Building in West Rancho Dominguez Submarket of Los Angeles County

Anthony Bergeman

WEST RANCHO DOMINGUEZ, CA – DAUM Commercial Real Estate Services has directed the sale of a brand new, state-of-the-art industrial facility totaling more than 112,075 square feet in the supply-constrained Rancho Dominguez submarket of Los Angeles County, California, for $37.32 million on behalf of the developer and landlord, a partnership between Panattoni Development Company and M. Payne Investments.

 Anthony Bergeman, Executive Vice President and Principal at DAUM Commercial Real Estate Services, initially directed the sale of the land to the developer, led the leasing of the new building upon completion of construction and now directed the disposition of the fully leased asset.

Joe Carroll

 “The South Bay area of Los Angeles County remains in high demand among industrial users, as well as investors due to its close proximity to major thoroughfares, providing convenient access throughout the entire L.A. Metro and greater Southern California region,” explains Bergeman, who notes that the tight Rancho Dominguez submarket is currently seeing vacancies hovering just above 3%.

 “The industrial sector is an asset class that has continued to perform despite the pandemic,” he explains. “This strong demand, coupled with the quality new construction of the asset and quality tenant allowed us to break the South Bay record of price-per-square-foot for the sale of a Class A industrial property for a large credit tenant.”

 Ryan Plummer

 The tenant, an industry leading multinational company, signed a long-term lease to occupy the entire property earlier this year, according to Bergeman, who also represented the lessor alongside Resource One Real Estate and Development’s Joe Carroll.

 “Our ability to work closely with the developer on identifying the initial parcel of land, tenanting the property and directing the sale of the final completed asset speaks to our strength as a true partner to our clients,” says Bergeman.

  “This sale is also demonstrative of our deep expertise in the LA market and ability to aid developers at every level to bring a property full cycle.”

 The industrial asset offers immediate access to the 110, 105, 405, and 91 freeways and close proximity to LAX and the Ports of Los Angeles and Long Beach. 

 Andrey Mindirgasov

Building also features include 19 dock-high doors, three grade-level doors, 32-foot clear height, 3,600 square feet of modern creative office space, an ESFR sprinkler system, drive-through capabilities, and major frontage on three streets.

 The property is located at 15100 South San Pedro Street in West Rancho Dominguez, California.

 The buyer was represented by Ryan Plummer, Andrey Mindirgasov, Sean Fulp and Mark Schuessler at Newark Group, Inc.

 Contacts:

 Katie Haga / Elisabeth Manville

Brower Group
(949) 438-6262
khaga@brower-group.com

 

Arbor Funds $18.2 Million Bridge Loan in College Park, GA

The Life at Avery Park apartments, College Park, GA

 

 UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a bridge loan in College Park, GA. The 220-unit property received $18.2M in acquisition funding. 

 Joseph Charneski of Arbor’s New York City office originated the deal.

 “We were pleased to assist repeat sponsor, Sureste Partners, LP, continue their growth in the metropolitan Atlanta area,” Charneski said. “This loan provided our borrower with the renovation dollars needed to implement their capital improvement plan and to reposition the property in the marketplace.” 

 Joseph Charneski

 The Life at Avery Park was built in 1970. The pet-friendly complex includes spacious two- and three-bedroom floorplans with granite countertops and stainless steel appliances.

 Surrounded by lush landscape, the multifamily property features a swimming pool with sun deck and new playground.

 It is conveniently located with office parks, Hartsfield-Jackson Atlanta International Airport, and public transportation nearby. 

  Contact:

  Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

 

Dream Finders Homes’ Holly Forest Amenity Center to Open Early Next Year at Silverleaf Master-Planned Community in St. Johns County, FL

Brad Muston

 ST. JOHNS COUNTY, FL – Holly Forest – a Dream Finders Homes’ neighborhood within a larger development – soon will have its own amenity center at the master-planned community of Silverleaf, off County Road 210.

 Division President Brad Muston said when the Holly Forest amenities center is completed in early 2021 it will offer a lap pool with a zero-entry, a fenced playground with a shaded sitting area, a large event lawn, and a cabana-style clubhouse.

 

“Those features are in addition to others at Silverleaf, including tennis and pickleball courts, dog parks, and numerous pools and water parks designed for adults, families and kids,” he said.

 

The 8,500-acre development that comprises Silverleaf has more than 3,500 acres of conservation and offers quick access to Interstate 95 for a 25-minute drive to historic St. Augustine or downtown Jacksonville , he added.

 

Dream Finders Homes currently has a total of 76 homesites [18 43-foot lots and 58 53-foot lots] available in Holly Forest , where prices start in the low $300,000s for plans ranging from 1,622 to 3,518 square feet of living area.

 

                    Holly Forest Amenities Center, Silverleaf Community,
                                            St. Johns County, FL

 

The one- and two-story floor homes can be built from 17 different floor plans that offer three to six bedrooms and two to three baths.

 

For more information, please visit www.dreamfindershomes.com or call 888-214-1164. 

 

 

Contacts:

 

Brad Muston, Division President

 Dream Finders Homes,

 888-214 1164

 Brad.Muston@dreamfindershomes.com

 

Caroline Marchant, Marketing Assistant,

 Dream Finders Homes,

 888-214-1164

 Caroline.Marchant@dreamfindershomes.com  

 

Beth Payan, Larry Vershel Communications

 407-644-4142 or

 407-461-3781; beth@larryvershel.com.

JLL Selected to Market Five Building 674,000-Square-Foot St. Vincent’s Medical Center Campus

  

Kellie Hill 

LOS ANGELES, CA, Nov. 20, 2020 – JLL announced today that it has been hired to assist the owner to lease and reposition the five building, 674,000-square-foot St. Vincent’s Medical Center campus in Los Angeles, California.  The campus was purchased from Verity Health in April 2020 by Dr. Patrick Soon-Shiong.

The campus includes:

• St. Vincent’s Medical Center, a 391,000-square-foot hospital building located at 2131 W. 3rd Street.  After shuttering in January, the hospital building was leased by the State of California to serve as the Los Angeles Surge Hospital for patients infected with COVID-19 as well as researching the progression of the disease. The lease to the State of California expired September 30^th.

St. Vincent’s Medical Center Campus, Downtown Los Angeles, CA

 

• 2200 W. 3rd Street, a 46,273-square-foot Class A, medical office building.

 

• 2222 Ocean View Avenue, a 34,449-square-foot medical office and life science building.

 

• 201 S. Alvarado Street, 110,003-square-foot medical and administrative office building.

 

• 262 S. Lake Avenue, a 92,927-square-foot residential building.

 

• More than 1,300 parking spaces throughout, including surface lots, a six-level parking structure and multiple subterranean garages.

 Chris Isola

JLL’s Chris Isola, Bryan Lewitt, Tony Morales and Kellie Hill are overseeing leasing at the campus. 

 

Currently the campus can immediately accommodate office or medical office users ranging from 10,000 to over 600,000 square feet.

There are immediate opportunities in the 2200 W. 3^rd Street medical building for providers seeking space from 1,000 square feet and up.

Other potential uses for the campus include healthcare, media/technology, post-acute care, rehabilitation, oncology, transitional care, behavioral health and social services, housing, life science, biotech, clinical research and higher education.

“The St. Vincent’s Medical Center campus is one of Los Angeles’ premier properties that will help boost the region’s economy and strengthen its position in the medical and life science industries,” said Chris Isola, JLL Executive Vice President. 

Bryan Lewitt

 “The 7.5-acre campus presents a rare opportunity for a company to position itself as a market leader and attract highly skilled professionals in a competitive workforce environment.”

St. Vincent’s Medical Center campus is ideally located in Downtown Los Angeles’ Westlake district just minutes from the US-101 and SR-110 Freeways, providing convenience access to neighboring communities throughout greater Southern California. 

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. 

 Tony Morales 

JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. 

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

  Contacts:

Kristen Murphy

Senior Manager

 Public Relations

 Investor Services JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 

David Ebeling

Phone: 949 861 8351

Email: david@ebelingcomm.com

  jll.com.