Wednesday, January 13, 2021

Industrial boom leads to key appointment in Seattle, WA

 

John Paul Mulhern
 


 

SEATTLE, WA, Jan. 13, 2021 – JLL Capital Markets announced today that
John Paul Mulhern
has been appointed as a Director in the firm’s Seattle office.

 In this role, Mulhern will lead industrial investment advisory sales in the Pacific Northwest, working closely with Mark Detmer, a Senior Managing Director in JLL Capital Market’s Los Angeles office.

 Mulhern has more than eight years of commercial real estate experience, including investment sales advisory and valuation advisory knowledge.

He joins the team from JLL’s International Capital Group, where he provided global investor intelligence on more than $100 billion of commercial real estate holdings, covering all major and alternative asset classes in gateway, secondary and tertiary markets across the U.S.

Mark Detmer

 Mulhern holds a Bachelor of Science degree from University of Dallas and is an active member of the National Association of Industrial and Office Properties.

 “Given the growth of the industrial sector that we’ve seen throughout the pandemic, we felt it was important to build out our suite of services to include an industrial expert who will serve our industrial clients in Seattle and throughout the Pacific Northwest,” said Tom Wilson, Senior Managing Director and co-head of JLL Capital Markets Seattle.

 Tom Wilson

 “John Paul is an important addition to our team and brings with him many years of global capital experience that will serve him well as the industrial sector increasingly attracts the attention of global investors.”

 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:

Kristen Murphy

 JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

Stan Johnson Company Arranges Sale of Freestanding Retail Center in Lubbock, TX

      3,025-SF freestanding retail property, 2625 50th Street, Lubbock, TX


Evan Altemus

LUBBOCK, TX -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a freestanding retail property located at 2625 50th Street in Lubbock, Texas.

 The 3,025-square-foot building is leased to two tenants: AT&T and Rita’s Donuts.

Stan Johnson Company’s Evan Altemus represented the Texas-based private buyer who acquired the asset in a 1031 exchange for approximately $1.0 million.

The property was sold by NetCo Investments Inc., a developer from Santa Monica, California. The cap rate was not disclosed.

“The buyer had been looking for an asset with a higher cash flow and cap rate but decided to acquire something lower risk due to COVID-19,” said Altemus, Associate Director in Stan Johnson Company’s Dallas, Texas office.

“Overall, deals with less risk located in markets with a lower impact from the pandemic have been in high demand from buyers since last March.”


Originally built in 1986, the dual-tenant property sits on a 0.36-acre outparcel to Home Depot, adjacent to a highly visible shopping center anchored by Dollar Tree and Ross Dress for Less. Both AT&T and Rita’s Donuts feature net leases with regular rent increases.

“The buyer liked the asset because it was on a major thoroughfare in Lubbock in front of a Home Depot, which has been doing well through the pandemic,” Altemus added. “The motivation behind this transaction is a great example of the type of deals getting done in this environment.”

  CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

www.stanjohnsonco.com.

 

Windemere Apartments in Raleigh, NC sold for $26 million

 

Andrea Howard

RALEIGH, NC, Jan. 13, 2021 – JLL Capital Markets announced today that it has closed the $26 million sale of the 168-unit Windemere Apartments in North Raleigh, North Carolina. 

John Currin
 JLL represented the seller, Northland Investment Corporation, in completing the sale to the buyer, S2 Capital.

The JLL Capital Markets team representing the seller was led by Andrea Howard, John Currin, Jeff Glenn, Allan Lynch and Caylor Mark.

 Windemere is a garden-style community that was originally completed in 1990.

With 77% of units still in true “classic” condition, the property offers attractive value-add upside for the buyer.

Proposed unit upgrades include granite countertops in kitchens and bathrooms, new hardware and painted cabinets, stainless-steel appliances, plank flooring and new lighting and plumbing fixtures. 

Jeff Glenn
 Located in the supply-protected North Raleigh submarket, equidistant to North Hills and Crabtree Valley Mall, the asset is one of the best-located in the entire MSA.

Raleigh’s leading population growth has put tremendous upward pressure on rents across the market, and with just 450 multi-housing units delivered in the last 10 years in this pocket, Windemere is poised for continued revenue growth.

Windemere is also located just 10 minutes from key employment hubs, including Downtown Raleigh, which employs over 45,000 people, and Research Triangle Park, employing over 50,000 people.

  Howard says, “Windemere is the quintessential Raleigh value-add asset, with its access to the Triangle’s premier employment hubs, differentiated architecture and floor plans, and immense renovation potential.

Allan Lynch

"Our team was thrilled to have the opportunity to represent Northland on such a prized Raleigh property.”

 “North Raleigh has been one of the most consistently resilient and high-growth submarkets in our region and we are excited to have worked with S2 on their first multi-housing acquisition in Raleigh-Durham,” Currin added.

 Northland owns and operates a diversified multi-housing portfolio that includes more than 25,000 units across the U.S. In North Carolina, the firm currently owns Inspire SouthPark and Randolph Park within the Charlotte market.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

 Caylor Mark.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales 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.

Windermere Apartments
North Raleigh, NC





CONTACT:

 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

jll.com.

 

Tuesday, January 12, 2021

Financing arranged for pair of Fort Worth, TX apartment communities


Kim Radker Bays

DALLAS, TX, Jan. 13, 2021 – JLL Capital Markets announced today that it has arranged financing for Hidden Lakes and The Ranch at Fossil Creek, apartment communities totaling 586 units in the Fort Worth-area community of Haltom City, Texas. 

 JLL worked on behalf of the borrower, Exponential Property Group, to secure the five-year, fixed-rate loans with Global Atlantic Financial Group. 

Jeremy Sain

“We are excited to get to work for our investors and our new residents on these properties and add them to the Exponential family,” said Exponential Property Group Founder Kim Radker Bays
“We are happy to have worked on this project with the teams at Global Atlantic and JLL.” 

 The JLL Capital Markets team representing the borrower was led by Jeremy Sain and Brooks Burgin

Hidden Lakes features 312 units within 13 residential buildings spread over a 17.8-acre site. Floorplans are available in one-, two- and three-bedroom layouts with an average unit size of 928 square feet. 

The 94%-occupied property offers community amenities, including a clubhouse, game room, fitness center, business center, swimming pool, sand volleyball, lighted basketball court, outdoor fireplace and kitchen, picnic area and a variety of covered parking/detached garage options. 

Completed in 2002, The Ranch at Fossil Creek offers 274 units within 13 residential buildings on a 17.5-acre site. 

The Ranch at Fossil Creek apartmenets, Haltom City, TX

The 92% leased community offers one-, two- and three-bedroom unit options with an average unit size of 950 square feet. 

Similar to Hidden Lakes, The Ranch at Fossil Creek features a variety of community amenities, including a clubhouse, business center, lounge area, billiard table, shuffleboard table, fitness center, swimming pool, lighted sports court, a play area and laundry center. 

Hidden Lakes apartments, Haltom City, TX

 Located at 5333 and 5350 Fossil Creek Boulevard, both properties are positioned in northeastern Fort Worth. 

 This location is proximate to Interstates 820 and 35 West providing connectivity to Fort Worth’s central business district, DFW International Airport and numerous employment hubs, including NAS Joint Reserve Base, the Fort Worth Medical District and AllianceTexas, among others. 


 CONTACT: 

 Kristen Murphy 
JLL Senior Manager 
Public Relations 
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com 
www.exponentialpropertygroup.com. 
jll.com.

Lee & Associates of Illinois Announces Three Broker Promotions

 Caroline Dell 

Rosemont, IL — Lee & Associates, the largest broker-owned commercial real estate firm in North America, announces three brokers have been promoted.  

 Sean Austin has been promoted to Senior Vice President. Sean began his commercial real estate career in 2003 in the dynamic Inland Empire industrial market in Southern California. 

 Sean Austin 

He has been with Lee & Associates since 2018 where he focuses on industrial property from the City of Chicago urban/infill markets to O'Hare.

Ryan Earley 

  Ryan Earley has been promoted to Senior Vice President. Ryan became a licensed real estate broker in 2013 and has been with Lee & Associates of Illinois since 2016. 

He concentrates in I-55 and I-80 markets of Chicagoland in conjunction with Jeff Galante, Terry Grapenthin, and Caroline Dell.

 Caroline Dell has been promoted to Senior Associate. Caroline is an industrial product specialist focusing on the I-55 Corridor. 

She has worked in commercial real estate since 2005 in marketing and brokerage capacities. 

She joined Lee & Associates in 2016, where she works in a hybrid position of brokerage and marketing along with a team of Terry Grapenthin, Jeff Galante and Ryan Earley.

  About Lee & Associates

Terry Grapenthin

 Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services.

 Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada.

 Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. 

 For the latest news from Lee & Associates, visit lee-associates.com or follow us on FacebookLinkedInTwitter and Link, our company blog.

Jeff Galante

  


CONTACT:

 Jessica Madden

Lee & Associates of Illinois  

jmadden@lee-associates.com

                                                                         

 

Monday, January 11, 2021

Stan Johnson Company Brokers Sale of Retail Property in Midtown Atlanta for $1.4 Million

Ruby Chow’s, built in the 1960s, is located in the heart of Atlanta’s
 historic Old Fourth Ward directly acrossfrom the award-winning
 Ponce City Market.

 Jeff Enck 
ATLANTA, GA -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of 620 Glen Iris Drive in Atlanta, Georgia. The single-tenant retail condo is leased to Ruby Chow’s, an Asian fusion restaurant in Atlanta’s Midtown submarket. 

Stan Johnson Company’s Jeff Enck and Emery Shane represented the seller, an Atlanta, Georgia-based real estate investment partnership. The 3,179-square-foot commercial asset was purchased by a local Atlanta-based buyer for $1,400,000. The cap rate was not disclosed.

“Despite the lack of credit and limited personal guarantees, we were able to procure multiple offers on the property from across the country and close at about 96 percent of the asking price,” said Enck, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office.

 “The net lease retail sector continues to show increased strength despite the persistence of the COVID-19 pandemic. We look for this trend to continue as the vaccine rolls out over the coming months.”

Emery Shane

The property, originally built in the 1960s, is located in the heart of Atlanta’s historic Old Fourth Ward directly across from the award-winning Ponce City Market. 

The area boasts strong demographics and is an established gathering hub for nearby residents.

CONTACT:

 David Ebeling


Stream Realty Partners Continues to Build Momentum with Rapid Offices™ in Multiple U.S. Markets

Adam Showalter


DALLAS, TX  Stream Realty Partners (Stream), a national real estate services, development, and investment company, is pleased to announce the continued market growth of Rapid Offices™ (Rapid), a flexible workspace office leasing solutions platform that streamlines the leasing, occupancy and payment process for users seeking office space.

 Having launched Rapid Offices™ in early August in markets such as Atlanta, Dallas and Washington D.C., Stream has recently added workspace options in high-growth markets such as Chicago (200 West Jackson) and San Diego (4080 Centre Street).

“Given the uncertainty in the marketplace, we are thrilled about the tremendous response we’ve received for this industry-changing leasing solution, and are excited to welcome Rapid Offices™ to the Stream Chicago market,” said Adam Showalter, Managing Director in Stream’s Chicago office.

“As the office landscape continues to evolve, tools like Rapid will help make the leasing experience as effortless as possible for tenants, landlords and brokers. It’s innovative solutions like these that Stream will continue to develop and implement to meet our clients’ real estate needs.”


Ben Hautt

Rapid’s unique software capabilities allows landlords to seamlessly expedite the leasing process for move-in ready spec suites and coworking space.

“There’s no denying that interest and demand has been growing since introducing Rapid to the market at the end of the summer,” said Ben Hautt, Founder of Rapid and Co-Managing Partner in Stream’s Atlanta office.

 “From our perspective, the seamless nature of the platform gives us the ability to be agile for our clients, while providing them with the necessary information to make informed decisions with ease of execution.

"We’re excited to expand Rapid into other major markets in 2021, and further increase awareness of the platform’s capabilities to create successful outcomes for our clients.”

 The user-friendly platform showcases immediate leasing opportunities curated from Stream’s national leasing and management platform, allowing users to secure space within 24 hours.

This includes: 1) identifying available, move-in ready, first-generation spec suite space managed by Stream in order to offer online credit card and ACH payment options; 2) adding the listing to Rapid’s website, providing prospective users with a seamless, live shopping experience, and allowing them to shop and compare by space; and 3) completing Rapid’s short-form lease, allowing for timely transactions and covering landlord liability.

Rapid offices concept
By offering tenants a flexible workplace, easy online shopping experience and accessible business resources, Rapid equally serves tenants, landlords and brokers in an efficient and convenient manner.


Currently, the Rapid Offices™ marketplace operates in the following markets supported by Stream: Atlanta, Chicago, Dallas, San Diego and Washington, D.C. To learn more about the platform, please visit Rapid Offices.

 CONTACT:

 David Ebeling

www.stanjohnsonco.com.

 www.streamrealty.com.

Stan Johnson Company Completes Exchange Sale of Sacramento, CA Food Processing Facility for $20.8 Million

Ben Prater
 WEST SACRAMENTO, CA -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 3925 Seaport Boulevard in West Sacramento, California.

 The 135,885-square-foot industrial facility is fully leased to Raley’s, which is a privately held family of grocery stores in California and Nevada.

 Stan Johnson Company’s Ben Prater represented the Emeryville, California-based private seller, Libitzky Properties Companies. 

The buyer, Buzz Oates Companies, was a local developer who purchased the asset for $20.8 million at a 4.91 percent cap rate. Both parties were involved in 1031 exchanges.

 “We brought the deal to market just as the pandemic hit, which created a few challenges, but due to the high quality and cold storage nature of the property, the asset quickly became highly sought-after,” said Prater, Associate Director in Stan Johnson Company’s Sacramento, California office.

 “We were able to achieve above-market pricing through an aggressive marketing campaign, and our buyer ended up being a local developer who was familiar with the asset and the tenant.”

135,885-square-foot industrial facility
 3925 Seaport Boulevard, Sacramento, CA

 

 The property includes a large percentage of refrigeration and freezer storage which is crucial for Raley’s and helped distinguish the asset from competing properties.

 The building serves as a production bakery and distribution center for the tenant and is strategically located, serving approximately 150 stores.

  CONTACT:

 David Ebeling

JLL selected to bring prime Mercy Medical Center MOB project to market in Gilbert, AZ

Patti Gentry

GILBERT, AZ, Jan.11, 2021 – Medical office experts in the Phoenix office of JLL have been selected to market approximately 80,000 square feet of new medical office space planned for one of the last Val Vista Drive-fronting parcels surrounding Dignity Health’s Mercy Gilbert Medical Center in Gilbert, Arizona.

 Called Mercy Medical Center, the 80,000-square-foot medical office project is being directed by Scottsdale-based Diversified Partners. It is part of the developer’s new 11-acre mixed-use project which, at completion, will total more than 200,000 square feet of Class A office, retail and restaurant space.

Katie McIntyre 

 Located on 5.03 acres at the coveted southeast corner of Val Vista Drive and Mercy Road, Mercy Medical Center is immediately south of Dignity Health’s Mercy Gilbert Medical Center, which will soon expand from 212 to 418 beds with the December completion of the hospital’s new Women’s and Children’s tower.

 “Gilbert remains one of the fastest-growing towns not only in metro Phoenix but in the entire nation,” said Diversified Partners CEO Walt Brown.

Mari Lederman

“Mercy Medical Center has been envisioned for a long time and we are so proud that its day has finally come. It will bring walkable amenities, resources and comfort to residents, employees and visitors at Mercy Gilbert hospital and its surrounding medical buildings.”

 Mercy Medical Center has the flexibility to deliver one large, 80,000-square-foot building or several single-tenant buildings as small as 20,000 square feet.

 It is being marketed for pre-lease by Patti Gentry, Senior Vice President and co-leader of JLL’s Healthcare Solutions Group in Phoenix, along with JLL Healthcare Solutions Group Vice Presidents Katie McIntyre and Mari Lederman.

                         Walt Brown Jr.

 “Flexibility and location are overriding selling points of this medical project,” said Gentry. “It has a location, location, location at what is truly Main-and-Main for Southeast Valley medical space.

"It also offers very broad use parameters, with no ground lease restrictions or hospital privileges required – factors that allow for a wide range of medical tenants looking to enter the market at this prime address.”

 Some of these uses could include allergy/immunology, behavioral health, imaging services, physical therapy, cardiology, family practice, fertility specialists, gastroenterology and neurology.

Rendering of planned Mercy Medical Center 
 Mercy Medical Center is located directly off of the Loop 202 freeway in Gilbert, Arizona and minutes from the San Tan Village regional mall and shopping centers.

Diversified Partners purchased the land site from the Victoria Lund Foundation in mid-2020 and is moving forward quickly with a development and site plan, to include multiple access points, extensive parking, easy drop-off and pick-up, and prominent monument signage visible to more than 59,000 vehicles per day.

 According to Diversified Partners, over 1 million square feet of medical-related businesses are scheduled to open less than one mile from the Mercy Medical Center site by 2022. More than 800,000 square feet of that space is scheduled to open in 2021 or sooner.

 “This is an exceptionally strong submarket, with over 1.2 million square feet of existing medical office space at just 10.20 percent vacant and pre-leasing keeping an active pace alongside new construction,” said McIntyre. “Market asking rents also continue to climb – by 27 percent in the past five years alone.”

 Existing medical neighbors to Mercy Medical Center include Mercy Gilbert Medical Center, OrthoArizona, Ironwood Cancer Center, Phoenix Children’s Hospital and The Oaks/Merrill Gardens assisted living and memory care community.

 Pre-leasing is underway now at Mercy Medical Center, with space ready for delivery as early as year-end 2021.

 

 CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195