Lee & Associates – Commerce Closes $24.5 Million Office Space Deal in Vernon, CA

 Mollie Shea Dietsch

 

 

Peter D. Bacci 

VERNON, CA -- Lee & Associates – Commerce represented 2761 Fruitland Ave, LLC in the sale of a 268,049‐ square‐foot creative office space at 2707, 2711, 2761 Fruitland Ave & 5125 Soto Street (formerly known as BCBG) located in Vernon, California for $24.5 million.

Peter D. Bacci and Jack R. Cline of Lee & Associates – Commerce represented the seller, while Mollie Dietsch, also from Lee & Associates ‐ Commerce, represented the buyer, YJK 2021 Exchange, LLC also known as IRIS, a garment manufacturing company based in Vernon, California.  

ABOUT LEE & ASSOCIATES

 Lee & Associates offices offer a broad array of real estate services tailored to meet the needs of the company’s clients in each of the markets it serves.

Jack R. Cline, Jr.

They include commercial real estate brokerage, property management, valuation, asset management and finance. Now, the largest firm of its kind in North America.

The company’s reach extends across the United States and Canada, and throughout Europe with our strategic alliance with Gerald Eve.

For the latest news from Lee & Associates, visit lee‐associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.

CONTACT:

Peter D. Bacci  

Lee & Associates

(323) 767‐2022

pbacci@lee‐associates.com

 

JLL arranges $197 million debt package for 10-property national retail portfolio

A 10-property retail portfolio totaling
over one million square feet in strategic
 trade areas in the Washington, D.C.,
 Baltimore, Chicago, San Diego,
Los Angeles, San Francisco
and Seattle metros.

 

ORLANDO, FL,  April 26, 2021 – JLL Capital Markets announced today that it has arranged $197 million in senior debt for the refinancing of a 10-property retail portfolio totaling over one million square feet located in strategic trade areas in the Washington, D.C., Baltimore, Chicago, San Diego, Los Angeles, San Francisco and Seattle metros.

Tarik Bateh

JLL worked on behalf of the borrower, an existing co-investment partnership managed by Regency CentersCorporation (NASDAQ: REG), to arrange 10 independent, uncrossed first mortgage loans; all on a 10-year, fixed-rate, interest-only basis with Hartford Investment Management Company (HIMCO).

 

The portfolio is approximately 97% leased overall and consists primarily of best-in-class grocery and pharmacy neighborhood centers anchored by Trader Joe’s, Giant, Safeway, Ralph’s, Albertson’s, Mariano’s, Walgreens, CVS and Rite Aid.

Greg Brown

JLL’s Capital Markets team representing the borrower was led by Senior Director Tarik Bateh. Additional JLL Capital Markets team members included Senior Managing Directors Greg Brown, Bruce Ganong and Keith Largay, Senior Director Chris Hew and Director Drew Heitstuman.

 “Despite current market volatility due to COVID-19, the capital markets remain selectively open for retail assets and this large scale offering garnered significant lender interest,” Bateh said.

“Regency’s best-in-class operating team and long-term commitment to the properties created conviction around the assets’ durability.

Bruce Ganong

"HIMCO distinguished themselves via their own long track record of retail lending and provided a seamless execution during otherwise turbulent times.”

 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 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.

 About Regency Centers Corporation (NASDAQ: REG)

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent, infill suburban trade areas.

Keith Largay

Their portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers.

Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member.

 

About HIMCO

HIMCO has been providing investment advice for over 35 years.

With more than 130 investment professionals and approximately $106 billion in assets under management (as of December 31, 2020) across the fixed income, alternative and equity markets, we are able to deliver tailored strategies to insurance, sub-advisory and other institutional clients.

Chris Hew 

HIMCO’s broad capability set allows it to develop strategies based on each client’s individual needs while navigating various market environments.  HIMCO offers both broad-based and sector specific investment capabilities.

 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. 

Drew Heitstuman

JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020.

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

 CONTACT:

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

 jll.com

RegencyCenters.com.

 

IMG Pays $33 Million for 228-Unit Multifamily Community in San Antonio, TX

Encore281 Apartments located directly on US-281
in the prestigious Stone Oak neighborhood
of San Antonio, TX

 

 Neil Schimmel

 Woodland Hills, CA, April 26, 2021— Investors Management Group ("IMG"), a California-based real estate investment company, has acquired Encore281 Apartments, a 228-unit community built in 2015 and located in North San Antonio for $33 million, or approximately $144,737 per unit. 

The multifamily acquisitions and asset management firm has plans to buy more apartment communities in this region in the future.

 "We think the San Antonio-Austin corridor is a terrific growth story. There’s a tremendous amount of business expansion nearby propelling the multifamily market," said CEO Neil Schimmel.

Karlin Conklin

"When the Highway 281 construction ends, it's going to open a floodgate from Austin and bring a new wave of higher-income renters seeking an affordable apartment market."

 Sean Sorrell

 Located directly on US-281 in the prestigious Stone Oak neighborhood, Encore281 offers residents an urban clubhouse with tech lounge and Texas Java Bar, 24-hour fitness studio, covered parking garages, pool, cabanas, picnic area, grilling stations and dog park.

The gated community consists of 11 buildings encompassing a mix of one-, two- and three-bedroom floor plans.

 IMG plans to invest approximately $1.2 million in capital improvements.

Over the past year, IMG has sponsored the acquisition of 1,400 total units nationally including the purchase of Apex Apartments in North San Antonio for $38.5 million in September 2020. Investors included tenants in common and limited partners, as well as 30 completing 1031 exchanges.

Greg Toro 

 "Investor trust in our program allowed us to act quickly with Encore281,” said IMG Principal Karlin Conklin, noting the increased competition among multifamily buyers.

"The pandemic has put a spotlight on strong sponsors. Our investor network was all-in. They committed $14.5 million in a matter of days and requested standby to participate in future acquisitions."

 Sean Sorrell, Greg Toro and Robert Arzola at JLL Capital Markets served as brokers in the transaction. Freddie Mac financing was secured through Charlie Mentzer at Capital One.

Robert Arzola

“Encore 281 apartment community will allow IMG To capitalize on a tremendous asset with vastly improved access and street visibility,” said Sorrell.

“The recent renovation to Highway 281 N. will provide the Community with easy access to all parts of northern San Antonio as well as the airport and San Antonio’s CBD.”

 ABOUT IMG

 Founded by Neil Schimmel, Investors Management Group (“IMG”) is a real estate sponsor focused exclusively on multifamily assets. IMG has transacted over 10,000 apartment units nationally since 2010.

Charlie Mentzer 

Currently, IMG owns and operates 3,650 units representing $577 million in value across Washington, Oregon, Colorado, North Carolina, Georgia, Florida and Texas.

 

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

Eide Bailly Consolidates, Expands on Camelback Corridor in Phoenix, AZ

  

Lauren Lovell

PHOENIX, AZ, April 26, 2021 – The Phoenix office of JLL

has signed leading regional certified public accounting (CPA) and business advisory firm Eide Bailly LLP to 23,368 square feet at Camelback Center,located at the southwest corner of 24th Street and Camelback Road in Phoenix, in the heart of the Camelback Corridor.

John Pierson

The new lease consolidates two Eide Bailly offices into a single location – home to 80 employees with room for additional growth. The company also operates an additional local office at 1850 N. Central Ave. in Midtown Phoenix.

 JLL Managing Director John Pierson, Senior Vice President Trevor Pratt and Associate Lauren Lovell represented Eide Bailly in the lease renewal and expansion.

 JLL Project and Development Services (PDS) managed the tenant build-out. Greg Mayer of Cushman & Wakefield represented the building owner, Nuveen – a TIAA company.

“Our firm specializes in serving small- to mid-sized businesses – a sector of the Phoenix economy that is booming,” said Andy Spillum, Eide Bailly Partner in Charge.

Trevor Pratt

“Our new office is convenient to these businesses and to our employees across the Valley, and is surrounded by a ton of shopping, dining, hotel and business conveniences. Combined with our modern new offices, this gives us the perfect advantages for our firm’s continued growth.”

“This new office solution allowed Eide Bailly to consolidate into the majority of the top floor of Camelback Center,” said Pierson.

 “The economic lease package, a modern, new space design and Camelback Center’s upgraded common area lobbies, restrooms and outdoor spaces made this building a great fit to serve Eide Bailly employees and clients.”

Greg Mayer 

The new Eide Bailly offices feature a central lobby with Camelback Corridor views, modern work stations with adjustable desks and plug-and-play technology, open ceilings with generous window lines, and a mix of conference and huddle spaces that accommodate varying group sizes and the need for private financial discussions.

The new Eide Bailly regional office is located at 2355 E. Camelback Rd., minutes from State Route 51, approximately 10 minutes to Sky Harbor International Airport, and walkable to multiple upscale hotels, luxury high-rise residential communities and hundreds of premier retailers and restaurants, including Biltmore Fashion Park.

Andy Spillum

Phoenix Design One was the interior architect. Stevens-Leinweber Construction was the tenant improvement general contractor. Construction was directed by the JLL Phoenix PDS group.

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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020.

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

 

CONTACT:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.jll.com.

www.eidebailly.com.

Investor purchases medical office building near Texas Medical Center in Houston, TX

 

Bellaire Medical Plaza, 5420 Dashwood Drive, Houston, TX

HOUSTON, TX –– JLL Capital Markets announced it has closed the sale and arranged financing for Bellaire Medical Plaza, a 58,517-square-foot medical office building near the Texas Medical Center in Houston, Texas.

 JLL represented the seller, Ridgeline Capital Partners, and procured the buyer, an affiliate of Rycore Capital. In addition, JLL worked on behalf of Rycore Capital to secure the acquisition loan.

 Kevin McConn

Bellaire Medical Plaza is located at 5420 Dashwood Dr. within a designated Opportunity Zone and a thriving medical office market.

The property is positioned just five miles from the Texas Medical Center campus, which is considered the largest medical complex in the world with more than 50 million square feet of healthcare space and 106,000 employees.

 The 88%-leased property is home to a synergistic mix of medical tenants with specialties in primary care, dialysis, pain management, ophthalmology, audiology, and laboratory services, including UT Physicians, Quest Diagnostics, LabCorp and Harris Health System.

 In addition, the three-story facility offers a walk-in health clinic and pharmacy on site. The property also includes a 3.67-acre parcel allowing for future development on the site.

Brian Bacharach

The JLL team representing the seller was led by Kevin McConn, Managing Director of JLL’s Houston Capital Markets team, and Brian Bacharach, Managing Director of JLL’s National Healthcare Capital Markets Group. 

 JLL’s Capital Markets team leading the financing efforts included Senior Managing Director Matt Kafka and Managing Director Cameron Cureton.

 “Bellaire Medical Plaza has a fantastic location in Houston’s Inner Loop, generating demand from the Texas Medical Center as well as benefiting from the enormous residential and workforce population within a few miles of the property,” said McConn.

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

Matt Kafka 

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.

 About Ridgeline Capital Partners

Ridgeline is a private real estate investment firm specialized in acquiring and operating healthcare real estate assets.

 The firm utilizes its experience in acquisitions, management, development and capital markets to invest capital entrusted to Ridgeline.

Cameron Cureton.

.Ridgeline’s investment strategies are primarily focused on value-add investments and in providing joint venture equity for new development. 

 About Rycore Capital

Rycore Capital LP is a Houston-based real estate investment manager, focused on acquiring, leasing and managing income producing properties that deliver superior real estate solutions to its tenants while providing its investment partners with some of the most consistent value-add, core-plus and core returns.

CONTACT:

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

 jll.com

ridgelinecp.com.

rycorecapital.com.

 

 

 

 

Hearst Mansion in Beverly Hills Back on Market at $90 Million, Down from $185 Million in 2016

 

Hearst Mansion in Beverly Hills has a main-level hallway
soaring  82 feet up to the 32-foot billiard room,
which is open to the main hallway for a total of
114 feet visible upon walking into the entry.

BEVERLY HILLS, CA -- Located in the heart of Beverly Hills, the fabled Beverly House, the showplace of publishing magnate William Randolph Hearst, is back on the market at a reduced asking price of $89.75 million - down from $185 million in 2016.

 Marion Davies

One of California’s most historic homes, Marion Davies, Hearst’s girlfriend, purchased the house in 1946 as a gift for Hearst.

 Jack Woltz wakes up with horse's head in bed 
(from The Godfather movie)

The couple moved there from the Hearst Castle, where they had been living in another historic California mansion, and stayed until William’s death in 1951.

Whitney Houston

Beverly House is most well known for its memorable movie scenes in The Godfather, where Hollywood movie producer Jack Woltz woke up to a bloody horse head in his bed, and the glamorous estate where Whitney Houston’s character lived in The Bodyguard.

 

John and Jackie Kennedy

The mansion was also a favorite of the Kennedy family, where John and Jackie spent part of their honeymoon in 1953, and later became the West Coast presidential election headquarters for JFK’s 1960 presidential campaign.

Beyoncé 

 

 In 2018, Beyoncé filmed part of her groundbreaking visual album Black Is King on the grounds, and in 2019, Adel held her 31st birthday party there.

 

 William Randolph Hearst

Designed in 1927 by Gordon Kaufmann, the architect who did the Hoover Dam, Hollywood Palladium, Los Angeles Times building and the Santa Anita Racetrack, Hearst’s Beverly House is the quintessential emblem of Hollywood’s Golden Era.

Dennis Abbe 

The estate is well known for its H-form architecture characterized by long colonnades, wide balconies, arched floor-to-ceiling windows and its spaciousness.according to TopTenRealEstateDeals.com

Hugh Hefner

 Some of the spaces include a stunning two-story library with hand-carved paneling and a wraparound walkway; a formal living room with its 22-foot-high, hand-painted, arched ceiling; a state-of-the-art spa; a billiards room with herringbone parquet floors and an intricately designed ceiling and carved fireplace - both from the Hearst Castle in San Simeon.

Zizi Pak

The main-level hallway is a staggering 82 feet high, rising up to the 32-foot billiard room, which is open to the main hallway for a total of 114 feet visible upon walking into the entry.

The grand upstairs hallway is more than 102 feet long and features a 40-foot wide, nearly 9-foot-tall Dennis Abbe mural that was commissioned by Hugh Hefner.

Game Room

The gardens, designed by landscape architect Paul Thiene, are a focal point including cascading waterfalls to the pool. The main house and two guest houses sit on 3.5 acres.

The Beverly House listing agents are Anthony Marguleas of Amalfi Estates in Los Angeles, Gary Gold of Hilton & Hyland in Beverly Hills and Zizi Pak of Rodeo Realty in Beverly Hills.

 The property is listed by order of the U.S. Bankruptcy Court.

 

CONTACT:

Photos:  https://www.dropbox.com/sh/kiwi49i94binjfr/AAApskQlWxC9gXTiIjvLbZWqa?dl=0

YouTube:  https://youtu.be/rT6GqCtwxas
Photo Credit:  Jim Bartsch
YouTube Credit:  Sean Evans, @evvo1991 backtothemovies.com/
Source:  TopTenRealEstateDeals.com