Investor purchases recently renovated suburban Portland, OR office property

 

Logan Greer

 PORTLAND, OR, May 12, 2021 – JLL Capital Markets announced today that it has closed the sale of 5550 Macadam, a 43,151-square-foot, suburban office building in Portland, Oregon.

5550 Macadam, Portland, OR

 JLL represented the sellers, ScanlanKemperBard and WHI Real Estate Partners, and procured a local private buyer, advised by City and State Real Estate.

 Recently renovated in 2019, 5550 Macadam is a three-story building with updated common areas, locker rooms and restrooms, a modern light filled lobby and lush landscaping.

The property offers 14,000-square-foot floorplates and is 89% leased with current tenants averaging 9.8 years of occupancy.

Buzz Ellis

5550 Macadam is positioned within the Southwest Close-In submarket of Portland, and more specifically, the Johns Landing micro market, which offers easy access to the central business district and Portland’s freeway system.

This area is also highly amenitized with a variety of restaurants, hotels and retailers and is located just one mile south from Oregon Health & Science University’s South Waterfront campus expansion.

Adam Taylor

The JLL Capital Markets team representing the seller was led by Buzz Ellis, Logan Greer and Adam Taylor.

 “This offering generated a significant amount of investor interest as the office market starts to return to pre-COVID levels,” Ellis said.

 “5550 Macadam has an outstanding urban location with high accessibility and suburban conveniences that was attractive to many buyers.”

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

skbcos.com.

whirep.com.

 

 

KBS Breaks Ground on $22 Million Renovation Project for 40-Story Class A Office Tower in Chicago, IL

 

Accenture Tower, a Class A, 40-story, 1.46 million square-foot
office tower in downtown Chicago, IL

 CHICAGO, IL, May 12, 2021 – KBS, one of the largest owners of commercial real estate in the U.S., has broken ground on a $22 million renovation project at Accenture Tower, a Class A, 40-story, 1.46 million square-foot office tower in downtown Chicago, Illinois.

  Accenture Tower is owned by KBS Real Estate Investment Trust III.

 

Wendy Katz 

Wendy Katz and Matt Lerner of Stream Realty are handling leasing services for Accenture Tower on behalf of KBS.

 KBS is working with Leopardo Companies on the planned upgrades.

 Planned upgrades include a new hospitality-inspired office lobby, conference center with pre-function area, a modern tenant lounge with 19’ ceiling, featuring an outdoor deck with a variety of seating options, fire pit, fully functional bar, and more designed by Chicago-based GREC Architects.

Matt Lerner

According to Dan Park, senior vice president at KBS and asset manager for Accenture Tower, these renovations strategically align with today’s top office users in the Chicago market and position the property for long-term growth.

 “Accenture Tower is located in one of the most resilient central business districts in the country, with high-end amenities that offer a one-of-a-kind tenant experience in the market,” says Park.

Dan Park

“The new upgrades will make an already iconic property even more appealing for companies as they return to their workspaces.”

 In addition to the building upgrades, KBS is continuing its signature spec suite program by adding 90,000 square feet of new and progressive spec suites, which involves building out tenant suites without a committed tenant.

David A. Ervin

   The planned renovations will further elevate Accenture Tower’s position as one of the most desirable high-rise buildings to occupy space in the downtown Chicago market, according to David A. Ervin, managing principle of GREC, architect for the renovation project.

 “Accenture Tower is already on Downtown Chicago office users’ short list of buildings where they want to be located,” says Ervin.

 “The upgrades we have designed will make this property even more compelling as companies seek superior office space that helps them attract and retain talent to remain competitive in their industries.”

Bill Stephan

 Built in 1987, Accenture Tower is a Class A LEED Gold-certified building that has earned The Outstanding Building of the Year (TOBY) Award Internationally by The Building Owner and Managers Association. 

“KBS is creating an entirely new setting at Accenture Tower,” says Bill Stephan, vice president of Leopardo. “With a new garden-like outdoor deck with a variety of seating areas surrounded by lush landscaping, and a stunning new lobby, the building will be one of the most attractive and flexible workspaces in the Downtown Chicago marketplace.”

CONTACT:

  Katie Haga

 khaga@brower-group.com

 www.kbs.com.

 

 

Five--property seniors housing portfolio in Southeast Florida purchased for $64 million

Allison Holland

 

ORLANDO, FL, May 12, 2021 – JLL Capital Markets announced today it has closed the $64 million sale of a five-property seniors housing portfolio with properties located throughout Southeast Florida.

 JLL represented an undisclosed seller to complete the sale to the buyer, an affiliate of Fortress Investment Group LLC.

Cody Tremper

JLL is also working on the buyer’s behalf to secure the acquisition financing. 

All properties are managed by Florida-based Sonata Senior Living, who has operated the communities for more than three years and will continue to manage the properties going forward.

 Pete Stone, Managing Director at Fortress Investment Group, says, “We are excited about working with Stuart Beebe and the talented management team at Sonata on the Southeast Florida portfolio. 

"We believe the portfolio is well positioned to benefit from the strong demographic trends in South Florida particularly from the accelerating trend of migration of seniors to Palm Beach county.”

Mike Garbers

The portfolio includes five Sonata properties totaling 444 units in Delray Beach (80 units), Boynton Beach (92 units), Boca Raton (74 units), Coconut Creek (94 units) and Vero Beach (104 units).

 All properties were well-maintained by the previous owner, undergoing over $13 million in capital expenditures over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.

 The JLL Capital Markets team representing the seller was led by Managing Directors Mike Garbers and Cody Tremper. Financing is being led by Managing Director Allison Holland.

CONTACT:

Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

 

 

 

JLL Capital Markets adds debt industry veteran Tony Nargi to its Denver office

 

Tony Nargi 

DENVER, CO, May 12, 2021 – JLL Capital Markets announced today  it has added Tony Nargi as a Managing Director within its multi-housing debt and equity placement team in Denver, Colorado.

Nargi has 15 years of real estate experience and a strong background in originating and managing multi-housing real estate debt and equity transactions.

 In his role, Nargi will be responsible for originating and executing multi-housing financing for JLL’s clients and will report directly to JLL Capital Markets’ Eric Tupler, Senior Managing Director and co-office head of the Denver and Salt Lake City offices.

Eric Tupler

“Throughout the pandemic, we’ve seen increasing demand for various multi-housing properties and expect the needs of our investor partners and clients to grow,” says Tupler.

“With Tony’s strong background in executing financing deals and being recognized as a top producer, we’re confident that he will be a strong asset to our growing multi-housing team.”

 Prior to joining JLL, Nargi served as Senior Vice President and Regional Production Manager for KeyBank Real Estate Capital, focusing on commercial mortgage banking.

CONTACT:

Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

 

 

McHugh and Crea Construction Teams Deliver First Apartments in Three-Year Prairie Shores Renovation in Chicago

 

Kate Ivanova

 

CHICAGO, IL, May 12, 2021) — James McHugh Construction Co., one of the country’s largest commercial contractors with a concentration in multifamily work, along with its joint venture partner Crea Construction, a minority- and woman-owned general contracting firm, announced they have completed interior renovations to more than 150 units at Prairie Shores, a five-tower apartment complex in Chicago’s Bronzeville neighborhood.

 

Located on 20 acres at 2801-3001 S. Martin Luther King Drive, Prairie Shores is just south of McCormick Place and west of Lake Shore Drive and 31^st Street Beach. With 1,675 total units, Prairie Shores is one of the largest rental communities south of the Loop.

Sandya Dandamudi

Developed from 1957 to 1961 and purchased in 2019 by Chicago-based firms Golub & Company and Farpoint Development, along with New York-based Goldman Sachs, Prairie Shores is undergoing a multi-phased renovation.

  It is a project that has perfect timing given the renewed interest in the historic Bronzeville neighborhood, according to McHugh Construction.

 

“We’re currently working on three very different multifamily projects in Bronzeville at various stages of development and construction, so to say this area is having a resurgence is an understatement,” said Michael Meagher, president of McHugh Construction.

Michael Meagher

“Because of new-construction projects that will deliver over the next few years, it was very smart of Prairie Shores ownership to get out in front by renovating its units now so they can capture the attention of renters looking for a more modern and sophisticated living experience.”

 

Within the apartments, the McHugh/Crea joint venture is overseeing the installation of new appliances, countertops, plank flooring, plumbing, fixtures and lighting, plus electrical system upgrades and painting. Building corridors will also receive new finishes.

 The team began staggered renovations of the classic studio, one-, two- and three-bedroom apartments at Prairie Shores in the fall of 2020. With units being renovated in phases, the community could maintain its high occupancy levels and minimize disruption for current residents. 

 

“Daily coordination with Prairie Shores’ property management team has been a critical piece of the renovation process as we are working in occupied buildings,” said Kate Ivanova, vice president of operations for McHugh Construction.

 

 “We are sharing loading docks, elevators and building access points for our construction activities with tenants who are moving in and out, as well as building services such as refuse removal.

 "That’s where our years of multifamily construction and renovations experience pays off – we know how essential it is to maintain close communications with property managers, how to stay on schedule during a pandemic, and most importantly, how to get work done without disruption to the tenants’ daily lives.”

“After completing the stonework for dozens of luxury multifamily high-rises throughout downtown Chicago, we are thrilled to bring our knowledge and discerning eye to a property as significant as Prairie Shores,” said Sandya Dandamudi, president of GI Stone.

 

“The durable stone we’ve chosen makes the apartments looks so fresh and bright – it’s the type of stunning finish that will be beautiful for years to come.”

CONTACTS:

 

Paula Widholm, pwidholm@taylorjohnson.com,

 (312) 267-4525

Kim Manning, kmanning@taylorjohnson.com,

 (312) 267-4527

 

www.mchughconstruction.com.

 

Eric Lockwood Promoted To Director of Design at Tangram

  

Eric Lockwood

SANTA FE SPRINGS, CA, May 11, 2021 – Tangram, a curator of highly creative commercial interior environments and workspaces, has announced Eric Lockwood has been promoted to Director of Design for Tangram Technology. 

 Lockwood has over 27 years of experience in technology consulting, design and integration for the built environment.

 He has worked in the Americas, Europe and Asia, and previously served as a senior account executive for Tangram Technology where he successfully led complex technical designs and oversaw enterprise-wide system implementations for his customers.

In his new position as Director of Design for Tangram Technology, Lockwood will focus on design innovation and customization to address new technological challenges, many of which have been accelerated by the pandemic. 

 

Jack Hooven

“Eric is a proven leader in successful design and execution of innovative creation from concept to completion,” said Jack Hooven, Chief Operating Officer of Tangram Interiors.

 “His project expertise and passion to continually excel in his craft makes him an invaluable asset to Tangram Technologies.”

Lockwood’s current clients include the Writers Guild of America, Chapman University & CoreLogic. He holds a degree from University of Salford, United Kingdom in BEng Electroacoustics is CTS-D Certified and is a member of the United States Green Building Council.

CONTACT:

 Rachel Devany

KCOMM

949-443-9300

rachel@kcomm.com

www.tangraminteriors.com.

 

Daum Commercial and Phoenix-Mesa Gateway Airport Announce Groundbreaking of Gateway Executive Airpark in Mesa, AZ

 

Rendering of planned Gateway Executive Airpark, Mesa, AZ

 PHOENIX, AZ – DAUM Commercial Real Estate Services has announced the groundbreaking of Gateway Executive Airpark, a three-hangar development totaling more than 185,500 square feet at Phoenix-Mesa Gateway Airport in Mesa, Arizona.

Gateway Executive Airpark, which is now leasing and will be available for occupancy by Q4, is a state-of-the-art, full-service hangar facility including multi-tenant and freestanding hangars, according to Steve McKendry, Principal and Executive Vice President at DAUM Commercial, who is an exclusive listing agent for the property alongside DAUM Executive Vice Presidents Chris Rogers and Trevor McKendry.

Steve McKendry

“Private jet services for both business and leisure travel have proven to be much more resilient than commercial airlines throughout the pandemic,” says Steve McKendry.

“A year on, many corporations still do not want their executive teams flying commercial airlines, and individuals are placing safety first and considering private flights when they never would have previously. 

"Business aviation has improved 30% from this time a year ago, about 8% less than pre-pandemic 2019. 

"The improvement is due to not only safety issues but is reflective of economies opening up and travel restrictions being removed. In contrast, scheduled airline activity is down about 18% from this time in 2020 and 44% from 2019.”

Steve adds that COVID-19-related hesitancy will continue for several months, possibly years. Unrelated trends, including a such a shortage of first-class seats as airlines redesign their interiors, could also make private jet travel more appealing.

Trevor McKendry

“Despite the unprecedented challenges faced this past year, this is still an ideal time to strategically deliver a development like the Gateway Executive Airpark to the greater Phoenix market,” explains Rogers.

“Major corporations, including Microsoft, Google, and Apple, are expanding in the area, driving potential demand for executive travel.

"There has also been an influx of development of new aeronautical facilities near Phoenix-Mesa Gateway Airport in particular, bringing additional business to the submarket.”

Advantages of the Phoenix-Mesa Gateway Airport location of this project also include reduced taxes and lower operating costs through unique tax programs and incentives.

“While we are anticipating strong local demand from large corporations and high-net-worth individuals, this space could also be attractive to private jet owners and branded charter services based elsewhere,” adds Trevor.

Chris Rogers

“For instance, even with the additional travel required, the significantly lower rental rates and tax incentives make holding aircrafts at the Phoenix-Mesa Gateway Airport approximately 70% less than anywhere in Southern California.”

The hangars are constructed with steel frame infrastructure, metal exterior walls and metal roof. The steel frame infrastructure provides clear span bays necessary for aircraft maneuvering.

Additionally, Gateway Executive Airpark features office space built to suit tenant’s requirements, LED overhead lighting with on/off motion sensors in hangars, sealed concrete floors and hangar doors 28’ high with widths spanning 90’ to 110’.

Developed to accommodate the increasing demand trend for the larger long range business jets, the dimensions of the hangar bays and hangar doors at Gateway Executive Airpark will accommodate larger jets, such as the new Gulfstream 700, multiple aircraft, and other aviation uses such as maintenance, repair, and overhaul (MRO) operations.

Gulfstream 700

Steve adds: “As part of our involvement with this project, we’ve been keeping our finger on the pulse of the hangar space market to truly understand the demand drivers and current local market.

Only in recent years have hangars been designed for larger executive jets, which has resulted in a market that currently has very little availability of hangars designed to accommodate long-range executive jets.”

Situated adjacent to Textron’s Citation Service Center and Embraer Executive Jet Service Center, Gateway Executive Airpark is located at 5559 S. Sossaman Road in Mesa, Arizona.

CONTACTS:

Arleeny Escarcega / Elisabeth Manville  
Brower Group  
(949) 438-6262 
aescarcega@brower-group.com 

 

www.daumcommercial.com.

https://www.gatewayhangars.com/.

 

 

 

CT Realty Developing 3.2 Million-SF Logistics Park in Jacksonville, FL

Seda Preston 

  Newport Beach, CA and Dallas, TX –– CT Realty, in joint venture with Diamond Realty Investments, announces the acquisition of 250 acres of industrial land for the development of an eight-building, 3.2 million-square-foot, state-of-the-art logistics park in Jacksonville, FL.

  The project further extends CT Realty’s presence in the Southeast U.S. as the company breaks ground on 10 million square feet of logistics projects in 2021.

Guy Preston 

 “This is an outstanding opportunity to create a first-class industrial park capable of accommodating the largest users in the Southeast, and we’re thrilled to embark on a long-term, multi-year commitment to the region,” said Rob Huthnance, who oversees all of CT’s developments in the Eastern U.S.

 

The first phase of the project is underway with 1.7 million square feet in three buildings, representing the largest spec development in Jacksonville and including one of only two spec million-square-foot buildings in development statewide.

 

CT is bullish on Jacksonville’s established logistics transportation infrastructure, proximity to a significant and growing regional consumer base and the strength of the labor pool in Jacksonville, all key factors in serving the needs of area logisticians, distribution companies and e-commerce users.

Rob Huthnance

The area’s robust logistics transportation infrastructure is anchored by the Jacksonville Port Authority (JAXPORT), which handles the highest container volume of the four ports serving Florida.

 

JAXPORT is in the midst of a major dredging project that, upon completion in 2022, will create the deepest port on the East Coast, capable of serving high-capacity New Panamax container ships.    

 

“The combination of the project’s proximity to the most active port complex in Florida coupled with the ability to reach 61 million consumers in a day’s truck drive creates a compelling opportunity for companies in the logistical supply chain,” said Huthnance.

Jacksonville Port Authority (JAXPORT)

“Add in the nearby CSX and Norfolk Southern intermodal rail yards, and the air cargo facilities at Jacksonville International Airport and the project is poised to meet any goods transit need.”   

 

The project will be located in Northwest Jacksonville on Pritchard Road, approximately three and one-half miles west of I-295.

 

The site is adjacent to Southeast Toyota Distributors, the world’s largest independent Toyota distributor and the seller in the land transaction.

 

Guy and Seda Preston of Colliers International represented both Southeast Toyota Distributors and CT in the transaction, the terms of which are undisclosed.

  

CONTACT:

 

Stacey Hershauer

focusAZ 

 P 480.600.0195

www.focusaz.com

 

ctrinvestors.com.