New York's 'Famous' Joe’s Pizza to Open First Miami Location at Wynwood 25

 MIAMI, FL – DWNTWN Realty Advisors Co-Founder and Managing Partner Tony Arellano and Executive Joe Fernandez are curating one of Wynwood’s signature buildings with a compelling mix of tenants.

 Tony Arellano 

In the latest example, the brokers represented Wynwood 25’s owners in a long-term lease with New York staple 'Famous' Joe’s Pizza.

 Joe’s Pizza, the family owned and operated “Greenwich Village institution” since 1975, is set to open its first Miami location at Wynwood 25.

 The 1,758-square-foot eatery is scheduled to debut in spring 2022. It joins the award-winning Japanese restaurant Uchi Miami, Danny Meyer-backed Salt & Straw, Bartaco and Dogfish Head Miami as notable Wynwood 25 food-and-beverage tenants.

Joe Fernandez 

DWNTWN is also successfully leasing up the Wynwood Annex office building next door to Wynwood 25. Both buildings were developed by the Related Group and East End Capital.

 Wynwood 25 has 289 apartment units and about 30,000 square feet of retail and restaurant space.

 “We are thrilled to play a pivotal role in Wynwood becoming one of Miami’s top food-and-beverage submarkets, in terms of both sales metrics and brand recognition,” Arellano said.

Jared Robins

 “Demand from New York operators like Joe’s Pizza is at historically high levels. 

"Wynwood 25, with its turnkey ground-floor restaurant space and proximity to thousands of residents, professionals and visitors, was a perfect option for Joe’s inaugural Miami location.”

 Jared Robins, Founder of INHOUSE COMMERCIAL – a Miami-based firm launched in 2021 and focusing on retail leasing in South Florida, and John Ellis, Managing Director of Newmark, represented Joe’s Pizza in the Wynwood 25 lease.

John Ellis

Joe’s Pizza Founder Joe Pozzuoli is originally from Naples, Italy and still owns and operates his flagship New York location at 84 years old.

 His son, Joe, Jr., and grandchildren Sal and Pino Vitale are part of the ownership and operations team in Miami. Locals and tourists alike flock to Joe’s for an authentic New York street slice.

 “After an extensive search, Joe’s Pizza zeroed in on Wynwood for its first foray into Miami,” Fernandez said.

Pino "Joe" Pozzuoli Sr.

“With such a huge following up north, Joe’s will greatly benefit from the New York migration into Wynwood and the substantial pipeline of new office and residential development.

Joe Pozzuoli Jr. (left) and father Joe Pozzuoli Sr.

"The residential component of Wynwood 25 also made the building a particularly attractive option for Joe’s.”

 Devlin Marinoff

DWNTWN is the market leader in Wynwood and other urban core neighborhoods in Miami. Arellano and fellow Co-Founder and Managing Partner Devlin Marinoff have more than $100 million in pending transactions in Wynwood.

 The firm has participated in more than $350 million in investment and development sales in the neighborhood over the last few years.

 Over the course of his career, Arellano has completed more than 250 leases in Wynwood and played a pivotal role in the neighborhood’s evolution from an overlooked, largely neglected collection of old industrial buildings into a vibrant hub for arts and culture, retail, restaurants and nightlife.

 For more information on DWNTWN’s investment sales and lease offerings, please visit www.dwntwnrealtyadvisors.com/inventory.

   

 CONTACT:

Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 www.dwntwnrealtyadvisors.com.

 

JLL Valuation Advisory expands renewables group with John Oates as a Managing Director in Tampa, FL

 

John Oates 

CHICAGO, IL – JLL Valuation Advisory has hired structured finance specialist John Oates to join its Renewable Energy Valuation team as a Managing Director to help build out a best-in-class infrastructure platform.

David Dominy

 Based in Tampa, Fla., he reports to Managing Director Mike Bammel, National Head of the Renewable Energy Valuation team, which is part of the Infrastructure group led by Managing Director David Dominy.

 “John brings a wealth of experience, a solid reputation and leadership skills in providing renewable energy sector valuations that will contribute to helping us grow our infrastructure platform,” Bammel said.

“We are excited to welcome a professional of John’s caliber and experience, and I’m personally thrilled to get to work with him again and collaboratively build our structured finance practice.”

 At JLL, Oates is focusing on business development and renewable energy structured finance transactions, which involves how projects are financed and combines tax equity, equity and debt.

Mike Bammel

He also specializes in and will consult on various types of energy projects, including solar, onshore and offshore wind, geothermal, fuel cell, hydro, bio combined heat and power, in addition to carbon capture storage and utilization appraisals and cost segregations supporting tax credit.

He has nearly 50 years of experience in structured finance primarily with sale-leaseback valuations, which includes pioneering valuations of facility leases for automobile manufacturing plants and suppliers; steel mills; oil, gas and chemical assets; semiconductors and power plants, including coal, gas, nuclear and renewable energy facilities.

He previously was the co-founder of a lease valuation specialty firm in New York City.

 “I look forward to contributing my valuation expertise to help build the Renewable Energy Practice,” Oates said. “Joining a world-class organization like JLL provides us with the tools and technology to continue to grow this service line and provide unmatched service to our rapidly expanding client base.”

 CONTACT:

Kimberly Steele

 JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Lenders Scouting the Markets to Make Small Loans of $10 Million or Less

  

John Oharenko

Chicago, IL – Summer realty finance conditions stay hot, with lenders scouring the markets for funding opportunities, according to The Real Estate Capital Institute® (RECI). 

 In addition to larger, institutional loans, funding sources actively pursue smaller loans – typically ten million dollars or less.  Furthermore, deal flows remain strong because of low rates. 

Important current underwriting terms for smaller loans are discussed as follows:

Property Types:  Various types of residential (e.g., multifamily, home rentals) and industrial properties attract the most attention.  Lodging, retail, and office follow, with some types of credit enhancement often included, namely recourse.

Markets:  Like larger loans, lenders prefer major metro areas, but many sources (mainly banks) focus on secondary areas.  Funding pricing premiums of 25 to 50 basis points are standard for such smaller markets.

Pricing:  Smaller ten-year loans typically fall within the 200-to-250-basis-point range for conventional property types.  Properties underwritten to 1.25X+ debt service coverage and 65% or less loan-to-value attract the low end of the rate range.  Other commercial properties capture rates of 3.5% to 4.5%, reflecting a wide range of underwriting variance.

The Director at The Real Estate Capital Institute®, John Oharenko, advises, "Small loans are the lifeblood of lending for most communities.  Local lenders, especially banks and credit unions, offer the most competitive terms."

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

 

 CONTACT:

John Oharenko

john.oharenko@reci.com

Executive Director

director@reci.com / www.reci.com

 

JLL Capital Markets arranges $37 million loan for development of new luxury condominiums at Kite House at The Parks at Walter Reed in Washington, DC

 Susan Carras

 

 WASHINGTON, DC– JLL Capital Markets has arranged $37.308 million construction financing for the development of Kite House at The Parks at Walter Reed, a planned 109-unit condominium development with 11,000 rentable square feet of ground-floor retail in Washington, D.C.

Jamie Leachman

JLL worked on behalf of the borrower, a joint venture between Hines, Urban Atlantic, and Triden Development Group, to secure the three-year, floating-rate loan through Bank OZK. 

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Susan Carras and Jamie Leachman, Director Evan Parker and Analyst Andrew Lewis.

Grosvenor Americas provided a mezzanine debt commitment of $21.1 million for Kite House through its Structured Development Finance program.

 With first unit deliveries expected in early 2023, sales are planned to begin in February 2022.  

 Kite House is located at the intersection of Georgia Ave. NW and Elder St. NW, in the northern sector of The Parks at Walter Reed master-planned community. 

Andrew Lewis

The community will include 3.1 million square feet of mixed-use development across 66-acres. The community is a 10-minute walk to Rock Creek National Park and the Takoma Metro Station.

 Aditionally, the property is served by eight metrobus routes. The property is five miles from both downtown Washington, D.C. and downtown Bethesda and 1.5 miles from downtown Silver Spring. 

Additionally, the community is three miles from Capital Beltway (Interstate 495) offering direct access to the entire Washington, D.C. and Baltimore metropolitan region and rail connections such as Amtrak, MARC and VRE trains.

 “With the closing of Kite House, the development team continues to build out the transformational Parks at Walter Reed project,” said Leachman.  

“There was significant interest from the lending community with the recent success of the first condo project within The Parks at Walter Reed, The Brooks, as well as the proximity to the adjacent Whole Foods.”

  

CONTACT:

Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

 

JLL Capital Markets sale of Union Bank Tower in Portland, OR

Union Bank Tower, Central Business
 District, 707 SW Washington Street
 Portland, OR

 

 PORTLAND, OR – JLL Capital Markets announced it has been engaged on behalf of a partnership between Melvin Mark Companies and Downtown Development Group to market for sale, a core, data center reposition of a 178,634-square-foot office investment opportunity located in the West end of the Central Business District in Portland, Oregon.

Buzz Ellis

The JLL Capital Markets Investment Sales Advisory team that is representing the seller is being led by Managing Directors Buzz Ellis and Conan Lee, along with Director Adam Taylor.

 The JLL Capital Markets Debt Advisory team leading the debt efforts includes Managing Director Alex Witt and Director Zach Kersten.

 “Union Bank lies at a critical network junction that has enormous potential for future growth of new physical network infrastructure as well as IP peering,” said Lee.

Conan Lee

 “With capital allocations targeting alternative assets at all-time highs, now is the perfect time to present this iconic tower to the market.”

 “Now that the tower’s namesake tenant has left the building, a new owner will have the generational opportunity to re-brand the asset, adding value in the process,” added Ellis.

Union Bank Tower is exceptionally located at 707 SW Washington St., just one block from Portland’s preeminent internet exchange (Pittock Block), which is only one of two primary internet exchanges for the entire Pacific Northwest.

Adam Taylor

Additionally, the property is near the CenturyLink and AT&T buildings, while Hillsboro -- one of the fastest-growing data center submarkets in the world -- is located just 18 miles west.

Regionally, Portland has become a strategic location for connectivity between San Francisco and Seattle, while, globally, Portland offers low latency to the Midwest, East Coast, Asia Pacific, EMEA and Latin America.

 The most used and commercialized north/south long-haul fiber routes that connect Portland to Seattle and San Francisco originate at Union Bank Tower.

Alex Witt

The 17-story property is 72 percent leased to 30 office tenants with rare connection capabilities, providing a unique opportunity to create additional data center and telecommunication space.

 The tower is home to 10 fiber-optic carriers, with a total of 18 existing data center tenants exchanging data in its Meet-Me-Room.

Union Bank Tower is the key point of origination and termination of two key long-haul fiber routes, the Joint Trench and FTV Build. 

 Zach Kersten

There are four major fiber entries in the parking garage of the building, with four major providers owning physical long-haul fiber cable assets that originate in the tower and an additional six carriers with long-haul fiber pairs.

  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 and advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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

CONTACT:

Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am

jll.com

 

The Keyes Company Promotes Ray Betancourt to District Sales Manager, Commercial Division

 

Ray Betancourt

 

Miami, FL  – The Keyes Company announces the promotion of commercial real estate veteran Ray Betancourt to District Sales Manager of the firm’s Commercial Division. Betancourt is based in the firm’s headquarters in Miami.

Betancourt has served The Keyes Company for 25 years, most recently as a Commercial Realtor Associate.

Betancourt will be responsible for managing the firm’s growing team of Commercial Associates and Administrators. This includes recruiting new talent and mentoring associates through the firm’s training process.

Mike Pappas

“Ray has been critical to the success of our Commercial Division,” said Keyes President and CEO Mike Pappas. “He is a dynamic leader, with a broad knowledge of commercial real estate. Ray has worked hard throughout his career and is an integral part of the Keyes family.”

 Additionally, Betancourt is actively involved in real estate industry organizations. He is a member of the National Association of Realtors, Florida Association of Realtors, Miami Association of Realtors and Innovating Commerce Serving Communities (formerly International Council of Shopping Centers).

 

CONTACT:

Daniel Benjamin

Senior Account Executive

 BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.keyescommercial.com.

JLL Capital Markets leads $81 million sales efforts for multi-housing community Solterra at Civic Center in Norwalk, CA

  

Chelsea Jervis

LOS ANGELES, CA – JLL Capital Markets has closed the $81 million sale of Solterra at Civic Center, a 192-unit, garden-style, value-add multi-housing community in Norwalk, California.

 JLL marketed the property on behalf of the owner, RedHill Realty Investors, Shelter Asset Management and Tokyu Land Corporation. A private company acquired the property.

 Solterra at Civic Center comprises one- and two-bedroom units averaging 904 square feet. Units feature large walk-in closets, private balconies, bathtubs and central HVAC and heating.

 Sean Deasy

Forty-nine of the homes have been renovated and feature new high-end cabinetry, quartz counters, vinyl plank flooring and stainless-steel appliances.

The property’s low-density layout on an over 8-acre site also features an unrivaled community amenity set that includes a tennis court, two luxury swimming pools, cabana room, fitness center, sports courts, and playground.

 Located at 12700 Bloomfield Ave., Solterra at Civic Center is ideally positioned with easy access to I-5, I-106, I-605 and California 91, offering residents easy access to Southern California’s most prominent employment, retail, and entertainment centers. 

Solterra at Civic Center is centrally located 17 miles southeast of downtown Los Angeles equidistant to the major business districts of Los Angeles and Orange County.

 The JLL Capital Markets investment sales team that represented the developer was led by Senior Managing Director Sean Deasy, Managing Director Peter Yorck and Directors Nick Lavin and Chelsea Jervis.

Peter Yorck 

“Solterra at Civic Center is a unique, suburban, low-density, value-add opportunity in the heart of the mid-cities,” said Yorck.

“We have seen unrivaled demand from investors for this type of product as renter demand has increased due to changing renter demand related to the COVID pandemic.

"We look forward to the buyer realizing their business plan at the property.”

 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 and advisory, debt advisory, equity advisory or a recapitalization.

Nick Lavin

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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

 Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

 

About Tokyu Land US

Tokyu Land U.S. Corporation (“TLUS”), a wholly-owned subsidiary of Tokyu Fudosan Holdings (a fully-integrated, Japanese publicly-traded company, and one of the largest real estate owner, operator and developers in Japan), is a real estate investment company with offices in Los Angeles and New York.

Since 2012, TLUS has invested over $1.3B of equity in the U.S. in ground-up development and value-add multi-family, office, and industrial assets in primary/gateway markets.

The company’s plan is to continue to expand its footprint in the U.S. through joint ventures with local operating partners.

  CONTACT:

Cierra Lacasse

JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

Daum Commercial completes sale of 236,700-SF Class A Inland Empire industrial property to Nuveen Real Estate

SOLD: 236,700 square-foot freestanding industrial building
at 2950 East Philadelphia Street in the Inland Empire
 submarket of Ontario, CA

Ontario, CA – DAUM Commercial Real Estate Services has completed the sale of 236,700 square-foot freestanding industrial building in the Inland Empire submarket of Ontario, California to Newport Beach-based Nuveen Real Estate, one of the world’s largest real estate investment managers.

The asset was acquired from the occupant, Myers Power Products, Inc., an industry leader in the design and manufacture of engineered-to-order power distribution equipment, in a sale-leaseback transaction, according to Chris Migliori, Executive Vice President at DAUM Commercial.

“The seller had an exceptionally well-located, 100%-leased Class A industrial asset in one of the most desirable submarkets in the Inland Empire,” says Migliori.

Chris Migliori

“Based on deep, long-standing relationships with industrial investors active throughout Southern California, we were able to quickly source an experienced, well-capitalized buyer who recognized the full value of the asset, ultimately securing above asking price.”

 The property is ideally located at 2950 East Philadelphia Street, adjacent to the Ontario International Airport and bounded by Interstate 10, Interstate 15, State Route 60, and State Route 83, allowing for ease-of-access throughout the region.

Situated on 12 acres of land, the building features two oversized grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4000 amps, a fenced yard, and is naturally divisible.

CONTACTS:

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

 www.daumcommercial.com.

JLL arranges $49.5 million sale and financing of creative office building in Miami Beach, FL

Melissa Rose

 

MIAMI, FL – JLL Capital Markets has closed the $49.5 million sale and financing of 1688 Meridian, a boutique Class A office building along with two parking lots in Miami Beach, Florida. 

1688 Meridian Avenue, Miami Beach, FL

 

JLL represented the seller, Ivy Realty, in the sale of the property to 1688 Property Owner, LLC. Additionally, JLL worked on behalf of the buyer to secure a loan with Värde Partners for the acquisition.

 Ike Ojala

Renovated in 2019, 1688 Meridian is a 10-story, 88,419-square-foot office tower with ground floor retail space fronting Meridian Ave. and 17^th St.

 

In addition to the office tower, the sale included two land parcels at 1699 and 1709 Jefferson Ave., which are currently used as parking lots.

 

The property is 81.4% leased, offering significant leasing and development upside.

 

1688 Meridian is positioned on a high-profile corner location at the intersection of 17^th St and Meridian Ave. just steps away from Lincoln Road, Miami Beach’s most iconic open-air pedestrian promenade.

Hermen Rodriguez

The property is surrounded by numerous amenities, including the Lincoln Eatery, Miami Beach Convention Center, Sunset Harbour, New World Symphony, The Filmore and countless restaurants, major retailers and luxury hotels.

 Miami continues to attract new capital, companies and residents due to the low tax-rate environment, pro-business culture, fast growing economy, development of a tech hub and superb quality of life.

 

According to JLL’s Second Quarter Office Outlook, Miami has achieved new all-time highs for rents within the Miami CBD posting 5.6% year-over-year growth.

Matthew McCormack 

The JLL Capital Markets team representing the seller was led by Managing Director Ike Ojala, Senior Managing Director Hermen Rodriguez, Director Matthew McCormack with support from Associate Max La Cava.

 

JLL Managing Director Melissa Rose led the Capital Markets team representing the borrower with support from Analyst Max Lescano and Associate Jimmy Calvo.

 

“1688 Meridian is a fully renovated building in the heart of world-renowned South Beach and is experiencing record tenant demand, which generated very strong interest from the investment community,” Ojala said.

Max La Cava

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 and advisory, debt advisory, equity advisory 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.

 

Max Lescano

About Ivy Realty

Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company and has acquired more than $2.4 billion in assets and currently has a portfolio exceeding six million square feet of office, industrial, residential and retail properties.

Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. 

About Värde Partners

Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $80 billion since inception and manages $15 billion on behalf of a global investor base.

James (Jimmy) Calvo

 The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending.

 Värde employs approximately 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. 

 

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. 

CONTACT:

 

Kristen Murphy

JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

ivy-realty.com. 

jll.com.

varde.com.