JLL arranges $389 million refinancing of downtown Los Angeles data center One Wilshire

One Wilshire, a 661,553-square-foot,
 multi-tenant, critical technology asset
comprising a tier 3+-equivalent data
center and office space at
 624 South Grand Avenue
 in downtown Los Angeles, CA

  

LOS ANGELES, CA, Jan. 10, 2022 – JLL’s Capital Markets Group has arranged a $389.25 million refinancing for

One Wilshire, a 661,553-square-foot, multi-tenant, critical technology asset comprising a tier 3+-equivalent data center and office space in downtown Los Angeles, California.

Kevin MacKenzie

The international telecommunications industry considers the building the most important point of connectivity between the United States and the Pacific Rim.

 

JLL worked on behalf of the borrower, GI Partners, to place the 10-year, fixed-rate, non-recourse, full-term, interest-only loan with Goldman Sachs. Loan proceeds will be used to pay-off the current loan early and repatriate a portion of the equity.

 

Standing at 30-stories tall with a façade of white marble and glass, One Wilshire is one of the largest internet exchanges in the world and the most interconnected terrestrial facility in the Western United States.

Brian Torp

It is 89 percent leased to major interexchange and local exchange carriers, financial services companies, data communication companies and Internet service providers.

 The property boasts five separate utility power risers and 13 on-site generators with fuel storage for 24 hours of operation and priority refueling status, along with separate and redundant data risers, exceptional antenna line of sight to much of the Los Angeles basin, a multi-tower antenna array and fiber connectivity to the rooftop.

 

Located at 624 S. Grand Avenue, One Wilshire is at the epicenter of a vast in-ground fiber optic network. It is within Downtown Los Angeles, a vibrant district attracting high-growth tech, media and entertainment tenants, along with a highly educated workforce.

Jake Wagner

Demand for data center space has skyrocketed over the last two years. In 2020, increased data usage, including streaming services and virtual connectivity, caused record demand for data centers, which has continued through 2021.

 

 According to JLL Research’s most recent Data Center Outlook, the Los Angeles Data Center market absorbed 7.0 MW during the first half of 2021, a 250 percent increase over the 2.0 MW absorption levels in 2020.

 

 JLL anticipates the demand for faster, safer and more reliable content delivery will continue to propel the Los Angeles Data Center market.

 

The JLL team was led by Executive Managing Director Kevin MacKenzie, Managing Director Brian Torp, Director Jake Wagner and Associate Samuel Godfrey with JLL’s Capital Markets group, along with brokerage support from Managing Director Darren Eades.

Samuel Godfrey

“As one of the largest internet exchanges in the world, One Wilshire is truly a best-in-class asset recognized as the premier telecommunications hub of the Western United States,” MacKenzie said.

 

“GI Partners has done an excellent job managing the asset to maximize utilization and creating significant value.

 

"We were able to bring together a cross discipline team to secure the optimal results for our client, and all parties involved worked tirelessly to accomplish the goal of closing on a short time-line before year-end.”

  

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

 

 

CONTACT:

 

Kimberly Steele

 JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

gipartners.com.

 

jll.com.

Dream Finders Homes Now Selling Large Section of Silverleaf Development at St. Johns, FL

 ST. JOHNS, FL – Dream Finders Homes acquired 436 homesites at Silverleaf, an 8,500-acre master-planned development at St. Johns, FL where it plans to build both townhomes and single-family homes.

 The company’s new Silver Landing community will have homesites – many on conservation or water – in widths of 40, 50 and 60 feet, as well as townhome sites for three newly-designed floorplans, according to Division President Brad Muston.

 “We’ll have several floorplans from which homebuyers can choose to build their dream home,” Muston said.

 

“The plans, which range in size from 1,289 to 3,518 square feet of living area, should appeal to everyone from first-time homebuyers to growing families to retirees.”

 

Located on Brandon Lakes Drive , just south of County Road 210 along the St. Johns Parkway , Silver Leaf “is a fantastic community with many amenities and more than 3,500 acres of conservation land,” he said.

Brad Muston

“It has all of this, plus quick access to Interstate 95 and only a 25-minute drive to St. Augustine or Jacksonville .”

 

Prices at Silver Landing start in the low $300,000s.  Three single-family home models and two townhome models are expected to be ready for touring by summer, Muston said.

 

 

 

CONTACTS:

 

Ashlynn Wombolt, Marketing Manager Ashlynn.Wombolt@dreamfindershomes.com

 or Sales Consultant 888-208-7736  

 

Beth Payan, Larry Vershel Communications 

407-461-3781; beth@larryvershel.com 

 

www.dreamfindershomes.com 

or call 888-208-7736. 

 

JLL Capital Markets closes sale of 150,163-sf Apple Glen Crossing open-air power center in Fort Wayne, IN

 

 Amy Sands 

CHICAGO, IL, Jan. 10, 2022 – JLL Capital Markets has closed the sale of Apple Glen Crossing, a 150,163-square-foot, open-air power center anchored by Best Buy and Dicks Sporting Goods in Fort Wayne, Indiana.

 JLL marketed the property on behalf of the seller, Brixmor Property Group. Berengaria Development, the real estate arm of Marcus Investments LLC, a private investment firm, purchased the asset. 

Clinton Mitchell 

Ranked in the top five percent of shopping centers nationally and in Indiana, Apple Glen Crossing is 94 percent leased to a dominant lineup of national tenants such as Best Buy, Dick’s Sporting Goods, Kohl’s, Shoe Carnival, PetSmart and Ulta Beauty.

Adding to the diverse tenant mix are Triumph Box & Ryde, Cali Nails, Wendy’s, Sports Clips, Herbalife, America’s Best Contacts & Eyeglasses, Warhammer and The Hearing Center, among others.

 Completed in 2000, the asset also has space to expand with the addition of a 10,934-square-foot outparcel pad site, and the property is shadow anchored by a non-owned Kohl’s and large discount retailer.

 

Michael Nieder

Positioned on 17.43 acres at 1720-1770 Apple Glen Blvd., Apple Glen Crossing has excellent visibility due to its location between Illinois Road and Jefferson Boulevard, which have a combined traffic count of 56,308 vehicles per day.

 The property is also within Fort Wayne’s destination retail corridor, which helps drive traffic to the center, which, according to Placer.ai, has welcomed 3.7 million visitors over the past 12 months.

The center serves a trade area that includes137,293 residents and 117,687 daytime employees within a five-mile radius.

Tim Murray

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder, along with Vice President  Tim Murray.

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

CONTACT:

Kimberly Steele

 JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 jaypeirick@marcusinvestments.com. 

 jll.com.

Evergreen Real Estate Group to Develop 120-Unit Assisted Living Community for Low-Income Seniors in Valparaiso, IN

Green Oaks of Valparaiso apartments, 
a three-story, 120-unit assisted living
community for low-income seniors
att 2550 Morthland Drive
in Valparaiso, IN

VALPARAISO, IN — Chicago-based Evergreen Real Estate Group  has secured financing for Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso, Ind.

 

Evergreen Construction Company, a division of Evergreen Real Estate Group, will serve as general contractor on the development and plans to begin preliminary site work this month.

 

 Green Oaks of Valparaiso will welcome its first residents in early 2023.

Steve Rappin

Located at 2550 Morthland Drive, the $30 million project will offer 48 studio and 72 one-bedroom apartments, all of which will be reserved for seniors age 62 or older, with incomes at or below 60% of the Area Median Income (AMI).

 

A financial assistance program will be available for those who qualify.

 

 Managed by Gardant Management Solutions, the 10th-largest provider of assisted living in the country, Green Oaks of Valparaiso will be licensed and regulated as a residential care facility by the Indiana Department of Health and approved to be an assisted living Medicaid-waiver provider by the Indiana Family and Social Services Administration.

 

“Green Oaks of Valparaiso is the second affordable assisted living community we are developing in Indiana, and we are thrilled to again be partnering with Gardant Management Solutions,” said Steve Rappin, CEO of Evergreen Real Estate Group.

Rod Burkett

“As with our other community in Goshen, Green Oaks of Valparaiso will provide best-in-class housing and care for low-income seniors, including those who require assistance with daily activities.

 

"In addition to bringing much-needed assisted living residences to the community, this project will create jobs and contribute to the local tax base.”  

 

Rappin added that in response to the pandemic, Evergreen has adapted the design of its senior living communities to help keep residents safe and healthy.

 

“We call the changes we have implemented our ‘pandemic response,’ which includes everything from additional hand-washing and sanitizing stations to spaced out furniture configurations.”

 

Andre Pintauro

 “We look forward to being able to enrich the lives of the residents of Green Oaks of Valparaiso by providing them with the love, compassion and dignity they deserve, in addition to the personal assistance they need,” said Rod Burkett, CEO of Gardant.

“Our focus is on helping each resident achieve and maintain as much independence as possible for as long as possible.”

 

Andre Pintauro, president of Evergreen Construction Company, added: “We expect construction of Green Oaks of Valparaiso to go smoothly and seamlessly, as it is very similar in its interior design to the senior living community our team is currently building in Goshen.

 

"This new community will be an excellent addition to the downtown Valparaiso area, providing seniors with a beautiful new home that anticipates their needs both today and in the future.”

 

The Indiana Housing and Community Development Authority (IHCDA) authorized 4% Low Income Housing Tax Credits (LIHTC) in support of the project. In addition, the city of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler, providing debt financing. PNC Bank invested in the project, providing Low Income Housing Tax Credits (LIHTC) equity.

  

 Evergreen currently owns and manages 9,500 units of multifamily housing. For more information, visit 

CONTACTS: 

 

Kathryn Kjarsgaard, 

kkjarsgaard@taylorjohnson.com

(312) 267-4514

 

Abe Tekippe

atekippe@taylorjohnson.com

 (312) 267-4528 

www.evergreenreg.com.

 

Fast-Growing Proper Title Insurance Agency Expands Outside Illinois with Schererville, IN Office

 

Kathy Kwak

 CHICAGO, IL, Jan. 7, 2022 – Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industry, has announced the opening of a new office in Schererville, Ind., that will serve real estate agents throughout Northwest Indiana. 

 Following parent company @properties to Indiana, this new location marks Proper Title’s first office outside of Illinois, its sixth new office in the past two years and the agency’s 13th closing location.

Brent Fielder

“The opening of this office is a great way to continue the momentum we have coming off a record-setting 2021 where our residential closings were up 41% over 2020 and our commercial closings were up 121%,” said Kathy Kwak, chief operating officer of Proper Title.

 

“I’m so proud of our teams that have serviced customers through not just the pandemic, but also an extremely hot housing market. I know we’re all very excited about bringing this same level of premier closing service to a new market.”

 

Located along Schererville’s major thoroughfare at 322 Indianapolis Blvd., Suite #200, the new office offers three closing rooms as well as curbside capability to accommodate Proper Title’s steady stream of residential and commercial closings. 

The main contact for the office is Karen Craig, escrow officer for Proper Title.

New Proper Title Insurance Co. office,
 322 Indianapolis Boulevard,
 Suite #200, Schererville, IN

 Proper Title recently hired Brent Fielder as executive vice president to spearhead expansion into Northwest Indiana and beyond. 

He joined the title insurance agency after 13 years at Meridian Title Corp. where he developed multi-state title company operations and led sales teams to exceed annual sales goals.

 

CONTACTS: 

 

 Paula Widholm, pwidholm@taylorjohnson.com, 

(312) 267-4525

Kim Manning, kmanning@taylorjohnson.com, 

(312) 267-4527

Jeff Diener Joins BakerHostetler’s San Francisco Office as National Hospitality Co-Leader

Jeff Diener

 SAN FRANCISCO, CA —BakerHostetler announces that Jeff Diener has joined the firm as a partner in its Business Practice Group.

Based in San Francisco, Diener will be a member of the Real Estate team and will co-lead the national Hospitality Industry team.

Diener brings experience representing clients in the acquisition, finance, sale, development, management, restructuring and bankruptcy of hospitality, life science, technology and other real estate assets and businesses throughout the world.

John Allotta

“We are thrilled to have Jeff join our Business Practice Group and our Real Estate team," said John Allotta, chair of the Business Practice Group.

 "His institutional knowledge, particularly in the hospitality industry, will help us continue strengthening the firm’s footprint in that sector. 

“Jeff’s vast experience will be invaluable to not only the Business Practice Group, but the entire firm.”

Adds Robb Adkins, managing partner of BakerHostetler’s San Francisco office, “I speak for everyone in the San Francisco office in welcoming Jeff to our office and to the firm.” 

Robb Adkins

Diener earned a J.D. and an MBA from the University of California, Los Angeles in 2001 and a B.A. from Cornell University in 1995.

For more information on BakerHostetler’s Business Practice Group, please visit https://www.bakerlaw.com/BusinessCorporate.

Connect with us on Twitter at @BakerHostetler or on LinkedIn @BakerHostetler, @JohnAllotta, @RobbAdkins and @JeffDiener.

 

 

 CONTACT:    

John Garge  917-572-4820

Courtney B. Smith

+1-202-861-1514

cbsmith@bakerlaw.com

 

Diego Catala

+1-202-861-1515

dcatala@bakerlaw.com

 

JLL Capital Markets finds financing for two luxury mid-rise properties in Rahway, NJ

Reva Rahway, 219 apartment units
and Metro Rahway, 116 units, 
 Rahway, NJ

 

 MORRISTOWN, NJ, Jan. 7, 2021 – JLL Capital Markets has arranged financing for two luxury, mid-rise multi-housing properties totaling 335 units in the northern New Jersey community of Rahway.

 JLL worked on behalf of the borrower, Sterling Properties Group, LLC and AST Development, to place two separate 10-year, fixed-rate loans with New York Life Real Estate Investors.

 

Jon Mikula

The newly constructed REVA Rahway totals 219 units in a mix of studio, one- and two-bedroom units averaging 937 square feet.

Apartments feature wood-style vinyl floors, stainless steel GE appliances, in-unit washers and dryers and quartz counters.

The community offers residents a fitness center, resident lounge, co-working business center and outdoor courtyard with grills.

 Metro Rahway was built in 2014 and totals 116 units comprising studio, one- and two-bedroom units that average 1,081 square feet.

Units feature nine-foot ceilings, stainless steel appliances, vinyl flooring and quartz counters. Residents have access to a fitness center, billiards room and resident lounge.

Jim Cadranell 

REVA Rahway is located at 1245 Main St. and Metro Rahway is situated at 1420 Campbell St., offering quick access U.S. Routes 1, 9, 27 and 35.

Additionally, residents of both communities can access the Rahway Train Station offering a 36-minute ride for commuters to NYC Penn Station.

The properties are within 15 minutes of over three million square feet of retail, dining and entertainment options including Aviation Plaza, Clark Commons, Menlo Park Mall and Woodbridge Center.

 Residents also benefit from proximity to Rahway’s downtown area offering museums, breweries, local markets, retailers and dining.

Carlos Silva

The Capital Markets debt advisory team representing the borrower was led by Senior Managing Directors Jon Mikula and Jim Cadranell and Analyst Carlos Silva.

 “It was our pleasure to represent both Sterling Properties and AST Development in the refinancing of their two exceptional properties,” said Cadranell. “New York Life provided very attractive long-term financing for our clients.”

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

 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