Thursday, April 7, 2022

JLL Capital Markets advises on $60 million purchase and financing of University Mall in Burlington, VT by a JV comprising Eastern Real Estate and Taconic Capital

Claudia Steeb

BOSTON, MA, April 7, 2022 JLL Capital Markets announced today that it has advised on the $60 million purchase of and arranged $36.27 million in acquisition financing for University Mall, a 617,000-square-foot, grocery- and Target-anchored enclosed regional mall in Burlington, Vermont, that is the No. 1 shopping center in the state.

 University Mall, a 617,000-square-foot,
grocery- and Target-anchored
 enclosed regional mall
in Burlington, VT

JLL advised a joint venture between Eastern Real Estate and Taconic Capital on their acquisition of the asset. Additionally, working on behalf of the new owner, JLL secured a non-recourse acquisition loan from HarborOne Bank and Berkshire Bank.

 Dave Monahan 
With an estimated 3.9 million visitors per year, University Mall generates more foot traffic than any other shopping center in the state of Vermont.

The 96.3-percent-leased mall is the largest enclosed shopping center in the state and is anchored by Hannaford Supermarkets and Target’s first and only store in Vermont.

The mall is complimented by a diverse mix that includes JCPenney, Kohl’s, Sears, H&M, Victoria’s Secret, Bath & Body Works and Party City. The new owners announced they are exploring a range of plans to reenergize the property, which was originally constructed in 1979 and last renovated in 2018.

Chris Angelone


University Mall spans nearly 52 acres at 155 Dorset St. in Burlington less than three miles from four colleges and universities, including the University of Vermont, and both The University of Vermont Medical Center and the Burlington International Airport are within a mile.

The property also has excellent visibility from Interstate 89, one of Vermont’s most heavily travelled interstates with average daily traffic counts exceeding 47,000.

Cameron Pittman





The property draws from an extended trade area that includes approximately 42 percent of the state’s population and 278,812 residents within a 25-mile radius earning an average annual household income of $105,521.

 The JLL Retail Capital Markets team advising the purchaser was led by Senior Managing Directors Dave Monahan and Chris Angelone, Senior Director Cameron Pittman and Managing Director Nat Heald.

 “Eastern Real Estate has made a number of savvy regional mall acquisitions over the past few years, and Taconic Capital has a proven track record of intelligent, opportunistic direct real estate investments,” Monahan said.

Nat Heald

“University Mall is a tremendous addition to their portfolios, offering exceptional upside potential. 

Eastern and Taconic make an excellent team, and I am excited to see the transformation of University Mall under their ownership.”

 The JLL Capital Markets Debt Advisory team included Managing Director Claudia Steeb and Senior Managing Director Brett Paulsrud.

 

Brett Paulsrud
“Obtaining debt that enables Eastern Real Estate and Taconic to pursue their transformation of University Mall was a key factor in selecting the lending group for this opportunity,” Steeb added. 

“The lenders at HarborOne Bank and Berkshire Bank were flexible in providing terms to meet the needs of the ownership group.”




CONTACT:

Kimberly Steele

JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

 

Cuningham announces completion of unique affordable housing and community center development in Minneapolis, MN

 Sam Olbekson
 

MINNEAPOLIS, MN – Cuningham, a design firm with expertise in architecture, interior design, urban design, landscape architecture, and master planning, has announced on behalf of its client, the Red Lake Nation, the opening of Mino-bimaadiziwin Affordable Housing.

  The first-of-its kind,110-unit affordable housing community features a Red Lake Nation embassy and healthcare clinic and is located in the heart of Minneapolis’ American Cultural Corridor.

 Mino-bimaadiziwin, which means “living the good life” in Ojibwe, provides housing to Red Lake Ojibwe Band members and other local Native American residents, as well as bringing much-needed services to the tribe’s urban population.

Jeff Schoeneck

 It is the first housing project developed by a tribal government in a major city, according to Sam Olbekson, AIA, NCARB, Founder and CEO of Full Circle Indigenous Planning + Design, LLC and Cuningham consultant.

“The Red Lake Ojibwe Band identified a strong need for culturally-specific supportive housing for its community members living off the tribe’s northern Minnesota reservation,” says Olbekson.

“In addition to the affordable housing units, the development’s Red Lake Nation embassy and healthcare clinic will create a convenient hub for residents to receive the services, resources, and care they need.”

 


Project funding for the nearly $42 million development came from the city of Minneapolis, Hennepin County, the Shakopee Mdewakanton Sioux Community, and 15 other sources.

 “We’ve seen widespread support for Mino-bimaadiziwin from a range of local stakeholders who hold a strong belief that this permanent housing solution, as well as convenient access to community resources and physical and mental health services, will create a solid foundation upon which residents will flourish,” says Jeff SchoeneckAIA, NCARB, LEED AP, Principal and Executive Director of Cuningham’s Live Studio.



The project was built on a site that previously served as a temporary navigation center for unsheltered residents in response to an encampment of over 300 people called the Wall of Forgotten Natives.

The Cuningham team collaborated closely with Red Lake Ojibwe community members and other stakeholders to ensure the design was strongly rooted in place and aligned with enhancing and uplifting the resident experience and overall mission of the project.  

CONTACTS:

Katie Haga / Elisabeth Manville

The Smart Agency, Inc.

(949) 438-6262
khaga@thesmartagency.com

 

iBorrow provides financing for acquisitions and value-add repositionings of two vacant properties in New Jersey


Brian Good


MONTCLAIR, NJ and CLIFTON, NJ – iBorrow, a nationwide private direct lender for commercial real estate, recently provided financing to support the acquisitions and repositionings of two vacant properties totaling nearly 50,000 square feet, both located in Northern New Jersey.

 The assets include a three-story, 19,952 square-foot property in Montclair, which was historically used as a self-storage facility, and a 28,178 square-foot industrial property in Clifton, according to Brian Good, CEO of iBorrow.

“These two projects reflect strong fundamentals of the New Jersey market that support the demand for upgraded properties spanning a range of sectors,” explains Good.


He notes that the state saw solid population growth over the past decade, especially within the Northern counties where these properties are located.

 “Both of the assets will allow the borrowers to serve the needs of their respective submarkets through strategic conversions into new product types with sound and actionable business plans.”  



CONTACTS:

Katie Haga / Elisabeth Manville

The Smart Agency, Inc.

(949) 438-6262
khaga@thesmartagency.com

 

www.iBorrow.com.

 iBorrow

12100 Wilshire BLVD., Suite 510

Los Angeles, CA 90025

O: 310.843.0001 | F: 310.843.0888  

info@iborrow.com |  www.iBorrow

 

Wednesday, April 6, 2022

Peachtree Continues to Add to Leadership Team with the Focus on Expanding Its Investment Platform

Nicole Havens
 

ATLANTA, GA, April 6, 2022 – Peachtree Hotel Group ("Peachtree") and its affiliates announced that it added experienced executives with significant investment, operational and organizational expertise to its management teams.

The recent additions bolster the company's ability to expand its investment platform further.

"I am extremely pleased to see such an experienced group of executives joining Peachtree," said Greg Friedman, Peachtree's CEO.

Greg Friedman

"Current market conditions are highly compelling for commercial real estate investing. We expect to see significant growth and appreciation across the sectors that Peachtree invests in, driving values past pre-pandemic levels.

"Also, values of real estate assets have historically moved in line with inflation over the longer term.

"These additions strengthen our ability to support our strategic growth objectives to scale our investment platform further and diversify allocation strategies."

Matthew Ram

The expanded management teams now include:

Matthew Ram - Senior Vice President, Acquisitions – Peachtree Hotel Group


Ram has significant experience with private equity investments, including capital raising, acquisitions and dispositions, fund administration and investor relations. He most recently served as vice president of acquisitions for McKibbon Hospitality, responsible for sourcing and underwriting acquisitions of hotels, hotel mortgage debt and preferred equity investments.

 Previously, Ram held leadership positions with Liberty Group, J.J. Haines & Co. and Wells Fargo. He holds a bachelor’s degree in finance from the University of South Florida. He is also an active board member of the Real Estate Investment Council and Society of Real Estate Professionals.

Susan McClure

Susan McClure, Ph.D. - Vice President Leadership & Executive Development – Peachtree Hotel Group


 McClure has been a trusted advisor to senior leaders throughout her career. She most recently served as vice president / principal consultant, North America for Right Management helping organizations attract, develop and retain top talent for rapidly transforming business environments. 

Previously, McClure held leadership positions with The Highland Group, Conner Partners and Wells Real Estate Funds. She received her Ph.D. in Organizational & Management from Capella University and her master’s and bachelor’s degrees from Georgia State University.

Will Woodworth 

Will Woodworth - Vice President, Investments – Peachtree Hospitality Development


Woodworth has spent his career in hospitality real estate, demonstrating success in acquisitions, developments, and debt and equity capital market transactions. 

Prior to Peachtree, he was vice president of investments at AMS Hospitality/Stormont Hospitality Group, where he focused on the sourcing, underwriting and capital raising for new development and acquisition opportunities of full-service and boutique hotels throughout the southeast. 

Previously, Woodworth held positions with Rockbridge and Wells Fargo. He has an MBA from the Johnson Graduate School of Management at Cornell University with a focus on finance and real estate, and a bachelor’s degree from the Georgia Institute of Technology. 


Nicole Havens - Vice President, Revenue Management – Peachtree Hospitality Management


Havens’ experience expands from Hilton corporate, property-level leadership, multi-brand management support and asset development. This has allowed for a strong history of facilitating team training and development within the core disciplines of sales, revenue management and eCommerce. 

Additionally, Havens has driven commercial strategy for owned and managed portfolios across the Hilton, Marriott, IHG and Hyatt landscape during her career. 

Within the diversity of portfolio management, she has extensively partnered with some of the top REITs in the country, bringing a key focus on owner relations tailoring communication and strategic roadmaps to fit the goals of third-party asset management teams. 

Havens received her bachelor’s degree from Southern Methodist University.

Kelly Mascari 

Kelly Mascari - Vice President, Operations – Peachtree Hospitality Management


Mascari has been in the hospitality industry for 25 years working in operations and sales. Prior to joining Peachtree, Mascari was chief sales officer for Pinstripes, handling sales for its events and catering services.

 Previously, Mascari was senior vice president for First Hospitality Group and Pillar Hotels & Resorts. She has a bachelor’s degree from the University of Missouri at Columbia. 

In addition, Mascari is a Leadership Mastery Trainer and PI Certified Coach.

 CONTACTS:

Charles Talbert

Corporate Communications Director

678-823-7683

ctalbert@peachtreehotelgroup.com

www.peachtreehotelgroup.com.

 

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

www.peachtreehotelgroup.com.

 

JLL Capital Markets closes sale of the Randalls-anchored Champions Village Shopping Center in Houston, TX to First National Realty Partners

Champions Village Shopping Center,
a 383,346-square-foot retail
power center anchored by
 Randalls in Houston, TX
  

HOUSTON, TX, April 6, 2022 JLL Capital Markets announced today that it has closed the sale of Champions Village Shopping Center, a 383,346-square-foot retail power center anchored by Randalls in Houston, Texas.

Sherri Rollins

JLL marketed the property on behalf of the seller, New Market Properties, LLC, a wholly owned indirect subsidiary of Preferred Apartment Communities, Inc. First National Realty Partners acquired the asset.

Chris Gerard 


Champions Village Shopping Center is anchored by Randalls, which attracts more than 550,000 visitors per year and is a subsidiary of Albertsons, the third largest grocery chain in the U.S.

The remaining tenancy comprises a dedicated roster with a collective weighted average tenure of 21 years, including Barnes & Noble, T.J.Maxx, Tuesday Morning, La Madeleine, Don Ramons Mexican Restaurant, Kirklands, Jenny Craig, Super Cuts, Bath and Body Works, Body & Brain Yoga, Berkeley Eye Center, Cassandra’s Louisiana Kitchen and MOD Pizza.

 Positioned on 31.9 acres at 5215 FM 1960 Rd. W, Champions Village Shopping Center is within the northwest Houston area known as Champions, which has grown by 10.5 percent within a five-mile radius over the last decade.

Ryan West
This property represents one of the largest and best located urban infill sites in the market and is highly visible, with more than 58,000 vehicles passing daily.

The center is also in a dense residential area housing 106,417 residents and only two traditional full-service grocers within a three-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan West, Vice President Sherri Rollins and Analyst Ethan Goldberg.

 “Capital continues to seek quality retail assets, given the attractive yields still available today,” West said. “We were pleased to be involved in First National Realty Partners’ Texas debut.”

Ethan Goldberg.

According to JLL Research’s recently released Grocery Tracker 2022 report, 2021 was a record year for grocery-anchored retail property transactions, with 735 total trades. Acquisition volume for the year was just over $13.3 billion, the largest share of any retail property type for the third year in a row and the second-highest level in recorded history.

 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:


Kimberly Steele

PR, Capital Markets,

Agency Leasing and Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

JLL’s Valuation Advisory group hires Katie Parsons to lead national industrial platform

Katie Parsons
 

CHICAGO, IL, April 6, 2022 – JLL’s Valuation Advisory group announced today that it has hired Katie Parsons, MAI, as Managing Director – Head of Industrial Property Sector, where she will focus on driving growth, building the industrial platform, enhancing the customer experience and providing value to clients.

 “Investor demand for industrial space has soared over the past few years with unprecedented growth,” said Tony Lenamon, Americas Head of Valuation Advisory.

“Katie brings a host of experience that will enable us to serve the needs of our clients like never before, and we are thrilled she is here to shepherd us into a new era for our industrial platform.”

Tony Lenamon

As the leader of the industrial sector, Parsons, who is based in Seattle, is primarily responsible for driving growth of the national industrial platform and managing client relationships along with recruiting and mentoring team members, managing risk and collaborating with technology and operations to improve the platform. 

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

 

CONTACTS:


Kimberly Steele

PR, Capital Markets,

Agency Leasing and Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 jll.com


JLL closes sale of 22--building Flatiron Park campus in Boulder, CO, the largest single asset deal in Colorado history

Flatiron Park, a 22-building
life sciences and office campus
totaling one million square feet
in Boulder, CO
 

DENVER, CO, April. 6, 2022 JLL’s Capital Markets group announced today that it has closed the record-setting sale of Flatiron Park, a 22-building life sciences and office campus totaling one million square feet in Boulder, Colorado.

Hilary Barnett 

JLL worked on behalf of the seller, a joint venture between Crescent Real Estate, the Real Estate business of Goldman Sachs Asset Management and Lionstone Investments.

Kelly Kramer

BioMed Realty, a Blackstone portfolio company and leading provider of real estate solutions to the life science and technology industries, purchased the asset.

Mark Katz

The sale represents the largest single asset sale in Colorado’s history.

 The JLL Capital Markets team representing the seller was led by Mark Katz, Peter Merrion and Hilary Barnett and supported by Phillip Anderson and Kelly Kramer. 

 Peter Merrion 

 “BioMed’s acquisition of Flatiron Park will greatly benefit the rising life sciences ecosystem in Colorado,” Katz said. “BioMed is one of the top life sciences and technology real estate companies in the world and we are unbelievably excited to see where they will take this project.”

Phillip Anderson

Flatiron Park comprises biomanufacturing, research & development and creative office space that is currently 90% leased to a mix of industry-leading technology and life sciences firms.

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

CONTACTS:

Kristen Murphy

Director\ Public Relations

Americas

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

biomedrealty.com 
www.crescent.com.

LionstoneInvestments.com.

 

McHugh Construction Names Tina Paries as General Counsel

Tina Paries

 CHICAGO, IL, April 6, 2022 — Chicago-based McHugh Construction, one of the Midwest’s largest commercial contractors, has hired Tina Paries, a leading construction attorney, as general counsel.

  Paries has more than 20 years of experience in the legal field focusing on the construction industry.

 

“Tina’s extensive experience working for multiple legal firms concentrating on the construction industry is a huge benefit to our firm as we continue to expand our company by bringing in top tier talent on the job site and in the main office,” said Mike Meagher, president of McHugh Construction.


Mike Meagher

“Tina has an outstanding track record when it comes to the latest issues impacting construction, and she is well-versed on a variety of construction and real estate business issues, from contract law to mechanics’ liens to construction management, insurance coverage and sustainable building projects.”

 

Paries was most recently with the construction group at Robbins Dimonte, Ltd.

 

Paries has a bachelor’s degree in political science and history from Northern Illinois University, and a JD degree from Chicago-Kent College of Law..

CONTACTS:


 
Paula Widholm, pwidholm@taylorjohnson.com, (312) 267-4520

 

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

 

www.mchughconstruction.com.