JLL Capital Markets arranges $302 million in debt and equity for a six-property 1,494-unit, multi-housing portfolio located throughout Maryland, Virginia and Alabama

 

Melissa Marcolini Quinn

 TAMPA, FL -- JLL Capital secured $262 million in debt and $40 million in equity for the refinancing of a six-property, 1,494-unit, garden-style multi-housing portfolio scattered across Maryland, Virginia and Alabama.

 JLL represented the borrower, Carter Multifamily, to secure the seven-year, floating-rate loans through Freddie Mac Multifamily.

 The loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. JLL also worked to secure the equity through an institutional investor.

 Lee Weaver

The JLL Capital Markets Central Florida Debt & Equity Advisory team represented the borrower and is led by Senior Managing Directors Melissa Marcolini Quinn and Lee Weaver.

 “Despite turbulent debt markets, we were able to facilitate a refinance of the portfolio with favorable senior financing from Freddie Mac, who was attracted to the deal due to the portfolio’s contribution to its mission and the borrower’s strong track record,” said Quinn.

 “The favorable senior loan terms and sponsorship attracted a lot of interest from equity investors, and we are happy to close this deal for the Carter team,” Weaver said.

 The multi-housing portfolio consists of:

·         Park at Kingsview Village, 13414 Daventry Way, Germantown, Maryland

·         Stonecreek Club, 12840 Locbury Circle, Germantown, Maryland

·         Hunt Club, 404 Christopher Ave., Gaithersburg, Maryland

·         Springwoods at Lake Ridge, 12395 Midsummer Ln., Woodbridge, Virginia

·         Windsor Park. 3937 Penshurst Ln., Woodbridge, Virginia

·         Oaks of St. Clair, 5050 Oaks of St. Clair Circle, Moody, Alabama

 

320-unit Park at Kingsview Village, Germantown, MD

Five of the properties are located within the Washington, D.C. suburbs, providing tenants access to the employment opportunities in and surrounding the District.

 The 326-unit Park at Kingsview Village, the 240-unit Stonecreek Club and the 336-unit Hunt Club are set in Germantown and Gaithersburg, Maryland, respectively, which are northwestern suburbs along Interstate 270.

 The 220-unit Windsor Park and the 180-unit Springwoods at Lake Ridge are both within Woodbridge, Virginia, a southern suburb approximately 23 miles from downtown Washington, D.C.

Situated in the Birmingham, Alabama MSA, the 192-unit Oaks of St. Clair is in Moody, Alabama, approximately 20 miles east of downtown Birmingham.

 

 Contacts:

Jenna Sharp, JLL Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com

carterfunds.com and cartermultifamily.com.

Guthrie Development acquires prime multi-tenant industrial asset in Orange County, CA submarket

 

Rob Guthrie

FOUNTAIN VALLEY, CA -- Guthrie Development Company, a full-service commercial real estate investment and management company based in Irvine, California, has acquired a 13,260 square-foot multi-tenant industrial building in Fountain Valley, California from a private seller.

“Our firm focuses on strong-performing asset classes such as industrial, which continues to surpass all other commercial real estate sectors,” says Rob Guthrie, President at Guthrie Development Company.

 “Demand for this product type has skyrocketed recently, especially in the Orange County market. In fact, this region saw its eleventh straight quarter of positive absorption in Q1 2022.

13,260 square-foot multi-tenant industrial building,
Fountain Valley, CA

"Competition for industrial space in Orange County has never been higher, which is driving rental rates to new all-time highs. Through our extensive expertise in the Orange County market, we have observed increasing interest in this sector from both users and investors in the area.”

The property Guthrie Development has acquired consists of seven units ranging from 1,560 square feet to 3,510 square feet and is currently 80% leased. 

Nick Spatafore

CBRE's Nick Spatafore, the broker representing Guthrie in the transaction, will work on behalf of the company to sell the remaining individual condos to small businesses and investors. 

Spatafore represented both the buyer and seller in the transaction

Additionally, Guthrie Development will implement a series of capital improvements as part of its strategy to enhance the property’s overall value, says Dane Rowland, Commercial Property and Business Association Manager at the company.

 Dane Rowland

“As it is rare to find an industrial asset like this with such an exceptional location near the 405 Freeway, we immediately recognized its value potential,” says Rowland.

“With this acquisition, we will perform a complete condo conversion, which will include new landscaping, an outdoor gathering area with seating, interior improvements, among others.”

Acquired for $4.3 million, the property is located at 17330 Newhope Street in Fountain Valley, California. Nick Spatafore with CBRE represented both the buyer and seller in the transaction.

 Contacts:

 

Brooke Belt / Katie Haga

The Smart Agency, Inc.

(949) 438-6262

bbelt@thesmartagency.com

 

JLL Capital Markets closes sale of the 175-unit The Bevy Apartments in Brown Deer, WI

 Amanda Friant

CHICAGO, IL,  Aug. 16, 2022 – JLL Capital Markets has closed the sale of Bevy Apartments, a brand-new, 175-home apartment and townhome community in the fast-growing North Milwaukee suburb of Brown Deer. The price was not disclosed.

Rendering of The Bevy Apartments, 
8600 North Deerwood Drive,
Brown Deer, WI

JLL worked on behalf of the seller, Fiduciary Real Estate Development, Inc. JVM Realty Corp. acquired the asset.

The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Director Wick Kirby, Director Amanda Friant and Analyst Jeremy Weinstock, along with Senior Managing Director Jaime Fink.

 Built in 2020, The Bevy Apartments features studio, one-, two- and three-bedroom floorplans with granite countertops, stainless steel appliances, in-unit washers and dryers, large walk-in closets, programmable thermostats, bedroom ceiling fans with lighting controls and an average size of 961 square feet.

Wick Kirby

Select units feature private balconies/patios and private entries and garages. Community amenities include a fitness center, an outdoor terrace with grilling stations, a resident clubroom, an FX gaming system, an outdoor dog park and pet spa and underground parking.

 Located at 8600 N. Deerwood Dr., The Bevy Apartments is just a 15-minute drive to downtown Milwaukee via direct highway access and is walkable to the numerous retail options at the Village, which will include the new Village Square development’s beer garden and farmer’s market. 

Jeremy Weinstock

The property is also accessible to the modernized Bayshore outdoor shopping center.  Additionally, the community is 25 minutes from Milwaukee Airport and 10 minutes from Lake Michigan.

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

 Fiduciary Real Estate Development, Inc

Fiduciary Real Estate Development, Inc.(“FRED”) is an award-winning developer and real estate investment management firm, focused on the market rate multifamily apartment asset class.

 Jaime Fink

Founded in 1985 and based in Milwaukee, Wisconsin, FRED currently owns and manages more than 8,000 market rate apartments across multiple states, and continues to expand throughout the United States.  

JVM Realty Corp.

 Based in Oak Brook, Illinois, JVM operates a $1.4 billion multifamily portfolio in the Greater Midwest, including Illinois, Indiana, Kansas, Missouri and Wisconsin. 

  Contact:

Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

www.jvmrealty.com.

 

 https://liveatthebevy.com/

 

Stan Johnson Co. brokers $11 million sale of North Carolina assembly and distribution facility

 

Maggie Holmes 

Winston-Salem, NC -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial building leased to Collins Aerospace, a leader in technologically advanced and intelligent solutions for the global aerospace and defense industry.

 The 90,499-square-foot manufacturing building is located at 2599 Empire Drive in Winston-Salem, North Carolina. Jonathan Ameen of Stan Johnson Company represented the buyer, a New York-based individual investor who acquired the asset for $11.4 million.

Maggie Holmes of Stan Johnson Company represented the seller, a REIT based in Dallas, Texas.

Jonathan Ameen 

“This represents a generational asset for my client and an attractive disposition for the seller in the midst of interest rate headwinds,” said Ameen, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “Yet another reminder that the market for critical industrial assets is still very strong.”

The well-maintained facility sits on 5.5 acres and features concrete tilt-up construction, 13 loading docks and high ceilings ranging from 28 to 34 feet.

Collins Aerospace has operated the facility for fourteen years and has invested nearly $2.0 million for upgrades and renovations to its assembly and distribution lines.

The lease is fully guaranteed by the tenant’s parent company, Raytheon Technologies, a top three global defense contractor with 2021 annual revenues of $64.6 billion.

 

 Contact:

    David Ebeling

   Ebeling Communications

   (949) 278-7851

   david@ebelingcomm.com

 www.stanjohnsonco.com.

 

CrossMarc Services Names Flavia Kanyago Vice President

Flavia Kanyago

 WINTER PARK, FL – CrossMarc Services, LLC, a real estate investment and advisory firm based in Winter Park, has named Flavia Kanyago, as Vice President.

          CrossMarc CEO John Crossman, CCIM CRX said Kanyago, who brings 10 years of experience in retail commercial real estate to the firm, specializes in landlord and tenant representation, structuring deals and negotiating sale and lease contracts along with new client acquisition.

John Crossman

arc Services, and we anticipate that she will continue to be a leader in the market,” Crossman said.

 Kanyago embraced retail commercial real estate early in her career.  A graduate of Florida A&M University’s School of Business and Industry, she has had the benefit of working with the site selection strategy team of Publix Supermarkets, Inc., and the leasing teams at Front Street Commercial Group and Avison Young. 

Most recently, she was director of leasing at Capital Stack Real Estate Group. 

 In her new role at CrossMarc Services, Kanyago will handle tenant representation and the leasing of all assets owned by the firm.  She will bring in numerous clients and ensure that active retailers and brokers are familiar with the CrossMarc portfolio.

 About CrossMarc Services

Founded in 2020, Winter Park-based CrossMarc Services specializes in commercial real estate services, including advisory, investment, brokerage and property management.   

 Contacts:

John Crossman, CCIM, CRX, President CrossMarc Services, LLC,  1011 N. Wymore Rd. Winter Park, FL 32789 - 407-341-3895 or jcrossman@crossmarcservices.com

 

Flavia Kanyago, Vice President, CrossMarc Services, LLC, 1011 N. Wymore Rd. Winter Park, FL  32789;  850-264-3609 or fkanyago@crossmarcservices.com 

 Beth Payan, Larry Vershel Communications, 2433 Lee Rd., Winter Park, FL 32789;

 407-461-3781 beth@larryvershel.com

 www.crossmarcservices.com

 

 

Beta Agency brokers $4 million land acquisition in San Luis Obispo, CA

 

Madison Williams
 

 San Luis Obispo, CA – Beta Agency, a leading commercial real estate brokerage and advisory firm, has announced that Rich Development Company has purchased a property located at 1381 San Joaquin Ave in San Luis Obispo, California for $4.16 million. 

Richard Rizika

The subject property consists of 2.94 acres of land and features frontage along the 101 Freeway. The buyer’s development plans for the site were not disclosed at time of sale.

Beta Agency’s Richard Rizika, Xan Saks, and Madison Williams represented the buyer, Rich Development Company, headquartered in San Pedro, California.

Xan Saks

“The subject property represented an exceptional development opportunity in the highly desirable community of San Luis Obispo.”

San Luis Obispo is located halfway between Los Angeles and San Francisco. San Luis Obispo is a popular tourist destination, known for its historic architecture, vineyards, and hospitality, as well as for being home to California Polytechnic University, San Luis Obispo.

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.”

IEC appoints David Shin to Director of Asset Management and Director of ESG

 

David Shin

BREA, CA – As part of ongoing strategic growth to deepen its capabilities, institutional fund manager and value-add investor Interstate Equities Corporation (IEC) has announced the promotion of David Shin to Director of Asset Management and Director of ESG. 

With this promotion, Shin, who previously served as the IEC’s Vice President of Asset Management, will be responsible for the oversight of repositioning and business plan execution for properties across IEC’s entire multifamily portfolio, which spans California and Washington, and continue co-leading the firm’s Orange County office, according to Julia Boyd Corso, Co-President, and Chief Operating Officer of IEC. 

Julia Boyd Corso

“David has been an integral part of the IEC team for seven years now,” says Boyd Corso. “He started at the firm as an Asset Manager and has since taken on greater responsibilities during his tenure, playing a key role in asset performance throughout our portfolio.

"As Director of Asset Management, David will oversee IEC’s portfolio, ensuring assets are being repositioned and operated in line with our commitment to improving resident experience and creating value for our investors.” 

In addition to his position as Director of Asset Management, David will continue to serve as a trusted member of IEC’s investment committee, and step into a new role as Director of ESG. 

 CONTACTS:

 

Anthea Davis / Lexi Astfalk  

The Smart Agency, Inc.  

(949) 438-6262  

andavis@thesmartagency.com   

 

 

 

East Houston, TX retail center sells to South Florida investor

 

Erin Lazarus.

HOUSTON, TX – JLL Capital Markets has closed the sale of Humblewood Shopping Center, a 163,897-square-foot power center anchored by Conn’s and Petco in the Houston-area community of Humble, Texas. The price was not disclosed.

JLL marketed the property on behalf of the seller, Forge Capital Partners. South Florida-based JBL Asset Management acquired the asset.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan West and Associate Erin Lazarus.

Chris Gerard 

Humblewood Shopping Center is home to a diverse mix of national and regional tenants, including Conn’s, Petco, Michaels, DSW, Five Below, Texas State Optical, Sketchers, GameStop, Honey Baked Ham, Jason’s Deli, Smoothie King, IHOP, Humble Nails, Gadget MD and Ace Cash Express.

 Located at 19611 US 59, Humblewood Shopping Center is at the southwest corner of FM 1960 Bypass Rd E and Interstate 69, which is northeast Houston’s dominant retail intersection and directly across the street from Deerbrook Mall, a 1.2-milion-square-foot regional mall.

Ryan West

The center is close to major employment centers and 2.5 miles east of George Bush Intercontinental Airport, which employs more than 35,000 people.

 The center serves a population of 43,280 residents within a three-mile radius earning an average annual household income of nearly $84,000.

 CONTACT:

 Kimberly Steele

 JLL Sr. Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com