JLL Capital Markets sells 150 College Road West Class A office building in Princeton, NJ for $12.7 million

 

Jeremy Neuer

 MORRISTOWN, NJ, May 11, 2023 -- JLL Capital Markets has closed the $12.7 million sale of 150 College Road West, a Class A office building in Princeton, New Jersey.

 

JLL represented the seller, Nessel Development, in the sale of the property to New Jersey-based Strategic Funding Alternatives, LLC (SFA).  JLL’s Investment Sales and Advisory team advised on the seller financing.

 

This is the second JLL sale to SFA within two years, as well JLL’s second Princeton submarket office sale this year, having recently closed Crossroad Corporate Center in Lawrenceville.

 

150 College Road West, a three-story, Class A
office building in Princeton, NJ

JLL’s previous office sales in the Princeton submarket include: 7&9 Roszel Road (two sales), 600 & 700 Alexander Park Road, 1 University Square and 800 Scudders Mill Road.

 

Built in 2001, 150 College Rd. West is a three-story boutique office building that is 69% leased to a diverse tenant roster, including a national health care and life sciences law firm and an engineering, construction management and environmental services firm.

        Jose Cruz

150 College Rd. West is positioned on 7.64 acres along Rte. 1, the primary retail and office corridor in the Princeton submarket.

 

The property is immediately adjacent to Princeton Forrestal Village, which features a Westin Hotel and high-end restaurants including Ruth’s Chris Steak House, and across from Princeton University’s James Forrestal Campus.

 

The Princeton market is home to an affluent population with an average household income of more than $206,000, as well as some of the world’s leading finance, healthcare and R&D companies.

Tom Romano

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Jeremy Neuer, Jose Cruz, Kevin O'Hearn, Tom Romano and Alexander Alfier.

 

“This transaction was a true collaboration between the buyer and seller to consummate a closing in a challenging capital markets environment,” Neuer commented. “We look forward to working with both Nessel and SFA on future transactions.”

About Nessel Development

 

Nessel Development employs a value-add investment approach involving strategic redevelopment and creative leasing strategies. The firm owns and operates commercial real estate throughout the country.

Alexander Alfier

About SFA

 

SFA is a privately held commercial real estate investment firm located in Moorestown, New Jersey. Founded in 2016, SFA has become one of the fastest growing firms in the Southern and Central New jersey market with 32 properties and 1.4 million square feet.

 

CONTACT:

 

Kristen Murphy

JLL Director

 Public Relations

Phone: +1 617 543 4873

Email: Kristen.Murphy@jll.com

 

www.sfalts.com

jll.com.

nesselinc.com

 

EverWest Acquires Two-Building Industrial Project in Prime Denver Infill Location for $39.6 Million

Jessica Ostermick

 DENVER, CO – Leading real estate investment advisor EverWest Real Estate Investors (“EverWest”) has purchased Central Connection for $39.6 million in Denver’s popular North Central infill submarket from a joint venture of Comunale Properties and institutional investors advised by J.P. Morgan Asset Management.

The two-building, 194,710-square-foot Class A industrial asset is fully leased to six diverse tenants in an area known for significant demand and high barriers to entry.

 Central Connection is a two-building,
194,710-square-foot, Class A industrial
 asset at 1550 and 1210 East. 73^rd Avenue
 in Denver. CO

The property sits at the intersection of I-25, I-76 and I-270, minutes from I-36 and I-70, and less than 30 minutes from Denver International Airport.

“Denver’s North Central industrial market is one of the most desirable and connected in the state, with some of the region’s highest rents and lowest vacancy rates, despite a predominantly older inventory of competitive product,” said Brett Birkeland, EverWest’s Managing Director of Acquisitions, Central U.S.

Brett Birkeland

“Within this environment, Central Connection is main-and-main real estate, standing out for its modern construction, clear height and ease of divisibility.”

 "Central Connection represents our first joint venture with J.P. Morgan,” said Comunale Properties President John Comunale.

“Its extensive entitlement and development process honored both the area's agricultural past and this submarket's future as a major economic driver.

"We couldn't ask for a better buyer than EverWest and look forward to their continued stewardship of this asset."

John Comunale

At the time of its delivery in 2020, Central Connection broke records for the fastest ever lease-up of a speculative industrial project in the Central Denver submarket, securing pre-lease commitments for 76% of its buildings and 100% lease-up within one month of completion.

Central Connection is located on 14.12 acres at 1550 and 1210 E. 73^rd Ave. in Denver. Building 1 totals 153,264 square feet with 32’ clear height. It is fully leased to Peloton, Epicurean, Outpost, Alpha and Carlisle.

Building 2 totals 41,446 square feet with 24’ clear height. It is fully leased to Newcomb Spring Corp.

 Bays at Central Connection range from 16,334 square feet to 50,649 square feet. They are equipped with drive-in and dock-high loading doors and feature ESFR fire protection, gated loading access and a market-leading parking ratio of 2.07/1,000.

Jeremy Ballenger

Comunale Properties and J.P. Morgan were represented by Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick of CBRE.

According to CBRE, only 2% of industrial buildings in Central Denver have a clear height greater than 32’ and only 12% have a clear height greater than 24’.

Jim Bolt

Modern, Class A shallow bay product like that offered at Central Connection also has a local vacancy rate of just 2.3% and accounted for 80% of the market’s executed leases over the last 12 months.

“This is a versatile project that checks all of the boxes,” said Birkeland. “It can adapt with an evolving market and offers advantages as an infill play benefiting from Central Denver’s high barriers to entry.”

For distribution-centric tenants, Central Connection is 29 minutes from downtown Boulder and 12 minutes from downtown Denver, with 2.1 million people located within a 15-mile radius.

 

Tyler Carner

EverWest currently has $5.2 billion in assets under management, invested through separately managed accounts and commingled funds.

 It provides investment management services including acquisitions, asset management, development and property management for assets throughout the U.S.

 

CONTACTS:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 

RKW Residential Opens Highfield Madison Community in Huntsville, AL

Highfield Madison apartment community,
 just west of Huntsville, AL

Huntsville, AL -- RKW Residential, one of the nation’s fastest-growing multifamily management firms, announces the opening of the brand-new Highfield Madison apartment community, just west of Huntsville, Alabama, which they will be leasing and managing.

 The opening of Highfield Madison represents RKW’s expansion of its leasing and management platform into the rapidly growing Huntsville market and its first partnership with owner and developer i3.

Kathy Olson

 Located in Madison, which is immediately outside of Huntsville, the 258-unit community is elevating the standard for luxury apartment living in the market.

 The property offers convenient access to retailers such as Sprouts Farmer’s Market Grocery and Academy Sports and is in close proximity to the Village of Providence and Mid City.

 Residential demand is at an all-time high in Huntsville, which was recently voted “The Best Place to Live in America in 2023” by U.S. News & World Report.

“We are excited to open Highfield Madison and see our residents experience its best-in-class finishes, amenities and hands-on service provided by our dedicated team,” said RKW’s Kathy Olson, who leads the Highfield Madison property management team.

  “No detail was spared by i3 in conceiving this luxurious community. We anticipate a brisk lease-up given Highfield Madison’s quality, the location’s appeal and tremendous growth occurring in the Huntsville market.”

 “i3 is excited about the completion of Highfield Madison and the expansion of our Multi-family development portfolio, said Doug Demiano, i3 Chief Operating Officer.

 

Douglas A. (Doug) Demiano

“We look forward to having our first residents move into their new luxury apartment homes this summer and serving the growing housing needs of the Huntsville community.”

 Developed and owned by i3. 

Managed and Leased By: RKW Residential

 For information about leasing opportunities at Highfield Madison, visit www.highfieldmadison.com.

 

CONTACTS:

 

Eric Kalis

 BoardroomPR

ekalis@boardroompr.com

954-370-8999

 

Max Brodsky

Account Coordinator

 BoardroomPR

mbrodsky@boardroompr.com

O 954-370-8999

C 954-279-7574

Commercial Real Estate Executive Christie Alexander of CrossMarc Services Named to Board of Directors of KMI International

  

Christie Alexander

ORLANDO, FL --  Christie Alexander, Senior Vice President at Orlando-based CrossMarc Services has been appointed to the Board of Directors of KMI International, a global construction management firm headquartered in Orlando.

Alexander has more than three decades of experience as a senior commercial real estate executive across all sectors of the industry.  She earned the CDI.D board certification from Corporate Directors International.

The board, which comprises a foundation of highly credentialed experts, is headed by the organization’s founder and CEO John Manning.

John Manning

 “We’re proud to welcome Christie Alexander to our board.  Her knowledge of Central Florida will provide great input to KMI and the clients we serve,” he said.

John Crossman, founder of CrossMarc Services said he’s not surprised that Alexander has been selected for the influential role.  “Christie is one of the brightest and most knowledgeable commercial real estate professionals I know.”

John Crossman

Founded in 1999, KMI International is a global program and construction management consulting firm that offers industry-leading levels of talent, resources, and experience along with the added benefit of a personal, hands-on, custom-tailored approach for each project. 

An employee-owned company, KMI provides robust and agile leadership to owners at every project stage. Clients turn to KMI to bring a derailed project out of trouble or to ensure a complex project is properly managed from its inception.

CONTACTS:

 

John Crossman, President,

 CrossMarc Services LLC 

407-794-9393

 jcrossman@crossmarcservices.com

John Manning, PE, LEED AP, CCM,

 Founder/CEO KMI International,

407-251-0085

 info@kmiintl.com

Beth Payan,

 Larry Vershel Communications

 407-461-3781 

 beth@larryvershel.com

 

www.kmiintl.com.

  

 

JLL represents Jeans Warehouse in acquisition of two industrial facilities in Halawa Valley, Honolulu

 

Cullen Oesterly

HONOLULU, HI., May 10, 2023 –– Confirming continued demand for Honolulu industrial space, JLL announced today that Jeans Warehouse, a leading apparel retailer, has acquired a 16,000-square-foot industrial facility located at 99-984 Iwaena Street in the Aiea neighborhood of Honolulu, Hawaii. 

 

 The price was not disclosed. The new building will be used for product warehousing, online marketplace, and photo studio.

 

The acquisition of 99-984 Iwaena Street comes of a few months after Jeans Warehouse acquired an 18,500-square-foot industrial facility located at 99-910 Iwaena Street in the Aiea neighborhood of Honolulu, Hawaii for distribution and administration.

 

JLL Vice President Cullen Oesterly represented Jeans Warehouse in both acquisitions as well as the seller of the most recent acquisition, CTY Investors, Ltd.

99-984 Iwaena Street in the Aiea neighborhood
 of Honolulu, Hawaii

“Jeans Warehouse chose these two buildings because of their location, building quality, property configuration and proximity to its stores and other facilities,” said Oesterly. 

 

 “Honolulu continues to experience a scarcity of functional and centrally located large warehouse space following a post-pandemic shift in ecommerce demand.”

 

 

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.”

 

 

Michael Zimmerman joins Northmarq as vice president in net lease investment sales

Michael Zimmerman 

 

 Durham-Chapel Hill, NC, May 10, 2023 — Northmarq’s investment sales team has announced the addition of Michael Zimmerman as vice president – commercial investment sales.

 

Zimmerman specializes in the disposition and acquisition of single tenant and triple net lease retail properties, further expanding Northmarq’s commercial investment sales. 

 

With over 20 years in the commercial real estate business, Zimmerman has been involved in over $1 billion of sales for shopping centers, single tenant, strip centers, office buildings and land deals.

 

Prior to Northmarq, Zimmerman served as principal owner at Ground & Space. He has also served as a Partner at Atlantic Retail Properties and a Managing Director at Calkain Companies.

 

Daniel Herrold

In his new role, Zimmerman joins the commercial investment sales team led by Daniel Herrold, senior vice president of Northmarq’s Tulsa office. Zimmerman will be based in Chapel Hill, North Carolina.

 

“I’m excited to have Michael join our team,” said Herrold.  “Michael is a veteran in the net lease space having over 20 years of experience in the business.

 

"We needed to fill a void in our team of focusing on retail investors and developers throughout the Southeast, and Michael fits that void perfectly with his existing clients and business activity.”

 

Zimmerman is a graduate of San Diego State University and holds a broker’s license in North Carolina and Florida. He also is a long-time member of the International Council of Shopping Centers.

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.”

 

 

JLL’s Portland Capital Markets team hires Nick Davino as Director

 

Nick Davino

PORTLAND, OR, May 10, 2023 –JLL Capital Markets announced today that Nick Davino has joined the firm as a Director focused on office and industrial investment sales and advisory transactions in its Portland office.

 

Davino will work alongside Managing Director Buzz Ellis to build out the Portland office and industrial investment sales and advisory team.

 

“We’re in a really interesting time for commercial real estate and particularly office, which is why it’s more critical than ever that we have the best teams on the field to advise our clients on the road ahead,” said Ellis.

 

“I’m excited that Nick has joined the team and I look forward to working with him to unlock value for our owner clients as well as identify areas of opportunity for our investor clients.”

Buzz Ellis

Davino began his commercial real estate career in 2020 and quickly rose to one of the top producers for the Pacific Northwest region at his prior firm.

 He was honored as the 2021 Rookie of the Year in his local Portland office and went on to close more than $75 million in office and industrial transactions in his first few years.

 

Davino graduated with a Bachelor of Science degree in Business Administration from Oregon State University.

 

For more news, videos and research resources, please visit JLL’s newsroom.

 CONTACT:

 

 Kristen Murphy

Director, Public Relations, Americas

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@jll.com

 

jll.com