JLL Capital Markets heads sales efforts for Mountain Point Medical Center in Lehi, UT

 

 Mindy Berman

LOS ANGELES, CA –  JLL Capital Markets arranged the sale of Mountain Point Medical Center, a Class A medical office building totaling 60,000 square feet in Lehi, Utah, in the Salt Lake City metropolitan area. The price was not disclosed.

 

JLL represented the seller, an affiliate of The Inland Real Estate Group of Companies, Inc., and procured the buyer, an affiliate of Heitman LLC.

Matt DiCesare

 

The JLL Medical Properties Group was led by Senior Managing Director Mindy Berman, Director Matt DiCesare and Director Vasili Davos. Senior Director Phil Brierley and Director Cole Macadaeg of JLL’s Salt Lake City office provided local expertise.

 

Mountain Point Medical Center is a three-story outpatient medical building that is connected to the newly renamed, 40-bed Holy Cross Hospital – Mountain Point, part of Centura Health.

 

 The building is 100% leased by Centura Health through its recent acquisition of Steward Health Care’s ownership interest in its Utah healthcare operations. 

Vasili Davos

Mountain Point Medical Center is occupied by high value medical specialists such as orthopedics, general surgery, radiology, women’s health and ENT.

 

The building is in the high growth area of Salt Lake, 25 miles south of downtown Salt Lake City, directly along Interstate 15 at the interchange with Utah State Road 92. 

Lehi has undergone exceptional growth, including young growing families seeking desirable suburbs with good access to employment throughout the Salt Lake City area.

 

Phil Brierley

The building is surrounded by commercial office buildings and retail and commercial amenities.

 

 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, please visit JLL’s newsroom

 

CONTACT:

 

Alli Semans

PR, Hotels & Hospitality

 Capital Markets

JLL
M +1 330 329 6750

LL Capital Markets arranges sale of the 28,000-square-foot Uptown Plaza in Houston, TX

  

J

 

 Erin Lazarus

HOUSTON, TX – JLL Capital Markets has closed the sale of Uptown Plaza, a 28,000-square-foot neighborhood strip retail center located in the prime retail corridor of Houston, Texas.

 

Ryan West

JLL represented the seller in the transaction. Pine Ridge Real Estate acquired the asset in an all-cash transaction. The price was not disclosed.

 The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Ryan West, Senior Director John Indelli and Director Erin Lazarus.

 

Developed in 2002, the 100-percent-leased Uptown Plaza is currently occupied by CVS, Vision Corner, EG Geller Shoes, Lesley Ann Jewels, Alchemy 43, Fizz Nails and Grotto.

John Indelli 

The property features an average tenure of over 12 years and a weighted average remaining lease term of three years.

 

 

CONTACT:

 

 Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

Jim Humphries joins JLL Capital Markets’ Single Family Rental team

 

Jim Humphries

 HOUSTON,TX –  JLL Capital Markets announced Jim Humphries has joined the firm’s Single-Family Rental (SFR) team as a Director sitting in the Houston office.

 

Humphries will focus on SFR and build-to-rent (BTR) investment sales nationally and will work alongside the current SFR team lead, Managing Director Matthew Putterman.

 

“Jim’s addition expands JLL Capital Markets’ capabilities at an opportune time as capital interest in the single-family rental and built-to-rent sector grows, driven by sustained rent growth and occupancy fundamentals,” said Putterman.

 Matthew Putterman

Humphries joins JLL from Colliers in Houston, where he has spent the past eight years. Most recently, he served as Senior Vice President and began his concentration on middle-market SFR and BTR investment sales in 2019.

 

Prior to his career with Colliers, Humphries worked with HFF (predecessor to JLL) as part of the Houston multi-housing investment sales team.

 

CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

Despite continuing federal rate hikes, good deals in commercial real estate are coming, predicts Real Estate Capital Institute’s® director John Oharenko

  

John Oharenko

Chicago, IL – As inflation sits at a 40-year high, the Fed raised rates by a quarter point in July, reaching levels last seen in 2001. 

 

This rate hike is the 11th increase in 17 months, representing as much as 5.5%.  The Fed’s decision tames inflation to the mid-three-percent range from a four-decade high of over 9% last year.

 

Real Estate Capital Institute’s® director John Oharenko believes, “Later this year, many more investors, including lenders and equity capital sources, will reprice assets and bring deals to the market based lower prices not seen in many years. 

 

"Attractive buying opportunities, or painful dispositions will soon characterize the investment horizon.”

Furthermore, the Fed hinted that another rate hike is possible, as the two-percent annual inflation target remains a priority.  However, the side effect includes a rising number of defaults and repricing of the CRE sector, as noted by the following capital market trends:

Limited Risk Appetite:  With investors witnessing attractive rising rates for shorter-term and lower-risk investments (e.g., treasuries), many will stay on the sidelines and avoid funding real estate projects not properly positioned to reflect mortgage market conditions and new higher-yield realities.  For instance, multifamily cap rates average about 5%, while debt costs start at least 100 to 150 basis points higher.

Capitalization Issues:  Each rate hike cycle further pressures property owners burdened by upcoming mortgage maturities or floating-rate debt to take action.  Usually, such measures include improving cash flow, if market conditions permit, or infusing more equity to compensate for higher financing costs.  As a result, the overall cost of the capital stack becomes paramount, eventually leading to the repricing of such assets.  For now, gone are the days of capital sources lining up to provide “cheap” financing for various realty ventures.

Defaults:  Unless the Fed takes drastic actions to lower interest rates or favorable supply/demand fundamentals emerge in the CRE industry, projects not matching lender and investor pricing expectations will lead to funding problems.  In particular, the office properties suffering declining demand and highly leveraged assets for all property types are the first victims succumbing to loan defaults.

 

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  

 

 

 CONTACT:

 

John Oharenko

 Executive Director

director@reci.com / www.reci.com

 

 

C.J. Kelly joins JLL’s Capital Markets group in Atlanta

 

C.J. Kelly

 ATLANTA, GA, Aug. 7, 2023 – JLL Capital Markets announced today that C.J. Kelly has joined the firm as a Managing Director focused on debt and equity advisory in its Atlanta office.

 

Kelly has more than 20 years of experience structuring debt and equity transactions for office, multi-housing, adaptive re-use and ground-up development.

 

He joins JLL from CBRE, where he founded their Debt and Structured Finance’s Southeast Institutional Group, closing more than $4 billion in total debt and joint venture assignments.

 

He began his commercial real estate career with Eastdil Realty in New York City.

 

Ed Coco

“C.J. is a great addition to our Southeast Debt and Equity Advisory team,” said Ed Coco, Senior Managing Director and co-head of JLL’s Atlanta Capital Markets group.

 

“He brings with him a vast amount of experience structuring deals across a variety of property types and lender groups, which will prove beneficial in the current capital markets environment.”

 

Kelly is a Board Member and past president of Real Estate Group of Atlanta and an active member of the Mortgage Bankers Association. He holds a Bachelor of Arts degree from Harvard University.

 

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

 

 

 CONTACT:

 

Kristen Murphy

 JLL Director

 Public Relations

Phone: +1 617 543 4873

Email: Kristen.Murphy@jll.com

 

jll.com.

 

 

 

Graycor Hires Brian Bea as Project Executive, Southwest Division

Brian Bea

 

PHOENIX, AZ – Leading general contractor Graycor Construction Company has hired 24-year industry veteran

Brian Bea as Project Executive for the Southwest.

Bea will be based in Graycor’s Phoenix office, working under Southwest Division General Manager Rusty Martin.

“We’re thrilled to welcome Brian to our team and look forward to all that we will accomplish for the market,” said Martin.

Rusty Martin.

“His diverse market experience and leadership skills will help us not only expand our existing office and industrial footprints but also strengthen our ability to pursue opportunities in high-growth sectors such as medical and advanced manufacturing, where the demand is both exciting and exponential.”

Bea earned a bachelor’s degree in Construction Management from John Brown University and has been an active member of the American Society for Healthcare Engineering (ASHE).

CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

www.graycor.com

 

 

JLL Capital Markets closes sale of the 440-unit Addison at Princeton Meadows apartments in Plainsboro, NJ

Elizabeth DeVesty

  

 MORRISTOWN, NJ – JLL Capital Markets has closed on the sale of Addison at Princeton Meadows, a 440-unit, garden-style multi-housing community located in Plainsboro, New Jersey.The price was not disclosed.

Jose Cruz

JLL worked on behalf of the seller, a joint venture between the real estate business within Goldman Sachs Asset Management and Kushner Real Estate Group.

 

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Steve Simonelli and Michael Oliver and Director Elizabeth DeVesty.

 

Built in 1979, Addison at Princeton Meadows consists of studio, one- and two-bedroom apartment homes across 28, two-story buildings.

 The majority of units have undergone recent renovations and include stainless steel appliances, updated backsplash and countertops, hard flooring, patios/balconies and in-unit washers and dryers. 

Steve Simonelli 

Community amenities include an outdoor swimming pool with fire pit, tennis and basketball courts, dog park, fitness center, children’s playground and a BBQ and picnic area. 

Additionally, the community is fully approved for the construction of a state-of-the-art clubhouse, which will house a new fitness center and lounge for residents.

 Located at 2821 Pheasant Hollow Dr., Addison at Princeton Meadows is in the Princeton submarket and is adjacent to an 18-hole golf course, The Meadows at Middlesex.

The property is situated just minutes from downtown Princeton’s shops, restaurants and top-tier schools, which includes the prestigious Princeton University.

Michael Oliver 

The community is less than three miles from the Route 1 corridor, one of the strongest commercial corridors in the state, and is also less than five miles from the Princeton Junction train station, providing access to New York Penn Station or Philadelphia in less than one hour.

 

CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com