JLL Capital Markets handles $24 million sale of the 151,709-SF Tri-City Center, located within a prime retail corridor in San Bernardino, CA

Bryan Ley

 LOS ANGELES, CA – JLL Capital Markets  has closed the $24.325 million sale of Tri-City Center, a 151,709-square-foot shopping center in San Bernardino, California.

JLL represented the seller, Unilev Capital, and DPI Retail acquired the asset.

Built in 1987, the 100-percent-occupied center is anchored by a 24-Hour Fitness and Curacao, and additional tenants include Pollo Campero, Poke Bar, Barber, Cantos Jewelers and Pet World. 

Over 70% of the GLA is occupied by tenants that have operated at Tri-City Center since 2005 or earlier.

 The property is located adjacent to the Interstate 10 Freeway, which offers visibility to over 200,000 cars per day, and is 0.4 miles from the Waterman Avenue on/off ramp. It is strategically positioned at the center of the submarket’s primary retail corridor and is surrounded by highly desirable retailers, including Costco, Sam’s Club and Home Depot.

Tim Kuruzar

The property is also adjacent to the Tri-City Corporate Center, one of the largest office complexes in the trade area with over one million square feet across 17 Class A and B office buildings. 

In addition, within a five-mile radius of the center is a customer base of 253,000.

 

The JLL Retail Capital Markets team that represented the seller was led by Managing Director Bryan Ley and Senior Director Tim Kuruzar.

“Tri-City Center has been a great investment; besides its consistent performance," said Raymond Levy, President of Unilev. "We have enjoyed the business relationship we developed with our major tenants. 

 Raymond Levy

"We thank Bryan and Tim for their guidance and assistance from our acquisition in 2019 to the sale in 2023.  

"We also wish the very best for the new ownership and a special thanks to our team, Ian Konowitch, Peter Berges and Roxana Boiero of Unilev Capital who oversaw the successful execution of our business plan.”

 

Ley added, “Tri-City Center was a great sale that demonstrated not only the strong demand from private and high net worth investors for well-located retail real estate today but also the strength of gym-anchored properties with regional tenancy as major traffic draws.”

Roxana Boiero

Also, noted Kuruzar, “The rapid rise in interest rates in 2023 highlighted the yield profile of Tri-City and bolstered the desirability of attractive in-place assumable financing. Combined with the freeway adjacent location and stickiness of the current tenancy, we expect Tri-City and like-kind assets to continue to perform well into the future.”

Fred Vitt

 

“First and foremost, congratulations to all parties involved on the completion of this strategic move," said Fred Vitt, President of DPI Retail.

Ian Konowitch

"Tri-City Center, with its prime location and diverse tenant composition, not only enhances but fortifies our expanding footprint within the dynamic Tri-City submarket.

"We recognize the significance of this addition to our portfolio and are enthusiastic about the prospects it brings.

 "As we move forward, we're dedicated to maintaining and surpassing the high standards set by the previous ownership, ensuring Tri-City Center's continued success under our stewardship.” 

 Peter Berges

 

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

 

 CONTACT:

 Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com 

jll.com.

 

Long-time Denver Capital Markets office head Eric Tupler passes torch to next-gen leaders Leon McBroom and Peter Merrion

 

Eric Tupler

DENVER, CO –  JLL Capital Markets announced long-time Denver office head Eric Tupler will transition the day-to-day office leadership to next-generation leaders, Senior Managing Directors Leon McBroom and Peter Merrion. 

The duo oversees the region’s Investment Sales and Advisory, and Debt and Equity Advisory platforms and is responsible for overall strategic vision for the office, including team building and growth of the capital markets business.

 

Tupler, an Executive Managing Director, will focus on his current role on the JLL Capital Markets Executive Committee Council, which is comprised of veteran producers that have moved off day-to-day leadership roles, yet that remain active in serving their clients and providing strategic planning for the overall capital markets business. 

Leon McBroom

Tupler formed the Denver capital markets team at HFF in 2012 and led the group through the acquisition by JLL in 2019. During this time, Tupler has successfully grown the team from three employees to 47 producers and staff and has been involved in more than $25 billion in commercial real estate transactions.

 

“When I opened this office in 2012, the goal was always to grow the business from the ground up, establish the business and then transition it over to the next generation of leaders,” Tupler said.

 “I feel very fortunate to pass the torch to two individuals who truly exemplify what we look for in leaders – people who want to spend as much time off the field helping others win business as they do in maintaining their own client relationships and production.

Peter Merrion.
 

 "I’m looking forward to continuing to mentor the younger members of our team and provide more strategic direction and advisory to the group, not only locally but on a national level as well.”

 

McBroom, who was appointed to the co-lead role in 2021 and Merrion, who transitioned into the role in June 2023, all joined JLL through its acquisition of HFF. Together, they have more than 35 years of experience in commercial real estate, closing more than $10 billion in commercial real estate transactions. 

 

“Our day-to-day role of executing on behalf of our clients doesn’t change. However, in addition to client service, our leadership roles include team building and growing the office, growing the office revenue channels and liaising with our leadership group more broadly,” Merrion added. “This adds another level of complexity to the job, which is both intellectually stimulating and challenging at the same time.”

 

“As we both evolved through our careers, this was an opportunity to grow into something more strategic and be directly involved in the success of the capital markets business,” McBroom stated. “Tup laid the foundation for this group and we’re excited for him to still be a part of the office as a producer, and to mentor and leverage his career in order to help our younger leaders grow.”

 CONTACT:

 Kristen Murphy,

JLL Director,

Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@jll.com

 

Reed Joins DeVore Capital as VP of Construction Development

William Reed

Jacksonville, FL, Jan. 25, 2024 – Clay County resident William Reed, a 20-year professional in the construction and real estate industries, has joined DeVore Capital as vice president of construction development.

 

Reed is responsible for executing the company’s ground-up development projects, including internal multi-family builds, as well as external projects for the company’s investor clients.

 

He is also accountable for DeVore Capital’s high capital construction projects for both commercial clients and government contracts.

 

“Will has a stellar background in our industry and his experience will be a tremendous asset to our organization as we expand the scope of our construction services and ground-up multi-family and commercial development projects throughout Florida,” said DeVore Capital CEO Scott DeVore.

Scott DeVore

A life-long resident of Florida, Reed most recently worked with Progress Residential, a national property management company where he oversaw more than 200 simultaneous construction projects and managed a team of 10 project managers.

 

Prior to that, Reed served as vice president of business development for a water restoration and construction company that grew to add roofing and heating/ventilation/air conditioning services during his tenure.

 In 2007, he entered the real estate industry as a mortgage broker for two years before starting his own home repair business in Orlando. By the time he sold the company in 2016 and returned to Jacksonville, Reed’s business had grown into a full-service remodeling company.

 

After serving in the United States Marine Corps from 1998 – 2002, Reed began his career in inside sales while attending Florida Community College at Jacksonville. 

 

In addition to his professional career, Reed serves as a ministry leader at The Springs Church in Orange Park and is pursuing a bachelor’s degree in biblical counseling and divinity through the Christian Leaders Institute.

 

 

Contacts:

 

William Reed

will@devorecapital.com 

PH: (904) 746-0050 extension 1006.

 

Ron Whittington;

 ron@whittingtonpr.com;

 (904) 563-0402

 

DeVore Capital.

 904-746-0050

 www.devorecapital.com

 

Investor acquires 19-acre site in Los Angeles area for $30 million; will develop a luxury senior housing community

Bryan Lewitt

  LOS ANGELES, CA, Jan. 24, 2024 – JLL announced California Commercial Investment Group has acquired a 19-acre site adjacent to the iconic Motion Picture & Television Fund campus in Woodland Hills, California for $30 million. 

California Commercial Investment Group will develop a luxury senior living life cycle community encompassing approximately 300 units on the site.  Construction is scheduled to begin 2026 with completion planned for 2028.

 The new luxury senior living community will feature beautiful and spacious apartment homes, penthouses, and villas, ranging from one to three bedrooms with multiple configurations, and underground parking. 

Michael Slater

It will also include a resort style pool and spa, gourmet restaurants, athletic courts, outdoor games, movie theatre, wine bar and roof top lounge, longevity fitness center, learning center, and nature trails.

 “This is a great opportunity for a premier developer in California Commercial Investment Group to acquire and develop a much-needed luxury senior living community in a pristine location,” said Bryan Lewitt, JLL Managing Director.

The 19-acre site is ideally located on Mulholland Drive in the Santa Monica Foothills.  It is just steps from the Calabasas farmers' market adjacent to the Motion Picture & Television Fund campus.

 JLL’s Bryan Lewitt represented the seller, Motion Picture & Television Fund. The buyer was represented by Michael Slater of CBRE.

 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.”

 

URS Secures Wood Partners nearly a Half Million Dollar Refund from City of Longwood, FL; Numerous Requests About High Water Bills and Overpayments Went Unanswered

 

 Tim Bonenberger

Dublin, OH  -- Utility Revenue Services (URS) , a national leader in seamless utility management for developers, real estate owners and management companies has  secured Wood Partners a refund of $436,802 for overpayment of water and sewer services for its Alta Longwood Property. 

 URS determined that improper meter reading by the water district and incorrect application of rates caused the mix up.

According to Wood Partners VP and property controller, Tim Bonenberger, there had been a situation of high water costs at its Alta Longwood property for many months.  Inquiries made to the City of Longwood were unanswered, so Wood Partners turned to their utility billing vendor for an investigation.

The billing company determined the master water meter was the problem and persuaded the city to change it, yet the problem persisted.

Upon request by Wood Partners’ management, URS examined the situation.  URS found from  past utility bills there were serious issues: consumption was out of line for the number of apartments and the rate application was incorrect.

URS reviewed two years of water/sewer invoices for progression of usage and determined the meters were not faulty, they were being read incorrectly by the water district.

URS recalculated the charges based on the correct rates to determine the overpayment was $436,802.01.  Upon receipt of the documentation the City of Longwood refunded the full amount.

“When neither our utility billing vendor nor our staff could get to the bottom of the problem with the water district, we turned to URS. 

 In a matter of weeks, URS identified the problem and  secured a refund of nearly a half million dollars for the community,” said Bonenberger.   

“URS is a trusted partner that goes above and beyond to service our properties.  We are grateful for their work and dedication to Wood Partners.”

 

About URS

Since 2007, URS has been a national leader in providing seamless utility management services to real estate owners, developers, and management companies. By optimizing the intersection of development, construction, and utilities, URS maximizes net operating income and streamlines all utility operations.

URS' services include utility auditing, developer assistance, sustainability services, expert guidance in gas and electric procurement, and dry utility consulting.

 

 

 

Contact:

 

 Amy Gorin Grossman

Grossman Public Relations

amygrossmanpr@gmail.com215-805-0299 

 

 

JLL Capital Markets brokers sale of the 103-unit / 297-bed Oso Verde Student housing community at Baylor University in Waco, TX

 

 Teddy Leatherman

 DALLAS,TX, Jan. 24, 2024 – JLL Capital Markets has closed the sale of Oso Verde, a 103-unit / 297-bed student housing community located near Baylor University in Waco, Texas.

 

JLL worked on behalf of the seller, Bullseye Development, and Versity Invest, LLC, who acquired the asset.

Oso Verde, a 103-unit / 297-bed student housing community located near Baylor University in Waco, TX

Oso Verde features one-, two-, four- and five-bedroom, fully furnished units with 10-foot ceilings, vinyl plank wood flooring, walk-in closets, HD flat screen televisions, granite countertops, stainless steel appliances, luxe finishes, washers and dryers, private bathrooms for all bedrooms and patios and balconies.

 

 Community amenities include a shuttle bus service, a resort style pool with a lounge deck, a fitness center, volleyball and basketball courts and putt putt golf. 

Scott Clifton

Situated at 2501 S University Parks Dr., the property is less than one mile from campus, just off Brazos River, and is a five-minute drive to McLane Stadium.

 

Students benefit from proximity to downtown Waco and the Waco Riverwalk, offering shopping, dining, and nightlife. Additionally, the community offers easy access to I-35.

 

The JLL Capital Markets Advisory Team was led by Managing Directors Teddy Leatherman and Scott Clifton, as well as Director Kevin Kazlow.

Kevin Kazlow

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 on JLL, please visit our newsroom.

 

Contact:

 

 Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com