JLL Capital Markets represented Matrix Development Group in arranging $93 million in financing from Bank OZK for the under-construction, two-building Matrix Logistics Park in Mount Olive in NJ

  

Olivia Doody

 MORRISTOWN, NJ, May 21, 2024 –  JLL Capital Markets has arranged $93 million in financing for Matrix Logistics Park – Mount Olive, a two-property, under-construction, Class A warehouse and distribution industrial park totalling 781,748 square feet in Mount Olive, Morris Co, New Jersey.

 Thomas Didio

JLL worked on behalf of the borrower, a Matrix Development Group led venture, and secured the loan from Bank OZK.

 

The JLL Capital Markets team was led by Senior Managing Directors Thomas Didio and Jim Cadranell, Managing Director Thomas E. Didio, Jr., Vice President Michael Lachs and Analyst Olivia Doody.

The property at 2000 International Drive is situated on 13.629 acres and totals 196,748 square feet. Key building features include single-side loading capabilities, 36-foot clear height, 34 loading docks, two drive-in doors, 110 parking spaces and 43 trailer parking spaces.

 Thomas E. Didio, Jr.

The second property is located at 3000 Continental Drive, a site redeveloped from the former BASF United States headquarters. 

The building totals 585,000 square feet and includes 40-foot clear heights, cross-dock configuration, 107 loading doors, four drive-in doors, 306 parking spaces and 142 trailer spaces.

The portfolio is in Mount Olive, a suburban upper-middle-class community located 45 miles west of Manhattan in Morris County. Mount Olive is located in the western section of Morris County, along the Interstate 80, Route 206 and Route 46 corridors.

Michael Lachs

Mount Olive’s central location in Northern New Jersey and access to Interstate 80 has made the town a heavily demanded location for families, commercial uses and industrial users for decades. 

The Project is within Mount Olive’s International Trade Zone, home to numerous research, development, and manufacturing companies.

The International Trade Zone is designated as a Foreign Trade Zone, which allows companies to reduce costs associated with importing and re-exporting goods to foreign countries.

Additionally, the Project is within walking distance of Mount Olive Train Station, providing New Jersey Transit Rail Service along the Morristown and Montclair-Boonton Lines.

Dave Sarner

 

“We continue to see very strong interest for to-be-built speculative industrial from a range of debt capital sources. 

"Ultimately, Bank OZK stepped up to the plate to deliver an attractive solution for Matrix and their development partner. Thank you to the Matrix Team for entrusting JLL to help bring to life this Class-A industrial park,” stated Didio Sr.

Matrix Logistics Park – Mount Olive,

 a two-property, under-construction,

 Class A warehouse and distribution 

industrial park totalling 781,748 SF

 in Mount Olive, Morris Co, NJ.

“Bank OZK is pleased to provide construction financing for this large-scale Class-A industrial development that will serve as a convenient, flexible and accessible distribution hub,” said Dave Sarner, Managing Director of Originations at Bank OZK.

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

 

 

 CONTACT:

 

Alli Stent

PR, Hotels & Hospitality, Capital Markets

Chicago | JLL
M +1 330 329 6750

 

www.ozk.com.

 jll.com.  

DXC Capital breaks ground on new 48,720 SF Self Storage facility in Kihei, Maui, Hawaii

New Class A storage facility in the Maui Research & Technology Park
 in Kihei, Maui, Hawaii

 

KIHEI, HI—DXD Capital, a self-storage private equity investor, announced the groundbreaking for a new Class A storage facility in Kihei, HI.

 Once constructed, the facility will have 357 individual storage units totaling 45,863 net rentable square feet located in the Maui Research & Technology Park in Kihei.

 It will feature drive-up non-climate-controlled units designed to be especially helpful to the commercial customer base on Maui. The facility is expected to open in the first quarter of 2025.

RYCON will serve as the general contractor, and American Savings Bank was the construction lender. Extra Space will manage this facility.

The property was acquired in April 2023 through DXD’s second fund, DXD Self Storage Fund II, which launched in June 2022 and has since invested in seven self storage developments and one seven-facility portfolio acquisition across the United States.

Drew Dolan

"DXD was offered the chance to construct self storage facilities on Maui through a local connection,” said Drew Dolan, Principal and Fund Manager. "For me, this opportunity represents a career highlight—a chance to be part of the booming Maui Research and Tech Park, which has excellent fundamentals for self storage and extreme barriers to entry.

 

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 Capital Markets led the sales efforts for the 1,085-unit Cherry Ave Self Storage in Fresno, California

                Cherry Ave Self Storage, a 1,085-unit 

                self-storage facility  located on

                5.74 acres at 1844 Sourh Cherry 

                 Avenue in Fresno, CA

        

                                   

 

SAN FRANCISCO, CA – JLL Capital Markets has completed the $8.2 million sale of Cherry Ave Self Storage, a 1,085-unit self-storage facility in Fresno, California.

 

JLL represented the public REIT seller and procured the buyer, PSC Fresno, LLC, an affiliate of Pratt Street Capital, LLC.

 

Cherry Ave Self Storage is located on 5.74 acres at 1844 S Cherry Ave., less than one mile south of downtown Fresno. The property has excellent visibility from State Route 41 with more than 91,000 vehicles traveling the roadway per day.

 

 In addition, the facility is located within an underserved market for self-storage with only three feet of storage space per person within a three-mile radius.

                                       Brian Somoza

 

Originally built in 1918 and expanded in 2022, Cherry Ave Self Storage consists of a three-story building and 12 one-story buildings. The facility features drive-up units, freight elevators and boat and RV parking. There is also a newly renovated office totaling 262 square feet.

 

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Brian Somoza.

 

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

 Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                         

 

CONTACT:

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

 

prattstreetcapital.com.

 

 

 

 

 prattstreetcapital.com.

 

 

 

Azenco Outdoor Acquired by Hunter Douglas Inc.

 

 Leslie Chapus

Miami, FL – Luxury outdoor living brand Azenco Outdoor is pleased to announce that it has been acquired by the widely known leader in the window covering industry, Hunter Douglas, Inc. 

 The transaction closed this month will help Azenco Outdoor to establish a stronger local presence with vendors nationwide and new manufacturing locations. Financial details of the deal were not disclosed.

Azenco Outdoor designs and manufactures an award-winning range of innovative bioclimatic pergolas, cabanas, carports, and swimming pool covers, that elegantly complement any architectural style and optimize every residential or commercial outdoor space.

“Hunter Douglas approached us when they found a complementary synergy with our products and desire to add sophisticated and sustainable pergolas and cabanas to their portfolio," remarked Leslie Chapus, Azenco’s VP and Co-Founder.

 

CONTACT:

 henri@escalconsulting.com

 

 

JLL expands its Texas Industrial Investment Sales and Advisory team in Austin and San Antonio

 

Witt Westbrook 

AUSTIN, TX –  JLL Capital Markets announced  Witt Westbrook and Kyle Mueller have joined its Industrial Investment Sales and Advisory team as Senior Directors focusing on the Central Texas region and broader Texas markets. 

Westbrook joins the Austin office and Mueller sits in the San Antonio office and both Senior Directors will report directly to Senior Managing Directors Doug Opalka and Robert Wooten.

 

Westbrook brings five years of industry experience, most recently serving as Managing Director at Transwestern. Mueller has been with JLL for over eight years and moved over from the Industrial leasing team to join Capital Markets.

Kyle Mueller 

JLL’s Industrial group co-lead and Senior Managing Director Trent Agnew sits in the firm’s Houston office and will provide oversight and leadership alongside Wooten and Opalka for this expansion of “Team Texas” in Austin and San Antonio.

 

“We are incredibly excited to bring on Witt and Kyle to strengthen our team in Central Texas and be a key component of JLL’s Texas Industrial capital markets team,” said Agnew. 

“Both bring forth a combination of capital markets and leasing expertise that give them a unique perspective on the market and will allow us to serve our client’s needs at the highest level. 

Trent Agnew 

"Their passion for all things industrial and team-oriented attitude will be great additions for JLL as we look to double down on the growth in the Texas markets that we expect to occur in the coming years. “

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.

Doug Opalka

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

  

 

Contact:

 

Alli Stent

PR, Hotels & Hospitality

 Capital Markets 

Chicago | JLL

M +1 330 329 6750 

CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel

  

 Rachael Rothman

Dallas, TX, May 16, 2024 – CBRE expects revenue per available room (RevPAR) growth to improve in the second half of 2024, following a weaker-than-expected first quarter.

 CBRE’s latest forecast projects a 2.0% increase in RevPAR growth for 2024, down from the 3.0% estimated in February 2024. RevPAR is now expected to grow by 3% for the remainder of the year, driven by international tourists, holiday travel and limited supply growth.

 

CBRE forecasts GDP growth of 2.3% and average inflation of 3.2% in 2024. The performance of the lodging industry is closely tied to the strength of the economy, as there is typically a strong correlation between GDP and RevPAR growth.

 

“We anticipate modest growth over the next few quarters, supported by a continued uptick in visitors from overseas and election-related events, such as political party conventions,” said Rachael Rothman, CBRE’s Head of Hotel Research & Data Analytics.

CBRE remains optimistic that RevPAR will achieve a nominal record of $101.20 this year, representing 115% of pre-pandemic levels in 2019. This outlook is based on projected average daily rate (ADR) growth of 1.7% and a 0.2% increase in occupancy.

Michael Nhu

“Slower RevPAR growth reflects softer demand, stickier inflation and high interest rates,” said Michael Nhu, Senior Economist and CBRE’s Head of Global Hotels Forecasting.

 

 “People have already spent a significant portion of their pandemic-era savings, and on top of that, the lingering inflationary pressures are putting a strain on discretionary spending, especially for more price-sensitive consumers."

 

CBRE expects muted supply growth in the medium term due to elevated financing and construction costs. For 2024, CBRE expects supply growth of just under 1%, with hotel supply projected to have a compound annual growth rate (CAGR) of 0.9% over the next three years.

The May 2024 edition of Hotel Horizons for the U.S. lodging industry, 65 major markets, the six hotel chain scales and six location types can be purchased by visiting: https://pip.cbrehotels.com/hotelhorizons. CBRE’s baseline forecasts do not contemplate an international war or a pervasive recession. CBRE also produces forecasts based on upside and downside scenarios.

  

Contacts:

 

Chris Daly

President

DG Public Relations

 

(703) 864-5553

chris@dalygray.com

www.dalygray.com

 

Cole Mortland

+1 619 985 8171

cole.mortland@cbre.com

www.cbre.com.