Dealmaker: JLL Closes Deals in Three States
Duke Realty Corp., Indianapolis, sold a three-property Phoenix-area industrial property portfolio to Exeter Property Group, Philadelphia, for $66 million. JLL, Chicago, represented Duke Realty in the transaction.
“Phoenix’s industrial market is increasingly on investor’s radar due to its connectivity and favorable yields compared to tier-one markets,” said JLL Managing Director Bo Mills. “This portfolio represented an opportunity to acquire a critical mass of institutional-quality warehouse product in a business-friendly market.”
Mills and JLL Managing Director Mark Detmer led the team that marketed the asset. Six tenants fully occupy the three properties, Riverside Business Center, Estrella Buckeye and 2021 South 51st Avenue.
JLL also secured a $29 million construction loan for 308 North 7th Street, a 38-unit multifamily property under construction in Brooklyn, N.Y. CapitalSource, Chevy Chase, Md., provided the loan to Adam America Real Estate, New York, which is developing the condominium in Brooklyn’s Williamsburg neighborhood.
JLL Managing Director Aaron Appel and Executive Vice President Keith Kurland led the firm’s team.
“Williamsburg continues to see huge growth as it becomes more attractive to residential buyers,” Appel said. “With condominium units comprising just 8 percent of Brooklyn’s total development pipeline, this multifamily asset is primed to deliver solid yields.”
Last month, JLL secured $18.3 million for Lakes of Williamsberg, a Grapevine, Texas apartment community. Prudential Mortgage Capital Co., Newark, N.J., provided the financing.
JLL Executive Vice President Mark Brandenburg led the debt-placement team. “Lakes of Williamsberg is one of the few multifamily assets in the Grapevine/Colleyville Independent School District and represents a tremendous value-add opportunity for our client in a high barrier-to-entry market,” he said.
Brandenburg noted that the Grapevine/Southlake submarket recently reached a 95.8 percent occupancy rate, 30 basis points higher than the Dallas-Fort Worth metropolitan area average.
