REAL ESTATE INVESTMENT
JLL | December 02, 2021
JLL announced today that its Capital Markets group has arranged a $690 million financing for a portfolio of 44 net-leased industrial, office and data center properties totaling 6.85 million square feet in high-growth markets across the United States.
JLL worked on behalf of the borrower, Blackstone Real Estate Income Trust (BREIT), to place the two-year, floating-rate, non-recourse loan with Wells Fargo Bank. The financing comprises a term loan and a revolving credit facility. Additionally, the New York Agency of Singapore-based United Overseas Bank (UOB) joined the financing, committing half of the arranged capital post-closing.
The portfolio consists of single- and multi-tenant mission-critical assets with diverse functions that include warehouse, bulk warehouse, light industrial, office, laboratory, truck terminal, data center and raw land. With an average age of 17 years, the properties feature an average clear height of 28 feet, 87 suites and 1,148 dock doors. It is more than 80% leased to industry-leading tenants with a proven history of significant tenant investment and that represent a diverse range of industries, including e-commerce, web services, pharmaceuticals and logistics.
Situated on a total of nearly 611 acres, the portfolio properties are in 10 states in high-growth, highly connected markets such as Raleigh-Durham and Greensboro, North Carolina; Boston, Massachusetts; El Paso, Texas; Atlanta, Georgia; Chicago, Illinois; Salt Lake City, Utah; and Minneapolis, Minnesota.
JLL's Capital Markets debt advisory team representing the borrower was led by Executive Managing Director Trey Morsbach, Managing Director Michael Cosby and Analysts Bo Beidleman and Ryan Pollack.
JLL's Capital Markets group 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.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
REAL ESTATE INVESTMENT
MRA Group | December 01, 2021
MRA Group (MRA) announced that they have closed on the acquisition of DuPont's Chestnut Run Lab Campus located at 984 Centre Rd in Wilmington, DE, and have embarked on an ambitious $500 million redevelopment plan. Renamed Chestnut Run Innovation & Science Park (CRISP), the 163-acre campus contains approximately 780,000 square feet of existing lab, research, and advanced manufacturing space.
Located in the Greenville area of Wilmington, Chestnut Run Innovation & Science Park is four miles west of Central Wilmington, DE, and just ¼ mile south of Barley Mill Plaza, which is currently developing over 110 residential units and commercial spaces, including the area's first Wegmans supermarket.
"We recognized the amazing potential for the campus to address the regional demand for market-ready life science and advanced manufacturing facilities, particularly when combined with its superior location along the I-95 corridor, Northern Delaware is ideally positioned to emerge as a hub for life science, research & development, and pharmaceutical manufacturing companies. The deep pool of educated and experienced professionals is an incredible asset to any firm locating here."
- Mike Wojewodka, MRA Group Executive Vice President and Partner.
Wojewodka believes the CRISP campus will further Delaware's attractiveness to innovative companies from around the world. Development plans include shared amenities to foster interaction and collaboration between tenants and the surrounding community. Dupont will continue to maintain its presence on the campus by leasing approximately 190,000 square feet in two buildings.
This is the third major campus redevelopment for MRA, having reinvented the 133-acre 600,000 square foot Spring House Innovation Park in Lower Gwynedd Township, PA, and the 137-acre, 800,000 square foot TEK Park in the Lehigh Valley, PA. MRA will utilize and enhance the existing infrastructure to create state of the art life science laboratories, scientific research facilities, and Class A office space. Planned campus amenities include a hotel, fitness center, conference space, an outdoor amphitheater, and accommodations for food services including restaurants and eateries.
"We are excited to be back in Delaware with such an incredible opportunity, and grateful to be at the helm of such an impactful project, Our vision for CRISP will set a new standard for innovative campus redevelopment in the region, as we believe it will become Delaware's leading biotechnology and science hub, while also providing an engaging community experience."
- MRA Group Founder and CEO Lawrence Stuardi.
About MRA Group
MRA Group (MRA), based in Horsham, PA, is a privately-held, multi-disciplined real estate solutions firm servicing the life sciences, health care and higher education sectors. Founded in 1991 by president and CEO Lawrence J. Stuardi, MRA prides itself on maintaining the same high level of integrity and excellence that led to its recognition as one of the most respected real estate firms in the mid-Atlantic region. With 30 years of providing clients with real estate solutions varying from development to advisory and management services, MRA has more than 4.5M square feet of medical, life sciences and office real estate under management, and has structured over $1B of financing. A few recent and notable development projects include Spring House Innovation Park, the Holy Redeemer Medical Building at 201 Veterans Way, Pennovation Lab at the University of Pennsylvania's Pennovation Works Campus, TEK Park, Oxford Valley Medical Plaza and the St. Clair Medical Office Building at St. Mary Medical Center.
REAL ESTATE INVESTMENT
Manna | March 21, 2022
On March 18th, Manna, the leader in affordable homeownership, announced its plan to back the proposed $10 million Black Homeowner Fund. The fund has been proposed by Washington Mayor Bowser. In a statement, the CEO of Mannar and Sasha-Gaye Angus praised the mayor's proposal to build a Black Homeownership Fund for the fiscal year 2023.
I applaud Mayor Bowser for taking this affirmative step in addressing racial economic equity through homeownership. The need for racial equity is well-known and documented. In 2014, first time Black homebuyers could afford just 9.3% of homes sold in the District, compared to the average White household which could afford 67% of these homes; but the gap is even wider today. Almost 75 mortgage-ready buyers are being seen at our Homeownership Center, yet they are challenged with finding affordable homes. Creation of this fund allows for greater partnership with the city in meeting its 12,000-unit affordable housing goals while taking steps to reverse the racial wealth gap in the District of Columbia.”
Sasha-Gaye Angus,CEO of Mannar
Manna’s consistent championing of such a fund has paid off. The organisation collaborated with the Washington Interfaith Network to Advocate for the Black Equity Through Home Ownership initiative.
Sasha Angus further added, “For forty years, Manna’s mission has focused on homeownership opportunities for low and moderate-income households. This mission is increasingly difficult in today’s DC real estate market, with prices through the roof. The Black Homeownership Fund means those creating and repairing affordable for-sale homes will be able to offer these properties that are affordable for the qualifying buyer.”