JLL Income Property Trust | December 15, 2021
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.5 billion in portfolio assets, today announced the acquisition of North Tampa Surgery Center, a 13,000-square-foot, newly constructed medical office building in Odessa, Florida. The property is 100 percent leased on a long-term basis to Comprehensive Outpatient Joint and Spine Institute Center. The purchase price was approximately $8.5 million.
"Within the office sector, our priority investments are healthcare-oriented, focusing on medical office and life science properties, In an uncertain environment for traditional multi-tenant office properties, these two healthcare-oriented sectors stand out for their lower vacancy rates, healthy net absorption and balanced new supply due to significant barriers to entry. These factors also lead to higher tenant retention, even during periods of weakness within traditional office market environments."
-Allan Swaringen, President and CEO of JLL Income Property Trust.
This acquisition increases JLL Income Property Trust's healthcare allocation to nine properties totaling more than 925,000 square feet, valued close to $360 million and representing approximately 7 percent of its overall portfolio.
Swaringen added: "The shift towards outpatient, standalone surgery centers as an alternative to undergoing procedures in traditional hospital settings combined with the continued aging of our population positions medical office buildings as attractive portfolio additions to our stable value, income-oriented portfolio. It also positions the portfolio well to capture current and future demand, ultimately resulting in what we anticipate to be stable occupancy and long term cashflow."
The build-to-suit property, newly constructed this year, comprises three surgery centers and new and innovative technology. The lease term is for 20 years and provides for an average of 2 percent annual rent increases. Located in the northern suburbs of Tampa, Odessa is a low-density but quickly growing community that is within 10 miles of nine hospitals, creating a strong base of potential referrals for North Tampa Surgery Center. LaSalle's Research & Strategy team forecasts the area should continue to see strong population growth and increased healthcare spending.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.
About JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $76 billion of assets in private and public real estate property and debt investments as of Q3 2021. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.
REAL ESTATE INVESTMENT
MWest Holdings | February 28, 2022
MWest Holdings, a Los Angeles-based real estate company with over 2 million square feet of residential and commercial property across the U.S., announced today that it has acquired 442 Residences, a five-story, 94-unit multifamily asset in Downtown Long Beach.
We are thrilled to expand our California portfolio in the Long Beach submarket. With a prominent location in a growing metropolitan market, nearby business centers, and public transportation, 442 Residences provides quality housing for this dynamic area. It also has abundant outdoor amenity spaces and refined interiors that are attractive to residents of the community."
Karl Slovin, President of MWest Holdings.
Built in 2019, 442 Residences is comprised of studio, one- and two-bedroom loft-style units ranging from 524 to 1,043 square feet, with 9'9" to 11'1" ceiling heights, oversize balconies and wrap-around outdoor terraces, designer kitchens, washer and dryers, keyless entry doors, and smart thermostats. Residents have access to an array of high-end amenities including an ocean view roof deck, outdoor movie lounge, a hotel-inspired lobby, outdoor yoga and cardio areas, a state-of-the-art fitness studio, secure underground parking with EV charging stations, and an onsite bike share and e-scooter hub.
Located in the center of Downtown Long Beach, 442 Residences is well-positioned in a walkable neighborhood with a variety of nearby shopping and dining options, and a thriving area for business. It is directly across from the new Long Beach Civic Center, home of City Hall, Port of Long Beach headquarters, and the Main Library.
About MWest Holdings.
MWest Holdings is an experienced real estate company with over 2 million square feet of residential and commercial property across the United States. Founded in 1991, MWest is known for creating innovative development solutions that instill a sense of neighborhood and integrity and create a lasting, tangible value. As a highly successful and stable owner of real estate, MWest has continually employed sound business practices, low leverage, and stringent underwriting guidelines for each investment opportunity. The company's success is anchored in a philosophy that imagination is the only limiting factor to growth.
REAL ESTATE TECHNOLOGY
Sklar Kirsh LLP | May 20, 2022
Hot off a landmark dealmaking year for the real estate team at Sklar Kirsh LLP, the Los Angeles Times has recognized three of its attorneys as "Real Estate Visionaries."
The firm announced today that Founding Partner Andrew Kirsh and Partners Serineh Baghdasarian and Peter Fischer were honored "for their contributions and leadership within their organizations, the legal field, and the community at large" by the publication's commercial real estate magazine.
In 2021 alone, the firm's real estate team closed on approximately 200 transactions in over 25 states with a total asset value of approximately $7 billion across all asset classes including multi-family, office, retail, hotel, industrial, student-housing and self-storage. Jeffrey Sklar, co-managing partner and co-founder of the firm, said the team's worked hard to keep that strong momentum going in 2022.
It's an honor for the firm's practice to be represented on the list, and given the incredible work they've done, I can't think of anyone more deserving of the title of 'real estate visionary' than Andrew, Peter, and Serineh. This recognition speaks to our group's commitment to clients and to the profession as a whole."
effrey Sklar, co-managing partner and co-founder ofSklar Kirsh LLP
The publication notes that Kirsh, who leads the real estate team, represents a broad spectrum of matters across the real estate industry, "including acquisitions, dispositions, equity investments, syndications, fund formation, development, leasing, financing, note purchases and foreclosures."
Baghdasarian's practice includes extensive representation of real estate equity funds, developers, and investors in all areas of transactional real estate and real estate financing," adds the feature. She has helped various private equity firms grow their investment platform through her practical and hands-on legal approach and is considered an integral part of her clients' team.
Fischer is recognized as an experienced commercial real estate transactional attorney who "routinely works on complex joint venture, fund formation, syndication and other transactions involving multi-family, industrial, assisted living, restaurants, hotels and hospitality, construction and office, as well as mobile homes and self-storage facilities" on behalf of a wide variety of clients.
AboutSklar Kirsh LLP
Sklar Kirsh LLP is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy, and entertainment law as well as commercial, real estate and entertainment litigation.
REAL ESTATE INVESTMENT
Pixiu Real Estate | May 26, 2022
Pixiu Real Estate, Woodbine Development Corporation and a collective of Austin-based investors have acquired the capital city’s first and most iconic hotel, The Driskill, from Hyatt Hotels & Resorts.
Woodbine Development Corporation is the Dallas-based real estate investment firm behind many notable hotel properties in Texas and beyond. Pixiu Real Estate is part of Pixiu Investments, an investment firm owned by Eddie Margain, co-founder of several ventures, including local MLS club Austin FC. Among the investor group is Bryan Sheffield, founder of Parsley Energy and fellow investor in Austin FC.
As a destination, The Driskill Hotel has been a shining star for Austinites and Texas-bound travelers since it opened its doors in 1886. As new owners and stewards of this historic property, we’re excited to work with Hyatt, Pixiu and the local investor group, who have a common goal of enhancing this hotel and ensuring its legacy for years to come.”
Dupree Scovell, managing partner and chief investment officer at Woodbine
The Driskill anchors the Sixth Street Entertainment District in downtown Austin. The new ownership group is looking to maintain and elevate the appeal of the 189-room luxury hotel while also helping to stabilize and revitalize the surrounding neighborhood. The group has expressed initial plans to invest a substantial amount of capital, which is intended to help spur momentum for revitalization along Sixth Street.
“We are thrilled about this important acquisition because of what it represents for Austin and for Pixiu Real Estate,” said Eddie Margain. “As an Austinite, I know and appreciate the historical significance of this more than 130-year-old property. And, as our community continues to grow, I believe we need to preserve and revitalize landmarks like The Driskill that have contributed to the making of Austin’s distinct character and spirit.”
Margain added: “We made calls to good friends who have the same interest of preserving Austin and a desire to work on a legacy project, and an amazing group came together. Partnering with Woodbine Development has been an incredible experience; they are world-class hotel operators, and they know the hotel industry like none other.”
Dallas-based Woodbine brings nearly 50 years of hospitality development and asset management experience to the hotel’s ownership group. The company’s portfolio of work includes Austin’s Hotel Magdalena and Hyatt Regency Lost Pines Resort & Spa; San Antonio’s Hotel Emma and Hyatt Regency Hill Country Resort & Spa; Hyatt Regency Dallas and Reunion Tower and Hilton Dallas/Park Cities; and many other properties throughout Texas and the United States. Woodbine specializes in developing select- and full-service destinations in urban, suburban and inspiring out-of-the-way settings as well as office/mixed-use projects – always creating places people want to be.
Just a few blocks from the Texas capitol, The Driskill opened its doors in 1886, quickly becoming known as the Grande Dame of Austin. A confluence of opulence and luxury, the hotel has been the destination of choice for an array of guests over the years – for overnights, special events, SXSW sessions, election-night watch parties, political drink-sipping and deal-making, weddings and engagements (future president Lyndon B. Johnson proposed to Lady Bird during their first date, which took place at the hotel) and much more.
While no longer owners of the hotel, Hyatt Hotels & Resorts will continue daily management of the property.
About Woodbine Development Corporation
Woodbine Development Corporation is a full-service real estate company with nearly 50 years of development, investment, acquisition and asset management experience. With offices in Dallas and Phoenix, Woodbine specializes in hotels, resorts and mixed-use developments throughout the United States. The company’s hospitality portfolio features major brands, independent hotels, full-service destinations and select-service stays alike. Since 1973, Woodbine has been involved in more than $7 billion in commercial real estate projects, including the development, ownership, asset management, repositioning or renovation of over 17,000 hotel rooms.
About Pixiu Real Estate
Pixiu Real Estate was founded in 2010 and is comprised of an expanding portfolio of real estate properties around Austin and Texas. Among the iconic properties of which Pixiu has ownership are the Littlefield and Scarbrough buildings adjacent to The Driskill. The firm also has ownership in several other buildings downtown. Pixiu Real Estate’s parent company, Pixiu Investments, is a prominent investment firm based in Austin, Texas with investments across multiple industries including real estate, technology, hospitality, energy, and professional sports.