July 31, 2018
The owner of a large warehouse development site in the Bronx is expanding its portfolio to Queens.
Innovo Property Group, which will soon break ground on a more than $200 million, 700,000-square-foot warehouse along the Cross Bronx Expressway, is in negotiations to invest in an industrial property at 28-90 Review Ave. in Long Island City.
It wasn't immediately clear how much Innovo was arranging to pay for the site or whether it would buy the parcel outright or enter into a joint venture with the existing owner. The property can accommodate nearly 400,000 square feet of commercial development. Innovo declined to comment on the potential deal.
In a conversation with Crain's in June to discuss Innovo's Bronx development, however, founder and CEO Andrew Chung said that the company was purchasing a Long Island City development site where it would also build ground-up warehouse space.
Chung said he believes that logistics and e-commerce companies will need state-of-the-art warehouse space situated in multiple locations throughout the five boroughs to service customers quickly.
"For retailers to succeed with last-mile deliveries, they need to think about the city in zones," Chung told Crain's at the time.
A sales team at CBRE led by broker Brad Cohen has been marketing the site for sale or a joint-venture investment. Cohen could not immediately be reached.
Long Island City was once predominantly an industrial neighborhood with millions of square feet of warehouses. Much of that space has been lost in recent years to residential development and conversions to office space.
Florida-based firm JBL Asset Management owns 28-90 Review Ave., purchasing it two years ago for nearly $25 million, according to city property records. The site sits along Newtown Creek, a short distance from on-ramps to the Long Island Expressway and the Brooklyn-Queens Expressway, making it well-situated for potential e-commerce and delivery uses. An executive at JBL declined to comment.
The deal is the latest from a wave of industrial buyers who have plans for new warehouse development. Last week developer Dov Hertz acquired a large industrial development site in Sunset Park for around $250 million. He intends to raise up to 1.6 million square feet of warehouse space.SOURCE: CRAIN'S New York Business
July 27, 2018
A Hollywood-based company that specializes in retail centers has purchased a Plant City shopping hub for $29 million.
JBL Asset Management’s acquisition of the Lake Walden Square becomes the latest in a series of Florida projects the company has invested in, together with assets in Orlando, Pembroke Pines and Miami Beach.
In all, JBL owns nearly two dozen retail centers in seven states, with a focus on Florida, Texas, New York and Georgia.
“We like to target assets in areas just outside strong metro areas,” says Alicia Hugh, JBL’s director of leasing and strategic planning. “And we love the Plant City market for that reason. It’s connected to both Tampa and Lakeland.”
The 244,529-square-foot center is anchored by a Winn-Dixie supermarket, along with merchants Ross Dress for Less, Marshalls, Michaels Stores Inc., PetSmart, Ulta and Five Below, among others.
The property, at 105 W. Alexander St., was more than 93% leased at the time of the sale. It was developed some three decades ago on nearly 27 acres.
JBL acquired Lake Walden from Retail Value Inc., a publicly traded firm that owns more than 45 shopping centers throughout the U.S. and Puerto Rico.
Holliday Fenoglio Fowler L.P. Director Eric Williams, along with Senior Managing Director and retail practice co-leader Daniel Finkle and Managing Director Luis Castillo, represented Retail Value in the JBL transaction.
“The property really fits our investment criteria,” Hugh says. “The Winn-Dixie performs really well there, and the center has a real small-town feel to it, even though almost all of the tenants there are national in scope.”
She adds that the company is formulating a capital improvement plan for the property but that no final decisions have been made as yet.
Lake Walden becomes JBL’s third major Florida purchase in the past two years. In late 2016, the company acquired Orlando Gateway Village, a retail center on 62 acres, and followed that deal up with the $33.2 million purchase of the Flamingo Pines Plaza, in Pembroke Pines, last December.
In all, the 13-year-old company today controls more than two million square feet.SOURCE: Business Observer
March 21, 2018
Originally Published: Commercial Property Executive JBL Asset Management has traded a 22,836-square-foot retail property in Knoxville, Tenn. to a private investor for $3.3 million. JBL acquired the Harvest Towne Center in August of 2015 for $7.8 million, according to the Knox County assessor. Rob Whitmire of SRS’ Investment Properties Group represented JBL in the transaction.
Located at 4824-4856 Harvest Mill Way, the two-building strip mall sits on a 1.4-acre parcel just off Highway 71, less than five miles from downtown Knoxville. The buildings are positioned among a variety of other shops and restaurants along the highway. The asset, which was constructed in 1995 and 1996, is home to a mix of tenants, including Pet Supplies Plus, Oreck, The Casual Pint and Regency Finance.
“Finding the right buyer was paramount due to a shared parking and management covenant with the neighboring parcel,” said Whitmire, senior vice president of SRS, in a prepared statement.SOURCE: SRS Real Estate Partners
December 22, 2017
The Flamingo Pines Plaza in Pembroke Pines, FL has been sold to JBL Asset Management in a $33.2 million deal. The 139,462 square foot community shopping center is located at at the intersection of Pines Boulevard and Flamingo Road. Trading for $238 per sqf., the center is currently 99 percent leased with anchor tenants including Florida Technical College, USPS, Goodwill, Mattress Firm, Honey Baked Ham, State Farm and Sunrise Medical Group. The Hollywood-based buyer completed the purchase with a $27.25 million mortgage provided by Regions Bank. Holliday Fenoglio Fowler's Eric Williams represented the seller, Weingarten Realty Investors.
“Pembroke Pines’ population density, growth and affluence make it one of the most highly coveted retail submarkets in South Florida,” Williams said. “Flamingo Pines Plaza’s prime location at the heart of the Pines Boulevard retail corridor adjacent to a high-volume Publix and Walmart Supercenter was attractive to investors.”SOURCE: CIJ USA
December 21, 2017
Weingarten Realty Investors sold Flamingo Pines Plaza in Pembroke Pines for $33.2 million.
The Houston-based commercial real estate firm (NYSE: WRI) sold the 139,462-square-foot shopping center at 12502, 12520, 12594 and 12630 Pines Blvd. to JBL Flamingo Pines and JBL Flamingo Pines 2, both affiliates of Hollywood-based JBL Asset Management. Regions Bank provided a $27.25 million mortgage to the buyers.
Holliday Fenoglio Fowler’s Daniel Finkle, Luis Castillo, Eric Williams and Kim Flores represented the seller in the deal.
Built in 1989, Flamingo Pines Plaza last traded for $43.75 million in 2005, although that deal included a neighboring property that wasn't included in the recent deal.
According to HFF, the shopping center is 99.2 percent leased with tenants such as Florida Technical College, a U.S. Post Office, Goodwill, Mattress Firm, Honey Baked Ham, State Farm and Sunrise Medical Group. It’s next to a Walmart Supercenter and a Publix."
“Pembroke Pines’ population density, growth and affluence make it one of the most highly coveted retail submarkets in South Florida,” Williams said. “Flamingo Pines Plaza’s prime location at the heart of the Pines Boulevard retail corridor adjacent to a high-volume Publix and Walmart Supercenter was attractive to investors.”SOURCE: South Florida Business Journal
December 8, 2016
A South Florida developer closed this morning on the nearly 64-acre, $23 million purchase of Orlando Gateway just north of Orlando International Airport.
New owner JBL Asset Manager's leasing manager told Orlando Business Journal that there are no current plans for the property. OBJ could not reach Managing Director Jacob Khotoveli. JBL Asset Management develops shopping centers and is based in Hollywood.
The six parcels bought include two shopping center buildings about 15,000 square feet each, a car rental site with additional acreage and three vacant commercial sites, according to an auction marketing package by Ewald Auctions.
The deal took place in four transactions with sellers Orlando Gateway Partners LLC and Nilhan Hospitality LLC, as well as these buyers: BL Gateway HTP AB LLC, JBL Gateway 471 AB LLC, JBL Gateway 282 AB LLC and JBL Gateway Investors AB LLC, according to Orange County records. The court appointed Emerson Noble as the trustee for the bankruptcy auction.SOURCE: South Florida Business Journal
August 26, 2016
Jacob Khotoveli’s JBL Asset Management and Eric Gleit’s Edge Ventures snapped up a Long Island City development site for $24.9 million, property records filed with the city Tuesday show.
The 192,792-square-foot site at 28-90 Review Avenue near Newtown Creek and just off the Long Island Expressway is commercially zoned and comes with 385,584 buildable square feet, according to Reonomy. The site is currently used as a commercial parking lot. Its previous owner Eric Roberts, who bought the site in 1985, runs a truck rental company.
Khotoveli told The Real Deal that JBL hasn’t finalized plans for the site yet, but that it envisions a mixed-use development including a big box retail store. JBL paid about $65 per buildable square foot to acquire the site.
Rick Robbins of Hentze-Dor Real Estate brokered the sale. Florida-based JBL landed a $24 million acquisition loan from BH Mortgage, with a seven-year term and an interest rate of between 5 and 6 percent. Deerwood Real Estate Capital’s Joe Hercenberg brokered the loan.SOURCE: The Real Deal
A company led by William Wiener, who’s been buying prominent pieces of Miami real estate, just paid $17.7 million for a large Coral Springs retail plaza.
County records show 35 Oak U.S. 5 just closed its purchase of the Plaza at Coral Springs on Tuesday. The property is a 96,280-square-foot shopping center with three adjoined retail buildings and two outparcels, all situated on about 10.5 acres.
Some of the plaza’s tenants include Broward Kidney Centers, which occupies an outparcel; Frank Theatres, a movie theater company; the United States Swim Academy; Outback Steakhouse and I Love Kickboxing.
The seller was an affiliate of JBL Asset Management, a Coral Springs-based real estate company that specializes in acquiring, managing and developing shopping centers in the Southeastern U.S.
JBL paid $13 million, or about $135 per square foot, for the plaza in 2005. After more than a decade, it has sold the Plaza at Coral Springs for nearly $184 per foot.
Marcus & Millichap’s Barry Wolfe and Alan Lipsky represented both the buyer and seller for this deal.
“The most competitive offers came from buyers based outside the U.S. who understood the unique stability that this asset has experienced over the years,” Lipsky said in a statement. “Even when other local centers were hit hard during the recession, this asset was able to maintain an occupancy [of] around 95 percent.”
Just to the south, Woolbright Development sold the Plaza at Coral Springs II to Cascade Ventures for $27.4 million.
The buyer, Wiener, manages a multitude of companies under the “35 Oak U.S.” name. One of his recent acquisitions was the $13 million purchase of Edgewater’s Latin Cafe 2000, which occupies a prime piece of land along Biscayne Boulevard in the rapidly redeveloping neighborhood.
Companies managed by Wiener have also bought six residential properties in the 400 block of Northeast 27th Street within the last year. Those companies have shared addresses with Bilnia Investments, a Canadian commercial real estate investment firm founded by Daniel Wiener in 1952.
For this most recent deal in Coral Springs, Wiener’s company financed its purchase with an $18.5 million loan from Ocean Bank.SOURCE: The Real Deal
February 26, 2015
JBL Asset Management, LLC. (“JBL”), a full service real estate investment company, announced today the acquisition of 4 Shopping Centers properties totaling over 305,000 square feet from multiple pubic institutional sellers. These acquisitions were completed on December 19, & December 22, 2014.Read more
April 27, 2014
McAlister’s Deli will open its third Fort Worth restaurant in a neighborhood shopping center being developed in the Alliance area of north Fort Worth.
The Mississippi-based franchise chain, which specializes in sandwiches and soups, will open a 3,500-square-foot location at 9604 N. Riverside Dr., at the northeast corner of Old Denton Road and Heritage Trace Parkway.
March 04, 2014
Coral Springs Florida based JBL Asset Management (954-346-9494) recently acquired a 201,268 square foot retail center from Inland Real Estate Group, the Market at Hunting Bayou located in Jacinto City, TX. Todd Gordon, Gordon Realty, represented the Purchaser and Cushman Wakefield Tom Salanty’s Team represented the Seller. This is the second transaction in the past eight months in the Houston MSA for the Florida based company. JBL Asset Management also acquired Tomball Parkway Plaza, Tomball TX, a 133,629 retail Shopping Center from Brixmor Property Group Gordon represented the Purchaser and Matt Berry with HFF represented the Seller in this transaction.SOURCE: RED NEWS