Dealmaker: JLL Arranges $115M for Retail, Mixed Use
MBA NewsLink Staff
JLL, Chicago, arranged $115 million for a retail building in Arizona and mixed-use development in Brooklyn, N.Y.
JLL Capital Markets arranged a $104 million loan to refinance Redbridge, a mixed-use residential and retail property in Williamsburg, Brooklyn, N.Y. The group worked on behalf of RedSky Capital LLC, JZ Capital Partners Ltd. and Waterbridge Capital LLC to place the loan with JP Morgan Chase & Co.
Managing Director Jonathan Schwartz and Vice Chairman Aaron Appel led the JLL Capital Markets team handling the debt assignment.
"RedSky Capital has established itself as a leading investor in Brooklyn," Schwartz said. "Its Redbridge Portfolio is located on one of the most prosperous retail corridors in Brooklyn. This was a tremendous lending opportunity that was competitively bid."
Redbridge consists of 85,000 square feet of residential and retail space at 237-241 Bedford Avenue, 160-164 North 4th Street and 159--173 North 3rd Street in Williamsburg. RedSky Capital acquired the portfolio in 2012. Retail tenants at Redbridge also include Sephora, Alo Yoga, Flywheel, by Chloe, Dig Inn, Sweetgreen and UVA Wines. The portfolio also includes more than 20,000 square feet of retail space at 247 Bedford Avenue, which is occupied by Apple Inc. and The Corcoran Group.
The JLL Phoenix office completed a $11.2 million sale of Ocotillo Plaza, a redeveloped retail building situated in the Ocotillo area, of Chandler, Ariz., a residential, retail and employment hub adjacent to the Price Road commercial corridor.
JLL Senior Vice Presidents Peter Bauman and Tivon Moffitt, Senior Managing Director Dennis Desmond and Senior Vice President Tyson Switzenberg represented the building seller, Thompson Thrift Retail Group. Nina Patel represented the buyer, Southern California-based Slater Avenue II LP.
Ocotillo Plaza totals 121,829 square feet at 2880 S. Alma School Road, on the northwest corner of Queen Creek and Alma School roads in Chandler. The building and 10-acre site was purchased in 2017 by Thompson Thrift and renovated from a former Target store into a multi-tenant retail building that is now fully leased to Goodwill and the flagship location of Shoppers Supply, a ranch, home and outdoor supply retailer.
The repositioned building sits within the larger Ocotillo Plaza shopping center, which is also in the process of a redevelopment that includes addition of an Aldi supermarket. It is part of a retail corridor boasting anchor tenants such as Albertsons, HomeGoods, Office Max, Sprouts and Stein Mart.
"Investors continue to be attracted to high quality, stabilized greater Phoenix commercial real estate, and that created significant investor demand for this listing," Bauman said. "The area's demographics, combined with this building's newly renovated space and its stable long-term tenancy, were a strong draw for the buyer. We were very pleased to work with them on a property that we believe will provide a high-quality, income-producing asset for their portfolio."