The sales transaction was negotiated by Lee & Associates, one of the largest national commercial real estate providers with regional expertise, and was the largest industrial transaction completed in Pomona in 2022. Ron Mgrublian, principal with Lee and Associates Los Angeles – Long Beach, along with Ed Matevosian, first vice president with CBRE in Glendale, CA, represented the buyer in the transaction.
“We were able to execute and deliver the right loan structure and proceeds within an expedited time frame to meet the acquisition deadline. The property is a strategic distribution center and will be the foundation for the continued expansion of our client’s business.” said Perdeck.
The warehouse/distribution facility was built in 1982 and is located on a 9.5-acre site at 2875 Pomona Boulevard near the 10/57 interchange within Los Angeles County. The new owner plans to continue to master lease the entire property for its own use, a leading automobile wheel manufacturer and distributor Katana Racing, Inc. The property’s sub-tenant Yamamotoyama is the oldest tea company in Japan, having been family owned and operated since 1690.
“We were extremely pleased with the teams at Lee & Associates, CBRE and Aries Capital. Their individual expertise and combined ability to deliver in record time allowed us to take advantage of this opportunity and position us for future growth. We look forwarding to continuing our relationship with all three firms.”
Pomona is strategically situated between the Inland Empire and the San Gabriel Valley within the Greater Los Angeles Base and is surrounded by the cities of Claremont, La Verne, San Dimas, Walnut, Diamond Bar, Chino, Chino Hills, and Montclair. The city’s convenient access to major freeways continues to attract ecommerce, packaging and national retailers and a lack of new, high-quality supply has spurred all-time high rental rates, waiting lists for prospective leases and top-dollar, off-market transactions.
]]>We are pleased to announce that Neil Freeman and Aries Capital have partnered with Joshua Joseph and Matthew Tarshis of Frontline Real Estate Partners and Michael Shindler of Four Corners Advisors to launch a new joint venture, Frontline Real Estate Partners: Hospitality Division.
What We Offer:
The new joint venture offers a beginning-to-end hotel receivership platform for financial institutions, banks, special receivers and debt fund servicers throughout the United States, Caribbean and Canada and is in response to the unprecedented need for financing and receivership analysis, as well as expert guidance on how to best generate maximum recovery for lien holders in today’s crippled hospitality market.
Together our principals can provide comprehensive and strategic a la carte services from initial evaluations through the conclusion of the potential foreclosure process aimed at hotel, luxury resort and gaming resort properties valued at $5 million to over $100 million.
While Frontline Real Estate Partners: Hospitality Division services are targeted to lenders, we can also offer services to borrowers to find strategic partners, rescue capital or creative financing to assist in their workout negotiations with lenders.
Scope of Services:
• Competitive marketplace analysis
• Broker valuations
• Financing services
• Receivership management
• Note sales
• Expert testimony
• Brokerage services
• Disposition services
Neil D. Freeman, Chairman and CEO of Chicago-based commercial real estate mortgage and investment banking firm Aries Capital, is pleased to announce the opening of a new regional office in Miami, Florida, as well as the relocation of its Chicago headquarters to 401 W. Ontario in River North. The firm is also pleased to announce that Christina Vasquez and Brandon Perdeck have been promoted to Senior Vice President and Vice President respectfully, and Steve Adams has joined the firm’s Chicago office as Assistant Vice President.
Aries Capital Miami Opens
Situated within the Financial District’s Brickell Bayview Center, Aries Capital’s new Miami office will serve as a regional headquarter location in the vibrant and fast-growing South Florida market. Aries has been active in the region since the boutique firm’s founding in 1991, closing over $22.4 million in deals in Miami within the last 12 months. Recent transactions include loans for The Eurostars Langford Hotel in downtown Miami and a 48,000 square-foot industrial/flex office space in the up-and-coming Little River/Magic City District (an Opportunity Zone). Both Freeman and Perdeck grew up in the area and earned degrees at the University of Florida, where Freeman serves on the advisory board of the university’s Kelley A. Bergstrom Real Estate Center. Perdeck will be based in the new Brickell office and Freeman will travel between Chicago and Miami.
“We are very excited to bring our commercial lending expertise to Miami to serve the Florida and Southeast markets. We understand these areas well, from Miami and Fort Lauderdale to Tampa, Orlando, Fort Myers, Jacksonville and the Panhandle,” said Freeman. “Florida has a great economy with strong growth, but lacks the creativity and financial relationships you find in some other major cities such as New York, Chicago, Dallas, Atlanta and LA. Aries Capital expects to help our clients make more money through our entrepreneurial approach to arranging real estate capital. Many of our Midwest and Northeast clients, as well as our Florida developer clients, are working on major projects in the state.”
Perdeck was promoted to Vice President from Senior Associate and joined Aries Capital in 2016. In addition to establishing the Miami office, Perdeck will continue to originate, underwrite and close financing for hotel, commercial and multifamily properties nationwide, as well as develop and nurture capital source relationships.
“South Florida is seeing a massive wave of investment opportunity thanks to a combination of good weather, no state income tax, and plentiful financing as capital sources flock to establish or move offices to the region,” said Perdeck. “Having a physical presence in the epicenter of this growth not only feeds deal flow, it also allows us to bring these new, creative sources of capital that are beginning to call Miami home, to our clients nationwide.”
Prior to Aries, Perdeck was a financial analyst with Hart Advisory Group, a Miami real estate advisory firm. Perdeck earned a Bachelor of Science degree in Business Administration and Master of Science degree in Real Estate from the Hough Graduate School of Business at the University of Florida. He remains active in the University’s Kelley A. Bergstrom Real Estate Center and is a member of Chicago’s Real Estate Investment Association (REIA), the Self-Storage Association (SSA), Urban Land Institute (ULI) and the International Council of Shopping Centers (ICSC).
“Brandon has successfully demonstrated his skills on a national basis and across all asset classes, as a producing originator in our Chicago office,” said Freeman. “This expertise, merged with his strong Florida ties and local market knowledge, are the ideal foundation on which to build our Miami office.”
Aries Capital Staff Promotions & Hires
Christina Vasquez was promoted to Senior Vice President from Vice President. Based in Chicago, she has been with the firm since 1996 and is responsible for supporting the CEO, as well as day-to-day operations, office and vendor management, book-keeping and Human Resources for Aries Capital and Freeman’s other businesses in the United States and the Caribbean. Vasquez also serves on the board of Aries Capital’s affiliate, Urban Development Fund (UDF). She is a member of REIA and attended Robert Morris College.
“Christina is an integral member of our team who has contributed significantly to our firm’s success. Our staff, vendors and clients rely on Christina’s broad expertise, organizational skills, and leadership.” said Freeman. “I am also pleased to welcome Steve Adams to Aries Capital. He is a long-time friend of our firm and we look forward to leveraging his lending experience and underwriting skills to our clients’ benefit.”
Adams joins the firm from Chicago-based Continuum Capital Funding where he served as Portfolio Manager. In his new role as Assistant Vice President in Aries Capital’s Chicago office, Adams will assist with originating, underwriting and packaging client transactions, as well as evaluating new investment opportunities and capital source relationships. He is a graduate of the University of Iowa with a Bachelor of Business Administration degree in Finance and is a member of REIA.
New Aries Capital Offices:
Aries Capital Chicago HQ: 401 W. Ontario St. Suite 220, Chicago, IL 60654
Aries Capital Miami: Brickell Bayview Center, 80 S.W. 8th St. Suite 2000, Miami FF 33130
]]>Aries Capital of Chicago has closed $46 million in construction, bridge and permanent debt financing for over 414,000 square feet of new and existing self-storage facilities in California, Colorado, Florida and Texas. The financing was arranged on behalf of three separate clients by Aries Capital Director of Capital Markets Brandon Perdeck, Director of Acquisitions Matt Carney and Assistant Vice President Steve Adams.
The transactions include a $17.5 million construction loan for a self-storage facility in Santa Clarita, California for Diamond Development Partners, a unit of Salazar Construction Co., Inc.; an $8.65 million, full-term interest-only, CMBS permanent loan for the acquisition of a portfolio of four self-storage facilities in Colorado, Florida and Texas by Southern Star Self Storage; and a $19.875 million interest-only loan for the refinancing and phase two construction of Vineburg Wine & Self Storage in Sonoma, California.
“Self-storage has been an active asset class for Aries Capital. Lenders like its stability and sustainable cash flow and are willing to finance self-storage properties at higher leverage and better pricing than retail and other commercial assets.” said Perdeck. “Because Aries has relationships with multiple types of capital sources eager to finance self-storage, we are able to provide creative structures for our clients at each stage of their business plans and whether they are looking to build, add value, acquire or refinance.”
The $17.5 million construction loan was closed on behalf of Diamond Development Partners. Diamond is a unit of Salazar Construction Co., a family-run construction, investment and fully-integrated development firm based in California. The financing will be used to build a new 1,361-unit, 100% climate controlled self-storage facility, Centre Point Self Storage, at 21145 Diamond Place in Santa Clarita, California.
The state-of-the-art facility is situated within a 1.5-acre office/industrial complex in a stabilized infill urban area with convenient local and regional access, and good visibility. Salazar owns multiple flex-industrial spaces within the market and Centre Point Self Storage is its first self-storage project.
“The Diamond/Salazar team has extensive experience in industrial and commercial real estate throughout Southern California and was looking to expand into self-storage. We brought in a bank with whom Aries Capital has a longstanding relationship and effectively delivered the financing Salazar needed to diversify and grow its portfolio,” said Adams.
Lila Haimoff, chief financial officer of Salazar, said “I’ve had good support from Aries Capital in establishing a relationship with the bank. It’s gone smoothly. Brandon was very diligent in following up on all the details to ensure a smooth closing.”
In the second transaction, Aries arranged an $8.65 million, non-recourse, full-term interest-only, CMBS permanent loan for the acquisition of a portfolio of four self-storage facilities located in Colorado, Florida and Texas. The 10-year loan was closed on behalf of the Houston-based buyer, Southern Star Self Storage, in just 35 days at 60% loan-to-value. The buyer purchased the portfolio for $14.4 million.
“The existing loan on one of the assets was maturing and the seller needed the buyer to find financing quickly. We were able to arrange the interest-only financing our clients needed to execute the purchase on time and closed on the four properties in just 35 days,” said Perdeck. “All of the properties are well located, and our clients will be able to use their platform and extensive storage experience to add value.”
The properties total 152,000 square feet and include Montrose Airport Storage at 63224 La Salle Road in Montrose, Colorado; Southern Star Storage at 3250 N.E. Candice Avenue in Jensen Beach, Florida; Addison Airport Self Storage at 4485 Glenn Curtis Drive in Addison, Texas; and Southern Star Storage at 3608 US-281 in George West, Texas.
“We’re very pleased with the support and thoroughness of Aries Capital,” said Mark Torok, CEO of Southern Star Self Storage. “The transaction involved four properties over three states and Aries did a stellar job of coordinating all of the moving pieces.”
In the third transaction, a $19.875 million, interest-only bridge and construction loan was arranged on behalf of Vineburg Wine & Self Storage at 1010 Napa Road in Sonoma, California to refinance an existing construction loan and fund a second phase of construction. Completed in July 2021, the class A self-storage property has experienced unprecedented demand from local area wine collectors, restaurants and micro-wineries. The facility offers 396 climate-controlled and standard storage units including wine pallet storage. The financing Aries Capital secured will enable the borrower to add another 65,000 square feet of storage space consisting of 489 additional units. Once complete, the facility will offer a total of 885 units.
“As a class-A property with broad wine storage options, the property leased up to over 50% in the first few months of phase one. Aries was able to garner significant lender interest due to the high demand for new storage product in the market. We sourced a qualified lender that understood the significant value the additional units would add and delivered an attractive solution to both refinance the existing loan and provide the capital needed for phase two of the project,” said Perdeck.
]]>“Brandon and the Aries Capital team were highly effective securing the right loan for the project. From introduction to closing, Aries Capital worked hard to ensure a seamless execution. I look forward to working with the Aries team on future deals,” said Greg Van Cleave, principal for Vineburg Wine & Self Storage.