BY THE NUMBERS
CHICAGO—JLL reported operating performance for the full year and fourth quarter of 2017. For the year, diluted earnings per share were $5.55 and adjusted diluted earnings per share were $9.16; for the fourth quarter, diluted earnings per share were $1.71 and adjusted diluted earnings per share were $4.92. Revenue was up 17% to $2.5 billion for the quarter; fee revenue was up 18% to $2.2 billion. “Outstanding fourth-quarter 2017 performance contributed to record revenue and strong adjusted EBITDA and cash flows for the year,” says Christian Ulbrich, JLL's chief executive officer. “We achieved these results while making significant progress in 2017 on our ambitious data and technology agenda. With favorable economic conditions and healthy real estate fundamentals in most markets, we anticipate continued growth in 2018.”
NEWS & NOTABLES
INDIANAPOLIS—Adam Mallory has rejoined Holliday Fenoglio Fowler, LP as a director focused on debt and equity placement transactions in its Indianapolis office. Mallory worked at HFF from 2015 to 2017 as an associate director before pursuing a career as an attorney at Frost Brown Todd. During his time with HFF, he was involved with more than $600 million in multi-housing transactions for institutional and private clients. Before joining HFF in 2015, he worked in the commercial mortgage group at 40|86 Advisors, Inc., while attending Indiana University Robert H. McKinney School of Law. He is a member of the Young Professionals of Central Indiana and the American Bar Association Real Estate Group.
CHICAGO—Gino Lollio (pictured) and Scott Niedergang have joined Cushman & Wakefield as managing directors as part of the firm's national healthcare capital markets group within C&W's healthcare advisory group. Lollio and Niedergang will lead a Chicago-based team that offers healthcare providers, developers and investors a global platform to seamlessly leverage and access the expertise of the firm's local experts and leading market position to best devise acquisition, disposition and recapitalization strategies. Additionally, they will continue to advise healthcare providers on capital raising efforts via sale-leaseback transactions. Over the past decade, Lollio and Niedergang have closed on the sale of more than 100 medical-office assets in 20 states valued at more than $700 million. Their team also includes Tina Yu, marketing coordinator; business development professionals Bryan Belville and Brian McCoy; and financial analyst Chris Ordoyne.
DEALTRACKER
INDIANAPOLIS—Colliers International's real estate management services division has recently been awarded a series of exclusive property management assignments. As these new properties come on board, it pulls Colliers managed portfolio in the greater Indianapolis area to over 42 million square feet. Colliers has commenced management of a 550,000-square foot suburban office building at 101 W. 103rd Street in Carmel, formerly known as the Technicolor Building. The company has also assumed management of Lincoln Business Park, an eight-building, 262,700 square foot industrial portfolio located on the city's southeast side. Its other new properties include: Shadeland Station Business Park, a 10-building office portfolio located on the city's east side; and Kitley Industrial Park, a three-building portfolio totaling 366,053 square feet, located near Irvington within the east side of the I-465 loop.
AKRON, OH—Steve Lazarides and Dean Bacopoulos of the Akron CBRE office recently completed the sale of the former WRAYCO manufacturing buildings at 858 Seasons Rd. and 5010 Hudson Dr. in Stow, OH, a suburb of Akron. The buildings are approximately 180,000 and 60,000 square feet, respectively. The buyer is an unidentified investor with an occupier tenant in tow who will immediately begin hiring as well as performing work necessary to upgrade the buildings to meet their manufacturing requirement. Terms of sale were not disclosed.
LINCOLN, NE—Bellwether Enterprise Real Estate Capital LLC , a subsidiary of Enterprise Community Investment Inc., announced today the closing of a $43 million acquisition loan and a $12.8 million equity placement for Links at Lincoln, a workforce housing property located in Lincoln, NE. “The Links at Lincoln deal offered a unique opportunity for Bellwether Enterprise to leverage the combined expertise of two of its teams, resulting in the best possible service and outcome for both our client and the respective property's residents,” says Ned Huffman, president of Bellwether Enterprise. Situated across more than 100 acres of land, Links at Lincoln features 612 one- and two-bedroom units of workforce housing. The acquisition loan was arranged by Phil Melton, executive vice president of Bellwether Enterprise and John Roberts, vice president in the Dallas office. Additionally, Todd Johnson, vice president in the New Orleans office and director of equity products, arranged the $12.8 million LP equity investment.
BUILDING BLOCKS
CHICAGO—The Opus Group has just completed a new corporate headquarters for the American Academy of Pediatrics in Itasca, IL, a Chicago suburb. The 183,000 square foot building will serve as a home for the company's 455 employees and national hub for the organization's 66,000 primary care pediatricians, pediatric medical sub-specialists and pediatric surgical specialists. “The completion of this building is an exciting milestone for the organization and will allow them to continue to grow well into the future,” says Nick Melaszus, project manager, Opus Design Build, LLC. In 2014, AAP sought out commercial real estate firm JLL to craft a strategic real estate plan. Led by executive vice presidents Eric Kunkel and Scott Ohlander, the site team toured several downtown and suburban sites and ultimately decided that a build-to-suit was the best choice. The new headquarters is located in the Hamilton Lakes Business Park.
CHICAGO—Just in time for the start of second-semester classes, College of Lake County finished moving into a completely remodeled C Wing, which marked the final phase of Mortenson Construction's multi-year, $50 million renovation and expansion project at the school's campus in Grayslake, IL. Starting in 2015, Mortenson demolished and rebuilt 190,000 square feet and added 30,000 square feet to the community college's primary two buildings. “In partnership with CLC, Mortenson has transformed these physical spaces to improve learning and encourage collaboration among students, faculty, and staff,” says Mike Welch, CLC facilities director. “Upgrading our systems and infrastructure also has made our operations dramatically more energy-efficient.”
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