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A Hotel to Love in Grass Valley, California
December 2020 | hotelstolove.com
Nestled in the foothills of the Sierra Nevada mountain range, the Holbrooke Hotel is about as historic as they come in California. It’s Golden Gate Saloon was born during the booming times of the Gold Rush Era in the 1850’s when Grass Valley was just one of many mining camp settlements in the area flush with gold-veined quartz and hopes to strike it rich.
BOSTON, August 31, 2020 – JLL Capital Markets announced today that is has completed the $7.3 million sale of a 50,000-square-foot, fully leased industrial and manufacturing asset within a Qualified Opportunity Zone in the suburban Boston community of Malden, Massachusetts.
JLL marketed the property on behalf of the seller, a private family. Eastern Real Estate, a prominent real estate investment firm, purchased the asset in an off-market transaction.
The property is situated on 1.87 acres at 60 Winter St. in Malden, a community less than seven miles north of downtown Boston, and adjacent to the Oak Grove Orange Line Station on the Malden border. Fully leased to Enjet Aero, the single-story building features 18- to 30-foot clear heights, five loading positions and low office finish.
“We are excited to add this quality infill property to our growing portfolio,” said Dan Doherty, Principal of Eastern Real Estate.
The JLL Capital Markets team representing the seller was led by Michael Restivo and Matthew Sherry.
“Industrial continues to draw demand from both investors and tenants,” Restivo said. “Well-located, functional facilities like 60 Winter Street should continue to outperform, and we are pleased to have been involved in this transaction.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Eastern Real Estate
Eastern Real Estate is a privately held commercial real estate company with expertise in capital investment, development and asset management. Eastern specializes in adding value to complex real estate opportunities and has a proven track record of successful investments across multiple asset classes. Eastern leverages the entrepreneurial spirit, industry expertise and market knowledge of its multi-disciplinary team to identify, invest, develop and manage commercial real estate projects across the country.
Boston, MA, (June 13, 2019) – Eastern Real Estate LLC, today marked its 20th year as one of the industry’s leading commercial real estate, development and asset management firms with a celebration for staff and clients at its new headquarters in Boston’s Seaport district.
“Since our inception twenty years ago we have remained committed to adding value to complex real estate opportunities,” said Daniel J. Doherty III, Co-founder and Principal of Eastern Real Estate LLC. “Today we have a well-established track record of successful investing across multiple asset classes. This is a hallmark of our brand and we look forward to the next twenty years of improving the quality of life in the communities where we invest.”
Led by Daniel J. Doherty III and Brian J. Kelly, Eastern Real Estate’s legacy began with the 1990’s acquisition of the former Wang corporate headquarters in Lowell. Their successful redevelopment of the landmark towers established Doherty and Kelly as innovative commercial real estate developers in Greater Boston.
The firm’s recent highlights include the development of University Station in Westwood, MA, the repositioning of the storied Taj Boston Hotel, and the development of a $150 million multi-generational, mixed-use portfolio in Las Vegas, NV. The firm also replaced a 1960s-era mall in Palm Beach, Florida with a modern-day, open-air 750,000 square-foot retail center. Eastern Real Estate also renovated the landmark Custom House in Portland, OR into a preeminent workspace, leased to WeWork.
Eastern Real Estate is strategically investing in numerous value-add opportunities, across all asset classes, primarily in New England, the Southeast, and California.
About Eastern Real Estate LLC
Eastern Real Estate LLC is a privately held commercial real estate company with expertise in capital investment, real estate development and asset management. We specialize in adding value to complex real estate opportunities and have a long-standing, proven track record of successful investing across multiple asset classes. Eastern Real Estate leverages the entrepreneurial spirit, industry expertise and market knowledge of our multi-disciplinary team to identify, invest, develop and manage commercial real estate projects across the country