- Two Midwest Power Centers Trade Hands at More than $36 Million
- Dr. Ben Bernanke Speaks at ICSC RECon, Las Vegas 2016; Holds Private Dinner Thereafter
Dinner and drinks with Todd Wyett-Versa Development (left),
Dr. Ben Bernanke-Former Federal Reserve Chairman (center) and
Simon Jonna-The Jonna Group (right)
- Apartment Community Sells for $17 Million
SOUTHFIELD, Mich., Sept. 2, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Country Corner Apartments, a 211-unit apartment community in Southfield, Mich. The $17,084,656 sales price equates to $80,970 per unit.
Simon Jonna, first vice president investments, and Ryan Cockerill, associate, both in Marcus & Millichap’s Detroit office, represented the seller. Earl Elliott, vice president investments, Chris Futo, senior associate and Gordon Navarre, senior associate, all also in the firm’s Detroit office, secured the buyer.
“Multifamily assets at lower entry costs and higher yields than many other major markets are bringing a wide variety of investors from around the world to the Detroit metro area,” says Jonna. “As competition for listed properties proliferates, assets are receiving multiple offers and driving valuations higher.”
“The property is in a great location for both economic and recreational activities and is within two miles of Royal Oak Beaumont Hospital, a major area employer,” adds Elliott.
The apartment community is located in the northwest corner of Southfield at 30300 Southfield Road, three miles from downtown Birmingham and six miles from downtown Royal Oak, two of metropolitan Detroit’s most popular nighttime hotspots. The location is easily accessed from Interstate 696, Interstate 75 and Woodward Ave.
Built in 1966 on 16.6 acres, Country Corner Apartments is composed of 29 buildings and features an outdoor pool with sundeck, a clubhouse, a fitness center, carports and laundry facilities. The community features seven spacious apartment- and townhouse-style floor plans.
Unit amenities include central air conditioning, balcony, dishwasher, garbage disposal, and storage space. Townhomes have full basements.
- Jonna Group Sells LONG ISLAND WALGREENS For $10.4 Million
LONG ISLAND WALGREENS SELLS FOR $10.4 MILLION
SMITHTOWN, N.Y., July 15, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a 14,560-square-foot Walgreens drugstore on the North Shore of Long Island in Smithtown, N.Y. The $10.4 million sales price equates to $714 per square foot.
Simon Jonna and Raymond Jonna, both in Marcus & Millichap’s Detroit office, represented the seller and procured the buyer. J.D. Parker, senior vice president and district manager in the firm’s Manhattan office is Marcus & Millichap’s broker of record in New York State.
“This trophy Walgreens has a unique lineage and historical ties behind the original development that contributed to the mass appeal of the offering and led to a multitude of offers from around the nation. The property features immediate ease of access to nearby Long Island landmarks such as Stony Brook University and the U.S. Department of Energy hub known as Brookhaven National Laboratory. The culmination of said strong suits that distinguished an already well-located store in an affluent and high-density demographic is likely the reason for the store’s remarkable performance, which supersedes the standard for groundbreaking Walgreens sales,” says Simon Jonna.
“The trade zone is heavily developed by suburban housing communities and commercial infrastructure with numerous surrounding national nameplate retailers. Walgreens Smithtown is truly a rare pride of ownership asset just east of Manhattan on the most densely populated island in the country. Having sold over one hundred net-leased drugstores, this one will personally serve as one of the most memorable for me,” adds Raymond Jonna.
Built in 2006 on two-plus acres, the property is located on the southeast corner of Main Street—Route 25—and Elm Road, at 10 West Main St. in Smithtown.
- Simon Jonna Motivates Students About Their Future
On Friday, March 28, 2014, Simon Jonna addressed over 200 students at INVEST Roosevelt High School in Hazel Park. Jonna shared thoughts on his journey, challenges and opportunities available to an eager student body.
Jonna, who oversees the Jonna Group of Marcus & Millichap is nationally recognized as the #1 Ranked Retail Agent in #1 Most Profitable Office Nationwide, closing over $900 million in annual sales, opened up his talk saying, “Success is having the persistence to be patient. It took time to determine my path, but I always knew I wanted to be in business”.
Jonna spoke about of how blessed he is to have the chance to learn so much from the hard-earned experience of pioneers among the Chaldean and real estate community such as James Jonna, his brothers, and Arkan Jonna. Jonna spoke about James (Jimmy) Jonna who passed over two years ago. “My cousin Jimmy was a man, who in his lifetime, built enough square feet to fill a city. He always advised me to ‘Love what you do, have a passion and be honest’. He was older than me by 50 years, but we were like close friends,” said Jonna. “Jimmy also advised ‘You should always keep in mind that marching in the footsteps of successful businessmen who made it the American (hard) way, and benefiting from their long and hard-earned experience is indispensable for success”.
Jonna also discussed breaking into the real estate world and how his last name, at times, was a challenge to his development when first moving to Michigan. He had to work twice as hard for his peers to acknowledge his talents and skills. He also spoke of how his father Harry Jonna uniquely raised him with strong moral, religious, and intellectual guidance at an early age and how he inherited from him his work ethic. He ultimately credited his work, health, and his relationship with God as to how he has become successful.
- The Jonna Group Exclusively Retained to Sell $18.9 Million 7-Eleven Portfolio
DETROIT, MI – Aug. 29, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing to market a single-tenant, corporate ground lease portfolio of 11 Michigan 7-Eleven locations.
Simon Jonna, a vice president investments, and Raymond Jonna, an associate, both in Marcus & Millichap’s Detroit office, are representing the seller, a private partnership.
“This is a rare opportunity to purchase a 100-percent occupied portfolio of 11 recently built stores with corporate-backed simple ground leases, all delivered free and clear and all located in high-traffic, high-exposure locations within densely populated areas,” Simon Jonna says.
“The leases all carry a rating of AA- from Standard & Poor’s, and with 10 percent rent increases every five years—except for one lease that has 12.5 percent increases—plus option periods, this portfolio represents a conservative and reliable revenue stream.
“These individual locations were stringently hand-picked for performance and viable operational histories,” adds Raymond Jonna. “The occupying tenant, 7-Eleven, is on record with one of the highest lease renewal rates in the industry.”
“This offering combines the security of quality freestanding prototypical real estate with long-term growth potential via its ground lease, the most secure form of ownership today,” Simon Jonna concludes.
The assets are strategically located in desirable markets throughout Michigan, some of which show high-income demographics and 20 percent to 40 percent population growth in recent years.
The properties are primarily hard corner or main-on-main intersections, with dominant exposure to state-recognized thoroughfares and intersections. Each site has the added functionality of on-site fuel pumps for increased drive-up traffic and revenue draw, coupled with the cachet of the 7-Eleven Convenience Stores trademark.
- The Jonna Group Sells $13.2 Million Waterford Park at Waterford Lakes FL
$13.2 MILLION LENDER-OWNED MIXED-USE PROJECT SALE
BROKERED BY THE JONNA GROUP
ORLANDO, FL., Aug. 30, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Waterford Park at Waterford Lakes, a 115,473-square foot Class A mixed-use retail and office building located near the nation’s second-largest university, the University of Central Florida in Orlando. A small land parcel across the street from the property and a potential billboard site on Lake Underhill Road were included in the transaction. The sales price of $13,250,000 equates to $115 per square foot…
…Simon Jonna, a vice president investments, and Ryan Cockerill, an associate specializing in retail property investments, both in the firm’s Detroit office, acted in a representative capacity for the buyer, Baltimore-based Continental Realty Corp….
….“This asset offers exceptional value-add potential,” adds Jonna. “The new owner has the experience necessary to redefine the property’s highest and best use and position it for peak performance in a fundamentally sound, growing and sought-after demographic region.”
The double-domed Mediterranean-style retail/office building is located at the Northeast corner of Lake Underhill Road and Alafaya Trail at 12301 Lake Underhill Road, close to the East/West Expressway, Florida State Road 408 in Orlando. The University of Central Florida Research Park and Lockheed Martin are also nearby.
Waterford Park at Waterford Lakes was built in two phases, the first phase was constructed in 2006 and the second phase was completed in 2008. The building contains a 58,251-gross leaseable area of first-floor retail space that is 60 percent occupied by 10 tenants and a 57,222-gross leaseable area of second-floor office space that is currently 18 percent occupied by five tenants. The property is wired for cable television and high-speed Internet. Other features include 12-foot first-floor ceilings, 10-foot second-floor ceilings, tile and marble restroom finishes and tenant-controlled electricity.
- Jonna Group Closes 3 Shopping Centers Totaling 500,000 sqft for $20 Million
Aug. 16, 2012 – Marcus & Millichap Real Estate Investment Services recently arranged the sale of three Kmart-anchored Midwestern shopping centers totaling 491,600 square feet. Terms of the sale were not disclosed.
Marcus & Millichap sold Shawano Plaza, Charlevoix Commons and Plymouth Commons. Shawano Plaza is located Shawano, Wis. Charlevoix Commons is in Charlevoix, Mich. And Plymouth Commons is in Plymouth, Wis.
Charlevoix Commons is the largest retail development in Charlevoix. National nameplate brands, including the Kmart anchor, occupy nearly 70 percent of the GLA. Other tenants include Family Farm & Home, Dollar Tree, Radio Shack and Northern Sports Medicine.
- The Jonna Group Handles Exchange of Office and Retail Complex
March 20, 2012 – TNP Strategic Retail Trust Inc., an Irvine, CA-based REIT, acquired the Aurora Commons office and retail complex in Aurora, OH, from H&S Co. Ltd. for $7 million, or about $82 per square foot.
The Aurora Commons complex includes a retail center at 300 Aurora Commons Circle and an office building at 251 W. Garfield. Marc’s, a local discount grocery store, is the anchor tenant in the retail center. The two buildings total an area of approximately 85,000 square feet.
- Marcus & Millichap Promotes Simon Jonna to Vice President of Investments
August 18th, 2011
DETROIT, MI – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Simon Jonna to the position of vice president investments.
This designation exemplifies superior performance in the accomplishments an agent has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Jonathan Dwoskin, regional manager of the firm’s Detroit office.
“Simon has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Dwoskin.
“He is a consummate professional, continually striving to expand his knowledge and expertise.
“His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.
Jonna began his career with Marcus & Millichap in May 2005, specializing in the sale of retail properties.
- $50 Million Credit Tenant Multiple Portfolios Handled By The Jonna Group
$50 Million Credit Tenant Multiple Portfolios
Handled By The Jonna Group
The Jonna Group Offers Retail Leverage and Execution
Nov. 23, 2009 – The Jonna Group currently has upwards of $50 million in drug store portfolios currently listed and under contract with an expected additional $50 million to hit the market in the near term. The group is now recognized as one of the dominant drug store teams and represents several retail drug store/shopping center developers and builders including former drug store chain executives. founders. and large scale landlords. who have exclusively hired them to sell multiple assets nationwide.
The featured portfolios, Pool A and Pool C, entail assumable existing debt that must be acquired as a package of 10 properties each. Pool A and Pool C portfolios consist of corporate build-to-suit prototype-stores throughout the Ohio, Michigan, and New York markets, among others. The stores are priced to reflect attractive per square foot prices, capitalization rates, cash on cash returns, rent per square foot, and show for strong rent to sales ratio with a lost cost of occupancy. The tenants are primarily drug stores and include Rite Aid, CVS, Family Dollar, and Dollar General.
“This offering combined with cross tenants, multiple locations and existing blanket debt, is very unique to the marketplace and can meet an investors objectives seeking diversification, low rents, corporate backing, 5 to 10 year remaining lease terms, and quality B/C product real estate, priced attractively.” said Jonna. “We look to create synergy with our large buyer pools and repeat investors: this enables us to add value by creating repeat business for our sellers. Several lenders shy away in today’s transitioning market, causing fall out in deal transactions and buyer re-trades.
- Marcus and Millichap’s Jonna Closes Simultaneous Sale
Marcus and Millichap’s Jonna Closes Simultaneous Sale
Southfield, MI – July 10, 2008 – Both a new construction TGI Friday’s and Panera Bread Café properties were marketed together, both in the construction phases and both prior to rent commencement and store opening. The seller stipulated preference was for Simon Jonna, Director of the National Retail Group, to generate all cash buyers with no financing contingencies and close each property within a week or less of each other. Jonna generated multiple offers on each asset the first week of the marketing period. The buyers, based from coast to coast, one from New York for Panera, the other from California for TGI, were all cash buyers with a 30 day close. Jonna and the attorney’s structured a simultaneous closing upon agreement from both investors. Each property proceeded to closing at full asking price.
- Jonna of Marcus & Millichap Closes Landmark Sale
10 Properties in Three States Totaling $10 Million
Southfield, MI – June 13, 2008 – Simon Jonna of Marcus & Millichap brokered a closing that consisted of 10 properties, with 10 separate notes, on one loan, in 10 separate cities, in New York, Michigan, and Ohio. The transaction included multiple tenants including Drug Stores, CVS, and Family Dollar.
Upon completing an extensive due diligence process with 10 on site property visits and inspections in separate phases, the group coordinated a loan approval process through Capmark Financial, buyer and seller legal teams, title and escrow, 1031 intermediaries, third party vendors and three separate lenders servicing the loan. “With our relationships, resources, aggressive approach, and seasoned experience with retail investments, our team successfully closed the transaction that Capmark labeled the “Bear” of a transaction,” said Jonna.
- Jonna Says Loan Assumption Key in Drug Store deal
Loan assumption key in Drug Store deal
June 13, 2008 – It was a deal that generated a swarm of activity, said Simon Jonna of Marcus & Millichap. When he listed the six-store Drug Store portfolio, it look only a few weeks to find a buyer.
But what made the deal noteworthy, said Simon Jonna is that it points to some very significant trends.
The portfolio of stores, in Ohio. West Virginia and Michigan, sold for $9.5 million to a West Coast buyer looking to pick up property in a 1031 exchange. The buyer had just sold another property, and in order to pay high taxes on the proceeds, he needed to buy a like-priced property, which is a common practice.
It was unusual that in this deal he was able to do so by assuming the existing loan.
“Assumption deals are a huge plus in today’s market place, for buyers and sellers, as financial institutions continue to weaken and commercial lending divisions continue to freeze up across the board.” Jonna said. “Sellers can creatively offer seller financing to compensate for equity shortfalls, and buyers do not have to succumb to the doom and gloom of lender feedback.”
Generally speaking, 1031 exchange buyers are more time-pressed, Jonna said.
“They’re looking for properties that are deliverable but a good value,” he said. “He was looking to place the same amount in debt and equity that he had from the prior sale, which allows him to essentially defer capital gains. And because it’s an assumable loan, it works out for the seller too. He doesn’t have to put up any kind of pre-paids. Its not costing him anything to pay off the loan.”
- The Jonna Group Closes 2 Deals Totaling $21.5M
(DETROIT, MI) — June 13, 2008 – Marcus & Millichap brokers in Detroit and New York closed two deals today totaling $21.5 million.
A $9.9 million transaction involved a 10-property, single-tenant, net-leased portfolio in Michigan, Ohio and New York.
The portfolio transaction was complex and required creative financial moves by Marcus & Millichap brokers Simon Jonna… …The price represents $112 per square foot.
“This unique transaction was an opportunity to fully diversify an investment portfolio and place a minimal equity down payment in order to assume an existing fixed 10-year loan,” says Jonna.
The sale involved 10 cities and 10 existing notes on one loan with three servicers, including a master and special servicer.
The portfolio included national tenants CVS, Rite Aid and Family Dollar. Jonna says the properties are “strategically located on dominant hard corners in their respective markets with three in Michigan, six in Ohio and one in New York’s Nassau County, the most populated county on Long Island.” The entire portfolio is 100-percent occupied with corporate-backed lease guarantors.
Jonna is a senior associate and associate director in Marcus & Millichap’s national Retail Group in Detroit…
- Marcus & Millichap’s Jonna Group Closes Sale
Southfield MI – June 2, 2008 – The Jonna Group announced the sale of two large shopping centers consisting of 160,000 square feet, 30 acres and 18 tenants. The two grocery anchored strip centers, The Maxway and Magic Mart Portfolio, located in Pearisburg and Chase City, VA, sold for $6+ million. The Jonna Group was hired by a repeat client, New York-based seller. The buyer, a 1031 exchange investor based on the east coast, purchased the properties as a package. Upon securing a $1 million hard money deposit released to the seller following the due diligence period, The Jonna Group closed the transaction. Tenants include: Lowe’s, Grocery, Food Lion, Maxway, Magic Mart, Sear, Goodwill, Pizza Hut. Cato Fashions, and Payday.
- Marcus & Millichap’s Jonna Sells Bank
Southfield, MI – Simon Jonna of the National Retail Group of Marcus and Millichap transacted a freestanding PNC building, The property is an out parcel to a movie theater/ Target development with direct frontage to the Haggerty retail corridor in Livonia. The property is a freestanding structure with a drive through and was built in 2005 and is currently under a long term absolute net – 20 year ground lease. The deal traded for a 6.125 percent capitalization rate to a 1031 exchange buyer.
The Jonna Group offers a commanding track record, strong market share, and in-depth knowledge that can affectively communicate the full potential value of the asset, prompting buyers to be aggressive.
– Associated Press