REAL ESTATE INVESTMENT
JLL Income Property Trust, Inc. and LaSalle Investment Management | August 10, 2022
JLL Income Property Trust, an institutionally managed daily NAV REIT with approximately $6.8 billion in portfolio assets announced today the acquisition of Silverado Square, a 48,000-square-foot retail center in Las Vegas, Nevada. The retail property is anchored by Sprouts Farmers Market, shadow anchored by CVS, and includes a parcel that is fully entitled for nearly 5,000 square feet of rentable retail space. Silverado Square was acquired for $24.4 million.
"Silverado Square is a well-located property that fits within our thesis of acquiring high-quality, grocery-anchored retail centers, Its location next to two major thoroughfares and near a large master-planned community, along with its strong tenant roster and long-term lease commitments, should bode well for the center's continued success in generating stable income. As we saw throughout the pandemic, grocery-anchored retail is resilient, and can continue to provide returns for our stockholders throughout volatile market conditions."
-JLL Income Property Trust President and CEO Allan Swaringen
Constructed in 2018, Silverado Square benefits from a highly visible location on two thoroughfares in the Silverado Ranch master-planned community, which is home to more than 55,000 people. The property ranks in the top quartile of LaSalle Research & Strategy's proprietary Supermarket Trading Area Rating System (STARS), which ranks more than 40,000 grocery-anchored retail centers in the US. The high score owes to Silverado Square's proximity to population density and median income that are both above the national average. The property has a weighted average lease term of more than eight years, including a 15-year lease signed by Sprouts in 2018 that features 10 percent rent escalations every five years. Overall, the property is 98 percent leased.
The fully entitled parcel, directly to the east of the existing structures, provides JLL Income Property Trust with the opportunity to build nearly 5,000 square feet of additional retail space and drive further net operating income. The new building will be leased by three tenants and is scheduled for completion later this year.
JLL Income Property Trust's grocery-anchored retail allocation is 23 properties in 13 key markets valued at nearly $850 million and representing approximately 13 percent of its overall portfolio.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.
About JLL Income Property Trust, Inc.
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $82 billion of assets in private and public real estate property and debt investments as of Q1 2022. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.
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REAL ESTATE INVESTMENT,REAL ESTATE ADVICE
United Real Estate | August 09, 2022
United® Real Estate (United) announced today its partnership and the newest member of its national network, United Real Estate | Fortune, based in Great Neck, New York. The move ushers United into New York State and the New York City area for the first time and expands its service footprint to one of the most exciting, diverse and competitive real estate markets in the world.
United Real Estate is a five-time Inc. 5000 fastest-growing U.S. company and currently the 7th largest independent real estate operation in America. The alliance equips United Real Estate | Fortune agents with advanced proprietary technologies, marketing programs and a breadth of resources provided by United's national organization. Some resources United Real Estate | Fortune is rolling out include:
100% commission, flat-free transaction compensation
Automated listings marketing and personal marketing programs
Lead-generating agent websites
Listings videos
National referral network
Agent productivity platform – Bullseye™
Revolutionary marketing & communications platform
24/7 on-demand and live agent training
United Real Estate | Fortune's talented team provides expert representation for residential, commercial, multi-family, land and rental properties. They service Long Island and all five NYC boroughs. The office is also fully equipped to serve both English- and Mandarin-speaking clientele.
The new partnership provides United | Fortune agents exciting new ways to serve buyers, sellers, investors and business owners while expanding their marketing firepower and local and national reach.
Our agents and their clients are at the heart of how we make decisions and evolve our business in this fast-paced and competitive New York real estate market, With United under our wings, our agents are going to serve buyers and sellers with the utmost integrity and professionalism, while utilizing exciting new resources. Clients will benefit from exceptional service and sales results. It was an obvious choice for us to choose to partner with United,stated CEO/Broker of United Fortune, Susanna Shao.
"We are very pleased to welcome Susanna and her team to United Real Estate and open a new market for us in the process. Their professionalism and their passionate, positive energy for growth are amazing. They are a great addition to our national network. The services, support and tools we are bringing their agents will be a great complement to United Fortune's deep skillsets, contacts and expertise in the NYC area – a true catalyst for growth."
-President of United Real Estate, Rick Haase
About United Real Estate
United Real Estate (United) – a division of United Real Estate Group – was founded with the purpose of offering solutions to real estate brokers and agents in the rapidly changing real estate brokerage industry. United provides the latest training, marketing and technology tools to agents and brokers under a flat-fee, transaction-based agent commission model. By leveraging the company's proprietary cloud-based Bullseye™ Agent & Broker Productivity Platform, United delivers a more profitable outcome for agents and brokers. United Real Estate operates in 32 states with 140 offices and more than 17,500 agents. The company produced over $21.5 billion in sales volume in 2021.
About United Real Estate | Fortune
Formerly MEHome Realty, CEO/Broker Susanna Shao founded the company in 2018 with the goal of providing buyers, sellers, investors and business owners a service-oriented, one-stop shopping experience, focusing on integrity and professional representation of clients. The full-service, multi-cultural office based in Great Neck, NY serves Long Island and all five NYC boroughs. They assist both English- and Mandarin-speaking clientele.
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MARKET OUTLOOK
Cherre and Fortimize | August 12, 2022
Cherre, the industry’s leading real estate data management and analytics platform, and Fortimize, a Salesforce partner since 2012, have entered into a strategic alliance to help real estate firms make faster and more accurate decisions within Salesforce.
The alliance combines an industry-leading real estate data management platform with an industry-first consulting approach on the world’s #1 CRM and customer engagement ecosystem, to increase deals in the pipeline and improve the accuracy of underwriting for acquisitions and dispositions. Together – and along with the expertise and advisement of Jonathan Fishman of Bizydev – the new partnership brings multiple decades of experience in the real estate and proptech sectors, to bring new and innovative solutions to the market.
“Real estate investors and operators are demanding more data-driven insights for decision making. The Cherre and Fortimize alliance provides the real estate industry with expertise and a turnkey solution for users to get the data they want into a tool of their choice,”
- Grant Wood, Cherre Vice President of Strategic Solutions
Fawn Perazzo, Fortimize Real Estate Practice Lead added, This partnership amplifies the power of Salesforce for real estate companies. By connecting a mutual customer’s disparate real estate data, Cherre’s platform enables us to seamlessly integrate property data into Salesforce, creating a single source of truth around a team's deal pipeline. Firms can customize the Salesforce platform to meet their team’s needs, which many pointed solutions lack. In this highly competitive landscape, this means dealmakers are better enabled to focus on building relationships and closing deals, instead of wasting time swiveling between disparate systems.
With the launch of this partnership, Cherre and Fortimize will arm real estate organizations and teams with key data points to help reduce space downtime, maximize rental terms and improve revenue forecasting for leasing use cases, all from within their CRM.
About Cherre
Cherre is the leader in real estate data and insight. We connect decision makers to accurate property and market information, and help them make faster, smarter decisions. By providing a unique “single source of truth,” Cherre empowers customers to evaluate opportunities and trends faster and more accurately, while saving millions of dollars in manual data collection and analytics costs. Cherre launched in 2016 and is located in New York City.
About Fortimize
Fortimize, a financial services and real estate consulting firm, partners with clients to design, build, automate and enhance digital experiences for their customers and employees leveraging the Salesforce platform and other leading technologies. Fortimize has been a Salesforce partner since 2012.
About Bizydev
Bizydev is a business development firm based in New York City that specializes in working with technology, product and service companies across industries such as PropTech, business intelligence, analytics, and other verticals to help accelerate growth. Bizydev creates value for the groups it works with by generating unique opportunities around customers, partners, and capital.
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