REAL ESTATE TECHNOLOGY

Alex. Brown Realty & Continental Realty Group Acquires San Antonio Multifamily Project

businesswire | December 09, 2020

Alex. Earthy colored Realty, Inc. (ABR) and their joint endeavor accomplice, Continental Realty Group, through its auxiliary Continental Realty Assets, Ltd. (CRA), are satisfied to declare the obtaining of Club at Stone Oak Apartments, a 250-unit loft network in San Antonio, Texas. ABR Chesapeake Fund VI, a worth add land reserve supported by ABR, put $7.3 million in the joint endeavor.

Inherent 2005, the network incorporates a blend of one-, two-and three-room units with 9' roofs and private porches and overhangs. Comforts incorporate a clubhouse with billiards table, best in class wellness focus, resort-style pool, business focus, outside kitchen, and renting focus. The gated network additionally offers sufficient leaving with withdrew carports, garages, and a vehicle care focus. The joint endeavor designs an essential remodel program for the unit insides and focused on upgrades to the regular territories and pleasantries.

“Even given the economic challenges and uncertainties of today, we are believers in the San Antonio market due to its diversified and expanding employment base coupled with the relative affordability and quality of life it has to offer,” said Robert Ireland, CRA’s Managing Director of Investments. “The Club at Stone Oak is a quality asset located within one of San Antonio’s premier submarkets and fits within our investment strategy of providing a quality product at an affordable price to our residents,” added Ireland.

“We were pleased when Continental first brought us this off-market opportunity and are excited to be partnering with them,” stated Tom Burton, ABR’s Senior Managing Director and CIO. “Their extensive experience within the multifamily sector should bode well for the asset and provide a positive result for our investors.” Club at Stone Oak represents the first transaction between ABR and CRA.

Spotlight

Airbnb began in 2008, when two designers who had space to share hosted three travelers looking for a place to stay. Now, millions of hosts and travelers choose to create a free Airbnb account so they can list their space and book unique accommodations anywhere in the world.

Spotlight

Airbnb began in 2008, when two designers who had space to share hosted three travelers looking for a place to stay. Now, millions of hosts and travelers choose to create a free Airbnb account so they can list their space and book unique accommodations anywhere in the world.

Related News

REAL ESTATE TECHNOLOGY

Brokerfied Launches Online Commercial Real Estate Listing Platform Focused on Small Landlords and Investors

Brokerfied | June 09, 2022

Brokerfied Inc. launched an online platform that provides landlords nationwide with a suite of tools to list and market their properties directly to potential customers. The platform was developed by expert commercial brokers to address the needs of small-scale commercial real estate owners who have long been neglected in the current market. The commercial real estate market has traditionally focused on major landlords, investors, and brokerages, while landlords of smaller properties face difficulty finding brokers to list their properties and exorbitant broker fees, which are hard to justify for smaller spaces. Brokerfied bridges the gap, allowing landlords and customers to interface directly. Brokerfied will change the game for landlords who have faced an uphill battle just to list their properties. This platform provides comprehensive support throughout the entire process, allowing small-scale commercial real estate owners to efficiently manage communications, paperwork, and logistics at low cost while expanding their reach to potential customers-tenants or buyers." Dan Bernier,Brokerfied Founder Brokerfied estimates that the 1.2 million small and vacant properties across the United States could drive revenue of three-quarters of a billion dollars annually, presenting a considerable opportunity for market disruption. Billions of dollars of additional revenue could be available to small landlords who currently do not have the experience or wherewithal to lease out their space or the marketing reach to find a buyer Brokerfied is subscription-based, with plans ranging from one to six months. Once all necessary property information has been provided, Brokerfied creates a search-engine-optimized website with all available information for landlords to showcase their properties to potential customers. Other tools include a professional flyer for online and in-person marketing, signage with QR codes for owners to display on site, a Brokerfied email and phone number to safeguard landlords' private information and communication center where all property-related communications are consolidated. Relevant engagement statistics, such as QR code scans, emails, and phone calls are displayed on a user-friendly property dashboard. "We envision vacant storefronts in neglected communities coming back to life, leading to bustling activity that will revitalize neighborhoods and encourage investment," Bernier said. "There are millions of properties across the country just waiting to be utilized, and Brokerfied provides landlords the tools to unlock their full potential." About Brokerfied Brokerfied is the only service that empowers landlords to list and market their properties directly to potential customers. Founded by commercial real estate veteran Dan Bernier, Brokerfied is a low-cost subscription that provides everything a landlord needs to market their commercial real estate for sale or for lease.

Read More

REAL ESTATE TECHNOLOGY

Sealy & Company Boosts Oklahoma City Holdings with Latest Addition of Irreplaceable Infill Warehouse

Sealy & Company | July 20, 2022

Sealy & Company, a fully-integrated commercial real estate investment and operating company and recognized leader in the industrial real estate market, announces the acquisition of 200 NW 142nd Street in the Oklahoma City MSA. The 27,000 square foot Class A Industrial property was acquired in an off-market deal for an undisclosed amount. The rear-load warehouse distribution center offers optimal functionality for a smaller warehouse, including nine dock-high doors, eight drive-in doors, 22’ clear heights, and minimal office finish-out. The property is located in one of Oklahoma City’s most attractive submarkets. The irreplaceable infill location is situated one mile from the intersection of Highway 77 and John Kilpatrick Turnpike and just five miles from Interstate-35. The property is currently 100% leased to three tenants Fueled by robust population growth and the rise of e-commerce, the Oklahoma City region has added 16.4 million SF of new industrial space since 2010. With the area’s central location, steady job growth, and strong transportation infrastructure, the region continues to solidify itself as an emerging logistics hub. Oklahoma City is only one of 14 cities across the country to add more than 100,000 people in the last ten years, according to 2020 data from the U.S. Census Bureau. Of the 25 largest cities by population, Oklahoma City had the sixth-fastest growth rate between 2010 and 2020 at 17.4 percent. “Sealy & Company first entered the Oklahoma City market in 2014. Since then, we have continued to seek investment opportunities in industrial real estate that align with our portfolio by design objective. Oklahoma City has been a great market for Sealy, and we look forward to continuing to acquire and develop quality industrial properties,” Davis Gibbs, Sealy & Company’s Director— Investment Services Jason Gandy, Managing Director – Investment Services, and Mr. Gibbs led the transactions for Sealy & Company. Jason Hammock of CBRE represented the seller. Sealy & Company Sealy & Company, a fully-integrated commercial real estate investment and operating company, is a recognized leader in acquiring, developing, and redeveloping regional distribution warehouses, industrial/flex, and other commercial properties. Sealy provides a full-service platform for high-net-worth individuals and institutional investors through our development, management, and brokerage divisions. Sealy & Company has an exceptional team of over 100 employees, located in eight offices, with corporate offices in Dallas, TX and Shreveport, LA.

Read More

REAL ESTATE TECHNOLOGY

PS Business Parks, Inc. Stockholders Approve Acquisition by Affiliates of Blackstone Real Estate

PS Business Parks | July 16, 2022

PS Business Parks, Inc. (NYSE:PSB) (“PSB” or the “Company”) announced that, at a Special Meeting of Stockholders held earlier today, PSB stockholders voted to approve the acquisition of PSB by affiliates of Blackstone Real Estate (“Blackstone”). “I am pleased to see that our stockholders approved this transformative transaction, which will provide compelling value to our stockholders and positions the company for collective success” Stephen W. Wilson, President and Chief Executive Officer of PSB Subject to the satisfaction or waiver of all of the conditions to the closing of the transaction in the merger agreement, the transaction is expected to be completed on or around July 20, 2022. The final voting results will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission after certification by PSB’s inspector of elections. Additionally, as previously announced, on July 8, 2022, as contemplated by the merger agreement, the PSB Board of Directors declared (i) a prorated quarterly cash dividend (the “pro rata dividend”) on PSB common stock and (ii) a cash dividend (the “closing cash dividend”) of $5.25 per share of PSB common stock, each payable immediately before the effective time of the merger of PSB’s operating partnership with an affiliate of Blackstone, to holders of record as of the close of business on the business day immediately preceding the closing date of the Transaction and contingent upon the approval of the merger agreement by PSB’s stockholders, the satisfaction or waiver of the other conditions to the Transaction and the merger agreement not having been terminated. The amount of the pro rata dividend is based upon PSB’s current quarterly dividend rate of $1.05 per share of PSB common stock and pro-rated for the number of days from and including July 1, 2022 through the day immediately prior to the closing date of the Transaction. Based on the anticipated closing date of the Transaction of July 20, 2022, the pro rata dividend will equal $0.216848 per share of PSB common stock, and each of the pro rata dividend and the closing cash dividend will be payable immediately prior to the partnership merger effective time on July 20, 2022 to the holders of record as of the close of business on July 19, 2022. If the Transaction is completed on July 20, 2022, PSB stockholders who hold their shares of common stock on the record date for the dividends and through the effective time of the Company merger will be entitled to receive an aggregate of $187.716848 per share in cash, consisting of (i) $187.50, representing the $5.25 closing cash dividend and the merger consideration of $187.50 per share as reduced by the $5.25 closing cash dividend plus (ii) the $0.216848 pro rata dividend. If the closing date of the Transaction is delayed past July 20, 2022, holders of PSB’s common stock will not receive the pro rata dividend or the closing cash dividend on July 20, 2022, and in such case PSB will make a public announcement providing further updates with respect to these matters. For additional information regarding the proposed transaction, please consult the definitive proxy statement filed by PSB with the U.S. Securities and Exchange Commission on June 8, 2022. Advisors J.P. Morgan Securities LLC is acting as lead financial advisor to PSB and provided a fairness opinion to the PSB board of directors in connection with the transaction. Eastdil Secured is acting as real estate advisor to PSB and is also acting as a co-financial advisor to PSB. Wachtell, Lipton, Rosen & Katz is serving as PSB’s legal advisor. About PS Business Parks PS Business Parks, Inc., an S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office space. Located primarily in major coastal markets, PS Business Parks’ 96 properties serve approximately 4,900 tenants in 27 million square feet of space as of March 31, 2022. The portfolio also includes 800 residential units (inclusive of units in-process).

Read More