BUYING/SELLING
Bedrock | October 05, 2021
AF Spaces, the retail platform directly connecting commercial landlords and retailers to arrange pop up storefronts, announces a partnership with Bedrock. Through the collaboration, AF Spaces will add over 32,000 square feet of downtown Cleveland real estate to its platform within the iconic Tower City Center.
Acquired by Bedrock in 2016, Tower City Center is Cleveland's iconic hub for shopping, dining, and entertainment. AF will connect its nationwide network of brands to available retail storefronts for immediate short-term pop-up shop opportunities, as part of Bedrock's plan to reimagine the Center as a destination marketplace. Tower City Center also features a mix of commercial office tenants with direct access to the Greater Cleveland Regional Transit Authority and Public Square. As an anchor of downtown Cleveland, Tower City is adjacent to landmarks such as The Ritz Carlton and the Terminal Tower.
We are thrilled to welcome Bedrock to our growing list of world class landlords on the AF SPACES platform. We're honored that they've reached out to us to leverage our platform and nationwide network of innovative and emerging brands. For the first time at Tower City, brands will be able to efficiently and seamlessly 'test drive' their own Cleveland storefront. At the same time, local residents will have the opportunity to engage with their favorite brands face-to-face.
- AF Spaces CEO and Founder of AF, Mark Bollman.
AF SPACES is a natural extension of American Field, a brand discovery marketplace, whose mission is to provide opportunities for brands to grow. AF Spaces has built a curated network of 2,500 brands including Fatherty, Topo Designs, Shcott NYC, and Ball and Buck alongside a nationwide network of landlord partners. The platform affords brands the ability to test drive storefronts through streamlined short-term agreements with leading landlords. These activations bring fresh traffic to dark spaces while landlords secure traditional long-term tenants.
ABOUT AF
Founded in 2012 by Mark Bollman, AF's mission is to connect innovative brands with consumers and reimagine retail. Their self-fulfilling ecosystem of consumers, brands, and retail spaces is paving the way for the future of brand commerce.
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REAL ESTATE TECHNOLOGY
prnewswire | January 14, 2021
George Slusser, one of the land business' generally capable and notable valuation specialists, will join WAV Group to head its new Mergers and Acquisition Advisory Division, land's driving counseling and examination firm reported today.
As the most up to date individual from the WAV group, Slusser brings over 35 years of involvement, remembering individual investment for more than 300 land business consolidations and acquisitions on both the procuring and selling side including many financier organization valuations.
"George literally wrote the book on real estate M&As," WAV Group Managing Partner Victor Lund said. Slusser authored the industry best-selling book, Acquiring Profit, which created the foundation for today's modern M&A industry for U.S. real estate brokerages. "We can honestly say that no one will offer brokers better M&A advice than WAV Group with George on board."
Lund clarified that at Cendant, Slusser helped led the significant acquisitions that made what is currently Realogy, the world's biggest land organization. Slusser most as of late was the previous COO and Chief Growth Officer of SVN International (earlier Sperry Van Ness), and past President and COO of Coldwell Banker Commercial Real Estate. He likewise was a top leader at GMAC Home Services, ERA Franchise Systems, and Merrill Lynch Realty.
"No one has more experience helping real estate brokers navigate the challenges of preparing a succession plan and the right exit strategy than George," added Marilyn Wilson, WAV Group Managing Partner.
"WAV Group already assists organizations to increase the value of their companies with the services we provide in technology, recruiting, retention and organizational excellence. Once an acquisition is complete, WAV Group supports brokerages with overhauling branding strategies, technology and data services creating operational and organizational efficiencies. WAV Group Communications is there to help the newly formed organization communicate the vision and strengths of the new entity to expand the brand strength as well as helping to retain agents and clients by minimizing disruptions. With our new M&A division, we now provide an end-to-end service to help our clients maximize the growth and profitability of their businesses," she added.
For Slusser, heading up the WAV Group's new M&A Advisory division allows him to "fill an unmet need for broker-owners."
"There's an absence of firms offering brokers comprehensive M&A advice," Slusser said. "In the next three years, we expect the record consolidation we have already seen in the real estate brokerage industry to continue. As the ownership in our industry continues to age, the transfer to the next generation is underway. Broker-owners want - and need - guidance. We specialize in helping them understand the value of their company, create succession planning, explore partnership structures, help them raise capital, and most importantly, provide strategic support for each of these processes. And with M&As, both the selling side and acquiring side benefits from independent representation."
At WAV Group, the M&A Advisory Division offers a far reaching scope of value and moderate administrations for customers, conveying "unparalleled skill." Slusser will head a group that has partaken in more than 600 acquisitions and consolidations with buy costs adding up to $1.1 billion. With a consolidated 55 years of M&A experience explicit to the land business, the Division can deal with a wide scope of arrangements, going from little consolidations or association purchase outs to the biggest, most complex industry exchanges.
M&A Advisory administrations are accessible to land business organizations, both private and business, property the executives firms, innovation suppliers serving the land business, and start-up or beginning phase financier and specialist co-op organizations.
"Our experience in being owner/operators, as well as senior executives with multiple top brands, allows us to bring a unique perspective unmatched by other advisory services. Our practical knowledge allows us not only to help properly value your firm, but we deeply understand that the most important assets of your organization are your reputation and people," Slusser said.
About WAV Group
WAV Group is real estate's leading consulting and research firm, offering a depth of experience in technology, strategic planning, research, business development, Mergers & Acquisition and valuation advisory, content creation, public relations, sales, product development and marketing in the real estate industry. Clients include some of the largest MLSs in North America, international real estate franchise organizations, large independent brokerages, technology companies, and trade associations. WAV Group partners have been CEOs, executive team members, or founders of Fortune 100 and venture-funded corporations and approach each relationship with a clear understanding of the challenges that face each client's businesses today.
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INVESTMENTS
MultiVersity Housing Partners | December 23, 2021
The latest, but not last acquisition of 2021 by MultiVersity Housing Partners ("MVHP") is the acquisition of The Orchard Columbia. The Orchard Columbia is an 84-unit, 308-bed student housing property located less than one mile from The University of South Carolina. The Orchard Columbia is a highly reputable asset within the submarket and is an exceptional addition to MVHP's student housing portfolio. MVHP's property management arm, MultiVersity Property Management ("MVPM"), will be overseeing the management and planned improvements at the subject property.
The Orchard Columbia is comprised of 84 cottage-style units spread across 8.05 acres. The unit mix consists of 28 three-bedroom units and 56 four-bedroom units each suited with bed-bath parity. The Orchard Columbia was constructed in three phases between 2015 to 2018 and is outfitted with modern upscale features that include concrete and hardwood flooring, expansive kitchens, granite countertops, stainless steel appliances, and 48" screen TVs.
Community amenities include a pool, clubhouse, fitness center, individual security systems, and private parking. The Orchard Columbia is seated in a prime location, 0.9 miles from campus and 0.6 miles from Williams-Brice Stadium. The competitive location, amenities, and cottage-style product has enabled the property to achieve full occupancy for the 2021-2022 lease term, and is now 100% preleased for the 2022-2023 school year.
MultiVersity Property Management will bring their boutique-style approach and expertise in property management to operate this property more efficiently. MVPM will be adding an outdoor LED screen near the pool to display the latest Gamecock sporting events. Additionally, upgrades will be performed to the clubhouse, pool furniture, and fitness equipment. Furthermore, the cable and internet package will be enhanced along with improved security measures. These improvements will take place throughout the remaining school year and will be available to residents starting in August 2022.
MultiVersity is excited to be back in the Columbia market with such an outstanding asset, Orchard Columbia is the only cottage style product within a mile from campus, setting it apart from the competition. MVPM's planned upgrades will further set Orchard apart from the competition making it the premier choice for USC students."
Principal of MVHP, Anthony Magnelli
MultiVersity Property Management ("MVPM") is the property management division of MultiVersity Housing Partners ("MVHP"). MVPM's mission is to become the recognized leader in its targeted markets for property management services. MVHP is seeking market-rate apartment, workforce housing, and purpose-built student housing acquisitions throughout the Mid-Atlantic, Midwest, and Southeastern U.S. The guiding principle of MVPM is to treat each property as its own individual business first and foremost.
MVPM operates with a total focus on its portfolio of managed properties (both owned and third-party) and on its owners/customers. MVPM provides a number of services that fit the needs of today's conventional and student housing residents, while at the same time focusing on owner requirements and expectations.
Christopher Feeley, CEO and Managing Member of both MVHP and MVPM, would like to thank the following for assisting in the closing of this acquisition: Dan Kearns of JLL, the Hunt Realty Team with special thanks to Steve Gordon, Milan Parekh and his team at EM 163, and the senior lender.
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