REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Marcus & Millichap | February 01, 2023
On January 31st, 2023, Marcus & Millichap, a renowned commercial real estate brokerage company specializing in investment sales, research, financing, and advisory services, signed an exclusive representation agreement with Deep South Studios LLC to secure joint venture equity for the development of Deep South Studios Phase I.
The project is based in New Orleans, Louisiana, and involves the construction of a 262,560-square-foot, full-service television and film production facility. The sponsor, Deep South Studios LLC, is represented by Henri M. Kessler and Eric Michael Anton of Marcus & Millichap's Global Capital Division.
The facility's primary utilities are operational, and three buildings are functional and generating revenue. The site is wholly authorized and ready for development. Two production offices, six sound stages varying in size from 16,500 to 30,000 sq. ft., and vendor buildings totaling 99,000 sq. ft. will form the project. There will be a construction mill for creating world-class sets, a grip and lighting installation, and as many as one thousand parking spaces.
The facility is situated on a 20-acre site, the largest contiguous tract of undeveloped land in the heart of New Orleans. Located on elevated ground on the west side of the Mississippi River in the Algiers area, it is accessible from Interstate 10 and Louis Armstrong New Orleans International Airport. The French Quarter and the central commercial district of the city are nearby.
About Marcus & Millichap, Inc.
Marcus & Millichap was founded in 1971 to foster a culture of long-term relationships and collaboration. Headquartered in Calabasas, California, it is a leading brokerage firm focusing on commercial real estate investment sales, research, financing, and advisory services. The company combines expert market knowledge, an excellent brokerage platform, and exclusive access to inventory to realize exceptional results for clients. Today, it is one of the leading firms in the real estate investment sales and financing industry, with over 80 offices and almost 2,000 financing and investment sales professionals in Canada and the United States.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Lessen | January 17, 2023
Lessen, the leading tech-enabled outsourced property services platform, recently announced the strategic acquisition of facilities maintenance technology leader SMS Assist.
By combining the complementary strengths of both organizations, Lessen will continue to address real estate's pain points, offering its clients a scalable, tech-enabled enterprise solution for residential and commercial services. As a result, the companies will serve around 250,000 residential and commercial properties nationwide, enabling approximately 2.5 million repair and maintenance orders annually, in addition to expanding their property services.
The transaction is completed with stock and cash, with Lessen raising roughly $500 million in combined new debt and equity. SMS Assist stockholders exchanged a portion of SMS stock for Lessen stock, resulting in a combined company valuation of over $2 billion. Debt and equity investors, including Värde Partners, Monroe Capital, and Koch Real Estate Investments, assisted with this transaction. Invitation Homes and American Homes 4 Rent are among the clients who invested in the deal with Lessen.
Following the conclusion of the transaction, Lessen's Jay McKee will continue to serve as Chairman of the Board of Directors and CEO of the newly-merged company. He states, "Lessen recognized early on the opportunity to provide an enterprise-level solution that solved the real estate industry's long-tenured property services pain points." He added, "This deal demonstrates the increasing demand within the underpenetrated, $330 billion addressable North American property services market for a unified, extensible delivery platform that provides transparency, efficiency and data-driven insights for the entire real estate ecosystem including investors, owners, managers and service providers.
(Source – Business Wire)
The new, unified technology platform will allow various service providers—from painters, contractors, and plumbers to electricians and more—to work as one on a national scale, which was previously impossible. The quality of this work will be supervised and inspected by Lessen's in-house project managers. This integrated solution will assist owners in overcoming skilled labor shortages while lessening administrative burden, enhancing project efficiency, and providing real-time project updates.
Lessen is the only end-to-end tech-enabled solution for outsourced real estate property services that delivers consistency, quality, and speed at scale, focusing on single-family and multifamily rental renovations, turns, and maintenance. Through automation and real-time analytics, the firm's technology suite is disrupting and modernizing a project management space that is still reliant on traditional organizational and communication models. The company's professional field project managers provide on-the-ground service, utilizing a network of verified service professionals in over 40 markets across the country, all powered by its proprietary technology platform.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Tribe Property Technologies | March 10, 2023
On March 09, 2023, Tribe Property Technologies Inc. announced a deployment of VendorPM nationwide to support Canada's Tribe-managed communities. Property managers at Tribe-managed communities will benefit from a streamlined request for proposal (RFQ) process because of the Tribe's partnership with VendorPM, allowing them to connect easily with more than 30,000 service providers.
A proprietary platform integration was also launched by Tribe recently that streamlines the mandatory Tarion new home warranty process that is specific to the Province of Ontario. The new partnership, available for real estate developers through the Company's Tribe Home Pro digital solutions, brings the ability and automation for developers to track issues from any stage of development, from a single dashboard to generate custom reports, and simply review all in-unit warranty issues and their resolution status. It further results in faster and more efficient turnarounds for homeowners.
The Tribe Home Pro solution enables real estate developers to track pre-delivery inspection deficiencies, digitize building data and owners' manuals, and facilitate the handover of a completed community to owners and condo boards.
About Tribe Property Technologies
Founded in 2012, Tribe Property Technologies is a tech-savvy property management firm that supports residents, councils, real estate developers and vendors to complete pre-constructed occupancies. As a rapidly expanding company, its integrated service-technology delivery model serves a broader range of stakeholders than traditional service providers. It seeks to acquire highly accretive businesses in the fragmented North American property management industry and transform them by streamlining and digitizing their operations.