REAL ESTATE TECHNOLOGY
Barings | June 22, 2022
Barings, one of the world's largest diversified real estate investment managers, along with Phase 3 Real Estate Partners and Bain Capital Real Estate, announced its joint venture has signed its first tenant to Genesis San Diego, a premier Class A life science building in Downtown San Diego, California.
Formerly known as The Thomas Jefferson School of Law, this approximately 203,000 square foot, 8-story office building located at 1155 Island Avenue has been transformed into a state-of-the-art life science property. Modifications and improvements include upgraded HVAC and plumbing infrastructure (including VRF heating and cooling systems, new exhaust fans, 100% outside air for lab areas, and needlepoint bipolar ionization) along with a new 5,000 lb. service elevator and upgraded lab floor loads. Additional enhancements include a new lab services facility with a glass wash, autoclave and staffed shipping and receiving room, a top floor lounge and event space, and ready-to-occupy 'spec suites' consisting of 50% lab / 50% office built out in various sizes throughout the building.
Barings is excited to lead the life science migration to Downtown San Diego, giving tenants a highly amenitized work, live and play environment. Greater San Diego is an undeniable life sciences global capital and we continue to hear from life science leaders interested in a downtown, urban destination. This investment is a prime example of Barings' value-add real estate investment strategy focusing on creating unique, competitive assets that attract innovative tenant demand."
Joe Gorin, Managing Director, Head of US Acquisitions and Portfolio Management for Barings
"Delivering premier Class A research ready life science environments that meet the needs of visionary companies continues to be our focus," added BJ Van Aken, Executive Vice President, West and Head of Portfolio Operations for Phase 3 Real Estate Partners. "As a key component of our Genesis portfolio, Genesis San Diego sits at the forefront of life science assets in greater San Diego, and provides the modern design and opportunities for innovation that will bring tenants to this exciting downtown location."
Life sciences are a major driver of San Diego's innovation economy. The region is home to more than a thousand life sciences companies, and as the third largest life sciences cluster in the nation, demand for high-quality lab space in greater San Diego continues to increase. While suburban Torrey Pines and Sorrento Mesa have historically answered the call for life science asset needs, Downtown San Diego is poised to be the next life sciences node for greater San Diego given its unmatched amenities, proximity to the popular Gaslamp Quarter and Petco Park, key connections to the existing scientific community such as the new UCSD satellite building, and commutability via the extension of the Blue Trolley line.
"Downtown San Diego has all the building blocks for a successful life science industry cluster," added Betsy Brennan, President & CEO of the Downtown San Diego Partnership. "Our community has long known this and our 2021 Demographic Study proves it. Whether it's the highly skilled talent living here, a lifestyle that can't be beat, connectivity to our regional ecosystem of innovation, or new projects like Genesis San Diego that offer quality lab and office space, Downtown is where dreams are becoming reality."
Genesis San Diego represents a commitment to sustainability, tenant health and wellness, and digital connectivity. The development includes smart building systems, green design elements, and is currently LEED-Gold.
Barings is a $371+ billion global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
Genesis is a life science real estate brand that leverages the deep experience and global breadth of its owners' partnership to create an environment focused on meeting the needs of its tenants to accelerate their ground-breaking discovery. Genesis' owners unique integrated venture combines Phase 3 Real Estate Partner's decades of life science real estate development and tenant experience with Bain Capital's pioneering value-add investment approach and the firm's decades of leading experience in the Healthcare and Life Science industry. At Genesis, we relentlessly pursue not only to provide the right environment today but through our deep industry partnerships and participation provide the best environment for cultivating tomorrow's undiscovered advances in science.
About Phase 3 Real Estate Partners
Phase 3 Real Estate Partners, Inc., develops premier ready to occupy research and development facilities in the major innovation clusters of the United States. Phase 3's focus on delivering the highest quality space with accelerated speed to occupancy within these key geographies allows companies to immediately pursue their scientific goals. The Phase 3 team delivers a clean, modern design aesthetic, the right combination of amenities to create community and appropriate infrastructure to meet the needs of the companies who call our facilities home. The firm's expertise in development, construction and management of life science facilities results in a strong partnership between our tenants and our team. Phase 3's current portfolio consists of nearly 4.5 million square feet and is growing in San Diego, San Francisco and Boston.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed more than $6.8 billion of equity in more than 550 assets across multiple sectors, including more than $1.7 billion in over 6.8 million SF of life sciences assets. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.
REAL ESTATE TECHNOLOGY
Black Knight | June 01, 2022
Black Knight, Inc., an award-winning software, data and analytics company that drives innovation across the real estate and mortgage continuum, announced a strategic alliance with Nashville-based Percy – formerly known as Buyside – a data analytics and marketing company that collects and analyzes real estate consumer behavior using machine learning and artificial intelligence.
The alliance will allow Black Knight to offer clients a new, advanced consumer engagement solution fueled by billions of behavioral datapoints that helps real estate professionals and lenders cultivate deeper customer relationships. Using proprietary machine learning to monitor homeowner behavior "signals" through custom landing pages with engaging content (e.g., property valuations, local buyer demand and market activity, monthly email reports, listing activity on client websites, etc.), Percy helps identify the precise timing that a homeowner is likely to transact.
Percy's predecessor was launched to help brokerages match buyers to listings, but in the time since, it's evolved into an ecosystem that spans mortgages as well as real estate, across both the buy and sell sides of the real estate equation. Today, Percy analyzes billions of pre-buying as well as pre-selling signals in real estate consumers' behavior to empower loan officers, real estate agents and brokers with actionable intelligence."
Charles Williams, Percy founder and chief executive officer
The application creates an engaging experience for home buyers and potential sellers through a personalized digest of insights related to their homes. Providing multiple valuation estimates to increase accuracy, timely and current home equity statements, refinance opportunities and more helps build trust and cultivate deeper, richer customer relationships.
"Today's housing market is categorized by record-low inventory and record-high home prices, which – together with sharply rising rates – continue to put downward pressure on purchase lending," said Black Knight Data & Analytics President Ben Graboske. "As everyone in our industry is aware, generating inventory is key to lessening affordability pressures as well as keeping lender and real estate agent pipelines full. This strategic alliance with Percy will allow our clients across real estate and mortgage to use an AI-powered, big-data-fueled approach to intelligently engage with those customers, to build business while also generating inventory."
About Black Knight
Black Knight, Inc. is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers.
Percy.ai is a data analytics and marketing company delivering more revenue opportunities to real estate brokers and mortgage companies by collecting and analyzing real estate consumer behavior. We use proprietary machine learning and Artificial Intelligence to better understand consumer intent and help companies target the right person at the right time.
REAL ESTATE TECHNOLOGY
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.