Real Estate Technology, Real Estate Investment
PRnewswire | June 26, 2023
NexPoint, a multibillion-dollar alternative investment platform, today announced the acquisition of four multi-tenant small bay properties in Central Florida. The acquisition consists of 13 buildings totaling 419,946 square feet of multi-tenant warehousing and industrial space. These types of facilities are typically smaller in size and are commonly referred to as "small bay properties." The properties were indirectly acquired by NexPoint Small Bay I DST, a Delaware statutory trust seeking to raise $59.5 million in equity from accredited investors via a private placement offering.
The properties, which are located in Orlando and Tampa, are comprised of:
Presidents Plaza, a 44,269 square-foot, two-building, multi-tenant complex in Tampa;
Brandywine Business Center, a 79,124 square-foot, two-building, multi-tenant complex in Tampa;
Corporex Plaza, a 100,265 square-foot, three-building, multi-tenant complex in Tampa; and
Orlando International Business Center, a 196,288 square-foot, six-building, multi-tenant complex in Orlando.
The addition of these small bay properties builds on NexPoint's existing portfolio of industrial multi-use commercial real estate in markets that are experiencing significant demand for this sub-sector, driven by low supply, high occupancy rates and flexible use cases for tenants that may need smaller units with logistical loading and receiving bays.
"We continue to witness increasing demand for prime industrial properties located in growing markets where companies and small businesses are looking for flexible space to better serve local customers," said Taylor Colbert, Director of Real Estate for NexPoint Real Estate Advisors. "We believe there are significant tailwinds to support further growth, and we are committed to scaling our footprint in this notable sector."
NexPoint currently owns 1.6 million net rentable square feet of industrial real estate across Texas and Florida and is partnering with a privately held and vertically integrated real estate owner and operator, Basis Industrial, to manage the newly acquired properties.
"We are thrilled with our expanding partnership with NexPoint and are looking forward to implementing our hands-on management approach to optimize the performance of this prime industrial portfolio," said Dan Weinstein, CEO of Basis Industrial. "These assets have strong fundamentals, and we are excited to add them to our growing portfolio of owned and managed assets." Basis uses its subsidiary management company, WMG Small Bay Management, LLC d/b/a/ BaySpace, to manage the company's industrial assets.
NexPoint is a multibillion-dollar alternative investment firm comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. NexPoint provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, merger arbitrage and event-driven strategies, other private real estate investments, closed-end funds, interval funds, and a business development company. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces. For more information, visit nexpoint.com.
About Basis Industrial
Basis Industrial is a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein. Basis currently owns over 2.5 million square feet of self-storage and industrial real estate and is scheduled to close on another one million square feet in 2023. Active markets for Basis include South Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles and select urban markets nationwide. BaySpace is the property management arm of Basis. For more information, visit www.basisindustrial.com or www.bayspace.com.
Real Estate Technology
Globenewswire | August 14, 2023
Tango, a leading provider of cloud-based real estate and facilities management software, today announced it has acquired WatchWire, an industry leader in data and analytics that helps companies reduce emissions and energy expenses while simplifying sustainability and carbon reporting. The transaction further extends Tango’s position as a global leader in the real estate and facilities management space, enabling companies to meet their energy management and sustainability goals. WatchWire’s leadership team will join Tango to continue developing and progressing these key capabilities. Financial terms of the private transaction were not disclosed.
“Faced with a rapidly changing macro and regulatory environment, active sustainability and energy management has become essential to long-term organizational success,” said Pranav Tyagi, President and Chief Executive Officer of Tango. “Tango has a longstanding reputation for solving the complex, location-based compliance and reporting needs of our customers, as well as helping companies effectively manage and control occupancy costs. With the addition of WatchWire, we will provide customers information that arms them to understand their environmental impact and deliver on energy and sustainability management initiatives.”
Founded in 2000 and based in New York City, WatchWire provides the deepest and most comprehensive integrated energy management and sustainability platform in the industry, enabling companies to automate the collection and validation of sustainability and energy related data. Its solutions then operationalize the data for reporting, compliance and identifying additional opportunities to meet environmental, energy and climate targets. The combined business will serve over 500 customers in more than 140 countries from its primary offices in Dallas and New York.
A strong relationship between owners and the users of real estate is critical to ensuring accurate, active tracking and reporting on energy and sustainability. Tango brings considerable experience to the establishment and management of that relationship through its work in transaction management, lease management and facilities maintenance, and will help bridge the communication gap between owners and operators to address their joint energy and sustainability management requirements and deliver on decarbonization objectives.
“We are excited to be joining the preeminent real estate and facilities management solution in the industry,” said Andy Anderson, CEO of WatchWire. “Combining the vast amount of validated energy data available in the WatchWire platform with Tango’s real estate and facilities management capabilities will enable companies to support the accurate tracking and reporting that customers require, and operationalize insights about how to lower costs and improve sustainability. WatchWire customers will also benefit from the end-to-end real estate and facilities solution that Tango offers.”
“Since our initial investment in Tango, we have been focused on adding a sustainability and energy reporting capability, as these offerings will help Tango extend its leadership position in the real estate management software market,” said Jon Nuger, a Managing Director at Berkshire Partners, which made a growth investment in Tango in 2021. “We are excited to partner with Pranav and the management team as they harness Tango’s and WatchWire’s combined capabilities to empower organizations to improve energy efficiency, enhance sustainability and reduce cost.”
Harris Williams acted as exclusive financial advisor to Tango and Berkshire Partners on the acquisition of WatchWire. GrowthPoint Technology Partners, a San Francisco-based technology investment bank, acted as exclusive financial advisor to WatchWire.
With hundreds of customers across more than 140 countries, Tango is the leader in Store Lifecycle Management and Integrated Workplace Management System software, delivering a single solution spanning real estate, design & construction, lease administration & accounting, facilities, desk booking, visitor and space management.
WatchWire is a sustainability and energy management software-as-a-service provider. Across the globe, WatchWire helps commercial and corporate real estate portfolios, Fortune 500 industrial/manufacturing and big-box retail companies and government, healthcare, and educational facilities reduce emissions and expenses while simplifying sustainability and carbon reporting.
About Berkshire Partners
Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity. The firm’s private equity team invests in well-positioned, growing companies across technology & communications, consumer, healthcare, and services & industrials. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. The firm's public equity group, Stockbridge, founded in 2007, manages a concentrated portfolio seeking attractive long-term investments. The firm’s Stockbridge and Private Equity teams frequently collaborate and leverage their collective industry expertise across sectors.
Market Outlook, Real Estate Investment
Businesswire | July 13, 2023
Sagent, a Warburg Pincus-backed fintech software company modernizing mortgage servicing for banks and lenders, today announced a seven-year partnership extension with BSI Financial Services to continue powering its enterprise mortgage servicing ecosystem. As BSI Financial rapidly grows its servicing portfolio to a goal of 1 million loans, they’ll continue to leverage the industry’s only enterprise and default servicing platforms synced by real-time data.
“Renewing our Sagent partnership is a key part of our goal to grow to 1 million loans with operational precision and cost control,” said BSI Financial founder and CEO Gagan Sharma.
“We’re firmly committed to promoting sustainable homeownership for every borrower, and Sagent enables us to provide proactive, informed customer service to borrowers throughout their homeownership lifecycles.”
BSI Financial will continue to power scale servicing operations with Sagent’s configurable, cloud-based platforms, including LoanServ (system of record), TEMPO (default management), Datascape+ (cloud-based data reporting and insights), and LoanBoard (originations-to-servicing onboarding).
“BSI Financial has earned its reputation as a leader in clean, day-one-compliant onboarding and an AI-led approach that ensures data integrity and compliance in their own $50B portfolio and in their clients’ portfolios, and Sagent is honored to continue powering this industry-best experience,” said Dan Sogorka, CEO and President of Sagent.
“BSI and Sagent have worked together to automate complex high-volume tasks for BSI, solve customer issues fast, and adapt in real-time to regulator and investor needs. Collaborative partnerships like this guide Sagent’s roadmap for the future of servicing and help us to set the mortgage fintech pace with our cloud-native, open-API servicing platforms.”
With over $2T in outstanding mortgage balances on its platforms, Sagent and its customers collaborate on open-API models that ensure servicing operations are aligned with cost control, optionality, and real-time policymaking.
Sagent has the industry’s only enterprise, default, and consumer mortgage servicing platforms synced by real-time data. This is the latest in a series of Sagent moves to transform the homeowner experience for financial orgs servicing millions of consumers with trillions in mortgage balances.
Sagent powers America’s top bank and nonbank lenders to engage, care for, retain, and modernize the homeownership experience for millions of borrowers. Servicers use our flexible, scalable, and configurable solutions to engage borrowers and earn customer loyalty, lower servicing costs, ensure compliance, and increase the value of servicing rights throughout full market cycles. Sagent is backed by Warburg Pincus, one of the world’s leading private equity investors, and powers trillions in outstanding mortgage servicing for its customers. Visit sagent.com to learn more.
About BSI Financial
BSI Financial Services is leading the evolution of mortgage servicing for originators, investors and homeowners. The company brings together a talented team with long mortgage industry expertise, scalable digital capabilities and deep regulatory understanding. BSI Financial is one of the fastest growing mortgage servicers across the industry and currently services more than $50 billion in mortgages. The company is approved as a servicer by Fannie Mae, Freddie Mac, FHA and VA, approved as an issuer by Ginnie Mae, and rated by S&P and Fitch as a servicer. For more information, visit bsifinancial.com