REAL ESTATE INVESTMENT
DJM | January 05, 2022
DJM, a California-based private equity real estate and development firm, today announced its acquisition of Long Beach Exchange (LBX) in partnership with PGIM Real Estate from Burnham-Ward Properties. Eastdil is credited with brokering the deal. As experts in retail, DJM will increase LBX's value through best-in-class management, leasing, marketing and placemaking. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc.
Built in 2018, Long Beach Exchange is a 246,500 square-foot, open-air lifestyle property located in Long Beach, California. Grocery-anchored LBX features a mix of best-in-class retail, fitness, daily needs and dining including Whole Foods, Handel's, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta, Nordstrom Rack, and more. LBX also boasts The Hangar, a 17,000 square-foot food hall fashioned in the style of a vintage aviation hangar that offers a range of small, artisanal food vendors and boutique retailers to Long Beach's dense office and residential population.
Although COVID undoubtedly impacted retail across all sectors, we're now experiencing a tremendous return to growth across our entire portfolio, with foot traffic and sales numbers surpassing even pre-pandemic figures, This rebound, which reinforces the ever-changing nature of retail, is due largely in part to the outdoor nature of our properties as well as thoughtful community programming and relevant, region-specific merchandising. Long Beach Exchange is a fantastic addition to the DJM portfolio and we look forward to shaping the property into the best version of itself."
Chad Cress, Chief Creative Officer at DJM.
With today's announcement, Long Beach Exchange joins DJM's portfolio that also includes, among other destinations, Hollywood & Highland (soon to be Ovation Hollywood) in Los Angeles, Lido Marina Village in Newport Beach, and Bella Terra in Huntington Beach. PGIM Real Estate, DJM's partner at the 853,000 square-foot outdoor shopping center Bella Terra, will join DJM as a partner at LBX.
We have seen firsthand the transformation DJM has created at Bella Terra, We are extremely pleased with the value that DJM and PGIM Real Estate were able to add to the portfolio and deliver an excellent outcome for our investors even during these unprecedented times. We are excited to continue our work together at Long Beach Exchange."
Tim Hennessey, Managing Director at PGIM Real Estate.
DJM is a private real estate equity and development firm based in Southern California. With a core strength in retail combined with mixed use asset classes, DJM creates long-term value by transforming real estate to meet the 21st century demands of consumers, retailers, and office users. DJM's focus is on placemaking- leveraging design, development, and best-in-class management to create places where people thrive. DJM is represented by a current portfolio of approximately four million square feet with an estimated total portfolio value of $2 billion.
About PGIM Real Estate
As one of the largest real estate managers in the world with $201.3 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.5 trillion global asset management business of Prudential Financial, Inc.
REAL ESTATE TECHNOLOGY
Side | June 01, 2021
Side, the only real estate technology company that only partners with high-performing agents, teams, and independent brokerages to transform them into market-leading boutique brands and businesses, has announced a partnership with Dreamscape Real Estate. The partnership will ensure that Dreamscape Real Estate, a community- and a client-focused company deeply committed to giving back, is powered by the industry's most advanced platform.
Allison Gelbrich, the founder of Dreamscape Real Estate, pursued a profession in real estate to assist families in attaining the American dream in the same way she did. Gelbrich, who was born in South Korea, founded her company on the principle of "paying it forward." Gelbrich is in the top 1% of Temecula Valley Realtors, creating a company based on repeat clients and referrals. Dreamscape Real Estate is happy to serve Riverside and San Diego counties, whether first-time buyers, move-up sellers, military families, or retirees.
Partnering with Side will keep Dreamscape Real Estate at the forefront of an ever real estate market while also allowing its agents to continue providing top services to its clients. A one-of-a-kind premium brokerage platform delivers transaction management, property marketing, lead generation, business growth opportunities, vendor management, and infrastructure solutions to Dreamscape Real Estate agents. In addition, Dreamscape Real Estate will become a member of an exclusive group of Side partners, gaining access to a vast network from coast to coast.
Side is led by veteran industry professionals and world-class engineers who create technologies to increase agent productivity and improve the customer experience. Based on its view that homeownership is a fundamental human right, Side is on a mission to enhance the public good by offering the best system, support, service, experience, and results to top-performing real estate agents, teams, and independent brokerages.
About Dreamscape Real Estate
Allison Gelbrich, the founder of Dreamscape Real Estate, grew passionate about helping others find their American dream after accomplishing her own. She founded the company on the principle of "paying it forward," and she works with a team of professionals who build lifelong relationships and give back to their communities. Dreamscape Real Estate services clients across Southern California, including the counties of Riverside and San Diego.
Side helps high-performing agents, teams, and independent brokerages grow into profitable businesses and boutique brands 100% agent-owned. Side only works with the best agents, providing them with proprietary technology and a world-class support team to help them be more productive, grow their business, and focus on their clients. The company's headquarters are in San Francisco.
prnewswire | August 25, 2020
Home prices and year-over-year price gains hit another high as prices continued to rise during a time of year that they usually decline, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Pending home sales are also way up from 2019. The fact that the market is so steady continues to be a surprising sign of strength during a time of major economic uncertainty. For the week ending August 16, the seasonally adjusted Redfin Homebuyer Demand Index was up 29% from pre-pandemic levels in January and February. Prices are still showing no signs of the typical seasonal slowdown. The median price of homes that sold during the four-week period ending August 16 was up 11% year over year—the largest increase in over six years—to a new all-time high of $316,375. In the last week of the period, prices were up 14% from a year earlier.