Real Estate Technology

$1.6B Industrial Recapitalization of Blackstone Real Estate Income Trust and LBA Logistics Announce

businesswire | January 22, 2021

Blackstone Real Estate Income Trust, Inc. ("BREIT") and LBA Logistics ("LBA") today declared the recapitalization of two mechanical portfolios possessed by LBA involving $1.6 billion of gross worth. BREIT gained a roughly 60% consolidated revenue across the two portfolios, and LBA's venture asset and its financial specialists held the equilibrium.

The portfolios involve 71 top notch resources adding up to 9.5 million square feet and are around 95% involved. The resources are found dominatingly in last mile areas in West Coast markets with by far most in California and Seattle, which are two of the best performing mechanical business sectors in the country.

After shutting this exchange, over 90% of BREIT's land speculations will be in multifamily, modern, and net rented resources, with mechanical speaking to over 35% of BREIT's portfolio.

Eastdil Secured filled in as a guide to LBA Logistics.

Blackstone Real Estate Income Trust

Blackstone Real Estate Income Trust, Inc. (BREIT) is an unending life, institutional quality land venture stage that carries private land to pay centered financial specialists. BREIT puts resources into settled, pay producing U.S. business land across key property types and less significantly in land obligation speculations. BREIT is remotely overseen by an auxiliary of Blackstone (NYSE: BX), a worldwide pioneer in land contributing. Blackstone's land business was established in 1991 and has around $174 billion in financial specialist capital under administration.

About LBA Logistics

LBA Logistics (LBA) is a full-service real estate investment and management company with a diverse portfolio of industrial properties in major markets throughout the United States. LBA Logistics’ portfolio currently totals over 60 million square feet and consists of state-of-the-art, high-bay distribution space, light manufacturing and multi-tenant business parks. LBA owns assets in major port and airport adjacent locations including South and Northern California, Seattle, Dallas, Chicago, Atlanta, New York/New Jersey, and Florida as well as regional inland hubs and infill last-mile delivery locations. In addition, LBA Realty owns and operates a portfolio of office and mixed-use properties throughout the Western United States.

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McGrath Acquires Colorado-Based Container Rental Company

Businesswire | July 11, 2023

McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced it has acquired the assets of Inland Leasing and Storage, a regional provider of portable storage solutions in the Colorado market. The transaction was funded with borrowings from McGrath’s revolving credit facility. The acquisition adds approximately 600 assets to McGrath’s portable storage operations in Colorado. “Our acquisition of Inland Leasing and Storage is highly complementary to our portable storage rental business,” said Joe Hanna, President and CEO of McGrath. “Consistent with our ongoing capital deployment and geographic expansion strategies, this opportunity provides us with accelerated regional density and a high-quality fleet to serve the Colorado market. We look forward to expanding our market share with a new set of customers.” About Inland Leasing & Storage Inland Leasing & Storage is a locally owned and operated trailer and storage container rental and sales supplier serving a broad range of businesses with branches located in Loveland, Colorado, Chicago, Illinois and Tucson, Arizona. With our team of quality employees and proven sales force, Inland Leasing & Storage provides reliable storage and rental solutions for many personal, industrial, agricultural, and commercial business needs. This type of service is essential to a smoothly run operation for any industry. Inland Leasing & Storage philosophy is to fill the needs of customers when they need it most. From daily rentals to long term leases, Inland Leasing & Storage is your solution! We offer semi trailers for local and long distance transportation needs and also trailers & storage containers for storage only purposes. From 40' to 53' long enclosed trailers and flatbeds to 8' wide x 10' long to 10' wide x 40' long storage containers we are able to assist you in any storage need possible. Choose from 1 day rentals to long term leases. Our customer base varies from regional clients to single facility companies and the family homeowners. Trailer & Container modifications are also available. Call or e-mail us for more information or to get a quote on your storage needs. AboutMCGRATH McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath’s operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelco business offers electronic test equipment rental solutions. The Company’s rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 40 years of experience, McGrath’s success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company’s long-term financial success and supported over 30 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies.

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Real Estate Technology

Tango, Leading Provider of Cloud-Based Real Estate and Facilities Management Software, Acquires WatchWire

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. About Tango 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. About WatchWire 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.

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Real Estate Technology

Flyhomes Enters Definitive Agreement to Acquire Assets from Home Sale Assured

Flyhomes | September 12, 2023

Flyhomes, creator of the world’s best home buying and selling experience, has entered into a definitive agreement to purchase certain assets from Innovative Holdings, LLC, doing business as Home Sale Assured, a leader in the field of ‘buy before you sell.’ Founded in early 2022 by Eric Meadow, Home Sale Assured’s flagship product is the Guaranteed Backup Contract, which empowers existing homeowners to buy their next home before closing on the sale of their current one. As part of the deal, Flyhomes will be acquiring the Home Sale Assured brand, and Meadow will be joining Flyhomes in a senior executive capacity where he’ll report to EVP of Mortgage & Closing, Dan Richards. “Eric is a seasoned mortgage professional who has built something really special with the Guaranteed Backup Contract,” said Tushar Garg, co-founder and CEO at Flyhomes. “Its ability to remove friction from the buying and selling process, while adding assurance, flexibility, and customer-centricity, aligns perfectly with our core tenants here at Flyhomes. This deal strengthens our offerings and gives us more tools to serve more customers looking for a better way to buy and sell a home.” Following the close of the deal, lender and realtor partners will be able to continue offering their customers access to the Guaranteed Backup Contract through the Home Sale Assured brand at Flyhomes. Understanding the importance of the customer-agent relationship, Guaranteed Backup Contract was designed to enhance the role of real estate agents and lenders. This ensures everyone moves in unison toward the common goals of seamlessly transitioning the customer into their new home and selling their prior home for maximum value. “We’re thrilled to be adding Eric and the Home Sale Assured brand to the Flyhomes family of products,” said Dan Richards, EVP of Mortgage & Closing at Flyhomes. “Eric brings 25 years of mortgage industry experience, from his time as President of Celebrity Home Loans (at the time a national multi-billion dollar retail lender) to his recent success as an entrepreneur at Home Sale Assured. His deep operational knowledge and network of relationships will play a key role in extending our portfolio of products nationwide.” “It’s an honor to be joining Flyhomes at such a critical point in residential real estate,” said Eric Meadow, CEO and founder of Home Sale Assured. “There remain far too many obstacles to home ownership these days, be it first-time home buyers, or in the case of Home Sale Assured, current homeowners trying to move. Consumers, agents and lenders are all looking for practical solutions to overcome these institutional challenges and Flyhomes has been at the forefront of this category. I’m ecstatic to now be able to leverage their advanced infrastructure and resources to bring the Guaranteed Backup Contract to more customers.” Benefits of the Guaranteed Backup Contract: With a valid purchase offer, a lender is able to apply standard agency guidelines to remove the departing debt obligation from the consumer’s debt to income ratio. Thus allowing the lender to approve the loan on the new home before the consumer closes on the sale of their prior home. The consumer is able to close on and move into their new home and take up to 90 days to close on the sale of their prior home. The consumer can work with a real estate agent to list their prior home for sale during this 90-day option period. If the consumer receives a better offer, they can cancel the Guaranteed Backup Contract and sell their home to the higher offer. About Flyhomes Flyhomes is building the world’s best homebuying and selling experience. Launched in 2016, Flyhomes has reinvented the homebuying and selling process at every step, making the process smoother and simpler for consumers with offerings like the Flyhomes Cash Offer and Buy Before You Sell. They back these services with a unique guarantee that gives both buyers and sellers certainty and peace of mind that is unheard of in real estate. To date, they’ve helped clients close on more than $6 billion worth of homes at prices ranging from $150,000 to $7 million.

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