REAL ESTATE TECHNOLOGY
businesswire | December 14, 2020
Creative Industrial Properties, Inc. (IIP), the sole land organization on the New York Stock Exchange (NYSE: IIPR) zeroed in on the controlled U.S. cannabis industry, reported today that it went into a correction of the rent with PharmaCann Inc. (PharmaCann) in Hamptonburgh, New York, making accessible $31.0 million in subsidizing for huge improvements underway limit and extra overhauls at the 127,000 square foot office. The rent alteration likewise changed the base lease under the rent to consider the extra accessible financing and expanded the term of the rent understanding. Accepting full installment of the extra financing, IIP's absolute interest in the property will be $61.0 million. IIP initially procured the New York property and went into a drawn out rent with PharmaCann in 2016.
Notwithstanding this office in New York, IIP possesses and rents to PharmaCann controlled cannabis development and handling offices in Illinois, Massachusetts, Ohio and Pennsylvania, containing a sum of roughly 363,000 square feet. Accepting full repayment of inhabitant upgrades under the leases, IIP's absolute interest in properties rented to PharmaCann is relied upon to be $167.5 million.
As the spearheading land venture trust (REIT) for the clinical use cannabis industry, IIP accomplices with experienced clinical use cannabis administrators and fills in as a wellspring of capital by procuring and renting back their land resources, notwithstanding offering other imaginative land based capital arrangements.
PharmaCann is a main multi-state cannabis administrator with licenses in Illinois, Maryland, Massachusetts, New York, Pennsylvania and Ohio. Established in 2014 with dispensaries working under the brand Verilife, PharmaCann has brought over $200 million up in value to date, and has more than 650 representatives.
“We are thrilled to partner once again with PharmaCann in its expansion of the New York facility, the first property in our portfolio that now spans 64 properties across 16 states,” said Paul Smithers, President and Chief Executive Officer of IIP. “Since 2016, we have progressively supported PharmaCann as its go-to long-term real estate partner, and we are excited to take this next step with the PharmaCann team to significantly upgrade and enhance production capability at their New York facility, in a market experiencing tremendous and growing patient demand for high quality products.”
“IIP has been a strong, reliable, flexible real estate partner since we initially sold and leased back our New York property to them in 2016,” said Brett Novey, PharmaCann’s Chief Executive Officer. “The New York regulated cannabis market is still in its early stages, and in conjunction with IIP’s unwavering support as our primary real estate capital provider, we expect the significant enhancements to our New York facility to preserve our strategic positioning as we continue to scale our operations to meet the anticipated demand for customers throughout the state.”
REAL ESTATE TECHNOLOGY
prnewswire | October 27, 2020
Today, RealOrganized, Inc. is pleased to announce a significant upgrades to their flagship product, RealtyJuggler Real Estate Software for Real Estate Agents.
RealtyJuggler is a cloud-based real estate software product for real estate agents and REALTORS. The software can be used for prospecting, client follow-up, managing transactions, and much more. RealtyJuggler is sold on a membership basis at an affordable price. It is multi-user and contains numerous features designed specifically for real estate, including transaction management, listing feedback, DRIP Letters, real estate flyers, and mailing labels.
RealtyJuggler is distinguished from its competition through a unique focus on ease-of-use, and friendly technical support.
About RealOrganized, Inc. - RealOrganized was founded in 2003 by a former executive from AOL and a top real estate agent, each with over a dozen years experience in their respective fields. The company's mission is to create the simplest and most affordable organizational software for the real estate industry.
REAL ESTATE TECHNOLOGY
prnewswire | November 19, 2020
Business property estimations have changed over the most recent a half year because of the pandemic and land is at present in an unchartered area. That is as indicated by the leader of business land financier NAI Pleasant Valley, Alec Pacella, who spoke Wednesday at the 2020 REALTORS Conference and Expo.
Pacella, who facilitated a meeting named, "Selling CRE Properties: How COVID-19 Impacts the Numbers," summed up the ongoing history of the business land industry, including its estimating file, esteem pinnacles and purchaser desires.
"In the early part of last decade – 2006, 2007, 2008 – expectations were actually greater than the pricing index. There was more demand than there was supply."
Yet, in 2009 and 2010, as Pacella notes, desires were lower than the estimating list. Therefore, interests in business land were almost nonexistent.
"No deals were happening then," he said. "You couldn't give real estate away in a lot of markets because the expectations were so low."
The situation Pacella portrays isn't not normal for the present status of business land, the same number of proprietors of once-beneficial organizations have watched famous chains battle or be compelled to forever close their entryways.
Pacella says the way to exploring this market is for land owners and speculators to look after exchange. Also, as a result of the market's repeating nature, Pacella says financial specialists will need to be in position to underwrite when conditions ultimately improve.
"In an uncertain market, it's critical to keep conversations going." Having a strategy to engage in open conversation, he says, could eventually lead to a deal in the future.
In the business land area, exchanges can happen when markets are rising or falling, as indicated by Pacella.
"We could sit there and sit on our hands and say 'we're out of business; come talk to me in 2021, 2022 when things get back.' No, that's not what we do, that's not how most of us are wired."
The National Association of Realtors® is America's biggest exchange affiliation, speaking to more than 1.4 million individuals engaged with all parts of the private and business land enterprises.