REAL ESTATE TECHNOLOGY
WHI Real Estate Partners | May 07, 2021
WHI Real Estate Partners L.P. confirmed recently the final closing of WHI Real Estate Partners V, L.P, with $385.0 million in capital contributions, reaching the Fund's goal of $325.0 million.
WHIREP plans to invest the Fund in a diverse variety of commercial, residential, hotel, office, and other assets around the United States, following in the footsteps of WHIREP's predecessor funds' opportunistic investment strategy.
A global community of investors, including university endowments, foundations, health care companies, wealth management firms, family offices, among others, contributed money to WHIREP V.
WHIREP now plans the Fund to purchase real estate properties with an aggregate cost of $1.0 - $1.1 billion.
The Fund's sole placement agent was PJT Park Hill, a corporate group of PJT Partners Inc. Kirkland & Ellis LLP represented the general partner in connection with the offering of Fund interests.
About WHI Real Estate Partners
WHI Real Estate Partners L.P. is a private investment company focusing on repositioning middle-market real estate properties throughout the United States. WHIREP actively manages nearly $1.1 billion in assets on behalf of a select group of university endowments, foundations, health care systems, wealth management agencies, private offices, and others.
REAL ESTATE INVESTMENT
Staley Point Capital | January 15, 2022
Staley Point Capital ("Staley Point"), a value-add investor focused on infill industrial properties, today announced the off-market acquisition of 18689 Arenth Ave, a 97,000 square-foot industrial asset in the City of Industry, California, for $22 million or $227 per square foot. The transaction represents the firm's first investment in the San Gabriel Valley market.
The institutional quality, 86% leased asset is 24-foot clear with eight dock high positions and a functional concrete truck court. The City of Industry benefits from its central location at the intersection of Los Angeles, Orange, San Bernardino and Riverside Counties. This asset has direct access to Highway 60 which connects the affluent West LA consumer markets, two nearby intermodal yards and the distribution centers in the Inland Empire.
We are excited to close our first acquisition in the San Gabriel Valley which is one of the most supply constrained markets in the Country, The San Gabriel Valley is critical to the movement of products and materials from Asia, Mexico and the Pacific Coast to the eastern United States. The City of Industry is a sought-after logistics corridor with ideal local infrastructure and the ability for businesses to operate 24-hours a day."
Eric Staley, Managing Director of Staley Point.
The acquisition was completed via a joint venture between Staley Point Capital and Bain Capital Real Estate. The vehicle has been an active acquiror of infill industrial properties on the West Coast since launching in September 2020. Most recently, Staley Point closed on 2425 Saybrook Ave., a 42,000 square-foot industrial property in Commerce, CA for $12.95 million and 12450 Foothill Blvd., a 103,000 square-foot industrial asset in Sylmar, CA for $24 million.
Winston & Strawn served as legal counsel to Staley Point Capital for the transaction. JLL represented both the buyer and seller and JLL Capital Markets will arrange the loan financing.
About Staley Point Capital
Staley Point Capital is a Los Angeles-based real estate investment firm. The firm was founded in 2019 by Kevin Staley and focuses on the acquisition of value-add and opportunistic real estate investments primarily in the industrial sector. Notable Southern California investments have included The Citadel in the City of Commerce, Magellan Gateway in El Monte and a self-storage portfolio, Magellan Storage.
REAL ESTATE TECHNOLOGY
GoldOller | May 03, 2021
GoldOller Real Estate Investments reported today it has obtained the site at 3145 Grays Ferry Ave and will instantly get things started on the improvement of a 157,000 square foot, five-story environment-controlled, self-storeroom. The $20 Million undertakings will turn into a foundation for the Gray Ferry Gateway Corridor.
As indicated by Jake Hollinger, GoldOller President, "Our low effect, the structure will altogether upgrade the Grays Ferry Corridor while giving an assortment of self-stockpiling openings for people and independent company around there, Center City, and South Philadelphia. The site, only yards from 34th Street and the University Ave Bridge, Fitter Square, and Washington Ave, is straightforwardly contiguous and will be completely apparent from, the Schuylkill Expressway. Our perfect lines and imaginative point configuration will embrace the raised Schuylkill Expressway while improving the road space of Grays Ferry Ave." This will be GoldOller's s second self-stockpiling advancement, having finished an 80,000 Square foot, Cube Smart oversaw, self-storage space in the Fishtown part of Philadelphia a year ago.
GoldOller, settled in Philadelphia, is one of the country's biggest multifamily proprietor administrators, with an arrangement of more than 40,000 condo units in 18 states. As indicated by GoldOller Chairman, Richard Oller, "Our premium in self-stockpiling and other resource classes doesn't flag any takeoff from our center condo business. A year ago, GoldOller finished more than $100 Million of new condos and blended-use improvements, and $566 Million of loft acquisitions in New York, Illinois, Ohio, and S. Carolina addressing 4,660 condo units. While we keep on growing our loft impression, we are excited to investigate new spaces of chance and particularly those in our patio."
CVA Commercial Group has prompted GoldOller on the Grays Ferry project since 2019. As indicated by Vince Jolly, CVA's originator and CEO: "The area is practically at the crossing point of the Schuylkill Expressway, Center City, South Philadelphia, and University City. It is the best area for understudies, mortgage holders, leaseholders, and independent ventures, and the circumstance is letter-great. We are exceptionally eager to see an empty, opportunity zone property, become animated alive."