REAL ESTATE INVESTMENT

Invesco Real Estate Income Trust Inc. Acquires Industrial and Grocery-Anchored Retail Properties

Invesco | February 21, 2022

Invesco_Real_Estate
Invesco Real Estate Income Trust Inc. ("INREIT"), an institutionally managed public non-listed REIT, announced today the acquisition of an industrial property and a grocery-anchored retail property. The combined purchase price was $94 million, bringing the gross assets of the INREIT portfolio to more than $850 million.

There continues to be strong demand for the industrial sector, which is benefiting from both secular and cyclical tailwinds. Investing in industrial properties is a strategic objective for INREIT and we are committed to finding the best ideas within the sector, We continue to have strong convictions that physical retail, such as grocery-anchored properties, have a role to play in portfolios and our approach remains selective when evaluating opportunities."

R. Scott Dennis, President and Chief Executive Officer for INREIT.

INREIT acquired a 95% interest in an industrial warehouse facility in the Columbus metropolitan area, where the market vacancy rate is currently below 2% for bulk distribution space. Built in 2000, the 378,283 square foot distribution facility is 100% leased. The property benefits from proximity to the international airport and rail, allowing for same-day and next-day deliveries throughout much of the country since Columbus is a one-day drive from 60% of the U.S. population.

2919-2999 Lewis Centre Way represents INREIT's fourth industrial investment, deepening its activity in the sector. This industrial asset brings INREIT's industrial portfolio to over $85 million, providing a durable income stream with long-term leases. This acquisition is part of a joint venture with Trident Capital Group.

INREIT acquired a 100% interest in Cortlandt Crossing, a newly constructed, high-quality grocery-anchored shopping center located in Westchester, New York. Built in 2019, the 122,225 square foot grocery center is 95% leased with strong, name brand anchors, including ShopRite and HomeSense, an affiliate of the TJX Companies.

INREIT's approach to the retail sector remains highly selective, with a focus on healthy demographics, high-quality trade areas and defensive grocery-anchored assets.

About INREIT
Invesco Real Estate Income Trust Inc. ("INREIT") is an institutionally managed public non-listed NAV REIT investing in a diversified portfolio of high-quality, income-producing properties located throughout the United States. Its thematic approach to investing focuses on where people consume, live, innovate and connect. INREIT seeks to invest in properties with resilient income and appreciation potential. INREIT expects to diversify its portfolio over time, including on a global basis. INREIT is managed by Invesco Advisers, Inc., a subsidiary of Invesco Ltd. and the registered investment adviser for Invesco Real Estate, the real estate investment center of Invesco Ltd.

Spotlight

In this video hear about current conditions, drivers, and growth opportunities in the commercial real estate market and how technology is transforming the industry.

Spotlight

In this video hear about current conditions, drivers, and growth opportunities in the commercial real estate market and how technology is transforming the industry.

Related News

REAL ESTATE TECHNOLOGY

Bright MLS and California Regional MLS Partner to Change How Residential Real Estate Data is Collected and Distributed for Institutional Use

Bright MLS | July 15, 2022

Bright MLS and California Regional MLS (CRMLS), the nation’s two largest Multiple Listing Services, announced today the launch of REdistribute, LLC, a joint venture that changes how MLS data is collected and distributed on behalf of the real estate industry for institutional use. REdistribute will aggregate and distribute data on behalf of participating MLS organizations and brokerages, providing unbiased, up-to-date MLS data directly from the source to institutions involved with the housing industry, and puts brokers back in control of their data rights and data usage. Additionally, the revenue generated by REdistribute will be shared back with the brokers and MLS organizations who participate, ensuring that participants are compensated fairly – and at true market value – for the data they provide. “The exchange of real estate data is currently a one-way street, Third parties are aggregating and providing MLS data to government entities and a host of other for-profit companies. What’s missing are the data rights, data management and fair market compensation provided back to the owners of the data – the brokers.” Art Carter, CEO of CRMLS “Today, we are rewriting the rules of engagement,” said Brian Donnellan, President & CEO of Bright MLS. “Now is the time for professional MLS organizations to invest in solutions that create additional value for brokers, while also delivering the most comprehensive, accurate and freshest data to critical participants in the housing industry. Mortgage lenders, government sponsored entities and others creating property valuations and insights and their constituents will benefit greatly from REdistribute.” Bright and CRMLS began working collaboratively late last year on solutions that improve services for the brokerage community, including recent work on a showing services hub that supports more choice for brokers. REdistribute is the next step the two companies are taking together, and at launch aggregates the MLS data of Bright and CRMLS, with Beaches MLS in Florida also signing a letter of intent to join for the launch. “Beaches MLS is excited to be the first ownership partner with Bright MLS and CRMLS on REdistribute to bring even more value to our brokers,” stated Dionna Hall, CEO of Beaches MLS. In addition to distributing MLS data from the source, REdistribute will also deliver innovations that will allow licensees such as lenders, insurance companies and government-sponsored enterprises to gain real-time insights on a market-by-market basis. About California Regional MLS California Regional MLS is the nation's largest and most recognized subscriber-based MLS, dedicated to servicing more than 110,000 real estate professionals from 40 Associations, Boards, and MLS organizations. CRMLS provides accurate data through innovative technology solutions, empowering real estate professionals to cooperate and succeed. About Bright MLS Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia. Bright MLS’s innovative tool library—both created and curated—provides services and award-winning support to well over 100k real estate professionals, enabling their delivery on the promise of home to over half a million home buyers and sellers monthly. In 2021, Bright subscribers facilitated $141B in real estate transactions through the company’s platform.

Read More

REAL ESTATE INVESTMENT

ACRE Provides $43.5M Loan for ‘Connect at First Creek’ Development in Denver, Colo.

ACRE | June 29, 2022

ACRE, a global real estate private equity firm, announced it has finalized a $43.5 million bridge loan with Peak Capital Partners (“Peak Capital”), to support the luxury multifamily apartment community ‘Connect at First Creek’ in Denver, Colorado. Issued through ACRE’s latest debt fund “ACRE Credit I”, the loan will support Peak Capital’s purchase of the 150-unit community. Executed in May, the 3-year agreement includes options for two single-year extensions. Brian Caudel and Jack Tidrick at KeyBank Real Estate Capital served as brokers for the deal. Denver has continued to add huge numbers of both jobs and residents over recent years, making it one of the country’s fastest-growing metro areas and creating a critical need for high-quality rental housing. Connect at First Creek has already enjoyed impressive success in helping to satisfy that robust demand, and we’re proud to play a role in supporting Peak Capital’s purchase of this first-class property.” Daniel Jacobs, Managing Partner at ACRE The agreement for Connect at First Creek was one of four loans, totaling approximately $169 million, issued via ‘ACRE Credit I’ in May alone. Other loans finalized during the month were issued in support of multifamily developments in Nashville, Tennessee; Fort Worth, Texas; and Fredericksburg, Virginia. The loan also represents the third issued to Peak Capital since ACRE Credit 1’s launch in August 2020, following two transactions for properties in the Atlanta metropolitan area. To date, the fund has raised $509 million of equity and has committed to provide more than $2 billion in whole loans across 52 transactions to support the acquisition, lease-up, redevelopment and recapitalization of multifamily assets in growing secondary markets across the U.S. “Our lending platform has been able to provide financing for a fast-expanding list of apartment developments across a wide variety of markets, as we continue to form and solidify partnerships with industry leaders like Peak Capital Partners,” said Jacobs. “May marked yet another productive month for ‘ACRE Credit I’, and we look forward to continuing to support other companies and the country’s rental housing sector at-large, as it experiences nearly unprecedented growth.” Located at 17900 East 56th Avenue, Connect at First Creek was built and delivered by Massimino Development. Since opening in 2020, the community has enjoyed significant lease-up success, as it is currently 96 percent leased. The development’s 150 luxury units feature a wide range of amenities, with in-unit features and finishes including stainless steel kitchen appliances, quartz countertops, Bluetooth keyless deadbolt locks, wood-style flooring, washer/dryer, walk-in closets, and private balcony/patio space. Community amenities include a resort-style swimming pool, fitness center, clubhouse, open air dining spaces with stainless steel BBQ grills, game room with billiards, coworking and conference spaces, a half-acre dedicated park, and direct access to First Creek Trail. Connect at First Creek is located just a short distance from Pena Boulevard, Interstate 70, Interstate 225 and the 61st & Pena Light Rail station, offering residents an easy trip to Downtown Denver, Denver International Airport, and Aurora. The property is also adjacent to Rocky Mountain Arsenal National Wildlife Refuge, a 15,988-acre wildlife sanctuary. About ACRE ACRE is a vertically integrated private equity firm specializing in commercial real estate through active investments in both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $3.1 billion concentrated in U.S. multifamily with holdings in the United Kingdom and Southeast Asia through separate verticals. ACRE has offices in Atlanta, New York, and Singapore.

Read More

MARKET OUTLOOK,REAL ESTATE ADVICE

Ventas’s Outlook Revised by Fitch Ratings to Stable

Ventas | July 19, 2022

Ventas, Inc. (NYSE: VTR) today announced that Fitch Ratings (“Fitch”) has revised its rating outlook for Ventas to Stable from Negative and affirmed Ventas’s issuer credit rating of ‘BBB+’. In revising Ventas’s outlook, Fitch highlights that operating performance in Ventas’s senior housing operating portfolio is expected to continue to gain momentum as evidenced by steady gains in rent growth and occupancy. Fitch believes that the senior housing portfolio is positioned for a strong recovery driven by attractive 80+ population growth leading to higher move-ins and a favorable supply backdrop. Fitch notes the benefits of Ventas’s diversified portfolio, approximately 30% of which consists of high-quality, principally on-campus medical office buildings and life science properties anchored by over 17 top-tier, high credit research universities. Fitch also cites Ventas’s strong liquidity position with minimal debt maturing through 2023 and management’s commitment to a strong financial policy. About Ventas- Ventas Inc., an S&P 500 company, operates at the intersection of two large and dynamic industries – healthcare and real estate. Fueled by powerful demographic demand from growth in the aging population, Ventas owns a diversified portfolio of over 1,200 properties in the United States, Canada, and the United Kingdom. Ventas uses the power of its capital to unlock the value of senior living communities; life science, research & innovation properties; medical office & outpatient facilities, hospitals and other healthcare real estate. A globally recognized real estate investment trust, Ventas follows a successful long-term strategy, proven over more than 20 years, built on diversification of property types, capital sources and industry leading partners, financial strength and flexibility, consistent and reliable growth and industry leading ESG achievements, managed by a collaborative and experienced team dedicated to its stakeholders.

Read More