LA’s industrial market is tops among foreign investors in US: report

CBRE | April 23, 2019

The Los Angeles area industrial market is still having its moment, and the draw isn’t just from U.S. investors. China and Canada are also big buyers. Industrial investment from China and Canada reached an all-time high in the U.S., accounting for 70 percent of 2018’s total foreign investment. Total foreign investment almost tripled last year in the L.A., Orange County and Inland Empire industrial market, crowning the region No. 1 in the U.S., according to a report from CBRE and Real Capital Analytics.

Spotlight

Founded in 1992, Equity One is a NYSE listed Real Estate Investment Trust and leading developer, operator and owner of “A” quality retail properties in the most desirable and productive urban markets across the United States. Its shopping center portfolio comprises 135 properties with a market capitalization of $4.6 billion. With over 150 employees, the company has acquired or developed since 2009 nearly $2 billion of retail assets, concentrated in New York, San Francisco, Los Angeles and South Florida. The company’s stated mission is to improve retail real estate in urban communities to bring about better places to shop and gather, increase jobs and improve surrounding property values.

Spotlight

Founded in 1992, Equity One is a NYSE listed Real Estate Investment Trust and leading developer, operator and owner of “A” quality retail properties in the most desirable and productive urban markets across the United States. Its shopping center portfolio comprises 135 properties with a market capitalization of $4.6 billion. With over 150 employees, the company has acquired or developed since 2009 nearly $2 billion of retail assets, concentrated in New York, San Francisco, Los Angeles and South Florida. The company’s stated mission is to improve retail real estate in urban communities to bring about better places to shop and gather, increase jobs and improve surrounding property values.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Kimco Realty Corporation Announces Holding Company Reorganization

Kimco Realty | December 19, 2022

Kimco Realty® (NYSE: KIM) (the “Company”) today announced that it intends to complete a holding company reorganization (the “Reorganization”), which would restructure the Company as an Umbrella Partnership Real Estate Investment Trust, or UPREIT. As part of the Reorganization, a new holding company (“New Kimco”) will become the publicly traded parent company by way of an intercompany merger (the “Merger”), assuming the existing name of “Kimco Realty Corporation,” while the current corporation (“Old Kimco”) will convert to a limited liability company called “Kimco Realty OP LLC” (“Kimco OP”) controlled by the publicly traded parent company (the “Conversion”). “We are very excited to announce our reorganization into an UPREIT, which we believe will enhance our ability to compete in the acquisition of real estate assets by enabling us to offer tax-deferred opportunity to sellers, We believe this reorganization will have no material impact on our existing shareholders, debt security holders, lenders or other constituencies, and will represent an enhanced platform for Kimco’s continued growth.” -Conor Flynn, Kimco’s Chief Executive Officer The Reorganization is intended to align the Company’s corporate structure with other publicly traded U.S. real estate investment trusts and provide a platform for the Company to more efficiently acquire properties in a tax-deferred manner. The UPREIT structure will allow owners of appreciated property to contribute such property to an LLC structured as an “operating partnership” in exchange for membership interests therein. Subject to applicable tax requirements, this type of contribution may be done on a tax-deferred basis for the contributors. Following the Conversion, Kimco OP will function as the operating partnership in the UPREIT structure. Membership interests in Kimco OP will generally entitle their holders to receive the same distributions as holders of New Kimco common stock, and the holders of such interests will generally be entitled to exchange the membership interests for cash or common stock, at New Kimco’s option. The Reorganization is not anticipated to have any material impact on the Company’s financial position and is not expected to result in any material changes to the Company’s combined financial statements, outstanding debt securities, material debt facilities, or business operations. All shares of common and preferred stock of Kimco will automatically be converted into identical shares of the new parent holding company as part of the Reorganization, and the Reorganization will not impact the payment of the dividends declared by the Company’s board of directors and payable to stockholders of record in accordance with previously announced dividend payment dates in respect of the Company’s common shares and the Class L preferred stock and Class M preferred stock. The Reorganization does not require shareholder approval under Maryland law and the Merger is expected to qualify as a tax-free reorganization under Section 368(a) of the Internal Revenue Code of 1986, as amended, meaning that Kimco’s shareholders are not expected to recognize a gain or loss for federal income tax purposes as a result of the Merger. The Merger is expected to be effective as of January 1, 2023, and the Conversion is expected to be effective promptly thereafter. When the Reorganization is complete, the holding company will be named “Kimco Realty Corporation,” just as Kimco is today, and its shares of common stock, Class L depositary shares and Class M depositary shares are expected to continue to trade on the NYSE under the symbols “KIM,” “KIMprL” and “KIMprM”, respectively. About Kimco Realty® Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of September 30, 2022, the company owned interests in 526 U.S. shopping centers and mixed-use assets comprising 91 million square feet of gross leasable space.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Thompson Thrift to Develop Luxury Multifamily Community Outside Colorado Springs

Thompson Thrift | November 29, 2022

Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced today the development of Alta25, a 264-unit Class A multifamily community in the Colorado Springs suburb of Monument. Thompson Thrift plans to welcome new residents starting in 2025. "There is strong demand for luxury multifamily communities in this area, We expect that Alta25 will provide an appealing rental option for residents desiring the style, luxury and convenience that Thompson Thrift communities feature." -Josh Purvis, managing partner for Thompson Thrift Residential Located at 16218 Jackson Creek Pkwy, Alta25 will offer eight, three-story garden style buildings and 96 detached garages. The one-, two- and three-bedroom apartment homes will average 987 square feet with luxury finishes including gourmet bar-kitchens with elegant quartz countertops, timeless tile backsplash, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostat and smart door locks, walk-in closets, full-size washers and dryers, as well as patio, balcony, and private yard options. Luxury living will continue throughout the community with amenities such as a professionally decorated clubhouse, resort-style swimming pool, 24-hour fitness center, Amazon Package Hub, bike storage and workshop, thoughtfully designed courtyards, grilling stations, outdoor game area, an electronic firepit with seating area, a dog park, pet spa with grooming station, and more. The site is adjacent to Monument Marketplace, which is home to over 658,000 square feet of retail and restaurants, and sits within The Village at Jackson Creek, a mixed-use project currently in development. Historic downtown Monument, less than three miles north, offers small-town charm filled with unique and locally owned boutiques, restaurants, galleries and spas. Nearby Interstate 25 is currently being widened to six lanes, which will improve traffic flow from Colorado Springs to Denver, and further improve access to several major employers including Fort Carson, UCHealth Memorial Hospital North and Schriever Space Force Base. Monument offers the ideal Colorado setting with views of Pikes Peak to the southwest, the Rocky Mountains to the west. Additionally, residents will enjoy an abundance of outdoor recreation, and highly rated public schools, both of which contributed to Monument being ranked as one of the best places to raise a family in Colorado. During the past 30 years Thompson Thrift has developed more than $4 billion of ground-up development projects across the Midwest, Southeast and Southwest. The company made a name for itself by being one of the few developers to build high-quality, attractive Class A residential communities with a variety of conventional, luxury leased villa and townhome-style communities. About Thompson Thrift Real Estate Company Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver, Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, industrial and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve.

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REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT

Keyway Announces Acquisition of Lakeside Multifamily Property in Dallas

Keyway | November 02, 2022

Keyway, the technology platform that radically simplifies commercial real estate transactions, today announced the closing of its first multifamily acquisition in the Dallas-Fort Worth area, the 157-unit Lakeside on Spring Valley apartment community in Richardson. The complex has 15 buildings with one- and two-bedroom residences, with an average unit size of about 800 square feet. It also has two resort-style swimming pools and frontage on a private lake. Its location at 1000 W Spring Valley Road offers easy access to both Interstate 635 and Highway 75 and a quick commute to some of DFW's major employment centers in Downtown Dallas, Plano, Allen, and McKinney. The Lakeside community will be rebranded after a $3 million renovation. "We are excited to enter the Texas market with such a well-managed and well-known property. The fact that it has never traded before, coupled with the fact that the deal was transacted off market, are both a testament to how we are approaching multifamily and Texas overall. We want to be the best partner for owners and brokers who are serious about getting deals done smoothly and efficiently, and we expect this to be the first of many transactions for Keyway in the market." -Matias Recchia, Keyway co-founder and CEO Keyway dramatically simplifies CRE transactions by reducing costs by 50% and transaction time by 90%, benefiting brokers, sellers, and buyers alike. Keyway also fills an important gap for those institutional investors not structured to handle smaller deals, while at the same time providing a predictable and efficient process for every transaction. Keyway's platform is built to provide creative and efficient real estate solutions to both investors and to smaller operators, We're seeing tremendous product-market fit and are excited to continue transforming real estate with technology,said co-founder and COO Sebastian Wilner. About Keyway Keyway is the company dedicated to building the new CRE ecosystem. They identify opportunities and run transactions smoothly providing an uncommonly simple experience for sellers of commercial real estate. The company launched in 2021 and is headquartered in New York.

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