Redfin: Luxury home prices experience the first annual decline in nearly three years

Redfin | May 02, 2019

In the first quarter of 2019, luxury home prices decreased 1.6% year over year, marking the first annual decline in nearly three years, according to the latest data from Redfin. Redfin classifies luxury homes as those that sold among the top 5% most expensive in the quarter. In the first quarter, luxury home prices across the country averaged $1.55 million.

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REAL ESTATE INVESTMENT

DJM and PGIM Real Estate Acquire Long Beach Exchange

DJM | January 05, 2022

DJM, a California-based private equity real estate and development firm, today announced its acquisition of Long Beach Exchange (LBX) in partnership with PGIM Real Estate from Burnham-Ward Properties. Eastdil is credited with brokering the deal. As experts in retail, DJM will increase LBX's value through best-in-class management, leasing, marketing and placemaking. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. Built in 2018, Long Beach Exchange is a 246,500 square-foot, open-air lifestyle property located in Long Beach, California. Grocery-anchored LBX features a mix of best-in-class retail, fitness, daily needs and dining including Whole Foods, Handel's, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta, Nordstrom Rack, and more. LBX also boasts The Hangar, a 17,000 square-foot food hall fashioned in the style of a vintage aviation hangar that offers a range of small, artisanal food vendors and boutique retailers to Long Beach's dense office and residential population. Although COVID undoubtedly impacted retail across all sectors, we're now experiencing a tremendous return to growth across our entire portfolio, with foot traffic and sales numbers surpassing even pre-pandemic figures, This rebound, which reinforces the ever-changing nature of retail, is due largely in part to the outdoor nature of our properties as well as thoughtful community programming and relevant, region-specific merchandising. Long Beach Exchange is a fantastic addition to the DJM portfolio and we look forward to shaping the property into the best version of itself." Chad Cress, Chief Creative Officer at DJM. With today's announcement, Long Beach Exchange joins DJM's portfolio that also includes, among other destinations, Hollywood & Highland (soon to be Ovation Hollywood) in Los Angeles, Lido Marina Village in Newport Beach, and Bella Terra in Huntington Beach. PGIM Real Estate, DJM's partner at the 853,000 square-foot outdoor shopping center Bella Terra, will join DJM as a partner at LBX. We have seen firsthand the transformation DJM has created at Bella Terra, We are extremely pleased with the value that DJM and PGIM Real Estate were able to add to the portfolio and deliver an excellent outcome for our investors even during these unprecedented times. We are excited to continue our work together at Long Beach Exchange." Tim Hennessey, Managing Director at PGIM Real Estate. About DJM DJM is a private real estate equity and development firm based in Southern California. With a core strength in retail combined with mixed use asset classes, DJM creates long-term value by transforming real estate to meet the 21st century demands of consumers, retailers, and office users. DJM's focus is on placemaking- leveraging design, development, and best-in-class management to create places where people thrive. DJM is represented by a current portfolio of approximately four million square feet with an estimated total portfolio value of $2 billion. About PGIM Real Estate As one of the largest real estate managers in the world with $201.3 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.5 trillion global asset management business of Prudential Financial, Inc.

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REAL ESTATE TECHNOLOGY

George Slusser, head of the WAV Group's New Real Estate M&A Advisory Division

prnewswire | January 14, 2021

George Slusser, one of the land business' generally capable and notable valuation specialists, will join WAV Group to head its new Mergers and Acquisition Advisory Division, land's driving counseling and examination firm reported today. As the most up to date individual from the WAV group, Slusser brings over 35 years of involvement, remembering individual investment for more than 300 land business consolidations and acquisitions on both the procuring and selling side including many financier organization valuations. "George literally wrote the book on real estate M&As," WAV Group Managing Partner Victor Lund said. Slusser authored the industry best-selling book, Acquiring Profit, which created the foundation for today's modern M&A industry for U.S. real estate brokerages. "We can honestly say that no one will offer brokers better M&A advice than WAV Group with George on board." Lund clarified that at Cendant, Slusser helped led the significant acquisitions that made what is currently Realogy, the world's biggest land organization. Slusser most as of late was the previous COO and Chief Growth Officer of SVN International (earlier Sperry Van Ness), and past President and COO of Coldwell Banker Commercial Real Estate. He likewise was a top leader at GMAC Home Services, ERA Franchise Systems, and Merrill Lynch Realty. "No one has more experience helping real estate brokers navigate the challenges of preparing a succession plan and the right exit strategy than George," added Marilyn Wilson, WAV Group Managing Partner. "WAV Group already assists organizations to increase the value of their companies with the services we provide in technology, recruiting, retention and organizational excellence. Once an acquisition is complete, WAV Group supports brokerages with overhauling branding strategies, technology and data services creating operational and organizational efficiencies. WAV Group Communications is there to help the newly formed organization communicate the vision and strengths of the new entity to expand the brand strength as well as helping to retain agents and clients by minimizing disruptions. With our new M&A division, we now provide an end-to-end service to help our clients maximize the growth and profitability of their businesses­­­," she added. For Slusser, heading up the WAV Group's new M&A Advisory division allows him to "fill an unmet need for broker-owners." "There's an absence of firms offering brokers comprehensive M&A advice," Slusser said. "In the next three years, we expect the record consolidation we have already seen in the real estate brokerage industry to continue. As the ownership in our industry continues to age, the transfer to the next generation is underway. Broker-owners want - and need - guidance. We specialize in helping them understand the value of their company, create succession planning, explore partnership structures, help them raise capital, and most importantly, provide strategic support for each of these processes. And with M&As, both the selling side and acquiring side benefits from independent representation." At WAV Group, the M&A Advisory Division offers a far reaching scope of value and moderate administrations for customers, conveying "unparalleled skill." Slusser will head a group that has partaken in more than 600 acquisitions and consolidations with buy costs adding up to $1.1 billion. With a consolidated 55 years of M&A experience explicit to the land business, the Division can deal with a wide scope of arrangements, going from little consolidations or association purchase outs to the biggest, most complex industry exchanges. M&A Advisory administrations are accessible to land business organizations, both private and business, property the executives firms, innovation suppliers serving the land business, and start-up or beginning phase financier and specialist co-op organizations. "Our experience in being owner/operators, as well as senior executives with multiple top brands, allows us to bring a unique perspective unmatched by other advisory services. Our practical knowledge allows us not only to help properly value your firm, but we deeply understand that the most important assets of your organization are your reputation and people," Slusser said. About WAV Group WAV Group is real estate's leading consulting and research firm, offering a depth of experience in technology, strategic planning, research, business development, Mergers & Acquisition and valuation advisory, content creation, public relations, sales, product development and marketing in the real estate industry. Clients include some of the largest MLSs in North America, international real estate franchise organizations, large independent brokerages, technology companies, and trade associations. WAV Group partners have been CEOs, executive team members, or founders of Fortune 100 and venture-funded corporations and approach each relationship with a clear understanding of the challenges that face each client's businesses today.

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LCR Further Strengthens its Real Estate and Finance Expertise with the Appointment of Louis Frost as Senior Advisor

prnewswire | October 07, 2020

LCR Capital Partners is excited to announce that Louis Frost has agreed to join LCR as a Senior Advisor focused on real estate developers, real estate transactions, and related elements of LCR's business. Lou brings a wealth of real estate and finance experience to LCR having closed over $30 billion in real estate and finance transactions over almost twenty years. Prior to joining LCR, Lou served as KPMG's National Real Estate Advisory Leader, a Senior Vice President with Macquarie Capital's Real Estate Private Equity Team, a Vice President with Goldman Sachs' Real Estate Investment Banking Team, and as an investment banking associate at Deutsche Bank.

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