REAL ESTATE INVESTMENT
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.
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.
Utility Concierge | May 23, 2020
Utility Concierge®, the original concierge service for connecting home services, is thrilled to announce a collaboration with Lone Wolf Technologies ("Lone Wolf"). Utility Concierge will be featured in the Lone Wolf Marketplace, a library of curated digital tools for real estate agents and brokerages to plug and play into their national transaction management member benefit, zipForm® Plus, or their local/state member benefit, TransactionDesk. Marketplace puts the industry's most innovative tools like the Utility Concierge service, in the hands of real estate agents and brokerages to provide the first end-to-end transaction experience of its kind.
REAL ESTATE INVESTMENT
Indio Management | December 27, 2021
Indio Management, a Dallas leader in property management solutions, has accepted a new management assignment from Magma Equities for Vista Azul, a 248-unit community located on Clydedale Drive, ten miles north of Downtown Dallas.
This is Indio's first partnership with Magma equities, allowing the management company to expand upon its growing client base. This assignment fits Indio well, as the majority of its current properties span the 10-mile radius surrounding Dallas' core.
We're always excited to bring on new clients and embrace challenges. We look forward to creating positive change for the prospects and residents at Vista Azul."
Founder and President of Indio Management, Seth Bame.
The garden-style community offers a combination of studio, one-, two-, and three-bedroom apartments which range from 500 square feet to 1,040 square feet. These units have been newly remodeled to include a full kitchen appliance package, faux hardwood flooring, built-in shelving, and patios or balconies in select units.
Vista Azul also offers a comprehensive list of community amenities, including a fitness center, business center, controlled access gate, and picnic area outfitted with a grilling station.
Vista Azul was recently renovated, and the addition of our services will further enhance the overall experience within the community. We make it a priority to create or enhance neighborhoods where we can, and we're excited to make that happen here with Vista Azul."
About Indio Management
Indio Management has been a leading provider of professional property management services throughout Texas since 2011. Indio is inspired and driven to offer quality apartments, superior customer service, and memorable living experiences. Entrepreneurial, unorthodox, and responsive, Indio manages assets as they are their own and treats residents like family–their approach is the kind not taken by traditional property management groups. Indio brings a special brand of full service, institutional-like property management capability that prioritizes relationship building.