BROKERAGE,REAL ESTATE INVESTMENT
Berkshire Hathaway HomeServices | December 06, 2022
Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network is pleased to announce its further expansion in the Southeastern region with the addition of Cabin & Creek Real Estate, which will now operate as Berkshire Hathaway HomeServices Cabin & Creek Real Estate.
The office will be owned by Mississippi state native Chuck Paulk who has 17 years of industry experience and expertise. Headquartered in Summit, Mississippi, the office will serve the Southwestern region of Mississippi. Since its creation Cabin & Creek Real Estate has grown; increasing its annual sales almost 10 times in less than 8 years and will now bring its success to the Berkshire Hathaway HomeServices global brand.
This is such a monumental milestone for our team, We are looking forward to growing and expanding throughout our marketplace under the Berkshire Hathaway HomeServices brand. This step in our business will allow us to better serve our clients, providing invaluable assistance from start to finish, said Paulk.
By joining the network, Berkshire Hathaway HomeServices Cabin & Creek Real Estate agents gain access to Berkshire Hathaway HomeServices’ active referral and relocation networks, and its “FOREVER Cloud” technology suite, a powerful source for lead generation, marketing support, social media, video production/distribution and more.
The brand also provides an exclusive Luxury Collection marketing program for premier listings. Its Prestige Magazine showcases network members’ premium listings with a strong lineup of feature stories covering topics that appeal to high-end real estate clients.
“Given the demand we are seeing for homes in this area, it made sense for us to expand to better support this growing market, While the availability of country homes with land, homes in town and beyond are highly competitive, this team will be able to provide on-the-ground knowledge and provide clients with an exceptional experience throughout every part of the homebuying or selling process.”
-Christy Budnick, CEO, Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices Cabin & Creek Real Estate will have a team of agents supporting the new office who brings extensive familiarity of the Southwestern Mississippi market.
Gino Blefari, chairman of Berkshire Hathaway HomeServices, welcomed the company to the network, Berkshire Hathaway HomeServices Cabin & Creek Real Estate is a clear example of our mission. It’s important to us that we align ourselves with individuals who share the same core values, and I have no doubt that this team will carry out these ethics seamlessly.
About Berkshire Hathaway HomeServices Cabin & Creek Real Estate
Berkshire Hathaway HomeServices Cabin & Creek Real Estate is a full-service real estate agency specializing in country homes with land, homes in town, land tracts of all sizes, and the best in recreational properties. With its extensive market knowledge in commercial and residential transactions, it assists its clients in every step to guarantee a smooth and simple transition.
About Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices is a global residential real estate network with more than 50,000 real estate professionals and nearly 1,500 offices across 11 countries including, the U.S., Canada, Mexico, Europe, the Middle East, The Bahamas, and India. In 2021, the Berkshire Hathaway HomeServices global network represented more than $179.9 billion (USD) in real estate sales volume. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability, and longevity.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
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.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Wolsen Real Estate | November 30, 2022
Wolsen Real Estate today announced Wolsen Realty and its partnership with Side, the only real estate technology company that exclusively partners with high-performing agents, teams, and independent brokerages to transform them into market-leading boutique brands and businesses. The alliance will ensure that Wolsen Realty’s professional, upscale services are powered by the industry’s most advanced platform.
Since 2012, Wolsen Realty founder Denis Smykalov has provided exceptional real estate services as an agent and, since 2014, as a licensed broker. He harbors a deep knowledge of the local luxury market, which he integrates with his work to produce profitable results. With an innate ability to form long-lasting connections and a tenacious motivation to reach his clients’ goals, Smykalov has cemented his respected reputation among the top agents in Miami’s most competitive markets. With the help of his team, Smykalov has achieved more than $300 million throughout his career, $100 million of which was sold in 2021 alone. Of those totals, $20 million was managed exclusively using cryptocurrency.
Wolsen Realty serves buyers, sellers, and investors with unparalleled concierge-style assistance in Miami’s most upscale markets. It hosts dozens of professionals who provide a full suite of services in their respective fields, including dedicated marketing, social media, and administrative teams. With over 100 years of combined experience actualizing customer aspirations, Wolsen Realty agents continue to set industry standards, paving the way via state-of-the-art marketing strategies and an ever-growing network.
Partnering with Side will ensure Wolsen Realty remains on the cutting edge of the evolving real estate market while continuing to deliver premium services to its clients. Side works behind the scenes, supporting Wolsen Realty with a one-of-a-kind brokerage platform that includes proprietary technology, transaction management, branding and marketing services, public relations, legal support, lead generation, vendor management, infrastructure solutions, and more. Additionally, Wolsen Realty will join an exclusive group of Side partners, tapping into an expansive network from coast to coast.
“I’m thrilled to take Wolsen Realty’s influence over the top with Side, With additional marketing, technology, administrative, and legal support to streamline our processes, we can strengthen our focus on building and maintaining client relationships to ultimately yield outstanding results.”
About Wolsen Realty
Wolsen Realty fronts exclusive, concierge-style assistance for buyers, sellers, and investors in the upscale Miami market. With tireless persistence, unwavering professionalism, and an unparalleled work ethic, the Wolsen Realty team consistently produces lucrative results. Combining innovative industry strategies with transparent services, Wolsen Realty agents flawlessly secure luxury-level transactions so that its clients can live lavishly.
Side is a behind-the-scenes brokerage platform that exclusively partners with top-performing agents, teams, and independent brokerages to create and grow their own boutique brands without the cost, time, or risk of operating a brokerage. Side’s proprietary technology platform and premier support solutions empower its agent partners to be more productive, grow their business, and focus on serving their clients. Side is headquartered in San Francisco.