Real Estate Technology, Real Estate Investment
PRnewswire | June 26, 2023
NexPoint, a multibillion-dollar alternative investment platform, today announced the acquisition of four multi-tenant small bay properties in Central Florida. The acquisition consists of 13 buildings totaling 419,946 square feet of multi-tenant warehousing and industrial space. These types of facilities are typically smaller in size and are commonly referred to as "small bay properties." The properties were indirectly acquired by NexPoint Small Bay I DST, a Delaware statutory trust seeking to raise $59.5 million in equity from accredited investors via a private placement offering.
The properties, which are located in Orlando and Tampa, are comprised of:
Presidents Plaza, a 44,269 square-foot, two-building, multi-tenant complex in Tampa;
Brandywine Business Center, a 79,124 square-foot, two-building, multi-tenant complex in Tampa;
Corporex Plaza, a 100,265 square-foot, three-building, multi-tenant complex in Tampa; and
Orlando International Business Center, a 196,288 square-foot, six-building, multi-tenant complex in Orlando.
The addition of these small bay properties builds on NexPoint's existing portfolio of industrial multi-use commercial real estate in markets that are experiencing significant demand for this sub-sector, driven by low supply, high occupancy rates and flexible use cases for tenants that may need smaller units with logistical loading and receiving bays.
"We continue to witness increasing demand for prime industrial properties located in growing markets where companies and small businesses are looking for flexible space to better serve local customers," said Taylor Colbert, Director of Real Estate for NexPoint Real Estate Advisors. "We believe there are significant tailwinds to support further growth, and we are committed to scaling our footprint in this notable sector."
NexPoint currently owns 1.6 million net rentable square feet of industrial real estate across Texas and Florida and is partnering with a privately held and vertically integrated real estate owner and operator, Basis Industrial, to manage the newly acquired properties.
"We are thrilled with our expanding partnership with NexPoint and are looking forward to implementing our hands-on management approach to optimize the performance of this prime industrial portfolio," said Dan Weinstein, CEO of Basis Industrial. "These assets have strong fundamentals, and we are excited to add them to our growing portfolio of owned and managed assets." Basis uses its subsidiary management company, WMG Small Bay Management, LLC d/b/a/ BaySpace, to manage the company's industrial assets.
About NexPoint
NexPoint is a multibillion-dollar alternative investment firm comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. NexPoint provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, merger arbitrage and event-driven strategies, other private real estate investments, closed-end funds, interval funds, and a business development company. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces. For more information, visit nexpoint.com.
About Basis Industrial
Basis Industrial is a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein. Basis currently owns over 2.5 million square feet of self-storage and industrial real estate and is scheduled to close on another one million square feet in 2023. Active markets for Basis include South Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles and select urban markets nationwide. BaySpace is the property management arm of Basis. For more information, visit www.basisindustrial.com or www.bayspace.com.
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Real Estate Investment
Kimco Realty Corporation | August 25, 2023
Kimco Realty® North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets, today announced the acquisition of Stonebridge at Potomac Town Center, a 96%-occupied, 504,000-square-foot, grocery-anchored lifestyle center in Woodbridge, Virginia, for $172.5 million.
The center, which has an estimated population of over 230,000 people and an average household income of $125,000 within a five-mile radius, is anchored by a 138,500 square foot Wegmans, one of the state's top-ranking grocers with a trade area of 40 miles, and the only Apple store in the greater trade area. The center's diverse tenant mix features a complementary blend of leading national brands, including REI, Ulta Beauty, Starbucks, Cava, Firebirds Wood Fired Grill, as well as a variety of local shops which include boutique fitness, personal services, restaurants and medical uses.
"We’re excited to add Stonebridge at Potomac Town Center, a premiere grocery-anchored center situated in a high barrier-to-entry location with strong demographics, to our dynamic portfolio,” said Ross Cooper, Kimco’s President and Chief Investment Officer. “This center boasts a robust growth profile that will complement and solidify Kimco’s position as the leading retail player in the suburban Washington D.C. market.”
This acquisition presents a variety of growth prospects, including the potential to develop three outparcel retail buildings, increase density through mixed-use development, and enhance the existing merchandising mix through the recapture of below market leases.
Strategically located at the intersections of I-95, Dale Boulevard, Route 1, and Opitz Boulevard, the center benefits from 5.5 million annual visits, ranking in the 97th percentile nationally. Construction of a municipal park and ride garage adjacent to the center demonstrates continued government investment in the area and is expected to drive additional traffic upon its completion in mid-2024.
About Kimco Realty
Kimco Realty 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 and a growing portfolio of 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 June 30, 2023, the company owned interests in 528 U.S. shopping centers and mixed-use assets comprising 90 million square feet of gross leasable space.
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Real Estate Technology
PRnewswire | August 07, 2023
GoldOller Real Estate Investments, a real estate investment and management firm, announces the addition of Tribeca at Camp Springs in Camp Springs and Concord Park at Russett, both in Maryland, to its growing portfolio of third-party managed communities.
"We are thrilled to be expanding our relationship with Excelsa Properties," said GoldOller President and COO Jake Hollinger. "We bring an owner mentality to all of our projects, and this approach to our third-party management projects is why owners and investors like Excelsa trust us to manage their assets."
Tribeca at Camp Springs features 235 rental apartments, 46 condo units, and five retail spaces. The community is ideally located adjacent to the Branch Avenue Metro Station and minutes from Joint Base Andrews in the Washington, DC metro area. Concord Park at Russett is located in Laurel and consists of 335 apartments. Located minutes from the NSA offices, Fort Meade, and the Baltimore-Washington Parkway, Concord Park is halfway between Baltimore and Washington.
"These communities represent the third and fourth assets owned by Excelsa that we are managing for them, and we look forward to experiencing continued success in our partnership," said Sarah Campion, Vice President of Asset Management for GoldOller.
In addition to Tribeca at Camp Springs, the GoldOller and Excelsa partnership includes Columbia Pointe, a 325-unit community in Columbia, MD, and Coventry Green, a 256-unit community in Goose Creek, SC. All four projects will include a value-add business plan for interior apartment renovations and upgrades to community amenities.
"Excelsa has an appetite for more deals," said Excelsa Director of Asset Management Curtis Holder. "We are actively pursuing investment opportunities and look forward to growing our portfolio of value-add apartment communities."
About GoldOller Real Estate Investments
Formed in 2008 by industry veterans Richard Oller, Jeffery Goldstein, and Jake Hollinger, GoldOller is an innovative owner-operator and third-party manager of apartment communities throughout the United States. Ranked #35 in the National Multifamily Housing Council's list of Top 50 Managers, GoldOller and its affiliate Multifamily Management Services own and manage over 45,500 apartments in 23 States.
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