REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Marcus & Millichap | February 01, 2023
On January 31st, 2023, Marcus & Millichap, a renowned commercial real estate brokerage company specializing in investment sales, research, financing, and advisory services, signed an exclusive representation agreement with Deep South Studios LLC to secure joint venture equity for the development of Deep South Studios Phase I.
The project is based in New Orleans, Louisiana, and involves the construction of a 262,560-square-foot, full-service television and film production facility. The sponsor, Deep South Studios LLC, is represented by Henri M. Kessler and Eric Michael Anton of Marcus & Millichap's Global Capital Division.
The facility's primary utilities are operational, and three buildings are functional and generating revenue. The site is wholly authorized and ready for development. Two production offices, six sound stages varying in size from 16,500 to 30,000 sq. ft., and vendor buildings totaling 99,000 sq. ft. will form the project. There will be a construction mill for creating world-class sets, a grip and lighting installation, and as many as one thousand parking spaces.
The facility is situated on a 20-acre site, the largest contiguous tract of undeveloped land in the heart of New Orleans. Located on elevated ground on the west side of the Mississippi River in the Algiers area, it is accessible from Interstate 10 and Louis Armstrong New Orleans International Airport. The French Quarter and the central commercial district of the city are nearby.
About Marcus & Millichap, Inc.
Marcus & Millichap was founded in 1971 to foster a culture of long-term relationships and collaboration. Headquartered in Calabasas, California, it is a leading brokerage firm focusing on commercial real estate investment sales, research, financing, and advisory services. The company combines expert market knowledge, an excellent brokerage platform, and exclusive access to inventory to realize exceptional results for clients. Today, it is one of the leading firms in the real estate investment sales and financing industry, with over 80 offices and almost 2,000 financing and investment sales professionals in Canada and the United States.
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MARKET OUTLOOK, REAL ESTATE TECHNOLOGY
MRI Software | February 27, 2023
One of the leading software solutions in real estate, MRI Software, announced it completed the acquisition of the $93.4 million stock of PropTech Group. The Foreign Investment Review Board (FIRB), Australian Competition and Consumer Commission (ACCC), and Federal Court of Australia approved the highly anticipated transaction, first announced last year.
Australia's property technology (PropTech) industry has experienced extraordinary growth in recent years due to an influx of new providers and innovation. By acquiring PTG, MRI enhances and expands its MRI LivingTM suite of residential sales and property management solutions, automating and simplifying all consumer touchpoints within the real estate industry.
It is recommended that the agency professionals continue their work with their respective PTG or MRI contacts. The PropTech Group initially traded as PTG on the Australian Securities Exchange (ASX) in November 2020 with a suggestive enterprise value of $27 million outlined in its Prospectus. MRI has acquired it for $93.4 million, equal to a nearly 250% increase in value in the past two years.
Senior Vice President and Executive Managing Director for MRI Software in Asia Pacific, David Bowie, said, "This acquisition brings together two innovative PropTech companies dedicated to providing the greatest possible value to real estate agencies across Australia and New Zealand." He added, "The residential real estate industry is now a step closer to having a holistic operational view of consumers throughout their property life cycle."
(Source: Cision PR Newswire)
About MRI Software
MRI Software, is a top real estate software solution provider that transforms how communities live, work and play. Its open and connected AI-first platform empowers owners, workers, and occupiers in residential and commercial property organizations to revolutionize in rapidly changing markets. It has been a pioneer in the PropTech industry for over fifty years, offering two million+ users globally. Through a rich partner ecosystem and innovative solutions, the software provider provides real estate companies access to accomplish their vision of building flourishing communities and more substantial businesses.
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REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Matterport Inc. | February 16, 2023
On February 15, 2023, one of the leading digital transformation companies, Matterport, Inc., announced its Digital Pro, an all-in-one marketing solution now available in the US for real estate agents. Digital Pro integrates the innovation of Matterport's 3D digital twin technology and content production and integrated marketing to design the industry's most affordable and complete marketing package to help real estate agents get more clients and sell homes faster. Matterport will deliver professional-level HDR photos, a 3D tour, a 2D floor plan, and a preview video for customers within 1-2 business days at a low flat rate in a single appointment.
Digital Pro offers real estate professionals the required media assets to market, sell and promote their properties via one partner. It provides a simplified package and a full suite of visual marketing tools where agents can focus more on selling the properties faster and gaining listings by raising the standards of what buyers and sellers expect from a home listing company.
With Digital Pro, real estate agents can work with a single partner to make all the media assets they need to market, sell, and promote their properties. In addition, agents can focus more on getting listings and selling homes faster if they have a complete set of visual marketing tools in a simple package. This raises the bar for buyers' and sellers' expectations from a home listing. The Digital Pro Package consists of HDR photos to compose the views of the property's selling points, a 3D tour for prospective buyers for a virtual visit to the property, a 2D floor plan with accurate dimensions automatically creates visual spatial data, and a preview video of 10 to 15 seconds for a quick view of the property.
About Matterport Inc.
Matterport, Inc., founded in 2011, is at the forefront of the digital transformation of the built environment. Its innovative spatial data platform converts buildings into data to increase the value and accessibility of every space. Millions of buildings in 177+ countries have been turned into immersive Matterport digital twins to improve every part of a building's lifecycle, from planning, construction, and operation to documentation, appraisal, and marketing.
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