REAL ESTATE TECHNOLOGY
DAMAC Properties | May 30, 2022
UAE-based DAMAC Properties has announced that it has won the US $120 million bid to acquire land in the upscale Miami neighbourhood of Surfside. The Dubai-based developer plans to build an ultra-luxurious, CAVALLI branded condominium project.
The property, on Collins Avenue, offers residents 200 feet of direct beach frontage and access to South Beach and Bal Harbour. The land, comprising 1.8 acres, was sold to DAMAC for $120 million through the court process.
DAMAC Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our Company, which has an established reputation for its branded luxury offerings."
Hussain Sajwani,DAMAC Chairman and Founder
Surfside, in recent years, has become a hotspot for ultra-luxury condominium developments, including the Four Seasons Private Residences, the Fendi Chateau Residences, and the Arte Surfside buildings.
The town also has a collection of high-end hotels, including the Four Seasons, the St. Regis Bal Harbour, and the Ritz-Carlton Bal Harbour and its primary shopping area, the Bal Harbour Shops, is known throughout Miami as a luxury shopping destination.
DAMAC Properties, known for its luxury real estate offerings both regionally and globally, is rapidly expanding its global footprint such as its flagship project in Europe — DAMAC Towers Nine Elms in the prestigious Zone 1 district of London with Versace interiors.
The Surfside project will be DAMAC's first in the United States.
The Company's consistent success over the years, and more recently on the tailwinds of Dubai's stellar economic performance and forecast, has propelled it to eye various global opportunities for development and growth.
It is developing a luxury resort in the Maldives to be operated by global hotel brand Mandarin International and has already projects in Canada, the UK and across the Middle East.
In 2021, DAMAC Properties launched two projects in Dubai, DAMAC Lagoons, the developer's third master community in Dubai, and Cavalli Tower, an ultra-luxurious 70-storey tower overlooking Palm Jumeirah, with Cavalli-branded interiors. Both projects have seen great customer interest and demand.
"Our global expansion into the United States marks a major milestone and demonstrates that DAMAC is a force to be reckoned with. This is an exciting time, and we have a lot in store," Sajwani said.
"We are rapidly growing, not only in our real estate endeavours but in various sectors such as fashion, hospitality and even emerging industries such as the Metaverse, NFTs and data centres. This enables us to stay ahead of the curve," he concluded.
REAL ESTATE INVESTMENT
Accel Real Estate Commission Advance | July 22, 2022
Real estate agents and brokers anywhere in the United States can now access financing on their pending real estate commissions through Accel Real Estate Commission Advance ("Accel"). Accel was created by Balanced Bridge Funding to help service real estate professionals around the country. "As a company familiar with assisting entities and individuals with guaranteed income but facing payment delays, being able to provide real estate commission advances is a natural step for us to help real estate agents and brokers who are interested in financing" says Joseph Genovesi.
Traditionally springtime is when the real estate industry starts to pick up. Schools are coming to a close and families begin to scout locations to move their families. Families or individuals with houses look to sell their properties for similar reasons. Real estate professionals have to be ready for the wave of interested buyers and sellers during the spring season and prepare for them.
Currently, the real estate market is on fire throughout the country. Low interest rates, the negative effect of Covid on the supply chain for developers and home builders, all cash offers have fueled the market raising the prices on the current stock of homes. A hot real estate market means the competition is fierce among real estate agents and brokers. They are competing for listings in their markets and they may need to have the financial backing or have access to financing to try and dominate their area. Some news outlets published stories about the constant activity of the Delaware real estate market in 2021. Last month, the Philadelphia Inquirer published a story about the lack of supply in the housing market and how that has affected housing sales. The Federal Reserve indicated they will raise interest rates which may help cool the real estate market.
According to the recent Pennsylvania Association of Realtors (PAR) report, general housing sales have decreased but the median home price has increased. In addition, the past few reports showed sales of houses priced between $250,000 to $2 million and more have increased from the previous year. The Delaware Association of Realtors (DAR) report for February 2022 showed similar statistics. The number of units sold dropped by 66%, but the average and median priced homes increased by 12% and 13%, respectively. Listings have increased and the average amount of time a home is on the market also increased. Inventory dropped over 10%.
Accel's real estate commission advance allows agents and brokers to access a portion of their pending fees. They can use these funds to increase spending on marketing their properties; get more listings, hire more agents; expand their offices for the spring and summer selling season. They can also use it for a variety of personal or professional purposes. Accel is also creating an exclusive membership program for qualified real estate agents and brokers.
This program will allow them to provide member agents and brokers with the unique opportunity to quickly and conveniently increase their cash flow and grow their real estate businesses. Members will enjoy exclusive benefits for funding including:
Priority processing of applications
45 Day Grace Period
10% Fee on advances 31+ days or more
Paid referrals for new colleagues that work with Accel Real Estate Commission Advance
No broker signature required to fund advances
REAL ESTATE INVESTMENT
Seefried Industrial Properties | June 10, 2022
Seefried Properties, a national real estate firm specializing in the development, leasing and management of industrial properties, along with capital partner and leading real estate investment manager Clarion Partners, LLC., have recently acquired an 80-acre site for the development of a 969,620-square-foot Class A logistics center known as Buford North Distribution Center. Located in the dynamic northeast Atlanta submarket along Interstate 985 in Hall County, GA., construction on the first phase of development is expected to begin in August 2022 with completion during the fourth quarter of 2023.
Buford North Distribution Center will include 969,620-square-feet of logistics space across three buildings featuring flexible designs to accommodate multiple tenants with varying size requirements. Phase two of the project is scheduled to begin construction in the third quarter of 2023 and will include 434,320-square-feet of space across two buildings. Features of all three buildings will include 185' deep concrete exterior truck courts, 36' clear heights, ample parking, and ESFR sprinklers.
Seefried and Clarion Partners are very excited about this new project in Northeast Atlanta. The location of Buford North at Interstate 985 and Friendship Road is square in the middle of one of the most desired locations for businesses and distributors in metro Atlanta and the Southeast."
Doug Smith, Senior Vice President of Seefried
The Civil Engineer on the project is Eberly & Associates; the Architect is Atlas Architecture. Leasing efforts for the project will be led by the Seefried leasing team comprised of Joseph Kriss, Tripp Ausband and Doug Smith.
Buford North Distribution Center is located approximately 40 miles northeast of Atlanta. The location will afford tenants easy access to I-85 as well as Metro Atlanta and other nearby states.
About Seefried Industrial Properties
Founded in 1984 by Ferdinand Seefried, Seefried Industrial Properties specializes in the development, leasing and management of industrial real estate in key markets across the U.S. Seefried leases and manages approximately 40 million square feet for its institutional and European clients and has developed, or is in the process of developing, approximately 190 million square feet of space valued in excess of $17 billion across 120+ markets. Based in Atlanta, the firm has regional offices in Dallas, Chicago, Los Angeles, and Phoenix.
About Clarion Partners
Clarion Partners, LLC, has been a leading real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $75.9 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to 500 institutional investors across the globe. Clarion is scaled in all major property types and was an early entrant into the Industrial sector. The Firm's global industrial team manages a 900+ property portfolio in the U.S. and Europe consisting of more than 206 million square feet.