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.
REAL ESTATE INVESTMENT
prnewswire | November 02, 2020
Dar Al Arkan, the main land improvement organization in KSA, has reported the dispatch of its first European private task. The 500,000 sqm extravagance advancement will be situated in Bosnia and Herzegovina inside a staggering woods only a short ways from the nation's capital, Sarajevo. The venture is scheduled to kick things off in the early piece of 2021.
The organization has made sure about the metropolitan and government endorsement on this task which will be the biggest single land venture in Bosnia and Herzegovina.
Announcing the launch, Mr. Yusuf bin Abdullah Al-Shalash, Chairman of Dar Al Arkan Real Estate Development, said: "Today, Dar Al Arkan has placed a golden opportunity into the hands of investors. Bosnia and Herzegovina is a cultural destination with an authentic history, traditions and a wonderful natural environment. The country is growing in popularity, so this is a perfect investment for those wishing to be part of the country's developing luxury tourism and hospitality sector."
He also added: "This will be a wonderful haven for those wishing to relax within a private, second-home gated community surrounded by luxury facilities and services. We believe the development will attract both Bosnian and international investors."
The task will consolidate contemporary estates motivated by neighborhood engineering and highlight up-to-date insides that amicably mix with the fabulous perspectives. Offices will incorporate a clubhouse, an inn and spa, an exercise center, food and refreshment outlets and a youngsters' play area.
About Dar Al Arkan Real Estate Development Company
Dar Al Arkan Real Estate Development Company is a Saudi joint stock company, active in real estate development and headquartered in Riyadh, KSA. The company was founded in 1994 by six prominent business families who have, between them all, vast experience in real estate development. Its activity is to purchase and own real estate and land, general contracting, construction of commercial and residential complexes. Throughout its long history, the company has executed a number of successful real estate projects and contributed to the development of efficient real estate solutions for the regional market, through more than 30 commercial, residential, and real estate projects.
Dar Al Arkan Real Estate Development Company is a major contributor playing an important role to help achieve the goals of Vision 2030 in regard to real estate development.
REAL ESTATE INVESTMENT
Landsea Homes | January 20, 2022
Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly traded residential homebuilder, announced today the completion of its acquisition of Hanover Family Builders (HFB), an Orlando-based homebuilder for a purchase price of $179.3 million, subject to certain post-closing adjustments plus the assumption of debt of approximately $69.3 million, which was refinanced with the Company's unsecured revolving credit facility. In 2021, Hanover closed 632 homes at an average selling price of $328,323 and ended the year with more than 4,100 lots under control, 469 homes in backlog worth more than $200 million and 18 active communities.
In 2021, Landsea Homes surpassed the milestone of $1.0 billion in revenues and completed our first year as a public company. We believe our acquisition of Hanover Family Builders is another truly transformative event for the Company, With the closing of this transaction, we have increased our lots under control to more than 12,800 and further accelerated our asset-light strategy by increasing our controlled lots to approximately 50% of our total lot inventory. We have also grown our active community count by more than 50% from our December 31, 2021 year end. This transaction vaults Landsea Homes into one of the leading positions in the Orlando area, a very attractive homebuilding market, and reaffirms our strategy of quickly becoming one of the top homebuilders in the markets we serve. Additionally, Hanover's focus on the more affordable segments of the market aligns strongly with our broader product positioning goals."
John Ho, Chief Executive Officer, Landsea Homes.
Founded in 2017 by brothers Matt, Steve and Andrew Orosz and homebuilding veteran Colby Franks, Hanover Family Builders began with nine communities in the Orlando region, in Osceola, Lake and Polk counties. Prior to founding Hanover Family Builders, Bill Orosz and the Orosz family had a long homebuilding history in Florida, creating Royal Oak Homes in 2011, which the family sold in 2014. The Orosz family also formed Cambridge Homes in the 1990s before selling it in 2005, when it was one of Central Florida's largest private homebuilders. Over the decades, the various companies have received numerous accolades for their growth rate, customer service and commitment to the community. Builder Advisor Group represented Hanover Family Builders as its broker in this transaction.
Hanover Family Builders has established a great reputation for providing wonderful homes and outstanding customer service across Central Florida, Given their strong track record, local market knowledge and long-standing relationships, we believe that Hanover will play an integral role as we expand in this region."
Landsea Homes entered the Florida housing market last year, with the acquisition of Vintage Estate Homes. With that purchase, Landsea Homes began providing homes in the Orlando area, including Palm Bay, Palm Coast, Ormond Beach, Lake Helen, Sorrento, Merritt Island and DeBary.
We were very impressed with Landsea Homes' strategic approach and commitment to building great homes with top-tier customer service – values that closely align with ours, Their senior leadership team is experienced and thoughtful, and they have created a culture of integrity that is dedicated to ensuring they provide best-in-class homes in each of their markets. We are honored to join one of the homebuilding industry's rising stars."
Hanover Family Builders Co-President, Steve Orosz.
In just eight short years, Landsea Homes has grown into one of the premier national homebuilders, with a strong and successful presence in each of their key markets including Arizona, Northern and Southern California, Texas and Florida.