MARKET OUTLOOK,REAL ESTATE INVESTMENT
Northwood Investors | November 23, 2022
Global real estate investment firm Northwood Investors LLC announced today its acquisition of Fifth + Broadway, a newly developed 6.2-acre mixed-use, open-air center. The property was developed and operated by Brookfield Properties, which completed construction in 2021. Northwood has purchased the property in its entirety, including its retail district, 501 Commerce office tower and The Place residences, from a subsidiary of Brookfield.
As Northwood expands its footprint in Nashville with this prized entertainment complex, it looks forward to furthering Brookfield's vision for the center. Northwood is well-positioned to take the reins in managing the project with its vertically integrated platforms and experience with retail and mixed-use assets. Most of Fifth + Broadway's management team have transitioned to Northwood and will continue in their existing roles, bringing their strong local experience and knowledge to the property.
Northwood is already deeply involved in the Nashville market; this latest acquisition marks the fifth asset the firm has invested in within the city. Other properties include The Conrad hotel, Capital View apartments, the McEwen Northside mixed-use center and Franklin Park office towers.
"We feel that Fifth + Broadway's energy and integration in the heart of downtown is unparalleled, As a mixed-use asset, all its elements work together cohesively, and Brookfield has done a phenomenal job with its development. Our Northwood management team is excited to carry on the torch, engage with the city, and partner with tenants like The National Museum of African American Music, AllianceBernstein, The Twelve Thirty Club, Assembly Food Hall and more."
-Managing Director of Northwood Investors Erin Cannata
Centrally located within Nashville's vibrant urban core, Fifth + Broadway is one of the largest single-phase mixed-use developments in the history of the city and the state of Tennessee. The revolutionary downtown project, which replaced the 6.2-acre Nashville Convention Center site, delivers 250,000 square feet of strategically selected retail and entertainment, the 56,000-square-foot National Museum for African American Music, 367,000 square feet of Class-A office space at 501 Commerce, 381 residential units at The Place at Fifth + Broadway and more than 2,000 parking spaces. The project, which sees nearly five million annual visitors, was built for a post-COVID-19 world with outdoor space, accessibility, safety and parking in mind.
We feel Nashville is a high-growth market, and one that we have been watching since 2011, It's an 'it' city for business and entertainment and Fifth + Broadway epitomizes Nashville – a world-class, generational asset that draws locals and tourists alike. We believe the attention to detail, aesthetics and connectivity are unmatched, making it a transformative catalyst for the fabric of lower Broadway,said President of Northwood Retail Ward Kampf.
Northwood is committed to the city of Nashville, which it values for its diversified economy, one-of-a-kind cultural authenticity, attractive cost of living, and premier talent base, which has transformed the city into a 24/7 destination. The firm looks forward to collaborating with the city, its retail and office tenants, and the National Museum for African American Music as it evolves this asset, which is seamlessly integrated into the streetscape and cultural heart of Downtown Nashville.
Fifth + Broadway is a thriving mixed-use complex, and we are very proud of its development and success as a major destination in and economic driver for Nashville, While Brookfield has successfully recapitalized the asset in line with its overall investment strategy, we remain very interested in Nashville and excited about its future,said Burgin Dossett, vice president of development for Brookfield Properties.
About Fifth + Broadway
Owned and operated by Northwood Investors, Fifth + Broadway is one of the largest single-phase mixed-use developments in the history of Nashville and the state of Tennessee. The transformative downtown project, which replaced the 6.2-acre Nashville Convention Center site, delivers 250,000 square feet of strategically important retail and entertainment, the 56,000-square-foot National Museum for African American Music, 367,000 square feet of Class-A office space at 501 Commerce (headquarters of AllianceBernstein), 381 residential units at The Place at Fifth + Broadway, and more than 2,000 parking spaces.
About Northwood Investors
Northwood Investors LLC is a privately held real estate private equity firm that owns and operates real estate across the U.S. and Europe. The firm currently manages a portfolio aggregating approximately $20 billion in total gross asset value. Northwood's flagship fund seeks to opportunistically acquire well-located real estate with a plan to create value through hands-on asset management. Northwood is vertically integrated with in-house operating teams across the office, multifamily, retail, hospitality, and urban logistics sectors.
About Northwood Retail
Northwood Retail LLC was established by Northwood Investors, a privately held, global real estate investment and management firm. The platform currently leases, manages, and markets a portfolio of community and mixed-use properties across the United States with a concentration in Texas, Colorado, North Carolina, Tennessee, and California. Built upon strong, fundamental real estate principles, Northwood Retail is focused on creating value at each project through a disciplined approach to leasing, development, property management, and marketing.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World's Most Ethical Companies® by the Ethisphere Institute.
REAL ESTATE INVESTMENT
Arturo and Vexcel | September 12, 2022
Arturo, the proptech company that delivers intelligent analytics from individual property to portfolio, announced today that it signed Vexcel Imaging, the leader in aerial imagery data, large-format aerial cameras and photogrammetry software, to be a lead imagery provider for its solutions. As part of the agreement, Vexcel will provide Arturo with true ortho imagery, oblique imagery and digital surface models (DSMs). In addition, 'Gray Sky' imagery or imagery taken after a catastrophic event occurs will be available for use.
High-fidelity property insights derived from imagery are an increasingly critical asset for property insurers who are challenged to assess and identify vulnerable property characteristics during the underwriting and quoting process, so they clearly understand their resting risk. Arturo’s partnership with Vexcel offers the unparalleled imaging capabilities modern insurance carriers seek in today’s rapidly evolving property market. It will also allow insurers to create risk and property damage mitigation strategies with their policyholders as well as faster, more accurate responses to claims after a catastrophe.
“This is a hard market for insurance. Carriers are caught between gauging their risk correctly up front and contending with the reality of increasingly volatile catastrophic weather events. Property insurers are tasked more than ever to have a thorough understanding of a property’s risk while also keeping costs down, so if an event does occur they can both keep regions insurable and their customer response rapid and efficient, We spent a lot of time collaborating with Vexcel to both ensure a partnership that was beneficial to our mutual customers and provide us greater flexibility in working with our insurance clients across the policy lifecycle. We recognized that not all imagery is created equal nor all machine learning analytics which is why coupling Arturo’s AI property intelligence solutions with Vexcel’s imagery will allow insurers to stay a step ahead of natural catastrophes, so they can accurately underwrite future policies and manage future claims with ease.”
-Greg Oslan, chief executive officer for Arturo
After much testing and rigorous analysis, we are pleased that Arturo has standardized on our best-in-class imagery to unlock better property insights for insurers, Our focus at Vexcel is to provide consistent, accurate and high-resolution imagery to customers who need a scalable solution in multiple countries. Using its AI and ML, Arturo analyzed properties in a variety of locations and found the results they needed to understand property risk and intelligence,said Rob Agee, chief operating officer at Vexcel Imaging.
Vexcel and Arturo’s collaboration will initially provide imagery for the United States and Australian markets.
Arturo combines AI and machine learning models with property images to help businesses decide with intelligence from the property to portfolio level. Across the insurance, lending, securities and real estate markets, Arturo empowers customers with on-demand, accurate property characteristics and predictive analysis to tackle the biggest property challenges with efficiency, accuracy and confidence.
For 30 years, Vexcel’s award-winning technology has led the photogrammetry and remote sensing industry. Using its professional-grade UltraCam sensors and a dedicated fleet of aircraft, Vexcel operates the world’s largest aerial imagery and geospatial data program. Vexcel collects imagery in 25+ countries including rural and urban areas in the contiguous United States. It provides a wide variety of high-resolution products from Oblique to True Ortho, DSM to Multispectral and Property Attributes. Its cloud-based aerial data improves workflows across a variety of industries.
REAL ESTATE TECHNOLOGY
Pacaso | November 01, 2022
Pacaso, the leading technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, today launches its Pacaso Second Home Specialist Certification program that enables agents to grow their business, expand their knowledge of co-ownership and unlock exclusive benefits.
The Pacaso Second Home Specialist Certification program is an easy five-step process that includes learning co-ownership best practices via the Pacaso Agent Playbook, garnering resources and tips for sharing co-ownership with agents' networks and experiencing a live virtual tour of a Pacaso home during an overview webinar, as well as submitting a referral.
In addition to a 3% referral commission and Pacaso equity on each closed referral and additional 1% commission on resales for life, agents who complete the program will receive a Pacaso Second Home Specialist badge, free enrollment in Pacaso Access for agents ($1,000 value), and more exclusive opportunities to expand their business. Since the company's October 2020 launch, Pacaso has paid agents more than $21 million in total gross commission income (GCI).
"By taking a short time to complete our new Second Home Specialist Certification program, agents will have the knowledge they need to discuss co-ownership, as well as create further trust with their clients on home ownership options, The process is so easy to complete and sets agents' business up for growth in 2023, I cannot wait to be at the next industry conference and see agents sporting their Pacaso Second Home Specialist badge."
-Vice President of Industry Relations Marnie Blanco
The debut of the Pacaso Second Home Specialist Certification comes on the heels of the Pacaso Agent Referral Dashboard launch, which enables agents to seamlessly refer potential second home buyers, track the status of their referrals and commission, and get transparent updates on the referral every step of the way.
With the uncertainty of the market, successful agents are already creating business plans for next year. The best plans always include continued education and exploring new ways to grow their business – making this certification a 'must have' for agents. The buyers that purchase high-end second homes typically have friends that also buy high-end second homes. If you don't tell your clients about co-ownership and Pacaso, someone else will, said Jeff Kennedy, vice president of Leading Real Estate Companies of the World.
Pacaso partners closely with all interested real estate agents and brokerages to help clients buy and sell a second home. Agents earn a 3% referral commission on the share price and Pacaso equity in the form of 500 restricted stock units (RSUs), when helping clients co-own a luxury second home in destinations regardless of where they're based or licensed. Pacaso manages the entire process to make it simple for agents from scheduling tours to answering questions, or managing inspections and escrow.
The real estate industry is embracing co-ownership as Real Estate Standards Organization and its members defined co-ownership as a property type in 2021. Engel & Vӧlkers, RE/MAX, and Better Homes and Gardens® Real Estate introduced Pacaso and co-ownership to the already full-service luxury brokerages and networks, and Leading Real Estate Companies of the World® selected Pacaso for its Solutions Group program.
Pacaso® is a technology-enabled marketplace that modernizes real estate co-ownership to make owning a second home possible and enjoyable for more people. Pacaso curates luxury listings with premium amenities and high-end contemporary interior design, offers ⅛ to ½ ownership with integrated financing, and, after purchase, professionally manages the home and supports seamless resale. Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso operates in top second home destinations around the world. Pacaso has been certified as a Great Place to Work and is recognized as one of Glassdoor's 2022 Best Places to Work.