REAL ESTATE TECHNOLOGY
businesswire | December 14, 2020
Creative Industrial Properties, Inc. (IIP), the sole land organization on the New York Stock Exchange (NYSE: IIPR) zeroed in on the controlled U.S. cannabis industry, reported today that it went into a correction of the rent with PharmaCann Inc. (PharmaCann) in Hamptonburgh, New York, making accessible $31.0 million in subsidizing for huge improvements underway limit and extra overhauls at the 127,000 square foot office. The rent alteration likewise changed the base lease under the rent to consider the extra accessible financing and expanded the term of the rent understanding. Accepting full installment of the extra financing, IIP's absolute interest in the property will be $61.0 million. IIP initially procured the New York property and went into a drawn out rent with PharmaCann in 2016.
Notwithstanding this office in New York, IIP possesses and rents to PharmaCann controlled cannabis development and handling offices in Illinois, Massachusetts, Ohio and Pennsylvania, containing a sum of roughly 363,000 square feet. Accepting full repayment of inhabitant upgrades under the leases, IIP's absolute interest in properties rented to PharmaCann is relied upon to be $167.5 million.
As the spearheading land venture trust (REIT) for the clinical use cannabis industry, IIP accomplices with experienced clinical use cannabis administrators and fills in as a wellspring of capital by procuring and renting back their land resources, notwithstanding offering other imaginative land based capital arrangements.
PharmaCann is a main multi-state cannabis administrator with licenses in Illinois, Maryland, Massachusetts, New York, Pennsylvania and Ohio. Established in 2014 with dispensaries working under the brand Verilife, PharmaCann has brought over $200 million up in value to date, and has more than 650 representatives.
“We are thrilled to partner once again with PharmaCann in its expansion of the New York facility, the first property in our portfolio that now spans 64 properties across 16 states,” said Paul Smithers, President and Chief Executive Officer of IIP. “Since 2016, we have progressively supported PharmaCann as its go-to long-term real estate partner, and we are excited to take this next step with the PharmaCann team to significantly upgrade and enhance production capability at their New York facility, in a market experiencing tremendous and growing patient demand for high quality products.”
“IIP has been a strong, reliable, flexible real estate partner since we initially sold and leased back our New York property to them in 2016,” said Brett Novey, PharmaCann’s Chief Executive Officer. “The New York regulated cannabis market is still in its early stages, and in conjunction with IIP’s unwavering support as our primary real estate capital provider, we expect the significant enhancements to our New York facility to preserve our strategic positioning as we continue to scale our operations to meet the anticipated demand for customers throughout the state.”
REAL ESTATE TECHNOLOGY
prnewswire | December 03, 2020
The Lowry area's Interlude at Boulevard One has only four townhomes remaining, demonstrating Denver inhabitants are investigating more roomy neighborhoods only minutes from downtown.
Intermission at Boulevard One highlights three one of a kind floorplans going from three to four rooms, three and a half washrooms, a joined two-vehicle carport, kitchens that incorporate huge islands and sufficient cupboard space, and broad rooftop decks with exceptional mountain and downtown perspectives. The Interlude at Boulevard One are presently 60% sold and remain the most striking extravagance townhome new forms in Lowry.
When a U.S. Aviation based armed forces Base, the neighborhood of Lowry has been rejuvenated into one of Denver's generally energetic and dynamic areas. Lowry is known for its more than 800 sections of land of open and green spaces, including Great Lawn Park, Lowry Dog Park and Crescent Park. Lowry sports complex offers lakeside tennis and ball courts and soccer, baseball and softball fields. Lowry Town Center has many stores from neighborhood workmanship and plan exhibitions to eateries and an outside lager garden. Close by, the Lowry's Exchange at Boulevard One will highlight a Target, Mod Pizza, Chase Bank, Sushi Ronin, Logan Coffee House and that's just the beginning.
REAL ESTATE TECHNOLOGY
Carrier Global Corporation | September 17, 2021
Carrier Global Corporation the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, has signed an agreement to acquire BrokerBay Inc., a pioneer in the development of an advanced, streamlined and user-friendly real estate management cloud ecosystem. The software's ability to reduce a brokerage's administrative workload, streamline the real estate scheduling and showing experience, as well as standardize electronic lockbox access, will strengthen Carrier's leading access solutions offering within its Fire & Security business.
Supra, part of Fire & Security's Access Solutions business, has been serving the real estate industry for over 60 years, with key mobile credentialing technology deployed across an installed base of 4 million locking devices in multiple industries. Supra is a market leader in supporting real estate showings and enabled 45 million property showings in 2020.
Following closing, which is expected in October, BrokerBay and Supra will provide a one-stop shop for realtors that combines scheduling and mobile lockbox access in an intuitive, user-friendly showing experience to empower agents, reduce workload and provide actionable analytics.
With increasingly high volumes in real estate showings, there is a need for agents to act with speed and efficiency, This acquisition will further ensure they have the best solutions available to succeed.
- Jeffrey Stanek, Managing Director, Global Access Solutions, Carrier Fire & Security.
We're excited to join Carrier as we share a strong commitment to the real estate community, BrokerBay will continue delivering best-in-class solutions and integrations to all real estate agents, including Supra customers. We also look forward to joining forces in revolutionizing digital services that exceed our customers' expectations.
- Costa Ntoukas, CEO, BrokerBay.
The acquisition aligns with Carrier's stated business development approach of strategic acquisitions in digital and aftermarket that will drive recurring revenue for the company.
The terms of the transaction were not disclosed.
As the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, sustainable and more comfortable for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do.