Real Estate Technology
prnewswire | September 14, 2023
GID, a real estate owner and fiduciary that invests in multiple asset classes, has announced that its industrial team, GID Industrial, has been named a 2023 Influencer in Industrial by GlobeSt. Real Estate Forum. This award recognizes distinguished individuals, teams, and companies for notable achievements within the industrial real estate sector.
"GID Industrial is honored to receive this prestigious recognition," says Rene Circ, co-head of GID Industrial. "In the three years since we formed our team, we have built an impressive portfolio that has sustained occupancy and offers potential for continued rent growth. We aim to continue our portfolio expansion, targeting opportunities that offer strong potential for long-term growth."
GID has been active in the industrial sector since 1986 and officially launched its industrial platform in 2020. In the three years after the platform's launch, the team has accomplished significant growth within the sector, executing stabilized, value-add, and development transactions. This diverse mix allows the team to provide its partners with investment opportunities tailored to their unique risk and return preferences. The platform currently operates more than 25M square feet of industrial space in top markets across the country.
"GID Industrial's key differentiator is the expertise and passion of our team," says Michael Wenaas, co-head of GID Industrial. "With 30 individuals boasting an average of 21 years of experience in the sector, our team is well equipped to provide unique value to our partners by offering a practiced, holistic perspective on the state of the industry. Our achievements over the last three years are a credit to the powerhouse team that we have assembled."
GlobeSt. Real Estate Forum Influencers in Industrial are selected by its editors based on nominations that outline the nominee's accomplishments and impact on the sector.
About GID
GID is a leading real estate investment and management firm that operates a diverse portfolio of multifamily, industrial, and mixed-use developments across the United States. With over 60 years of experience across multiple asset classes, GID is an established real estate private equity investor and fiduciary supported by an integrated operating platform with approximately 54,000 multifamily units and over 25M square feet of industrial and commercial space of assets under management. The company also operates a credit platform that aims to provide commercial real estate debt solutions for institutional borrowers.
With corporate offices in Atlanta, Boston, Dallas, New York City, and San Francisco, GID employs over 1,200 real estate professionals and operates an expansive portfolio of existing and under-development properties valued at over $30.1 billion1 as of June 2023.
1 Assets Under Management is calculated in compliance with the definition for Assets Under Management ("AUM") prescribed in INREV's Global Definitions Database.
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Real Estate Technology, Home and Design
PR Newswire | August 23, 2023
Curbio, Inc., the leading pre-sale contractor solution for Realtors and their listing clients, today announces its expansion into Tucson, AZ. With this expansion, Curbio will begin helping Tucson-area real estate agents and their clients get all their listings ready for market reliably and sold for top dollar amid an increasingly competitive housing market.
Curbio is an innovative PropTech company that partners exclusively with real estate agents to complete pre-listing home improvements. Curbio works with agents to determine what updates will generate the highest ROI for home sellers, and then acts as the licensed and insured contractor on all projects. In utilizing their innovative project management platform and world-class customer success team, Curbio provides its clients with an elevated home improvement experience and enables agents to win listings and sell them for top dollar.
"We are so excited to begin partnering with Tucson-area Realtors, providing them with a pay-at-closing concierge solution that they can use to get all of their listings ready for market reliably and efficiently," said Olivia Mariani, Chief Marketing Officer at Curbio. "Buyers in Tucson want move-in-ready homes, and Curbio allows real estate agents and homeowners to meet this demand without paying any cash up front. We are setting the new standard in pre-listing home improvement and couldn't be more thrilled to be expanding our footprint in Arizona."
Curbio provides fix now, pay-at-closing terms for pre-listing home improvement projects of all sizes. With no project minimums or maximums, Curbio is a Realtor's go-to contractor partner for all of their home improvement needs. Examples of projects that Curbio completes include staging, kitchen and bathroom remodels, landscaping, deep cleaning and decluttering, painting, flooring installation and more.
This is the fourth major market expansion for Curbio in 2023, following their launches in St. Louis, Jacksonville and Kansas City. Curbio now serves more than 60 markets across the United States.
About Curbio
Curbio is the leading pay-at-closing contractor working with real estate agents to get homes ready for sale reliably and without hassle. Curbio has modernized home improvement with an easy-to-use mobile app and five-star project management team that streamlines project work and communication, while eliminating the delays and uncertainties that have made home improvement so frustrating, especially for agents and home sellers. Our turnkey approach and pay-when-you-sell model has made Curbio the most trusted contractor for real estate agents and brokerages nationwide, including eXp Realty, RE/MAX, HomeServices of America, Long & foster, and many more. Curbio operates in more than 60 real estate markets across the US.
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Market Outlook, Real Estate Investment
Businesswire | July 06, 2023
Workspace Property Trust (Workspace), the preeminent US suburban commercial office property owner and partner for the Fortune 1000, announced today that it successfully modified and extended its approximately $1.3 billion CMBS facility, securing a two-year extension for loans supported by its nearly 10 million square foot portfolio of 146 suburban office and light industrial, R&D and flex industrial properties in 14 major metropolitan markets across the US. In additional to this portfolio, Workspace owns an additional nine million Class A square feet of commercial office portfolio across 59 properties in the US.
The successful refinancing of this Workspace’s Class A portfolio is a major accomplishment in one of the most difficult commercial real estate and capital market environments in decades and reflects the strength, experience and operating performance of the Workspace management team. Iron Hound Management Company LLC served as financial advisor to Workspace.
Workspace Strengthens Its Balance Sheet To Invest in Growth
“We are thrilled to have successfully modified and extended our $1.3 billion CMBS facility with a two-year extension and significant equity participation,” said Thomas A. Rizk, co-founder and CEO of Workspace. “Getting this deal done in what many have described as the most challenging real estate market in decades was no small feat and is testament to the underlying strength of our portfolio, the resilience of the suburban office sector, the promise of our pipeline and the capabilities of Workspace’s vertically integrated national platform. With the strengthening of our balance sheet, we are now in the enviable position of driving growth by investing in our leasing operations and deploying state-of-the-market enhancements in key market locations as we double down on the opportunities in the suburbs. We appreciate the support of our lenders, partners and investors and are focused on the tremendous opportunities in front of us.”
Workspace owns and operates suburban office buildings in 14 of the top 20 US metropolitan areas, including Atlanta, Philadelphia, Dallas, Charlotte, Tampa, Phoenix, Silicon Valley, South Florida, Houston, Portland, Seattle, Minneapolis, Chicago and St. Louis. Approximately 40% of the Fortune 500 have headquarters in Workspace markets and nearly seven million square feet of the Workspace portfolio is leased by companies included in the Fortune 1000.
Workspace Suburban Markets Outperform Central Business Districts
In addition to the financing news, Workspace also released the findings of a recently conducted analysis of national real estate data that highlight the meaningful outperformance of suburban commercial office markets over downtown commercial office locations. The data set, compiled for Workspace by CBRE Strategic Investment Consulting, a global leader in commercial real estate services and investments, underscores the strength, vitality and energy of suburban office markets as employers across the country reinvent how and where people work today.
At the national level—and in key markets driving US economic growth— suburban office submarkets have outperformed central business district submarkets during each of the past three economic downturns, with smaller declines in rent growth and absorption rates and much steadier vacancy rates. This pattern has been particularly pronounced since the onset of COVID-19 and is leading to a fundamental reset in how corporate America is thinking about where and how their people should work. Based on the CBRE data, this resiliency is largely expected to persist through the current cycle, as many suburban locations continue to benefit from a rising number of occupiers and employees prioritizing the value of working closer to home.
“Workspace Property Trust is differentiated by our proven core strategy – to provide innovative and responsive real estate solutions to the Fortune 1000 in fast-growing, highly desirable suburban commercial markets across the country,” said Roger W. Thomas, co-founder, President and COO of Workspace. “In the last year, we transformed our business by doubling our footprint to more than 19 million square feet of commercial and light industrial assets in some of the most vibrant markets in the US, offering our customers lifestyle oriented, community-based working environments that are fundamental requisites for corporations today. The CBRE data we are highlighting today is a clear and resounding affirmation that today’s most progressive companies – large and small – are investing in suburban markets, reversing decades of legacy thinking.”
Mr. Rizk further stated, “New patterns of work and new demands by our tenants and their employees directly translate into the need for new long-term real estate innovation. We know the biggest single issue for our tenant partners is reducing the commuting time for their employees, allowing them to spend more time with their families. Our commitment to service and convenience and relentlessly focusing on delivering on our promise of “Work. Life. Balanced.” has solidified our partnerships with a number of Fortune 1000 organizations as they double down on their suburban footprints, investing significant dollars and resources in the lives of their team members. When Roger and I started Workspace, suburban office was a contrarian bet. The CBRE data validates what we’ve been experiencing on the ground over the last few years coming out of the pandemic: suburban office is benefitting from a foundational demographic shift to suburban submarkets in gateway metropolitan areas across the country where the quality of the work experience is the defining factor in leasing decisions.”
Suburban Markets Outperformance: National and Local Metrics
Nationally, suburban commercial office outperformed central business district commercial office in several key metrics, including vacancy, net absorption and rent growth. In 2022:
By year-end, the national vacancy rate for suburban office was 17.2% vs. 17.6% for central business districts, the first time the suburban rate has been tighter since 1989.
On net, the amount of suburban office space absorbed by occupiers in 2022 was equivalent to 0.3% of total suburban inventory. Meanwhile, downtown space was put back on the market (negative net absorption) at an amount equivalent to 0.2% of downtown inventory.
Year-over-year rent growth in the suburbs was a full percentage point higher than in central business districts -- 1.6% vs. 0.6%.
Additionally, when ranking U.S. suburban office markets across a variety of performance metrics, every Workspace market was represented within the top 15 for at least one metric, with several markets ranking in the top 15 multiple times. For example, over the past two years (Q4 2020 – Q4 2022):
Fort Lauderdale and Miami tied for the sixth-highest increase in post-pandemic rent growth among all suburban office markets, with asking rent increases of 1.7% in both markets.
Charlotte and Phoenix tied as the 11th highest in rent growth, with increases of 0.8% in both markets.
San Jose ranked second for the most square feet of suburban office space absorbed and seventh for absorption as a share of total inventory.
Other Workspace markets appearing in the top 15 for one or both of these absorption metrics were Chicago, Atlanta, Fort Lauderdale, and Miami.
Based on forecasts for the next two years (Q4 2022 – Q4 2024):
Workspace markets represented five out of the top eight suburban markets with the strongest near-term rent growth projections.
These markets include Milwaukee, Phoenix, Houston, Miami and Fort Lauderdale.
Dallas was the third-highest ranking market for the expected gap between the suburban and central business district vacancy rate – 22.4% in the Dallas suburbs vs 27.1% in the Dallas CBD.
Other Workspace markets in the top 15 across this metric include Seattle, Houston, Kansas City, St. Louis, Fort Lauderdale and Minneapolis.
About Workspace Property Trust
Workspace Property Trust is a privately held, vertically integrated, full-service commercial real estate company specializing in the ownership, management, leasing and development of office and light industrial, R&D and flex space across the US. Founded in 2015, as combined Workspace owns and operates approximately 19 million square feet of suburban office and light industrial, R&D, Flex (IRDF) properties in markets across the country, including 14 of the top 20 US metropolitan areas. For more information on Workspace, please visit www.workspaceproperty.com
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Real Estate Investment, Asset Management
PRnewswire | July 24, 2023
Juniper Square, the leading provider of partnership enablement for the private funds industry, today announced an exclusive partnership with Pereview, the only Life of The Asset® software platform supporting both equity and debt for real estate investments. By connecting Pereview's in-depth asset data to Juniper Square, joint clients can seamlessly share both asset-level and portfolio insights to improve fundraising efficiency and provide LPs with greater transparency.
"Juniper Square and Pereview's combined offering provides a best-of-breed solution for fundraising and investor relations teams within leading GP organizations," says Matt Lawson, CMO at Juniper Square. "Until now, these groups have had to compile data from countless different sources just to get a comprehensive and clear picture of their investments. Our partnership with Pereview will change the status quo, allowing GPs to get a comprehensive and clear picture of their CRE assets and deliver it seamlessly to LPs through Juniper Square's partnership enablement platform."
As a slower adopter of digital technologies, the commercial real estate industry has finally reached a tipping point. With Juniper Square's roots in investment management and Pereview's expertise in providing detailed reporting across the entire investment lifecycle from acquisition to disposition, these complementary strengths address the ever-growing need for timely, in-depth reporting. All data in the capital stack, from the investor to the fund to the investment to the portfolio to the asset to the property to the lease will be readily available for mutual clients.
"Our partnership with Juniper Square provides a best-of-breed, full-stack solution for the marketplace with a custom integration built exclusively for our current and future mutual clients," said Daryl Pitts, senior vice president of global sales for Pereview. "Where Juniper Square is strong in the processes around raising the fund and investor relations, Pereview provides complementary strengths in comprehensive, globally compliant data aggregation and reporting to equip asset, portfolio, and fund management professionals with the 360 view they need to make data-driven decisions."
"The combination of Pereview and Juniper Square provides complete coverage for all of our needs," said Dalfen Chief Investment Officer Max Gagliardi. "From the start of fundraising to investor reporting, from portfolio analysis to strategy at the asset level, all the way down to industry exposure and lease clauses—all of our data, across the entire investment lifecycle is supported. We now spend more time doing deeper investment analysis allowing us to drive value creation across our portfolio versus spending time updating many Excel files to answer the same set of questions over and over again. Pereview and Juniper Square have been a game changer for us. We've been able to support the growth of our platform and materially increase portfolio analytics capacity without having to grow the team significantly."
In addition to Dalfen, existing mutual customers between Juniper Square and Pereview include PCCP, Ryan Companies, Rockwood Capital, Singerman Real Estate, and many more.
About Juniper Square
Juniper Square is the leader in partnership enablement for the private funds industry, offering a universal system for GPs and their LPs to seamlessly connect and communicate across every stage of their partnerships. Juniper Square empowers investment managers to accelerate fundraising, scale operations efficiently, and improve investor satisfaction. More than 1,800 GPs rely on Juniper Square to manage more than 32,000 investment entities that span over 500,000 LPs and $700 billion in investor equity.
About Pereview
Pereview is the leading provider of asset management software and portfolio analytics to the global real estate industry. Agnostic to OP platforms and preferred by LP's, GP's, Institutional Investors, Owners and Managers, Pereview is built by real estate professionals for real estate professionals. By aggregating, integrating and interpreting your internal and external disparate data into the industry's only all-in-one platform, Pereview provides actionable insights into every step of the investment lifecycle. Drive NOI, break down silos and make stronger, more accurate decisions based on your accurate and governed data. With all of your transactions, asset, and portfolio management data in one place across both equity and debt investments, a Pereview client has full visibility into The Life of The Asset®. With both out of the box and customization options, we help clients make more trusted decisions and Do More With Your Data®.
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