REAL ESTATE INVESTMENT
Broad Street Realty | February 23, 2022
Broad Street Realty, Inc. (OTCQX: BRST), a fully integrated and self-managed publicly owned real estate company, announced today the acquisition of Midtown Row in Williamsburg, Virginia for $122 million. The mixed-use property is a recently completed development comprised of 240 student housing units with 620 beds and a retail component of 63,573 square feet of gross leasable area.
The Midtown Row Acquisition is subject to customary closing conditions, and the Company expects to close the Midtown Row Acquisition by the end of the second quarter of 2022. There can be no assurances that these conditions will be satisfied or that the Company will complete the Midtown Row Acquisition on the terms described herein or at all.
We are proud to further solidify our commitment to Midtown Row and the Williamsburg region with this acquisition, We have served as the development manager for Midtown Row and serve as the property manager and the leasing broker for the retail portion as well so this is truly a natural evolution."
Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer of the Company.
Midtown Row is Broad Street Realty, Inc.'s fifth active property in Virginia and sixteenth within the overall portfolio.
About Broad Street Realty, Inc.
Broad Street Realty, Inc. is a fully integrated and self-managed real estate company that owns, operates, develops and redevelops primarily grocery-anchored shopping centers and mixed-use properties in the Mid-Atlantic, Southeast and Denver, Colorado markets. Broad Street is also a market-leading commercial real estate services firm that delivers cost-effective solutions for office, industrial and retail clients. The Company has extensive experience in tenant representation, landlord representation, property acquisition and disposition, real estate development, project/construction management, finance, strategic consulting, property management and asset management.
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INVESTMENTS
Woodstock Development | January 28, 2022
Woodstock Development ("Woodstock"), a full service commercial real estate investment and development firm specializing in premier office and life science properties in the San Francisco Bay Area, today announced that it has acquired the remaining ownership stake in One Bay Plaza, a 9-story Class-A office building located on the Bayshore waterfront in Burlingame. With the completion of the transaction, valued at $108 million, Woodstock is now the 100% owner of the property.
Located at 1350 Bayshore Highway, the property has a total of approximately 196,000 rentable square feet, including ~12,000 square feet of Lower Level amenity space. The building is currently 85% leased to over 35 tenants including Alaska Airlines, Cushman & Wakefield, BTIG, and Acco Brands.
Woodstock first acquired the property with Iron Point Partners, LLC ("Iron Point") in June of 2019.
Our partnership with Iron Point has been remarkable and has transformed One Bay into a market-leading Class-A office building, In addition to life science, the Burlingame area has seen unprecedented demand and expansion with big-name technology users like Google and Facebook. Our full acquisition of One Bay expresses Woodstock's confidence in the Peninsula market and continues Woodstock's more than 25 year record of developing premiere office and life science properties."
Kirk Syme, President at Woodstock.
The acquisition builds on Woodstock's value-additive history with One Bay. Since 2019, Woodstock has implemented a comprehensive renovation of the building, including new lobbies, restrooms and corridors. Additionally, Woodstock retained renowned architecture firm, Mark Cavagnero Associates to design a 12,000 square feet amenity area including conference rooms, collaboration rooms, ping pong, fitness room with showers and lockers and a social pantry where tenants are offered "grab and go" sandwiches and salads along with complimentary coffee, espresso and fresh fruit. On the Bayshore, Woodstock upgraded the Bay Trail with new landscaping, a bocci court, picnic tables and chairs for Bay viewing. In the last two years, despite the pandemic and work-from-home alternatives, Woodstock has added a market-leading 14 new tenants and renewed nine existing tenants totaling approximately 90,000 square feet which is nearly 50% of the building.
About Woodstock Development
Woodstock Development, Inc. was founded in 1995 in Burlingame, CA. Woodstock focuses on the development of premier office and Life Science properties in the San Francisco Bay Area. Woodstock has entitled and/or developed over 3 million square feet of Class A Office and Life Science space over the past 26 years and currently has over 2 million square feet in its development pipeline in the Bay Area.
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REAL ESTATE TECHNOLOGY
Nuveen | May 11, 2022
Nuveen Real Estate announced the launch of a comprehensive global impact investing sector that will focus on building the vitality and sustainability of entire communities by enriching the lives of their residents. Nadir Settles will serve as Global Head of Impact Investing and Pamela West as Senior Portfolio Manager, Impact Investing. Nuveen Real Estate is one of the world's largest real estate investment managers with more than $152 billion of assets under management.
Building on Nuveen's proven 50-year track record in impact investing, the new global real estate sector will provide strategies that address some of the most pressing social and environmental challenges in the U.S., Europe, and the Asia-Pacific region (APAC), supporting growth goals of up to $15 billion in real estate AUM by 2026.
Specifically, the mandate is designed to improve communities by providing supportive services, enhancing residents' quality of life and financial outcomes, and ensuring affordable, sustainable and climate safe housing, while at the same time supporting Nuveen Real Estate's commitment to making its global property portfolio net zero carbon by 2040.
Nuveen is a pioneer in impact investing and we are competitively positioned to deliver a market-leading sector globally and at scale. Under Nadir and Pamela's leadership, I am confident that this new sector will address some of the most pressing challenges in local real estate across the globe, while creating an avenue for investors to have a significant impact through their capital investment. I look forward to working with a seasoned team of experts to build on Nuveen's incredible work in the industry."
Chris McGibbon, Global Head of Real Estate at Nuveen
Expanding Affordable Housing While Regenerating Communities
The new real estate impact sector will invest in early-stage projects and take an impact-led approach to increase the supply of social and affordable housing by targeting low-income and disadvantaged populations, while also focusing on regeneration projects within healthcare, education, and transportation services.
"By leveraging Nuveen Real Estate's industry expertise, we are going beyond just affordable housing to focus our attention on community revitalization," said Nadir Settles, Global Head of Impact Investing at Nuveen Real Estate. "We see an immediate opportunity to scale our strategy and leverage our leading position in the industry to support tenant well-being and create a more sustainable future. I am honored to have been chosen to lead such a significant sector."
Nadir Settles will report directly to Carly Tripp, Global Chief Investment Officer and Head of Investments at Nuveen Real Estate, and lead an international team across the U.S., Europe and APAC in identifying and pursuing relevant real estate impact investments, while growing the overall sector. Settles will also continue to lead investments as Head of New York Office.
Pamela West brings 25 years of industry experience, of which nearly a decade has been dedicated to deploying capital into affordable housing strategies and addressing social and environmental issues. She will continue to oversee the framework's strategy, portfolio construction, and client relationships. West reports to Shawn Lese, Chief Investment Officer and Head of Funds Management, Americas at Nuveen Real Estate.
Building on Established Impact Track-Record
The real estate global impact investing sector builds on Nuveen's overall efforts in impact. Last month, the firm expanded its range of impact investing strategies to Europe with the launch of the German living impact platform, led by portfolio manager Tanja Volksheimer, to deliver social and environmental impact through affordable housing. The news also comes on the heels of the final close of the firm's first global private equity impact platform, which targets investments that promote energy efficiency and an expansion of services for underserved communities.
Nuveen made its first investment in impact in the 1980s and has since invested over $500 million in direct and indirect private equity capital across over 200 portfolio companies in alignment with the United Nations Sustainable Development Goals. Today, Nuveen manages over $5.8 billion across all of its public and private markets impact investing strategies.
"We have been very intentional about bridging our core competency in real estate with community impact," said Ms. West. "Our portfolio is dedicated to creating change by placing environmental and social impact at the heart of our investment strategy, which ultimately drives better outcomes for residents and inclusive communities while delivering a healthy financial return."
The new impact investing sector will add to Nuveen Real Estate's existing sector specialist expertise, including retail, office, housing, industrial, alternatives and debt.
Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $152 billion of assets under management as of December 31, 2021.
Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.
With over 85 years of real estate investing experience and more than 725 employees located across 30 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.
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REAL ESTATE INVESTMENT
MG Properties | April 23, 2022
MG Properties, a private San Diego-based real estate investor, owner, and operator is further expanding their presence in the Orange County, CA with the acquisition of The Herald Apartments.
Built in 2021, this 215-unit community is a rare opportunity to acquire a "class A" asset in Placentia. The strong demographics of the surrounding area make The Herald's exceptional amenity package and high-quality finishes well suited to the market.
The Herald is ideal addition to our Southern California portfolio. We believe Orange County has strong fundamentals and is positioned well for growth in the near term."
Jeff Gleiberman, MG Properties' Managing Director
The seller, Lyon Living, was represented by Mark Peterson, Joseph Smolen, Geoff Boler and Jonathan Merhut of Eastdil Secured. The property was financed by Affiliates of Apollo Global Real Estate Management L.P., originated by Lee Redmond and Greg Stampley also of Eastdil Secured.
About MG Properties
MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 95 communities.
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