REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

HILCO REAL ESTATE CLOSES TRANSACTION OF $17+ MILLION COLD STORAGE FACILITY SALE IN TEXAS

Hilco Real Estate | November 24, 2022 | Read time : 04:00 min

HILCO REAL ESTATE CLOSES TRANSACTION OF $17+ MILLION
Hilco Real Estate, LLC, (HRE) was chosen as part of a competitive process by Alamo Dynamic, LLC, a private equity-backed food producer, to monetize a turnkey, USDA-certified, cold storage facility located in Lubbock, Texas. The property consisted of 224,000± SF across five buildings set on 16.38 sprawling acres.

The pandemic took its toll on the company, as Dynamic Foods' main contractual partner, Furr's Fresh Buffet, filed for bankruptcy in spring of 2021. Without this partnership, the facility was only running at about 20% capacity, which led to the ownership's decision to sell the facility and all its associated assets.

Due to the property's tertiary location, the existing specialized buildout of the facility, environmental challenges and a tight deadline, the seller was uncertain of the ultimate recovery a sales process could yield.

HRE immediately implemented a targeted national marketing campaign that, in just under three months, garnered over 80 direct inquiries from sophisticated buyers (many who were end users), nine tours with well-qualified groups and three viable offers. HRE conducted a multi-phased, competitive offer process in which the ultimate price exceeded $17,000,000, far beyond the initial anticipated sale price.

During the due-diligence period, the buyers came across an unknown environmental issue with the potential to delay the closing. Hilco Global institutional knowledge regarding mitigating environmentally challenged properties proved invaluable. The team developed a unique phased closing strategy to accommodate the seller's need for a quick sale and the buyer's desire to begin retrofitting the facility on a specific timeline. The phased closing plan also allowed the seller to responsibly address the ongoing remediation prior to transferring the impacted parcel to the new buyer.

"We are thrilled that the sale will allow the buyer to utilize the highly sought-after cold storage component of the facility, and more importantly, provide jobs to the area, many that were lost when the previous operator closed its doors. Simultaneously, our strategic sale process allowed the seller to maximize the property's value, limit time and costs typical in conventional sale processes, and thoughtfully address the environmental obstacles that could have otherwise thwarted the sale."

- Chet Evans, a vice president at Hilco Real Estate

About Hilco Real Estate: Hilco Real Estate, LLC ("HRE"), a unit of Hilco Global, is headquartered in Northbrook, Illinois. HRE is a national provider of accelerated real estate disposition services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state, and federal government agencies. Acting as an agent or principal, HRE applies its vast experience to advise and execute strategies, helping both healthy and distressed clients to derive maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

Spotlight

SentriLock is the first and only combined solution for managing property access, real estate showings, and client experiences.  We are 100% owned by the National Association of REALTORS®, and 100% committed to your success, continued innovation, and data privacy.


Other News
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Landmark Properties Expands Portfolio into Connecticut with Manulife Investment Management Partnership to Develop Residential Apartments

Landmark Properties and Manulife Investment Management | December 20, 2022

Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, has formed a new build-to-core joint venture with Manulife Investment Management. The partnership will focus on developing and operating residential properties in targeted markets throughout the United States and has pre-identified several potential development opportunities, with the first being The Standard at Four Corners, an 890-bed project at the University of Connecticut located in Storrs. "Landmark is excited to partner with Manulife Investment Management on the development of The Standard at Four Corners, This represents the first investment in our new build-to-core venture with Manulife Investment Management. Landmark continues to attract institutional capital to the student housing space due to our track record of success, vertical integration, and out-performance during challenging economic times." -Landmark President and CEO, Wes Rogers Located at 1717 Storrs Road, The Standard at Four Corners will be ready for occupancy in August 2025 and offers several distinct floorplans ranging from studios to three-bedroom. The design of these units, amenities featured, and the privacy the layouts offer are unique to Storrs and will attract attention from potential residents when weighing options among comparable properties. The property's pedestrian access will make way to both the campus core and downtown Storrs for residents. Manulife Investment Management is proud to partner with Landmark Properties, who we view to be best-in-class in the student housing sector, leveraging their experience across the United States to jointly develop a premier portfolio of assets, We believe the student housing sector represents a compelling investment opportunity underpinned by attractive supply/demand dynamics and strong historical performance,said Edward Dunn, managing director, Infrastructure Investments at Manulife Investment Management. Each apartment at The Standard at Four Corners provides a gourmet-style kitchen with ample cabinet space, quartz countertops and stainless-steel appliances. Every residence is fully furnished, offers hardwood-style flooring, and includes technology related amenities in the common area, high-speed internet and cable. Additionally, residents can access 24-hour study lounges, fitness center and computer lab. The resort-style amenity spaces add extra opportunities for recreation and socialization with a gaming lounge, heated pool, hot tub, and fire pits. For residents with vehicles, a deck offers parking for an additional fee. The development also features 14,500-square-feet of ground-floor retail space. Landmark Construction will serve as general contractor for the duration of the project. According to CollegeSimply, the University of Connecticut is ranked as the best public university in the New England region. With over $10 billion assets under management, Landmark's portfolio includes almost 100 residential communities across the country with approximately 60,000 beds. Landmark currently has 21 student, BTR, and multifamily projects under construction with an estimated value at $3.7 billion, and a significant and growing development pipeline. About Landmark Properties Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development, and management of high-quality residential communities. With more than $10 billion assets under management, Landmark's portfolio includes nearly 100 residential communities across the country with more than 60,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 21 student and multifamily projects under construction with an estimated value at $3.7 billion. Landmark's mission is to be the leader in development, construction, operations, and investment management of high-quality residential communities, delivering unrivaled service and experience to our residents, partners, and employees. About Manulife Investment Management Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions.

Read More

REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Green Street Expands European Market Coverage to Enhance its Standardised Pan-European Commercial Property Analytics

Green Street | December 05, 2022

Green Street, the preeminent provider of commercial real estate intelligence, has expanded its Pan-European market coverage to 30 metros with the addition of new data, analytics and research on Edinburgh, Geneva, Lisbon, Prague and Warsaw. These five cities have been incorporated into Green Street's powerful web platform to provide market participants with an unparalleled view of operating fundamentals and valuation throughout the Pan-European region based on average-quality assets. Specifically, this expansion enables the comparison of proprietary Market Grades, net initial yields, economic cap rates, Commercial Property Price Indices (CPPIs), market forecasts, sales comps, and insights, with more than 15 years of historical data, across 30 metro areas for the Office, Industrial, Residential and Retail property sectors. "Green Street's expanded Pan-European market analytics enables swift and easy comparison of commercial property in Europe – standardized across 17 countries and eight different currencies – to empower our clients to make the most-informed capital-allocation decisions, Market participants gain competitive insight on high-yielding, burgeoning markets at the property-sector level, which is critical during times of volatility and unrest," he shares. -Kris Hoffman, Chief Revenue Officer for Green Street Building off the momentum from our recent European Sales Comps launch, the addition of these new markets supports Green Street's commitment to aggressively investing in our global data, analytics and research to continuously innovate and expand the breadth and depth of our robust web platform of actionable intelligence, Hoffman concludes. About Green Street Green Street is the preeminent provider of actionable commercial real estate research, news, data, analytics, and advisory services in the U.S. and Europe. For more than 35 years, Green Street has delivered unparalleled intelligence and trusted data on the public and private real estate markets, helping investors, banks, lenders, and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusion-driven insights, and predictive analytics through a SaaS platform.

Read More

REAL ESTATE INVESTMENT,REAL ESTATE ADVICE

Clarion Partners Real Estate Income Fund Inc. Celebrates Three Years of Strong Performance With Its Differentiated Approach

Clarion Partners | December 06, 2022

Leading real estate investment manager Clarion Partners is celebrating the three-year anniversary of the launch of the Clarion Partners Real Estate Income Fund Inc. (“the Fund”) an innovative fund designed to provide investors of all types and sizes with access to a portfolio of research-backed institutional quality real estate holdings managed by Clarion’s industry-leading team. Clarion Partners, an independent investment manager of Franklin Templeton, has been a leader in building and managing private real estate portfolios for some of the world’s largest institutional investors for more than 40 years. As of September 30, 2022, the firm has more than $83.5 billion in real estate assets under management. The firm’s overall philosophy, which centers around the vision, judgment and execution to generate value for its investors, is the same approach underpinning the Clarion Partners Real Estate Income Fund. “Our goal in launching the Clarion Partners Real Estate Income Fund was to provide financial advisors and individual investors with a meaningful new choice so they could better build out their core real estate holdings. For too long, the ‘democratized’ options meant exposure to sub-optimal properties, high fees, long lockups, and an overreliance on leverage. Our Fund continues to provide solutions for each of those issues, and we’re thrilled to be marking this milestone and continuing to educate the marketplace about the benefits of thoughtfully constructed direct real estate exposure,” - Richard Schaupp, Clarion Partners Managing Director and Portfolio Manager for the Fund Since its launch in September 2019, the Fund has delivered an annualized return of 14.2% net of fees, and as of October 2022, the Fund has delivered a distribution rate of 5.23%. (See full historical performance below.) Investors and advisors have been drawn to the Fund’s highly differentiated approach, offering investors ease of access as a 40 Act vehicle, downside risk management with an investment strategy utilizing conservative leverage, and strong relative performance with very competitive fees. While other approaches to providing direct real estate exposure have morphed to become more private equity-like than private real estate, with this Fund we have stayed true to what has made Clarion such a valued partner for so many institutional investors for the past 40 years, Our disciplined approach to direct real estate investment has anchored us through both smooth markets and periods of heightened volatility as we are in now and has been the main driver of our success,said Janet Souk, Senior Vice President and Portfolio Manager. The Fund’s portfolio is made up of holdings in those real estate sectors that form the core of Clarion’s experience and expertise, including industrial, multifamily, and life sciences. Clarion has been investing in each of those sectors for years, and regularly publishes research designed to educate investors and help them understand the most meaningful trends shaping the real estate space in both the short- and long-term. About Clarion Partners Real Estate Income Fund Inc. (CPREIF) CPREIF offers individual investors direct access to a portfolio of privately-held, income-producing commercial real estate properties through an innovative investment fund driven by Clarion's deep real estate expertise. CPREIF is a non-diversified, closed-end management investment company that continuously offers its common stock. The fund’s investment manager, Legg Mason Partners Fund Advisor, LLC is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”) and the fund’s investment sub-adviser, Clarion Partners, is an indirect, majority-owned subsidiary of Franklin Resources. In addition, the fund’s securities sub-adviser, Western Asset Management, also is an indirect wholly owned subsidiary of Franklin Resources. Hard copies of the fund’s complete audited financial statements are available free of charge upon request. About Clarion Partners Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $83.5 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 domestic and international institutional investors. About Franklin Templeton Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.3 trillion in assets under management as of October 31, 2022.

Read More

REAL ESTATE INVESTMENT,REAL ESTATE ADVICE

FCPT Announces Acquisition of a Portfolio of 3 Caliber Collision Properties for $5.4 Million

FCPT | November 30, 2022

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of three Caliber Collision properties for $5.4 million. The properties are located in highly trafficked corridors in Indiana and are corporate-operated under net leases with a weighted average of approximately five years of term remaining. The transaction was priced at a 7.0% cap rate, exclusive of transaction costs. About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.

Read More

Spotlight

SentriLock is the first and only combined solution for managing property access, real estate showings, and client experiences.  We are 100% owned by the National Association of REALTORS®, and 100% committed to your success, continued innovation, and data privacy.

Resources