REAL ESTATE TECHNOLOGY
Green Courte Partners, LLC | March 10, 2022
Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced that it has hired C.R. Russell as Managing Director of Development. In this role, Mr. Russell will oversee all development and construction activities for Green Courte's investments in Windward Communities, True Connection Communities, and The Parking Spot, Green Courte's land-lease community, senior housing, and near-airport parking companies, respectively. Mr. Russell is replacing John Lyons, who retired in February after being with Green Courte and The Parking Spot since 2010.
Prior to joining Green Courte, Mr. Russell was a Senior Vice President of Development and Construction at A.J. Capital Partners, a vertically integrated developer with $3.6 billion in real estate investments across 45 markets. In that role, Mr. Russell oversaw the planning and development efforts of $1.2 billion of high-profile hospitality and mixed-use developments comprising nearly 2.6 million square feet of space. Earlier in his career, Mr. Russell held several management roles at Vail Resorts Development Company on behalf of Vail Resorts, Inc., the largest owner and operator of mountain resort properties. At Vail, Mr. Russell was responsible for the company's mountain development team as well as expansion efforts across its entire portfolio of properties.
Mr. Russell holds a Bachelor of Arts in Environmental Policy from Rollins College and a Master of Business Administration from Northwestern University's J.L. Kellogg Graduate School of Management.
We are thrilled to welcome C.R. to our team, and we look forward to leveraging his diverse skillset and expertise to further expand and improve Green Courte's development efforts across our three active platforms."
David B. Lentz, Green Courte's Chief Executive Officer
About Green Courte Partners, LLC
Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, including active adult/independent senior living properties, land-lease communities, and near-airport parking facilities. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte's goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period.
REAL ESTATE INVESTMENT
Bluerock Residential Growth REIT | April 13, 2022
Bluerock Residential Growth REIT, Inc. announced that at a special meeting of stockholders held earlier, based on preliminary voting results, the Company's stockholders approved the proposed acquisition of the Company by affiliates of Blackstone Real Estate. The Acquisition will occur following the spin-off of the Company's single-family rental business through the taxable distribution to common stockholders of all of the outstanding shares of common stock of a newly formed real estate investment trust named Bluerock Homes Trust, Inc. Company common stockholders will receive $24.25 in cash per share of Company common stock in the Acquisition in addition to the BHM common stock that they will receive in the Spin-Off.
The final voting results will be filed with the U.S. Securities and Exchange Commission (SEC) on a Form 8-K.
We are pleased that our stockholders have approved this transaction and thank them for their continued support. Today's stockholder approval marks a key step in completing the transaction and delivering on the tremendous value it offers to our stockholders."
Ramin Kamfar, Chairman and Chief Executive Officer of the Company
The Acquisition and the Spin-Off currently are expected to close in the second quarter of 2022, and are subject to the completion of customary closing conditions. Upon the closing of the Acquisition, BRG's common stock and preferred stock will no longer be listed on any public market.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice. The Company's objective is to generate value through off-market/relationship-based transactions and, at the asset level, through value-add improvements to properties and to operations. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
REAL ESTATE INVESTMENT
5T CRE | February 22, 2022
5 Talents Commercial Real Estate (5TCRE), along with Totem Capital Group, would like to announce the closing of their latest development project, Aria Apartments.
The complex is located on the Northeast side of San Antonio and features 170 apartment units. It is currently 99% occupied and conveniently located near major highways, industrial and large corporate workplaces, and is situated in a vibrant and growing community.
The investment team, led by 5TRCE, has over 24 years of experience in commercial and residential real estate. They identify, acquire, rehabilitate, and improve multifamily real estate properties, bringing quality housing options to residents across South Texas. The Aria Apartments renovation project will add value for residents as the community is remodeled. The development was built in 1982, and the project presented a huge opportunity to improve the community for current and future residents, and it offered an opportunity for investors to receive an equitable return on their investment dollars.
Most of the $750,000 budget will focus on interior upgrades and renovations, along with the repair and repainting of all exterior building surfaces. Plans also include renovating the leasing office and updating the workout facility. Landscaping, tree trimming, and fencing upgrades will also be included.
This project will offer current and future residents beautiful apartment living options in an area that continues to grow, and we are eager to attract new investment partners who share our vision."
Abel Pacheco, Principal and President of 5TCRE
We help investors, who align with our vision of community improvement and philanthropy, increase their net-worth and cashflow, while reducing their taxable income."
Ruben Dominguez, Principal of Totem Capital Group, is the main investment partner with 5TCRE.
To date, the group has invested in real estate projects valued at over $80 million, enhancing nearly 1,000 apartment units. The team offers many different investment opportunities that can be tailored to fit into any investor's portfolio.
REAL ESTATE INVESTMENT
Rubenstein Partners | June 13, 2022
Rubenstein Partners, L.P. (including its affiliates, Rubenstein), a vertically integrated real estate investment adviser focused on value-added office property equity and debt opportunities, and joint venture partner Vision Real Estate Partners, a full-service real estate owner/operator, announced global biopharmaceutical PTC Therapeutics (PTC) signed a new 360,000-square-foot, long-term lease at Warren Corporate Center, within the five-building office campus in Warren, N.J.
PTC is relocating its corporate headquarters from South Plainfield, N.J. to a new facility at Warren Corporate Center. The lease spans two full buildings located at 400 and 500 Warren Corporate Center Drive and, following construction, will include offices, collaboration and conferencing spaces, and research laboratories. The facility will provide flexible and innovative workspaces with the capacity needed to support PTC's long-term growth of its expanding pipeline of products.
Construction activities on the new facility at Warren Corporate Center is expected to begin in June 2022.
Originally built as a headquarters for Lucent Technologies, Warren Corporate Center comprises more than 820,000 square feet of office space across five buildings surrounded by walking trails, a richly landscaped pond and four covered parking structures. Since acquiring the 176-acre campus in 2016, Vision and Rubenstein have set out to reposition Warren Corporate Center as a unique opportunity in the market, with headquarters-quality space that integrates attractive amenities and communal areas within a central location to optimize employee well-being and productivity.
As part of the repositioning, ownership also developed Warren Hill, a 20,000-square-foot lifestyle center located at the center of the campus, featuring numerous amenities including an outdoor amphitheater; indoor and outdoor patio dining; multi-function conference areas; a full-service cafe with coffee bar; a state-of-the-art fitness center with locker rooms; and full-size indoor basketball court. The amenities hub also provides an easily accessible outdoor roof deck for employees to meet and collaborate.
"Since acquiring and repositioning Warren Corporate Center, our goal has been to create the kind of fully-amenitized and differentiated office product high-end companies in the region are seeking," said Stephen Card, Principal at Rubenstein. "PTC Therapeutics is a true global leader and innovator in the biopharmaceutical sector and adding an organization of their magnitude to the roster of tenants at the Warren campus validates the strategic investments we've made at the site."
Warren Corporate Center is a suburban office site designed for the modern employee. The institutional-quality property is a rare blend of full-service amenities, outdoor spaces and experiential features, such as our unique lifestyle center, that separate the property from others in the region. Warren Corporate Center is a singular offering in the highly competitive New Jersey office market, and we are pleased to welcome PTC as the long-term, addition to the campus."
Sam Morreale, founding and managing partner of Vision Real Estate Partners
"Our new headquarters allows us to have a Class-A facility for our growing team, while keeping the new flexible work paradigm in mind," said Doug McLeester, Vice President of Global Facilities at PTC Therapeutics. "As PTC grows into one of the world's leading rare disease companies, our in-house capabilities must similarly grow and adapt. The new facility at Warren Corporate Center, which complements our existing operations at the PTC's Gene Therapy Center of Excellence in Hopewell, is the ideal space for our expected future expansion in New Jersey, a foundational and growing market for biotech in the U.S."
Vision Real Estate Partners and Rubenstein Partners have consistently created premier experiential suburban office properties that incorporate a level of amenities more akin to a hospitality setting than a traditional office environment. The joint venture partnership embarked on a multi-million-dollar renovation that transformed The Crossings at Jefferson Park in Whippany, N.J., into a Class-A office campus featuring The Powerhouse, an 11,000-square-foot, standalone amenities center. A testament to the partnership's success in rebranding the property, The Crossings at Jefferson Park was acquired by Barclays Capital in June 2017. Vision and Rubenstein are also collaborating on Latitude, a 30-acre, approximately 700,0000-square-foot office complex located in Parsippany, N.J.
Jeff Zell and Louis Kluger of JM Zell Partners represented PTC Therapeutics and Robert Donnelly Sr, Robert Donnelly Jr, Paul Giannone, Todd Elfand and Kevin Carton of Cushman and Wakefield represented building ownership in the lease transaction.
About Rubenstein Partners
Rubenstein Partners, L.P. founded in September 2005, is a private real estate investment advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners' predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 22.5 million square feet of office real estate assets throughout the United States.
About Vision Real Estate Partners
Vision Real Estate Partners is a full-service real estate owner/operator, specializing in development, property management, asset management and construction. The firm is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Vision Real Estate Partners currently is developing or redeveloping more than 2 million square feet of space in its local market. The company has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities. Its Vision Management platform also currently oversees property management, financial reporting and overall operational supervision for nearly 1.5 million square feet of office space on behalf of multiple strategic partners.
About PTC Therapeutics, Inc.
PTC is a science-driven, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. The Company's strategy is to leverage its strong scientific expertise and global commercial infrastructure to maximize value for its patients and other stakeholders.