REAL ESTATE INVESTMENT
Terreno Realty Corporation | May 09, 2022
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Santa Clara, California on May 4, 2022 for a purchase price of approximately $54.6 million.
The property consists of one industrial distribution building containing approximately 135,000 square feet on 6.5 acres. The property is at 3660 Thomas Road, adjacent to US 101, the Bayshore Freeway, provides 13 dock-high and five grade-level loading positions and parking for 91 cars. The property is 100% leased to four tenants, which expire between 2022 and 2027, and the estimated stabilized cap rate is 2.5%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
AboutTerreno Realty Corporation
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
REAL ESTATE TECHNOLOGY
Paraiso Real Estate | April 27, 2022
Paraiso Real Estate, a real estate rental and sales agency has launched its own token for its upcoming vacation rental portfolio. Founded by blockchain and real estate entrepreneur, Eric Klein, Paraiso Real Estate will allow exclusive access to its LATAM rental units for the firm's token holders and investors. The firm says it plans to remove centralised platforms such as Airbnb to provide a more private, upscale and exclusive experience. More details can be found in the firm's discord.
Paraiso Real Estate operates much like a traditional vacation rental company. It offers private rentals with hotel amenities in some of the world's most beautiful destinations – starting with Medellin. What separates the firm from its competitors is the branded membership experience that users will receive including access to a variety of luxury rentals, spa services, massages, business amenities, networking opportunities, and more.
"We're mobilizing the hotel industry" Eric Klein says. "Whether it's a villa, condo or penthouse, guests can expect consistent hospitality across the platform. Our vision is to provide elevated rentals with units around the world and guests have access to these properties through our token."
Paraiso Real Estate launched on Unicrypt last week with their pre-sale selling out in under 20 minutes. The token went public on PancakeSwap on April 20th. The firm is anticipating a sharper rise once listed on CoinGecko, CoinMarketCap and other leading exchanges and indexes. To date, Paraiso already has over 700 members between their discord and telegram groups.
We've done zero marketing. That goes to show that people are ready for a product like this. It's the way of the future. We expect to have over 60 properties by the end of 2022 and a membership base of over 1,000 token holders."
Maria Caudia says, Director of Operations
REAL ESTATE TECHNOLOGY
Houwzer | April 19, 2022
Houwzer, a next generation real estate brokerage and homeownership platform powered by proprietary technology and an all-W2 labor model, announces that advisor, entrepreneur, and investor, Jonathan Zabusky, will join the company’s board as Executive Chairman.
Zabusky, most recently the President and Board Director at GrubHub Inc., will act as a co-pilot to Houwzer’s CEO, Mike Maher, helping drive the next stage of growth at the company, which pulled in $118M in equity and debt as part of a Series B funding round earlier this year. With the new funds, Houwzer is introducing three new products, Cash Advantage, Convenience Offers, and Buy Before You Sell, to help clients remain competitive in the most challenging housing market in history.
Zabusky will work alongside Maher to help refine corporate strategy, which is timely given the current state of the housing market. As a seasoned CEO and operator, Zabusky will provide mentorship to Maher as a strategic thought partner as he navigates the company through market volatility and unprecedented change. He will also ensure maximum collaboration and vision alignment between the other Directors and the management team transforming the Board into a strategic weapon for the business.
I am incredibly excited to join Houwzer's Board as Executive Chairman and to have the opportunity to work alongside Mike and his outstanding team. I’m energized by our mission to elevate the home buying and selling experience to become more fair, transparent, and seamless. Houwzer's robust suite of integrated tools, products and technology, coupled with a deeply engaged and aligned team of expert agents, facilitates a more enjoyable and productive real estate journey for its clients."
Zabusky led Seamless, as its CEO, through tremendous growth before merging it with GrubHub. After the merger, Zabusky led corporate strategy and development, product, marketing, and corporate and restaurant sales as GrubHub’s President. During his tenure, he successfully integrated multiple strategic acquisitions and played a pivotal role in the company’s initial public offering. Zabusky is Founder and Managing Partner of Bounce Ventures LLC and also serves as an advisor and board director to a portfolio of venture and private equity-backed companies in the U.S. and Israel.
“Jonathan brings a wealth of strategic growth experience to the team,” says Houwzer CEO and Founder, Mike Maher. “As we continue building on our momentum, he will play a critical role in fine-tuning our approach and ensuring we continue to prioritize resources to accelerate growth and market share. I couldn’t be more excited to work alongside an entrepreneur as successful and thoughtful as Jonathan.”
Houwzer also announced the recent hiring of Andrew Daley as Chief Marketing Officer. Daley brings two decades of high-growth experience in highly competitive environments, helping companies differentiate their brands across a range of industries like mobility, real estate, and travel. Most recently, he led marketing for Hana, a CBRE company that redefined the flexible office space experience. Daley has also served as Global Head of Marketing for Zipcar and in key marketing functions for Starwood Hotels, Reebok, and several online travel and startup brands.
“The real estate industry is ripe for disruption and the incumbent model is broken. Houwzer is realigning the incentives more fairly between the broker, the agent, and the client so that everyone wins. The end result is a better, faster, smarter way to buy, sell, finance, and insure homes,” says Daley.
Houwzer has eliminated the percentage-based commission pricing for listings and rebuilt the brokerage model around the customer, creating a one-stop shop for real estate, mortgage, title, and insurance that simplifies the chaotic and expensive process of buying and selling homes. Its $5,000 flat-fee listing model empowers sellers to maximize their profit – saving an average of $15,000 in commissions, while still providing a full-service experience via technology and expert, salaried agents.
Houwzer has helped clients buy and sell more than 4,000 homes with a cumulative sales volume of nearly $2 billion, saving home sellers $35 million in brokerage commissions. Houwzer is the only real estate company operating on an all-W2 compensation model across all of its salaried agents and mortgage advisors. It’s also the industry’s first B Corporation real estate brokerage and will soon be announcing its newly appointed Board of its impact model, the RiseUp Fund. Recently, the company entered into a partnership to become the Official Real Estate Partner of the 76ers.
Houwzer is a next-generation real estate brokerage and home services company built around the customer. Its full-service, salaried agents and loan officers help homeowners save when they sell and trust when they buy. Houwzer’s proprietary technology is an end-to-end platform that streamlines the entire transaction from beginning to end with an integrated one-stop shopping experience. The company employs unique salaried agents as dedicated seller or buyer agent specialists who receive salary instead of commissions, allowing them to focus on service, not just sales. Houwzer has maintained an industry-leading Net Promoter Score of 84 and an average rating of 4.9 out of 5 stars from over thousands of client reviews online. Since launching in 2015, Houwzer has saved home sellers along the East Coast over $35 million and helped clients buy or sell thousands of homes worth almost $2 billion.
REAL ESTATE INVESTMENT
ExchangeRight | April 20, 2022
ExchangeRight, one of the nation's leaders in diversified real estate investments and strategies, has fully subscribed its $124 million Net-Leased Portfolio 50 offering, containing 30 net-leased properties covering 676,976 square feet across 17 states. The portfolio of single-tenant properties was structured to generate consistent investor distributions starting at an annualized rate of 6.12 percent.
ExchangeRight has fully subscribed a $124 million 30-property net-leased portfolio focused on essential businesses.
The fully occupied portfolio, offered at $124,160,000, includes properties tenanted by CVS Pharmacy, Dollar General, Dollar Tree, Family Dollar, First Midwest Bank, Fresenius Medical Care, Octapharma Plasma, Publix, Sherwin-Williams, Walgreens and WellMed. The offering launched with 10-year, fixed-rate, interest-only financing at 3.26 percent.
We are grateful for those investors, advisors and representatives who have placed their trust in us to steward the wealth they have invested in Net-Leased Portfolio 50. We are intent on constructing diversified net-leased portfolios for DST investors designed to produce stable income through economic cycles, preserve investor wealth, defer investors' taxes and provide a strategic exit."
Warren Thomas, a managing partner in ExchangeRight
ExchangeRight and its affiliates' vertically integrated platform features over $4.8 billion in assets under management, diversified across over 1,050 properties, over 19 million square feet and throughout 44 states. More than 6,600 investors have trusted ExchangeRight to manage their capital. All of the company's current and past offerings have met or exceeded targeted cash flow distributions to investors since the company's founding. The past performance of ExchangeRight and its previous offerings does not guarantee future results.
ExchangeRight pursues its passion to empower people to be secure, free and generous by providing REIT, fund and 1031 DST portfolios that target secure capital, stable income and strategic exits. The company strategically syndicates net-leased portfolios of assets backed primarily by investment-grade corporations that successfully operate in the necessity-based retail and healthcare industries, as well as diversified value-add portfolios of inline and outparcel retail spaces shadow-anchored by strong-performing grocery tenants.