REAL ESTATE TECHNOLOGY
Dalfen Industrial | July 18, 2022
Dalfen Industrial has acquired Belvedere Logistics Center, a Sacramento industrial property at 8301 Belvedere Ave. The 348,000 square foot property is 100% occupied by River City Storage and American Furniture Warehouse.
The industrial property is located in the Power Inn submarket of Sacramento. The location is near US 50 which bisects I-5 and I-80. The access to these interchanges provides both east-west and north-south connectivity throughout the west coast, making Sacramento an excellent distribution hub. The tremendous infill location provides the ability to reach 67% of the population within 30 minutes and over 3.8 million people within 50 minutes. Other tenants in the area include Siemens, Ross Stores, Ferguson and Proctor & Gamble.
"Acquiring Belvedere Logistics Center provides access to another key west coast market that demonstrates both limited vacancy and new construction, Sacramento's relative affordability and sustained population growth combine to make infill opportunities like this very attractive."
Rich Weiss, Market Officer for Dalfen's west region
This acquisition is the 9th California property acquired by Dalfen Industrial since last June.
Dalfen Industrial LLC, headquartered in Dallas, is one of the largest buyers of industrial real estate in the United States and is a leader in the last-mile property sector. Their investment focus is on strategically located urban infill warehouses and distribution buildings. Dalfen currently owns and operates millions of square feet of premier industrial properties throughout the United States.
REAL ESTATE TECHNOLOGY
AREP | July 29, 2022
American Real Estate Partners (“AREP”), and its Joint Venture partner Machine Investment Group (MIG) today announced the company’s latest investment in the logistics & distribution market, a 1,015,740 square foot industrial property located in Middletown, Delaware. This is AREP’s sixth investment through its Strategic Opportunity Fund III (“Fund III”) and is now 60 % deployed.
The New Castle County industrial submarket has experienced meaningful growth, with the newly developed Route 301 Bypass transforming the ease of access to Middletown from Interstate 95. The current lack of easily accessible properties in Southern Jersey, Northern Delaware, and Eastern Pennsylvania has pushed tenants to seek strong alternate locations, the Middletown area is a premier example of this.
“At AREP, we have sought to invest in those markets where we see growth of both tenancy and rents, We were drawn to this asset in a growing market as demand from Logistics & Distribution companies along 3PL providers continue to lead market absorption.”
Doug Fleit, Co-Founder & CEO of AREP
“Just weeks after announcing the closing of our third investment fund, this acquisition exemplifies AREP’s strategic and meaningful investments in the logistics market,” said Brian Katz, Co-Founder & President of AREP. “Our team has a proven track record of credibility and expertise in opportunistic investments, and we are proud to continue the diversification of our four asset pillars: industrial, data center, multi-family and office. We remain optimistic about Fund III and will continue to put its capital to work in a judicious manner.”
In June, AREP announced the closing of Fund III with $63 million in equity commitments expanding on the diverse mix of public and private institutional investors and family offices. Fund III will continue AREP’s focus on a value-add and opportunistic strategy, concentrating on data center, residential, industrial, and office assets in East Coast urban and urbanized suburban markets. Fund III’s co-investment capital is targeted to invest in $1.5 B to $2.0 B of total asset value, utilizing moderate financial leverage.
ABOUT AMERICAN REAL ESTATE PARTNERS
Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager and operating partner focused on data center, residential, industrial, and office assets, on both a development and repositioning basis in various markets along the East Coast.
Since the company’s founding in 2003, AREP has deployed over $5.1B across targeted geographies, acquired more than 20 million SF of Class A real estate, and currently oversees over 10 million SF. AREP's vertically integrated real estate platform and experienced Management Team provide exceptional expertise in all ownership disciplines from acquisition to realization. By leveraging this expertise, AREP remains at the forefront of real estate innovation, maximizing investment and enhancing performance to provide added value for its investors.
REAL ESTATE TECHNOLOGY,REAL ESTATE ADVICE
Greystone and Project Destined | September 02, 2022
Greystone, a leading national commercial real estate finance company, and Project Destined, a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate, have expanded their partnership with two new engagements to increase exposure and opportunities for emerging leaders in commercial real estate.
This summer, Greystone hosted 15 students in a summer intensive program that introduced high school students from Comp Sci High in The Bronx to key CRE finance topics, as well as matching the students with Greystone mentors to guide them in real-world deal analytics. Comp Sci High students also visited a Greystone multifamily development project in Harlem, NYC to learn how a project progresses from spreadsheets to hammers and to see first-hand how a multifamily property is managed once complete.
This month, Greystone also launched a new bridge career development program open to students at HBCUs and other colleges nationwide. Accepted applicants receive a scholarship for the seven-week program which includes CRE curriculum, mentorship, and site visits to Greystone offices to learn more about the company and the work it does across various business lines – real estate lending, asset management, and underwriting.
“We are so thrilled to build on our successful relationship with Project Destined, which has opened doors wide for CRE career hopefuls, and formed impactful bonds between our mentors and the students, who have shown so much promise for the future,”
- Pranika Sinha, Head of DEI at Greystone
Project Destined, founded by former Carlyle Group executive Cedric Bobo, has partnered with over 150 leading real estate firms and over 200 universities around the country since its founding to provide diverse students with paid, virtual internship opportunities where they explore the real estate industry and ownership through live real estate deals in various cities across the U.S.
In order for students to be successful, they need exposure to the skills and resources needed to build a career in CRE, and our internships programs are designed to do just that, with a combination of curriculum, mentorship, and real-world application, We appreciate Greystone’s entrepreneurial approach in taking students under their wing, going above and beyond, and growing these programs with us as we expand the impact we can have on bringing opportunities to students nationwide,said Mr. Bobo.
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.
About Project Destined
Project Destined is a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate. Project Destined partners with corporations, schools, and non-profits to deliver training using its proprietary e-learning platform and live courses. Project Destined leverages a work-based learning approach where students work with executives to evaluate live deals in their community and present them in a pitch competition to industry leaders. Scholars emerge with the skills, confidence, experiences, and networks that prepare them to secure a strong first job and to become stakeholders in their community.
REAL ESTATE ADVICE
Douglas Elliman Realty | July 27, 2022
Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the United States, announced today that it has expanded its footprint in Colorado. With the opening of a new office in Basalt — its fourth office in the state — the company is well positioned to bring its market expertise and unparalleled service to the Mid-Valley communities of Basalt, Carbondale and Glenwood Springs, near Aspen where Douglas Elliman consistently sets record-breaking sales. Located at 310 Market Street, the 800-square-foot office will provide space for both agents and staff members.
With more than 330 active listings, the Mid-Valley is poised to exceed the $943 million in total sales volume generated in 2021. *Statistics provided by Land Title Guarantee and Aspen Glenwood MLS.
"Like the increasing numbers of homebuyers and investors drawn to the region, we see tremendous opportunity in Colorado's Mid-Valley, With the current inventory and growing demand for new developments, we expect to substantially increase our market share."
Scott Durkin, CEO, Douglas Elliman Realty
As a result of remarkable sales activity in nearby Aspen over the past two years, numerous Aspen sellers have taken their financial gains and migrated to the Mid-Valley. And with two luxury country clubs—The Roaring Fork Club in Basalt and Aspen Glen in Carbondale—the region has become a draw for out-of-state buyers, including from Texas.
"Our strong sales in Aspen propelled Douglas Elliman to the number two position in overall market share," said Stephen Kotler, CEO of Douglas Elliman Realty's Western Region. "Our new presence in Basalt combined with our ability to leverage our national and international referral network positions us to replicate that success in the Mid-Valley."
"With the increased demand for new inventory, numerous development projects are currently under construction or scheduled to break ground over the next 12 months," said Edmund Foran, Executive Manager of Sales and Managing Broker, Aspen and Snowmass Village, for Douglas Elliman Realty. "Having a visible presence in the Mid-Valley will enhance our ability to secure new listings."
Some of Elliman's current listings in the Mid-Valley communities include 5616 County Rd 100 in Carbondale listed by Amy Doherty and Julia Herman for $9.8 million, 227 Sage Rim Circle in Basalt listed by Mary Kate Farrell for $9.925 million, 1270 County Road 240 in Glenwood Springs, a 1123 acre ranch on the Colorado River listed by Michael Latousek for $38.647 million and 2561 Frying Pan Road in Basalt, featuring 137 acres and half a mile of frontage of Gold Medal fly fishing on the Frying Pan River for $15.95 million also listed by Michael Latousek.
About Douglas Elliman Inc.
Douglas Elliman Inc. (NYSE: DOUG, "Douglas Elliman") owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York City, Long Island, Westchester, Connecticut, New Jersey, the Hamptons, Massachusetts, Florida, California, Colorado, Texas and Nevada. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology ("PropTech") solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets.