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.
REAL ESTATE INVESTMENT
Armada Venture Partners | December 30, 2021
Armada Venture Partners, a local boutique commercial real estate investment and development company, announced it has purchased a 46,000 square-foot warehouse in Park Hill.
The vacant Denver warehouse, located at 3939 Kearney Street, will be renovated and leased in 2022.
We are being intentional in acquiring and redeveloping in-fill opportunities across various asset classes to support growing companies and drive economic growth in our city, Park Hill is one of the gems of Denver. It is known for its architectural diversity, relaxed suburb-in-the-city vibe, and the easy access it affords to major thoroughfares, transit and downtown."
Ryan Arnold, principal of Armada.
Evan Makovsky, Byron Johnson and Craig Myles of NAI Shames Makovsky facilitated the transaction on behalf of the seller. The purchase price was $6,320,000.
About Armada Venture Partners
Armada Venture Partners, a creative boutique commercial real estate company founded in Denver in 2021, brings value to properties and investors by integrating acquisitions, capital markets and structured finance, in addition to offering asset management solutions for projects in Colorado and other high growth regions. Armada's principals have acquired, developed and asset managed over $200M in real estate assets since 2014.
Offerpad | May 05, 2022
Offerpad, a leading tech-enabled platform for buying and selling residential real estate, revealed expansion plans that will bring the company’s top-rated1 solutions to residents in Cincinnati; Colorado Springs and Fort Collins, Colo.; Fort Myers, Fla.; and Fort Wayne, Ind. The expansion news comes on the heels of continued momentum with the company’s best quarter in Offerpad history. Earlier today the company reported first-quarter financial results announcing a year-over-year $1.1 billion revenue increase.
At Offerpad, we do things differently. Bringing together technology with our local real estate expertise, we take buying and selling homes from stressful to seamless. Traditional real estate, especially in today’s competitive market, often leaves homeowners feeling out of control and uncertain. Our solutions provide buyers and sellers with the flexibility to act fast and take care of all their needs under one roof. Americans increasingly want more convenience and control over their transactions, and we’re excited to help more homeowners in these new markets.”
Vaughn Bair, Offerpad Chief Real Estate Officer
Offerpad is expected to complete its Fort Myers opening in the second quarter and plans to expand to Cincinnati and the additional three markets later this year. When these five markets open, buyers and sellers across 29 U.S. markets will have access to the company’s entire suite of solutions:
Cash offers in just 24 hours with flexible closing dates, no showings or open houses, and free local moving services
Custom listing solutions and dedicated local market expertise to help customers sell their home on the open market with the option to retain a cash offer as back up
Home buying solutions that provide easy access to Offerpad’s inventory of homes for sale
Access to home mortgage and title services
Bundling selling, buying and financing solutions together to save thousands with Offerpad Bundle Rewards
Offerpad is available in more than 1,700 cities and towns and 24 U.S. markets. For the remainder of 2022, Offerpad will focus on growing its footprint around regional hubs in the Midwest, Southeast and Southwest.
Offerpad plans to begin hiring local real estate experts across all its new markets. Additionally, Offerpad plans to hire local home renovation vendors and develop partnerships with area homebuilders, real estate brokerages and agents. Offerpad currently offers a 3% referral fee to real estate agents who help a client sell to Offerpad.
Offerpad’s mission is to deliver the best home buying and selling experience so you can spend less time ‘real estat-ing’ and more time living. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs.
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.