REAL ESTATE TECHNOLOGY
Faropoint | July 06, 2022
Faropoint, a leading real estate investment firm focused on last-mile industrial properties in high population growth markets, today announced the sale of 109 institutional-quality, last-mile logistics buildings to a private buyer for $481 million. The portfolio consists of 6.8 million square feet of warehouse space largely concentrated in Atlanta, Philadelphia, Houston and Memphis.
The close of this portfolio sale in the current market climate further demonstrates Faropoint’s successful strategy as an aggregator of individual warehouses in growth markets across the U.S. The firm leverages a proprietary origination platform to collect data from its team of investment professionals across nine U.S. offices. This curation of data arms Faropoint with actionable insights and analytics to identify mostly off-market opportunities to acquire last-mile industrial buildings.
“This deal marks one of the largest portfolio sales of last-mile urban logistics centers in recent years and positions Faropoint to continue to provide significant value to its investors through its last-mile industrial funds,”
Faropoint Chief Relations Officer Raz Rahamim
The 109-building portfolio includes multi-tenant warehouse and light industrial properties, with each building averaging 62,000 square feet. The portfolio is 98 percent leased and occupied by approximately 200 local, regional and national tenants. During the firm’s 3-year hold period, Faropoint executed 120 leases across the portfolio, significantly increasing NOI and lease commitments.
“Our firm is extremely bullish about last-mile industrial and we are optimistic that fundamentals will remain strong in this segment of the market long-term due to constrained supply,” said Faropoint Chief Investment Officer Ohad Portat. “We will continue to closely monitor market conditions and adjust our strategy as needed in response to macroeconomic trends and future volatility.”
This disposition follows a record-breaking year of activity in 2021, during which time Faropoint acquired 148 buildings in 85 separate transactions.
“Transacting at such a high volume across nine offices and aggregating data from thousands of deals allows our team to act with much more accuracy and certainty when vetting and underwriting deals.” said Faropoint Chief Executive Officer Adir Levitas. “As the current macroeconomic climate evolves, we will continue to assess market conditions, and are well-capitalized to act when the right opportunities present themselves.”
Eastdil Secured advised Faropoint on the sale and financing of the portfolio, and Duval & Stachenfeld LLP served as legal advisor.
Faropoint is a vertically integrated, data-driven real estate investment manager that leverages data and deep market relationships to achieve superior risk-adjusted returns. Faropoint targets inefficiencies in the marketplace that can be solved with technology and scaled to create meaningful positions using cutting-edge, proprietary, real estate underwriting and portfolio management methods. The company invests in markets with strong demographics and high construction barriers to entry, such as Atlanta, Dallas, Philadelphia, Northern New Jersey, Chicago, Tampa, Miami, and Memphis. Faropoint currently owns and manages more than 20 million square feet of industrial assets.
About Eastdil Secured
As the most relevant and trusted advisor in the commercial real estate capital markets, Eastdil Secured creates value for clients through creative, actionable ideas and flawless execution. With an unrivaled combination of capital markets expertise and in-depth understanding of real estate fundamentals, Eastdil Secured delivers best-in-class advice on mergers and acquisitions, sales, joint ventures, debt placement, structured credit and loan sales to investors around the world. Headquartered in New York, Eastdil Secured has a broad global footprint to support clients with offices across the United States in Atlanta, Boston, Charlotte, Chicago, Dallas, Los Angeles, Miami, Orange County, San Francisco, Seattle, Silicon Valley and Washington, D.C., and internationally in London, Paris, Frankfurt, Milan, Dublin, Dubai, Hong Kong and Tokyo.
REAL ESTATE INVESTMENT
Echo Fine Properties | June 06, 2022
Echo Fine Properties, one of the most well-known luxury real estate firms in the Palm Beach area is proud to announce the second highest sale of a home ever in Gulf Stream. The 7715-square foot home on the ocean sold for a final purchase price of 27.5 million. Gulf Stream is ranked as the eleventh highest-income place in the United States.
Designed by elite architect Randall Stofft, the home has 7.5 bathrooms and 5 bedrooms and was built in 2021 with a one bedroom one bath guest house.
Echo Fine Properties agent Mitch Frank was instrumental in bringing a unique buyer to the spectacular home. The Echo Fine Properties team is known for luxury sales both in Gulf Stream and other areas around South Florida. It is rare to purchase a newer home in Gulf Stream on a premium oceanfront lot.
About ECHO Fine Properties
ECHO Fine Properties is a luxury real estate brokerage located in Palm Beach Gardens, Fla founded by Jeff Lichtenstein. Selling more 400 million dollars of real estate, Echo is one of the busiest, most awarded and forward-thinking brokerages in all of South Florida. Named, "Best Brokerage of the Year" and "Most Connected Firm" Jeff and his 70-person team are a true one stop shop. Echo's Home ECHOnomics Guarantee is one of the most unique internal collaborations to ever hit the industry.
SWBC | June 22, 2022
SWBC Real Estate, LLC, announced that it recently sold five multi-family properties in the Royalton Portfolio. Marcus & Millichap's Institutional Property Advisors (IPA) handled the sale for SWBC Real Estate.
It's apparent that there is still a very aggressive appetite for new multi-family properties in the Dallas and Austin markets, as there was a large amount of interest in the sale of these properties. Additionally, the recent uptick in interest rates are causing some concern with the future values of commercial real estate properties; however, the continued interest in the multi-family sector in well-located areas throughout Texas has remained strong at this time."
Stuart Smith, Chief Operating Officer of SWBC Real Estate, LLC
Each property is a Class A multi-family complex situated in high-growth areas, within close proximity to a major city in Texas. The continued population growth across the state helped escalate the leasing velocity for each property, while also providing attractive rent growth throughout the lease-up of the portfolio.
IPA's Joey Tumminello, Will Balthrope, Jordan Featherston, Michael Ware, Taylor Hill, Kent Myers, Asher Hall, Grant Raymond, Jeffrey Kindorf, and Drew Kile represented SWBC Real Estate in this transaction.
"Our statewide team worked seamlessly together to deliver the utmost results for our client, producing two top buyers in Dallas-Fort Worth and Austin, Texas," said Drew Kile, IPA. "Handling the sale of five new construction assets in different markets came down to finding the right buyers looking to expand their footprint in best-in-class, Suburban Core product."
The purchaser of the Dallas-Fort Worth area properties was Lightbulb Capital Group, the Family Office of Jay Schuminsky. Brixton Capital purchased the Austin Property. Both buyers are located in California.
"This was a special opportunity to scale our DFW multi-family footprint with four best-in-class properties in highly desired markets," said Jay Schuminsky, Lightbulb Capital Group.
SWBC Real Estate recently began construction on its latest project The Royalton at Creeks of Legacy in Celina, Texas, and has several more developments currently planned, of which will be included as part of the recently raised SWBC Real Estate Fund.
About SWBC Real Estate
SWBC Real Estate, LLC is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate professionals located in Dallas, Texas, with a primary focus in multi-family development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC. SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap, a leading commercial real estate services firm in North America. IPA's combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
The Real Brokerage Inc. | June 18, 2022
The Real Brokerage Inc., an international, technology-powered real estate brokerage, announced that it has surpassed 5,000 agents. The company has grown from 2,450 agents to 5,000 agents in the past 12 months, an increase of 104%.
Over the past year, Real was listed on the NASDAQ Stock Exchange, launched a new platform for its technology, and broadened its brokerage operations to 44 states and the District of Columbia, with an addition of 13 states including Indiana, North Dakota, Minnesota, Montana, Iowa, Michigan, Idaho, Kentucky, Wyoming, New Mexico, Arkansas, Maine and Mississippi. The Company also added an international dimension, commencing operations in Canada, including Alberta and Ontario. The Company is focused on building a new model of national real estate brokerage that breaks away from franchise fees and brick-and-mortar offices and provides agents with an attractive financial incentive structure, innovative technology tools and an enterprising, ambitious culture.
We've seen monumental success over the past year, and I believe a large part of that can be attributed to our agent attraction momentum and comprehensive tech solutions. Real attracts agents who are driven to succeed and who want to work with others who are equally as passionate. We build the technology and collaborative culture, and they continue to champion our growing community."
Tamir Poleg, Real Chairman and CEO
Real is a technology-powered real estate brokerage operating in 44 U.S. states, the District of Columbia, and Ontario and Alberta, Canada. Real is building the future, together with more than 5,000 agents and their clients. Real creates financial opportunities for agents through better commission splits, best-in-class technology, revenue sharing and equity incentives.