Transwestern Development to Build Micro Apartment Community in Austin

Transwestern | May 11, 2016

Transwestern Development Co. plans to develop Indie Apartments, a micro-unit community at 1648 E. Sixth St. in Austin. Transwestern acquired nearly 0.5 acres and will construct a 139-unit community with a 2,500-square-foot restaurant space in East Sixth, an entertainment district just east of downtown.

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Self-storage operations is the hallmark of our organization. With several decades of experience in all aspects of property management, our executive team knows what it takes to build a firm foundation for each property and the foresight to make adjustments to optimize success. The CubeSmart® industry-leading third-party management program combines the following elements to grow your investment.


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REAL ESTATE TECHNOLOGY

Faropoint Sells Portfolio of 109 Institutional-Quality Last-Mile Warehouses For $481M

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. About Faropoint 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.

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REAL ESTATE INVESTMENT

JDM PARTNERS REACQUIRES STAKE IN DOUGLAS RANCH MASTER PLANNED COMMUNITY FROM THE HOWARD HUGHES CORPORATION®

The Howard Hughes Corporation | August 23, 2022

The Howard Hughes Corporation® announced today that JDM Partners has exercised their remaining option to reacquire a stake in Douglas Ranch, the recently launched large-scale master planned community in Phoenix's West Valley. The community was acquired by The Howard Hughes Corporation from JDM Partners and El Dorado Holdings last October for approximately $541 million. On August 18, JDM Partners exercised its second option to buy back into Douglas Ranch, acquiring an additional 2.8% interest in the Douglas Ranch joint venture for approximately $15 million. The transaction brings the aggregate of JDM Partners' investment in Douglas Ranch excluding Trillium, the community's first 3,000-acre village to approximately $65 million, which equates to approximately 12% of the joint venture. JDM Partners and El Dorado Holdings are 50/50 joint venture partners with HHC on Trillium. Land sales at the master planned community are expected to begin this fall. About The Howard Hughes Corporation® The Howard Hughes Corporation owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia®, Maryland; The Woodlands®, The Woodlands Hills®, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; Ward Village® in Honolulu, Hawaiʻi; and Douglas Ranch in Phoenix, Arizona. The Howard Hughes Corporation's portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC.

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REAL ESTATE INVESTMENT

STORE Capital to be Acquired by GIC and Oak Street in $14 Billion Transaction

STORE Capital, GIC and Oak Street | September 17, 2022

STORE Capital Corporation, an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, and GIC, a global institutional investor in partnership with Oak Street, a Division of Blue Owl, one of the largest net lease investors, today announced that they have entered into a definitive agreement under which GIC and funds managed by Oak Street will acquire STORE Capital in an all-cash transaction valued at approximately $14 billion. Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, which represents a premium of 20.4% to STORE Capital’s closing stock price as of September 14, 2022 and a premium of 17.8% to the 90-day volume weighted average stock price through that date. “This all-cash transaction delivers a meaningful premium that provides immediate and certain value for our stockholders in a challenging market environment, while positioning the Company, its customers and its partners for continued success, I would like to extend my thanks to the entire Board and management team for their hard work during this process, and for their unwavering commitment to acting in the best interests of our stockholders.” -Tawn Kelly, Chairman of the Board of Directors of STORE Capital We are pleased to partner with GIC and Oak Street to deliver what we believe is an excellent outcome for our stockholders, This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, our experienced leadership team and our disciplined investment approach. We look forward to continuing to grow and support our customers,said Mary Fedewa, President and Chief Executive Officer of STORE Capital. As one of the largest dedicated U.S. net lease real estate companies in a nearly US$4 trillion-dollar market, STORE Capital is a strong addition to GIC’s diverse portfolio of U.S. real estate investments, We are confident the Company will continue its trajectory of accretive growth by meeting the demand for long-term financing solutions from middle market U.S. companies. We look forward to working closely with STORE Capital and our partners at Oak Street to grow this platform over the long term,said Adam Gallistel, Head of Americas Real Estate, GIC. As a global long-term investor, GIC seeks to invest in best-in-class businesses with strong long-term growth potential, We are thrilled to lead this investment in STORE Capital given its impressive cash flow profile, long-weighted average lease term and highly diversified portfolio with strong rent coverage,said Lee Kok Sun, Chief Investment Officer of Real Estate, GIC. We are extremely excited to invest together with a like-minded and thoughtful partner in GIC, We believe the STORE Capital platform complements Oak Street’s exposure to the triple-net industry and our focus on sale-leasebacks. The potential scale of this combination and partnership can deliver one of the most diversified, unique and long dated net lease platforms across the globe,said Marc Zahr, President of Oak Street. Timing and Approvals The transaction, which was unanimously approved by the STORE Capital Board of Directors, is expected to close in the first quarter of 2023, subject to approval by STORE Capital’s stockholders and the satisfaction of certain other customary closing conditions. The closing of the transaction is not subject to any financing conditions. The definitive merger agreement includes a 30-day “go-shop” period that will expire on October 15, 2022, which permits STORE Capital and its representatives to actively solicit and consider alternative acquisition proposals. There can be no assurance that this process will result in a superior proposal, and the Company does not intend to disclose developments with respect to the go-shop process unless and until it determines such disclosure is appropriate or is otherwise required. Under the terms of the definitive merger agreement, STORE Capital will declare and pay its third quarter cash dividend in the ordinary course. Thereafter, the Company has agreed to suspend payment of any further regular quarterly dividends through the closing. Subject to and upon completion of the transaction, STORE Capital’s common stock will no longer be listed on the New York Stock Exchange. Advisors Evercore and Goldman Sachs & Co. LLC are acting as financial advisors to STORE Capital, and DLA Piper LLP (US) is acting as its legal counsel. Eastdil Secured Advisors LLC and Citigroup Global Markets Inc. are acting as financial advisors to GIC and Oak Street. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to GIC and Kirkland & Ellis LLP is acting as legal counsel to Oak Street. About STORE Capital STORE Capital is an internally managed net-lease REIT that is a leader in the acquisition, investment and management of Single Tenant Operational Real Estate, which is its target market and the inspiration for its name. STORE Capital is one of the largest and fastest growing net-lease REITs and owns a large, well-diversified portfolio that consists of investments in more than 3,000 property locations across the United States, substantially all of which are profit centers. About GIC GIC is a leading global investment firm established in 1981 to secure Singapore's financial future. As the manager of Singapore's foreign reserves, GIC takes a long-term, disciplined approach to investing, and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. The firm's long-term approach, multi-asset capabilities, and global connectivity enable them to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 1,900 people in 11 key financial cities and has investments in over 40 countries. About Oak Street, a Division of Blue Owl Oak Street, a division of Blue Owl, is a real estate investment firm focused on acquiring properties net-leased to investment grade and creditworthy tenants. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Street has $16.6 billion in assets under management as of June 30, 2022. Blue Owl is a global alternative asset manager with $119 billion in assets under management as of June 30, 2022. Anchored by a strong permanent capital base, the firm deploys private capital across Direct Lending, GP Solutions and Real Estate strategies on behalf of Institutional and Private Wealth clients. Blue Owl's flexible, consultative approach helps position the firm as a partner of choice for businesses seeking capital solutions to support their sustained growth.

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REAL ESTATE ADVICE

Douglas Elliman Expands into Basalt, Colorado

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.

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Spotlight

Self-storage operations is the hallmark of our organization. With several decades of experience in all aspects of property management, our executive team knows what it takes to build a firm foundation for each property and the foresight to make adjustments to optimize success. The CubeSmart® industry-leading third-party management program combines the following elements to grow your investment.

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