REAL ESTATE ADVICE
Sklar Kirsh | June 29, 2022
Los Angeles-based law boutique Sklar Kirsh LLP announced that it has bolstered its real estate practice with the addition of Amit S. Patel, who joins the firm as a Partner.
Patel represents owners, developers, and investors in the acquisition, sale, lease, development, and financing of retail, office, commercial, industrial and residential real estate. His recent work includes oversight over the fifth largest multifamily sale in the history of U.S. real estate, worth approximately $1.85 billion and consisting of 13,243 apartments at 36 properties, 21 loan defeasances and 11 loan assumptions. An expert in portfolio transactions on behalf of industrial owners, he recently handled approximately $850 million over two sales of 26 properties.
Joining the highly successful practice chaired by firm Co-Founder Andrew T. Kirsh, Patel brings the total number of attorneys working under the firm's real estate arm to 18.
We've been expanding steadily as a firm, but our goal hasn't been to add attorneys for the sake of it - we're cultivating talent that will add value to our clients for years to come. Between Amit's thriving practice and his tireless dedication to his practice, we couldn't be happier to add him to the team."
Andrew T. Kirsh,Co-Founder
Patel additionally counsels clients in operating and tenants-in-common agreements, restructuring and buy/sell agreements and property management agreements.
Patel praised the quality and versatility of Sklar Kirsh's real estate team, which he attributed as a primary motivator for joining the team.
"I've always taken a comprehensive approach to representation, guiding clients from start to finish while looking out for them from every angle," said Patel. "It's refreshing to be practicing with a team of professionals who shares and complements that mindset."
Sklar Kirsh LLP is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy, and entertainment law as well as commercial, real estate and entertainment litigation.
REAL ESTATE TECHNOLOGY
Choice Properties Real Estate Investment Trust | June 21, 2022
Choice Properties Real Estate Investment Trust announced that it has agreed to issue, on a private placement basis in certain provinces of Canada, $500 million aggregate principal amount of series R senior unsecured debentures of the Trust that will bear interest at a rate of 6.003% per annum and will mature on June 24, 2032 (Debentures).
Offering of Debentures
The Debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotiabank. Subject to customary closing conditions, the Offering is expected to close on June 24, 2022.
The Trust intends to use the net proceeds of the Offering (i) to pay for the previously announced early redemption of Choice Properties Limited Partnership’s $300 million principal amount of 3.60% series 10 senior unsecured debentures on June 26, 2022, (ii) to repay all or a portion of the balance drawn on the Trust’s credit facility, and (iii) for general business purposes.
It is a condition of closing of the Offering that the Debentures be rated at least “BBB” (high) with a “stable” trend by DBRS Limited and at least “BBB” by Standard and Poor’s Ratings Services. The Debentures will rank equally with all other unsecured indebtedness of the Trust that has not been subordinated.
The Debentures being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Choice Properties Real Estate Investment Trust
Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.
We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.
REAL ESTATE INVESTMENT
Atlas Group LTD | June 17, 2022
Atlas Cottage Homes, a division of Atlas Group LTD, announced its plans to provide alternative affordable housing. Built to Florida code for single family homes in its manufacturing plants in Orlando, Atlas Cottages Homes range from 588 SF to 1074 sq. ft. and qualify for a 30-year mortgage.
The need for affordable family housing for Florida's workforce is critical. We are equipped to create 5000 homes in the next five years in our existing facilities, and are excited to partner with local municipalities, businesses, and investors to help make homeownership more attainable and preserve paradise in the Sunshine State."
Lincoln Hine, Founder of Atlas Group LTD and CEO of Atlas Cottage Homes
"We are meeting with key officials across the state and are grateful for the Florida House Bill 1339 which allows municipal governments to approve affordable developments like Atlas Cottage Homes on any parcel zoned for residential, commercial or industrial use," said Hine.
Atlas Cottage Homes floor plans include a one bedroom/one bathroom and two to three bedrooms/two bathrooms. The homes feature insulated walls (R-14) ceiling (R-20) and flooring (R-13); sculpted shingles or metal roof and fiber cement siding. A traditional 30-year mortgage for these affordable homes would be $700-$1600 a month, based on 20 percent down payment and current interest rates. Home buyers will pay less should they qualify for other mortgage loans (i.e., FHA, VA, Good Neighbor Next Door Loans, Florida's Hometown Heroes program). And unlike other small home concepts, Atlas Cottage Homes are foundation-based and as such, are an appreciating asset.
The Value Collection features one- and two-bedroom designs with full kitchen cabinetry, bathroom with stand up shower, toilet and sink, and built-in cabinets and storage. Other amenities include ductless air conditioning, tankless water heater, garbage disposal and vinyl flooring.
The Premier Collection features two single and one two-story home designs. These homes include one to three bedrooms, with open living spaces, smart technology, and marble kitchen countertops. Options include solar power, decks and patios, carports and garages.
Atlas Cottage Homes is in development of three planned communities with more than 400 homes sites in Florida. The developments will be placed on either deeded lots or on land lease lots. These communities may include shared amenities such as a swimming pool, a playground, and a community center.
About Atlas Community Homes
Atlas Community Homes are affordable foundation-based single-family homes that qualify for a 30-year mortgage. These homes, ranging from 588 to 1074 sq. ft., are built to Florida code standards in its facilities in Orlando, FL. The Value Collection is one- and two-bedroom designs and the Premier Collection is one to three bedrooms designs, including a two-story home.
About Atlas Group
Founded by Lincoln Hine, Atlas Group LTD is an investment-focused and impact-driven company based in Palm Beach, FL. The company's holdings include real estate, finance, construction, manufacturing, hospitality and recruiting.
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.