Tag - commercial real estate

Hunt Mortgage Group Enters Commercial Real Estate Loan Securitization Arena

Hunt Mortgage Group Enters Commercial Real Estate Loan Securitization Arena

NEW YORK/ August 18, 2017 (PRN)(StlRealEstate.News) — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today the closing of its first commercial real estate collateralized loan obligation (CRE-CLO),  Hunt CRE 2017-FL1.

“This is a major milestone for Hunt Mortgage Group as it provides the Company with a predictable and stable source of long-term non-recourse balance sheet financing which will serve to supplement our existing warehouse lines,” commented James Flynn, President and Chief Investment Officer at Hunt Mortgage Group.

The transaction will finance approximately $350 million of Hunt Mortgage Group-originated floating rate bridge loans.  Approximately $291 million of investment-grade notes were sold to 15 different institutional investors, with the company retaining the first loss non-investment grade piece of just under 17%.

The CLO provides for a replenishment period for primarily multifamily assets, giving the asset manager, Hunt Investment Management the ability to replace collateral with qualifying Hunt Mortgage Group loans as existing deals mature or pay-off.

The securitization effort was led internally by the head of the Company’s proprietary lending business, Mike Becktel, Managing Director at Hunt Mortgage Group. “We were very pleased with the execution, and believe the levels achieved are a clear reflection of the strength of the collateral as well as the overall platform,” noted Becktel.

About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 198 professionals in 24 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.

SOURCE: Hunt Mortgage Group

Commercial Real Estate Industry Uniting to Operate Marketing Alliance

Commercial Real Estate Industry Uniting to Operate Marketing Alliance

MIAMI/ August 16, 2017 (PRN) (StlRealEstate.News) — Implementing a retailer-quality digital marketing strategy to drive traffic to vacant commercial space seems like an obvious plan, until you consider the cost.  Executing strategies similar to those of hotels, airlines and online retailers get expensive quickly.  Most commercial real estate brokers and landlords do not have enough inventory to justify the high cost for their own separate campaigns.  However, by combining their marketing dollars, putting their listings on one website, and spending money to drive a highly targeted audience to that website; the group could very likely operate the most heavily trafficked website in the industry and do so quickly. The proof of concept project, Space Shifter (www.spaceshifter.com), has quietly been performing extremely well in Florida for several years and is well positioned to launch nationwide at the drop of a hat.

This vision has gotten a significant amount of attention from commercial real estate industry innovators as the industry looks for ways to streamline costs, fill vacancies more efficiently and brokers strive to differentiate themselves from their competitors.

The plan from inception was to hand Space Shifter over to an existing commercial real estate trade association as a strategic exclusive member benefit and non-dues revenue source. However, the initiative is receiving strong interest from third party association management firms who see the huge opportunity and have the capital to significantly accelerate its expansion.  Additionally, private equity sees the dollars that could be made from advertising and subscriptions.

The founders of the movement prefer to keep it a not for profit entity, but are willing to listen to all proposals. Their vision is for the first 30% of revenue to go towards hosting, improving and growing the platform. The next 50% of revenue goes directly to funding the digital marketing strategy driving highly targeted traffic to the alliance’s listings. The remaining 20% will be donated to charities.

The platform is empowering the brokers and landlords to easily and cost effectively harness the power of the internet to drive eyeballs to their listings. The group markets their available spaces directly to commercial real estate decision-makers. Imagine being a smaller brokerage firm and being able to pitch the largest landlord listings due to this competitive advantage.

Other engaging features are in various stages of development making the website a vast ecosystem where landlords and brokers can engage with prospective tenants and buyers. “The website brings the new car buying and research experience to commercial real estate. Prospects will engage with our alliance online and ultimately hire a member when they are ready to hit the market,” states one of the innovators.

The leaders still have decisions to make. Does it limit the number of members or open it to everyone? Stick with the not for profit idea or hand it over to an existing company to monetize? Or is strategic cooperation within a highly competitive industry still ahead of its time? Only time will tell.

SOURCE: Space Shifter

Retail market still struggling in St. Louis

Retail market still struggling in St. Louis

ST. LOUIS, MO/August 14, 2017 (STLRealEstate.News) It’s more of the same for the St. Louis retail market as numbers come in regarding the second quarter of 2017. According to the Gershman Commercial Real Estate company, the numbers look exactly the same. That’s good news, said the real estate firm, ending the second quarter with a solid vacancy rate of 5.3 percent. It’s barely a change from the 5.2 percent vacancy rate that the market witnessed at the end of the first quarter.

Looking at additional data, the market’s absorption rate remained flat, too. Gershman went onto confirm that St. Louis retail markets saw the absorption of negative 23,167-square-feet during the quarter, which was compared to 275,654-square-feet of positive absorption during the first quarter of 2017.

When reflecting on rental rates, retail rents rose during the second quarter, but not by a substantial amount. Gershman also reported that rental rates in the St. Louis market rose at the end of the second quarter to $12.19 per square foot. That compares to $12.15 per square foot at the beginning of 2017. Considering the prime real estate rental rates and the increasing demand for space in St. Louis, that rental rate change is not as bad as was expected.

Moving onto construction, it remained rather limited as well in the retail market. Only seven buildings totaling 72,979 square feet were delivered in the St. Louis retail market during the second quarter. That number included a 30,000-square-foot building at 10820 Manchester Road, which is totally occupied by CVS at this time. Construction crews were still busy, nonetheless, with Gershman reporting that there as 482,605-square-feet of retail space under construction in the St. Louis market at the end of the quarter, including Shoppes of Mid Rivers, which will bring 270,000-square-feet in the St. Charles sub-market by the end of the year.

High-end Update For Conway Business Center

High-end Update For Conway Business Center

ST. LOUIS/ Aug. 10, 2017 (PRN) (StlRealEstate.News) — Intelica CRE, a commercial real estate services company, worked on behalf of real estate investment firm Bamboo Equity Partners to re-position an office complex at 15455 Conway in Chesterfield, MO, as a Class A property. Bamboo Equity Partners acquired the building in 2015 with the goal of creating a high-end commercial space that would attract tenants seeking access to interstate Highway 64 and the Chesterfield Valley, a high-growth commercial district in St. Louis County.

The building’s low occupancy rate and out-dated features made it a prime opportunity for Bamboo. “We look for buildings with potential,” said Dan Dokovic, a principal at Bamboo. “Conway was an under-utilized property. We relied on Intelica to manage the construction and ultimately increase the occupancy rate. We achieved our goal of creating value.” As of 2017, 15455 Conway boasts nearly full occupancy, and several tenants impressed with the space have requested additional build-outs.

Current tenants include Solid Gold Pet, Broda Seating, Resolutions Title and Property Asset Management. Solid Gold Pet enjoys a patio space for outdoor meetings, a large-scale wall mural with a pet theme, and a modern kitchen design. “We needed the space to reflect our business in a unique way,” said President/CEO Bob Rubin. “We wanted our employees to love coming to work. Intelica helped us do that.”

“It’s clear the high-end finish and the care taken with this project have made a difference,” said Molly Studer, Director of Property Management for Intelica, in a recent interview. Improvements made to the building include an energy retrofit, the installation of LED lighting and a digital directory. Intelica engaged its full complement of services for the project, including construction management, design, brokerage and property management.

According to Joel Meyer, a broker with Intelica CRE, the building’s showpiece is its lobby, a large atrium with a white marble floor and prodigious natural light that pours in through two-story windows. “Everybody is amazed by the lobby,” said Meyer. “The building had been completely transformed. It fills me with a sense of pride every time I see it.”

Bamboo Equity Partners pursues a value-added strategy for property transactions ranging from $1mm-$10mm. Since 2011, their team of well-versed real estate professionals has worked with pension funds, advisors, high net worth individuals, endowments and sovereign wealth funds. Visit www.bambooequity.com for more information.

Intelica CRE is a full-service independent commercial real estate firm founded in St. Louis, MO. Based on the premise of intellectual capital, Intelica’s services include brokerage services, property management, and client-specific strategic advisory services to owners, investors, and users of commercial real estate. Visit www.intelicacre.com for more information.

SOURCE: Intelica CRE

First Live Interview with Bob Goldberg, the New CEO of the National Association of Realtors®

First Live Interview with Bob Goldberg, the New CEO of the National Association of Realtors®

MOUNTAIN VIEW, Calif./ Aug. 10, 2017 (PRN) (StlRealEstate.News) — For the first time ever, Bob Goldberg, the new CEO of the National Association of Realtors®, will answer questions via live video about the issues that are top of mind for the real estate industry.

You are invited to attend this exclusive Facebook Live event on Tuesday, August 15 at 3 pm Eastern, 12 pm Pacific. It will be moderated by Andrew Flachner, Co-Founder and CEO of RealScout (http://www.realscout.com/).

REALTORS® and brokers, let your voice be heard! Goldberg will field questions directly from you about the issues that matter most. Submit questions prior to the event on Facebook, Twitter and LinkedIn with hashtag #AskBobNAR.

Goldberg is NAR’s first new CEO in 36 years. After taking the helm on August 1, this will be the first chance you can personally connect with him about the issues most important to you.

“As a graduate of the NAR REach® program, RealScout believes REALTORS® are critical to the success of our industry,” said Flachner. “We are excited to connect Goldberg’s vision directly to the real estate community.”

About RealScout
RealScout provides the only technology that enables brokerages to benefit from their buyer data from leads to close. With RealScout, real estate professionals can capture buyer attention, collect buyer data and close more deals, more profitably. Industry-best listing alert and home search experiences ensure buyers remain on a platform brokerages control, preventing the leakage of valuable buyer data to third parties. RealScout is funded by DCM and Formation 8, and is a graduate of the NAR REach® program. For more information visit www.RealScout.com.

About NAR
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries. For more information visit www.Realtor.org.

SOURCE: RealScout

 

Another set of owners for the Chesterfield Mall

Another set of owners for the Chesterfield Mall

CHESTERFIELD, MO/August 7, 2017 (STLRealEstate.News) The Chesterfield Mall hasn’t had an easy last few years. Like most American malls, it’s hanging on for dear life. This week, the Chesterfield Malls’ lender finalized foreclosure on the shopping center, and the struggling property that remains open will soon be placed up for sale – again.

City officials met with an executive of mall owner C-III Capital Partners at the end of June to discuss plans to place the mall up for sale after 90-days. They predicted it will likely be turned into a mixed-use property after it’s sold, said Libbey Malberg-Tucker, Chesterfield’s economic development director.

Prior to the new ownership announcement, Chesterfield Mall was placed in receivership in August after C-III sued the mall’s previous owner CBL & Associations Properties, alleging CBL defaulted on repayment of a $140 million loan. Following that, the foreclosure became official on June 27, 2017, making C-III the new owner until the real estate investment company with offices in New York and Texas could sell the property. Fast-forwarding to right now, experts are predicting that they are likely going to sell the property.

“They will ultimately sell it,” Tucker reported to the St. Louis Post-Dispatch. “They plan to put it out to market for one month with a call for offers.” A spokesman for C-III decline to comment on the deal at this time.

Though it’s fairly uncertain at this time what the mall’s future holds, Tucker stated that I’s highly unlikely to remain an enclosed shopping center. “We know it can’t remain all retail, and we’re open to it becoming a mixed-use development. Whether that’s office, hotel, living space, all of those things we’d embrace,” said Tucker.

Tucker went onto state that Chesterfield would consider some incentives for a redevelopment of the property, including a Transportation Development District. No requests or suggestions have been submitted to city officials at this time.

Realtors® Report Finds 11 Percent Increase in Commercial Member Income, 19 Percent Increase in Sales Transaction Volume

Realtors® Report Finds 11 Percent Increase in Commercial Member Income, 19 Percent Increase in Sales Transaction Volume

WASHINGTON/ Aug. 2, 2017 (StlRealEstate.News) — Commercial real estate markets continue to improve, with Realtors® specializing in commercial real estate reporting both an increase in member’s gross income and sales volume, according to the National Association of Realtors® 2017 Commercial Member Profile.

The annual study’s results represent Realtors®, members of NAR, who conduct all or part of their business in commercial sales, leasing, brokerage and development for land, office and industrial space, multifamily and retail buildings, as well as property management.

“There has been an uptick in Realtor® members who choose to specialize in commercial real estate at the same time as commercial professionals report improvements in the market and their business activity,” said 2017 NAR President William E. Brown, a Realtor® from Alamo, California. “A stronger commercial market is a good indicator of a growing economy, so the outlook is positive for commercial members in the year ahead.”

The median gross annual income for commercial members in 2016 was $120,800, an increase from $108,800 in 2015. Brokers and appraisers tend to report the highest median annual incomes, while sales agents report the lowest among licensees. Those with less than two years of experience reported a median annual income of $31,500 in 2016, down from $43,400 in 2015; members with more than 26 years of experience reported a median annual income of $162,200 in 2016, down from $165,400 in 2015.

Commercial members completed a median of eight sales transactions in 2016, a decrease of one since 2015. A quarter of commercial members reported having one to four transactions, and 27 percent reported having more than 20 transactions.

While the number of transactions decreased slightly in 2016, the sales volume increased again this year. The median sales transaction volume in 2016 among members who had a transaction was $3,500,000, an increase from $2,931,000 in 2015. Only 7 percent of commercial members reported not having a transaction at all, which decreased from 8 percent in 2015.

The median years of experience in real estate increased to 24 years in 2017, up from 20 years in 2016, as did the median years of experience of members in commercial real estate – up from 15 years in 2016 to 19 years in 2017.

Forty-seven percent of NAR’s commercial members are brokers, and 30 percent are licensed sales agents, consistent with last year. Seventeen percent of commercial members have a broker-associate license while appraisal license holders account for 5 percent, also consistent with last year.

The median age of commercial members remained the same as last year, at 60 years old. Almost three out of four commercial members are male, identical to last year’s results. Men reported being active in any real estate capacity for a median of 25 years and in commercial real estate for a median of 20 years, the same as last year. Women have been active in real estate for a median of 19 years (up from 14 years last year) and in commercial real estate for a median of 15 years (up from 11 years last year).

Commercial members who manage properties typically managed 82,000 total square feet, representing 15 total spaces, up from 50,000 square feet and 17 spaces in 2015. Those who manage offices typically managed 25,000 total office square feet, representing seven total offices, up from 20,000 office square feet and five offices last year.

Thirty-three percent of commercial members were involved in international transactions in 2016, down 2 percent from 2015. Eighteen percent of commercial members reported an increase in international transactions, while only 1 percent had a decrease.

Sixty-five percent (up from 60 percent in 2016) of respondents are members of any of several commercial affiliated institutes, councils, or societies. These commercial organizations include the CCIM Institute, the Institute of Real Estate Management, the Counselors of Real Estate, the Realtors® Land Institute and the Society of Industrial and Office Realtors®.

In June 2017, NAR invited a random sample of 64,147 Realtors® with an interest in commercial real estate to fill out an on-line survey. A total of 1,926 responses were received for an overall response rate of 3.0 percent. All information in this report is representative of member characteristics in 2017 while sales and lease transaction values and income are characteristic of calendar year 2016.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the “News, Blogs and Video” tab on the website. 

SOURCE: National Association of Realtors

 

Real Estate Firm New York Residence, Inc. Visits Italy and Croatia

Real Estate Firm New York Residence, Inc. Visits Italy and Croatia

NEW YORK/ Aug. 1, 2017 (StlRealEstate.News) — New York Residence, Inc., a world-renowned real estate brokerage firm, is pleased to announce that Mr. Richard Pino, Chief Financial Officer and Associate Broker, will be traveling to Italy and Croatia from August 24th through September 10, 2017 to meet with customers.

Mr. Richard Pino said this is his third trip to Italy and Croatia, and his second trip within the past year, to meet with existing and new customers. Over the last decade, Mr. Pino has traveled to Columbia, Panama, China, Hong Kong, Russia, and Ireland to meet with customers and represent New York Residence at international trade shows.

Richard added, “Real estate brokerage is still a relationship business. Real estate professionals need to be willing to travel to meet with customers at their request. Customers can easily find information by surfing many third party real estate websites, but in-person and phone communication is still the most important interaction to educate customers about potential real estate acquisitions.”

Further, Richard believes the strong Euro has produced an uptick in inquiries about investing in New York. The Euro has increased against the US dollar from a €1.05 in January to €1.18 as of today, August 1st. The strong Euro provides an opportunity for Europeans to purchase a property at a discount using the strong conversion rate.

New York Residence has ranked within the top five of Manhattan boutique real estate firms for the past three years, 2014-2016. In addition, New York Residence was ranked number 20 in closed transactions amongst all firm sizes. The 2016 independent ranking charts and articles can be seen in the May 2016, issue of The Real Deal, an industry real estate publication.

New York Residence is a real estate brokerage firm specializing in residential, commercial, and investment property sales and rentals to domestic and international buyers. It maintains five offices in New York, with international offices located in Korea, Seoul, and Singapore. New York Residence’ corporate headquarters is located at 1501 Broadway, 26th floor, in the iconic Paramount Building in the heart of Times Square.

SOURCE: New York Residence, Inc

JLL Income Property Trust Acquires Premier Suburban Atlanta Apartments

JLL Income Property Trust Acquires Premier Suburban Atlanta Apartments

CHICAGO/ Aug. 1, 2017 (StlRealEstate.News) — JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), today announced the acquisition of The Reserve at Johns Creek Walk, a highly amenitized 210-unit apartment complex located in the affluent Atlanta suburb of Johns Creek, which has been ranked ‘3rd Best City to Live in the United States’ by USA Today. The purchase price was approximately $47 million.

Atlanta is recognized as the economic engine of the Southeast with a population that is expected to grow by seven percent over the next five years. The Atlanta metro area ranks second out of 147 cities in LaSalle’s Regional Economic Growth Index due to a robust job and population growth outlook creating an upside for apartment demand. New apartment supply in Atlanta’s suburbs has averaged just one percent of existing stock since 2014, approximately half of the net absorption rate. This has led to growth in average annual apartment rents of over seven percent for the past three years.

The Johns Creek suburb of Atlanta features a wealthy, well-educated demographic, ranking as the 13th highest earning city in the country and one of the 10 richest in Georgia. Housing values ($421,000) and household incomes ($144,000) are nearly double Atlanta’s average. The highly desirable school system has attained LaSalle’s Gold Level ranking with a high school that is rated #2 in Georgia by Niche and #11 in Georgia by U.S. News (top two percent).

“The Reserve at Johns Creek furthers our apartment acquisition strategy of identifying suburban locations within highly rated school districts with attractive demographics and significant barriers to entry,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “This investment brings our aggregate apartment allocation to nearly $650 million, with over 2,500 total units and represents 27 percent of the value of the overall JLL Income Property Trust portfolio.”

The apartment complex is strategically situated equidistant to Georgia 400 and I-85, at the center of of Atlanta’s high-growth technology and information sectors. It is adjacent to a master-planned Technology Park with upwards of 10,000 new jobs, and is proximate to significant walkable retail spaces including six restaurants. The complex features craftsman-style architecture and a full complement of modern tenant driven amenities.

JLL Income Property Trust is an institutionally managed, daily valued perpetual life real estate investment trust (REIT) that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.

About JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily valued perpetual life real estate investment trust (REIT) that owns and manages a diversified portfolio of high quality, income-producing office, retail, industrial and apartment properties located primarily in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.

About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the JLL group and advisor to JLL Income Property Trust, is one of the world’s leading global real estate investment managers with nearly 700 employees in 17 countries worldwide and approximately $58 billion of assets under management of private and public property equity and debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, visit www.lasalle.com.

Forward Looking Statements and Future Results
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results.

SOURCE:  JLL Income Property Trust

Commercial Real Estate Platform Truss and Immersive Media Technology Company Matterport Partner to Improve the Office Search Process

Commercial Real Estate Platform Truss and Immersive Media Technology Company Matterport Partner to Improve the Office Search Process

CHICAGO and SUNNYVALE, Calif./July 18, 2017 (StlRealEstate.News) — Today Commercial Real Estate (CRE) platform Truss and immersive media and virtual reality (VR) pioneer Matterport announced their partnership to provide commercial tenants with a completely new form of immersive 3D media when touring office spaces remotely on the Truss platform. With Matterport’s state of the art technology, Truss customers will be able to experience full 3D models of properties and understand exactly what it’s like to be inside a space. With the partnership in place, Matterport’s Service Partner network of over 2,500 photographers will scan more than 2,500 additional listings.

“Our partnership with Matterport is essentially changing how people can visualize commercial properties,” said Thomas Smith, co-founder of Truss. “Spending time to physically visit office spaces that may or may not be a match is no longer the only option to search for office space. Thanks to Matterport’s sophisticated technology, we can now bring the space to tenants.”

Matterport’s new Pro2 camera offers DSLR-quality photos in addition to 3D virtual tours, VR experiences and dimensionally accurate floor plans. With the new partnership, Truss is utilizing all of the many outputs that can be created from one camera, allowing office seekers to navigate spaces and walk through them as if physically present. By providing complete information about a property in an immersive, online format, tenants shorten the deal cycle significantly.

“We’re excited to partner with Truss as they pioneer innovative ways to help companies search for office space,” said Bill Brown, CEO of Matterport. “Our end-to-end solution automates the process of capturing and creating immersive walk-throughs, enabling forward-thinking companies like Truss to deliver a superior experience to their customers.”

Today, less than 10 percent of commercial listings include an interior photo of the property and less than 50 percent have complete pricing. The Truss platform transforms the experience and empowers office seekers with total cost of occupancy, dimensioned floor plans and interior details at the very beginning of the search process.

About Truss
Truss simplifies the process of finding and renting office space. Its web and mobile platform enables businesses to go from search to lease with ease. More information about Truss and how to lease office space is available at www.buildtruss.com.

About Matterport
Headquartered in Sunnyvale, CA, Matterport is an immersive media technology company that delivers an end-to-end system for creating, modifying, distributing, and navigating immersive 3D and virtual reality (VR) versions of real-world spaces on Web, mobile devices, and VR headsets. The Matterport Pro Camera and Cloud Services make it quick and easy to turn real-world places into immersive virtual experiences.  More information about Matterport is available at www.matterport.com.

SOURCE: Matterport