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Equity Office Daily Brief: September 14, 2016

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Daily Brief

September 14, 2016

  EquilityOffice

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GPT, TPG Enter Strategic Partnership

Commercial Property Executive

 

TPG Real Estate has acquired a 75 percent interest in a portfolio of six office assets valued at $187.5 million, from Gramercy Property Trust, and the two have formed a new partnership, Strategic Office Partners. “We see a compelling investment opportunity in...

 



BLOG & ONLINE NEWS

 

Two Real Estate Investment Companies Buy Pasadena Office Building for $16.3 Million

Pasadena Now

 

Two real estate investment companies recently purchased an office building in Pasadena, expanding their multimillion dollar businesses into the San Gabriel Valley. Graymark Capital, in partnership with Blue Vista Capital Management, purchased the 164,000-square foot building for $16.3 million, which is located...

 


Industrious raises $37 million to take on WeWork

Vator

 

Let the transformation of the traditional workspace continue. Industrious, a platform for booking month-to-month coworking spaces, today announced that it has secured a $37 million Series B round of funding led by Riverwood Capital. Industrious is a lot like another company you’ve...

 


SoCal May Soon See Conversion Of Current Big Box Retail Stores To Warehouse

GlobeSt.com

 

JLL recently released its list of top 18 distribution markets. Markets from New Jersey, to Southeast Texas, to Florida and Minneapolis made the list. In addition, five West Coast markets made the cut. In this exclusive multi-part Q&A, GlobeSt.com chats with...

 


L.A. Fundamentals Fuel Growth at CRE Firms

GlobeSt.com

 

C21 Peak Commercial has teamed with Flashman Investment Group to open a new office in Brentwood. The new office is C21 Peak Commercial’s second Los Angeles office and is part of the firm’s five-year growth plan. The firm will focus on...

 


The Office Buyer Pool Is Shrinking

GlobeSt.com

 

The office buyer pool is shrinking, according to investment sales experts at the ninth annual Allen Matkins View from the Top conference. Four experts—David Lapidus, managing director of acquisitions and development at Tishman Speyer; Devin son, principal of real estate at...

 

FULL TEXT


GPT, TPG Enter Strategic Partnership

Commercial Property Executive

 

TPG Real Estate has acquired a 75 percent interest in a portfolio of six office assets valued at $187.5 million, from Gramercy Property Trust, and the two have formed a new partnership, Strategic Office Partners.

“We see a compelling investment opportunity in the office net lease sector and believe that this portfolio of high-quality assets in strong growth markets is poised to benefit from positive fundamental trends,” Avi Banyasz, TPG Real Estate’s co-head, said in a prepared release. “We look forward to working with Gramercy, a best-in-class owner and operator, whose extensive experience in the space will prove valuable as we work together to manage and expand the platform.”

The newly formed $400 million equity partnership will be initially financed with a $200 million non-recourse secured credit facility from an institutional lender as well as equity from Gramercy Property Trust and TPG Real Estate.

The portfolio is comprised of high-quality, single-tenant net lease office assets totaling approximately one million square feet in the Los Angeles MSA, San Francisco Bay Area, the San Diego MSA, Nashville, Tenn., and Minneapolis.

“We are excited to partner with TPG Real Estate, which is a best-in-class private equity investor,” Ben Harris, Gramercy Property Trust’s president, said in the release. “Gramercy will look to leverage its extensive asset management experience from managing its own portfolio and the portfolios of third party clients to enhance the value of the platform over time.”

The portfolio had a weighted average remaining lease term of 3.6 years at closing weighted by square footage. The buildings have an average tenant tenure of more than 11 years, and half of the assets have been occupied by the original tenant since construction.

-Keith Loria

Two Real Estate Investment Companies Buy Pasadena Office Building for $16.3 Million

Pasadena Now

 

Two real estate investment companies recently purchased an office building in Pasadena, expanding their multimillion dollar businesses into the San Gabriel Valley.

Graymark Capital, in partnership with Blue Vista Capital Management, purchased the 164,000-square foot building for $16.3 million, which is located in the Northeast Pasadena submarket, according to a statement released to the media.

The building — located at 3100 New York Drive — was the headquarters of Leon Max, a Russian-American women’s luxury fashion brand founded in the Soviet Union. Graymark Capital intends to upgrade the space to fit modern standards, according to the press release. The renovation will include new lobbies, upgraded landscaping, creative interior design and outdoor amenities.

According to the media statement, Pasadena is one of the most desirable residential markets in Southern California due to its location. The property is located off the I-210 Freeway, which connects Los Angeles and the San Gabriel Valley.

Recently, Pasadena has seen an uptick of tenants related to technology and science, according to the statement released to the press. Significant tenants include 3M, Giant Magelian Telescope, Kaiser Permanente, Community Bank, Tetra Tech, Green Dot and of course, CalTech University and NASA’s Jet Propulsion Laboratory.

This specific property was an investment choice for Graymark Capital due to the quality of it and its discounted price, according to the media release. This is the company’s fourth creative office investment in Southern California over the last 15 months.

Graymark Capital — a San Francisco-based real estate investment firm that is currently worth $300 million — was founded in 2012 by CEO Brian Hecktman, Managing Director/CFO Jeff Hoppen and Vice President of Acquisitions Rick Lafranchi. It currently has seven employees which collectively have experience handling over $2 billion worth of real estate investments and developments over the last 20 years, according to the press release.

-Ron Rokhy

Industrious raises $37 million to take on WeWork

Vator

 

Let the transformation of the traditional workspace continue. Industrious, a platform for booking month-to-month coworking spaces, today announced that it has secured a $37 million Series B round of funding led by Riverwood Capital.

Industrious is a lot like another company you’ve heard of: WeWork. Like WeWork, Industrious is based in New York and has sought to capitalize on changing expectations around work and the workplace. The gig economy has given way to a new wave of freelancers in need of office space, while even traditional employers have been trading in stuffy cubicles for open floorplans. Technology has played a major part in these changes, as more powerful mobile devices have untethered workers from their desks and other traditional ways of working.Offering month-to-month contracts for its coworking spaces, Industrious says it targets everyone from freelance entrepreneurs to employees of Fortune 100 organizations. Customers today include Hyatt, Instacart, Spotify, Pinterest, Lyft, and Chipotle.But the future of work isn’t cheap. On Industrious, costs for renting vary depending on the location: in Brooklyn, for example, Industrious offers private offices starting at $700 per month and desk rentals (in a shared coworking space) from $500 per month. Still, the company doesn’t appear to be struggling to find renters, with revenue growing fivefold in the past year.

There is the looming question of how Industrious will compete with WeWork, which has raised over $1.4 billion in venture capital and has not only staked a claim in the U.S. but has already looked both internationally and at different business models for expansion. When asked how Industrious would compete, a spokesperson told me it basically comes down to a nuance in brand:“While competitors typically offer a casual environment, Industrious is targeted for the professional -- a demographic that needs a space with a higher standard of maturity, sophistication, and professional polish. With its refined aesthetics and design-oriented spaces, Industrious is where businesses go to thrive.”So perhaps an office space on Industrious features more suits and less kegs?The same spokesperson said to think of Industrious as “Caviar, not GrubHub,” which is a nod to the company’s focus on building its communities locally.“At Industrious, we treat our members the way the world’s best hotels and restaurants treat their guests,” said Rachael Gursky, Head of Hospitality at Industrious, in a prepared statement. “Doing this in a thoughtful way results in very satisfied, loyal customers.”Currently operating in 11 cities across the U.S.—including Los Angeles, Chicago, and Brooklyn—Industrious plans to use its new funding to open up new properties in a dozen other cities, including Seattle, San Francisco, and Manhattan. The company had previously raised $14 million in capital from unnamed investors. Riverwood, the newest investor in Industrious, counts Spredfast, The Melt, and Ticketfly among its existing portfolio.

-Ronny Kerr

SoCal May Soon See Conversion Of Current Big Box Retail Stores To Warehouse

GlobeSt.com

 

JLL recently released its list of top 18 distribution markets. Markets from New Jersey, to Southeast Texas, to Florida and Minneapolis made the list. In addition, five West Coast markets made the cut. In this exclusive multi-part Q&A, GlobeSt.com chats with multiple industry sources on the West Coast industrial markets including SoCal, NorCal/Reno, Mountain Region, Desert Region and Pac Northwest.

Louis Tomaselli, a JLL senior managing director, talked to us about all things SoCal below, where he says that conversion of current big box retail stores to warehouse might be on the horizon in the region.

GlobeSt.com: Please describe one factor that makes Southern California a top distribution market.

Louis Tomaselli: I think the single most important factor is that So Cal has a population of 22 Million people…roughly 60% of all California’s total population, situated in a region that is also home to two of America’s top seaports with major rail connectivity to other major markets throughout the country…our US GDP is 70% consumer driven, so that makes So Cal the most dynamic target for delivery of products today and on go forward.  And not to forget, I think CA has way more early adopters who clamor to have the latest and greatest of everything.

GlobeSt.com: What opportunities for industrial investors or tenants exist in Southern California? 

Tomaselli: Strong leasing fundamentals, strength and security of investment if you are an investor, and long term certainty of your products being available to that large and growing population base for occupiers, along with distribution capabilities to other markets.  As arguable the number 1 gateway market in the US, as long as you purchase Class A quality or occupy Class A warehouse space, you are certain to be safe….in every slow down, Class A always trades even if at a lower price, and always recovers first.

GlobeSt.com: What submarkets are hidden gem areas for distribution that many aren’t talking about?  Why should we be paying attention to them? 

Tomaselli: An excellent example is the 56 acre former Albertson’s DC site in El Monte purchased by Goodman Birtcher just a month ago…the best supply chain driven locations are based on access to ports, rail, freeways, arterials, for trailer and container transportation of all kinds…and the ability to then turn around and ship throughout the region…While El Monte is not a “known logistics or warehouse city” it is an A class location based on all these criteria.  Supply chain models don’t measure cities….

GlobeSt.com: What distribution trends will we be talking about in your market at this time next year?  

Tomaselli: I think we will see more last mile, same day, next hour delivery warehouses throughout So Cal, which is obvious, but also a possible conversion of current big box retail stores to warehouse and DC locations if and when the bricks and mortar retail value of those real estate locations becomes a burden.  I also believe that while the e-commerce facilities across So Cal are vital I think that most of the retailers have placed their bets on are doing so now and that the 1 million square feet plus segment will slow down in favor of the smaller DCs that can accommodate a broader range of users like 3 PLs and traditional warehouse DCs users.

-Natalie Dolce

L.A. Fundamentals Fuel Growth at CRE Firms

GlobeSt.com

 

C21 Peak Commercial has teamed with Flashman Investment Group to open a new office in Brentwood. The new office is C21 Peak Commercial’s second Los Angeles office and is part of the firm’s five-year growth plan. The firm will focus on multifamily properties in the Los Angeles market, and specifically on the Westside. While the new office is part of the firm’s strategy, it also underlines the strong fundamentals in the L.A. market. Jason Flashman will lead the new office.

“We aligned with Century 21 in 2015 with the intent to take our commercial division to another level. The new Los Angeles office in Brentwood is part of that vision to capture as much market share as we can,” Stuart Steinberg, C21 Peak Commercial’s manager and realty operations director, tells GlobeSt.com. “The Brentwood market has a great reputation and we wanted to take our brand to a level where our client base and investors will see us as active players in the market.”

The firm’s first office is in Woodland Hills, and the Steinberg and Flashman agree that having a presence on the Westside is important for the firm’s expansion. “Most of the people who own are mostly on the Westside and are able to get to our clients faster than most other people would,” Flashman tells GlobeSt.com, while Steinberg adds, “Having an office on the Westside positions us to serve a greater part of the market. The Los Angeles area as we know it has been robust, and it has been growing leaps and bounds. A good percentage of the real estate is in this market, and that is what we are trying to capture.”

The two firms only discussed aligning three months ago, but knew immediately that it was a good fit and that the two shared common interests. “Peak and Century 21 offers a high level of service that is beyond what anyone else could offer. We think that we made the best decision in choosing a company that could bring services that not many other brokerage companies can,” says Flashman, who has received multiple offers from different companies for partnership opportunities. C21 Peak Commercial was among the callers. “We sought after Jason,” admits Steinberg. “We wanted to open up in the L.A. market with a solid foundation and we were aware of Jason and his team. He has a favorable reputation in the market and a strong presence. We were very optimistic about the multifamily sector, which has been his strength. We are very selective of the people that represent our brand, and Jason’s character and enthusiasm fit out model.”

While the firm is actively looking to grow in the Los Angeles market, Steinberg and Flashman weren’t specific about its goals in terms of volume or recruiting. “We are primarily focused on multifamily, and we specialize in deals $1 million and up, and we are looking to bring a higher level of service than we did at Keller Williams,” says Flashman about his specific goals, highlighting the importance of client services at the firm.

While the economy is being watched with a magnifying glass, the Los Angeles market continues to see an influx of investors and growing firms like this one. As a result, some experts are saying that the L.A. market has a long runway ahead.

-Kelsi Maree Borland

The Office Buyer Pool Is Shrinking

GlobeSt.com

 

The office buyer pool is shrinking, according to investment sales experts at the ninth annual Allen Matkins View from the Top conference. Four experts—David Lapidus, managing director of acquisitions and development at Tishman Speyer; Devin son, principal of real estate at the Blackstone Group; James Rodgers, EVP and head of acquisitions at KBS Capital Advisors; Kevin Shannon, president of West Coast capital markets at NGKF and moderator Tony Natsis of Allen Matkins—discussed the current investment sales climate and the shift in confidence that they are seeing this late in the cycle.

“The buyer pool is down dramatically. The difference between haves and have-nots is greater,” Shannon said on the panel. “If you have a deal in Playa Vista under $250, there is a huge buyer pool. But, for most of what we are selling, it is hand-to-hand combat. The bidding is thin is that we are in the 85th month of the recovery; so, people are worried something is going to happen. This is a long recovery, and there have only been four recoveries that have gone this long.”

son, whose firm is an active seller in the market, echoed the sentiment, emphasizing that demand for quality product in A locations are still seeing tremendous demand. “There is very much a bifurcation between haves and have-nots,” he said. “There is a substantial demand for core real estate in good locations good quality, and there should be; but when you look at assets selling in other secondary markets in L.A., there continues to be bifurcation.”

On the other end of the panel, Lapidus and Rodgers were discussing the buyer’s perspective, explaining that they are still very aggressive in certain markets, but agreed that they are starting to shift their strategy and are becoming more selective. “We want to be very focused on buildings and projects in locations that are going to be competitive, and we are taking a longer-term view of assets,” says Lapidus. “We are looking for opportunities on a selective basis. We continue to be selectively bullish, and we aren’t going to secondary markets. We also expect to see fierce completion from capitalized folks.”

In terms of strategy, Lapidus says the firm is bullish on Los Angeles’ growing tech and media markets, and expects that some big leases—he mentioned Netflix in Hollywood specifically—will create excitement in the market. “We expect to see large users to entering the market and creating excitement. If you look at L.A., we feel very bullish about the city as a center for technology.”

Rodgers firm on the other hand is looking for unique opportunities in markets with above average job growth, but like Lapidus, isn’t venturing into secondary territories. “We are focused on markets where we see job growth, and we aren’t making market bets,” he says. He used the example of a value-add deal that the firm recently purchased in San Francisco. The property needed to be upgraded, but also had rents at 50% of the market rate. It was a compelling story, and the types of deals the company wants in this market. “That is a unique story, and when we were able to dig in, we went for it,” he adds. “As we proceed into the next years, we can keep our eyes open for interesting deals.”

-Kelsi Maree Borland

Daily Brief September 14, 2016 unsubscribe

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