Ian Miller’s Post

SALE Learn More: https://lnkd.in/eawa7VHC IMAGE: Albert Fitch, Kevin Bramhall & Steven M. DATE: 08/29/2024 ADDRESS: 5126 West Cypress Street MARKET: Tampa ASSET TYPE: Industrial BUYER: Steven Millstein, Albert Fitch & Kevin Bramhall - The STRO Companies ; KRE Group SELLER: Thomas Clarke SALE PRICE: $2,600,000 SF: 19,000 ~ PPSF: $136 NOTE FROM BUYER: A partnership consisting The STRO Companies (“STRO”) and KRE Group announced their recent off-market acquisition of 5126 West Cypress Street in Tampa, Florida. Located in Tampa’s Airport submarket, 5126 West Cypress Street is approximately 19,000 square feet with 17’ clear ceilings, and 11 load docks. The property is extremely unique and desirable due to its superior loading, proximity to Tampa International Airport and the Tampa Central Business District, and access to I-275, I-4 and other major transportation routes. “5126 West Cypress is a very unique building that we are thrilled to have as part of our portfolio, because of its centralized infill location, considerable loading capabilities and premier access to infrastructure in a core Florida market” said Kevin Bramhall, STRO’s Director of Southeast Acquisitions. “We are appreciative of the Sellers for their speed of execution to complete this transaction.” The off-market transaction was facilitated in-house by Albert Fitch and Kevin Bramhall of The STRO Companies. Jonathan Kushner, President of KRE Group, said "Partnering with STRO in Tampa represents a strategic addition to our portfolio, reinforcing our commitment to well-positioned assets in key logistics markets. The property’s central location and strong transportation links offer significant value for tenants, making it an ideal investment as we continue to expand our presence in Florida and doing so with the Milstein-run STRO Company.” In announcing this transaction, STRO also noted that the building is immediately available for lease and is being marketed by Jessica Mizrahi and Julia Silva of Lee & Associates – Tampa. #Miami #RealEstate #tradedmia #MIA #TradedPartner #Tampa #Industrial #ThomasClarke #StevenMillstein #AlbertFitch #KevinBramhall #TheSTROCompanies #KREGroup

So many questions and keen to see what the Competition and Markets Authority (CMA) have say about this merger. Will this increase the supply of new homes or do Barratt Redrow become too big to fail? I believe it to be the latter and quite a shrewd move. #property #propertydevelopment #housebuilding

I took the time to compile all available self-storage REIT occupancies: Same Store, Non-Same Store, New Acquisitions & Developed (in-lease up), JVs. The weighted avg SF occ of 9,789 is 87% occupied. That data set is excluding 1,362 stores, predominantly third-party managed deals, where no occupancy data was available. Very interesting to see how the different REITs bifurcate same store data, and the occupancies available. They all have various methods.

RioCan Real Estate Investment Trust completed $157.1 million of acquisitions in the first quarter of 2024, reported Connect CRE. "The acquisition amount includes a $40.9-million deferred density payment, to be paid as various development milestones are met, said RioCan in a news release accompanying the REIT’s quarterly report." "Toronto-based RioCan said it also leased out 1.33 million square feet of space, including 482,000 sf tied to new deals. The leases include several grocery tenancies." "Meanwhile, the REIT re-leased six of 10 locations that were vacated due to two tenants’ business failures in the previous quarter. RioCan did not identify the tenants but they were known to be Bad Boy Furniture and rooms + spaces." https://lnkd.in/d_zur26u #canada #retail #leasing #sales

I decoupled 3PM occupancies from a REIT's historical financials. No crazy insights, just interesting to see. The reason for the spread of occupancy is because many of the 3PM deals are in lease up. Nothing irregular to note. IMO, the most interesting takeaway is the uptick of 3PM store count AFTER any mergers. Maybe some of those were lingering 3PM accounts from the merger last year, but what I'm looking for these next few quarters is the increased volume of 3PM sites. I think we're going to see even more 3PM deals per quarter going to REITs due to the broader market's reliance on their achieved rate data. That's one of the upsides after nearly doubling your market presence. Edit: worth noting the occupancy line starts at 60%, so the spread isn’t too crazy. I also think the 3PM vacancy is more reflective of the occupancy you’ll find in the market… REITs simply don’t have a lot of properties they own in lease-up due to the size of their existing portfolio.

Shopoff is gearing up for another busy year! Thank you Orange County Business Journal for featuring our President and CEO, Bill Shopoff in your latest publication. Learn more about our recent accomplishments, and what is expected for the new year, by clicking the link below: #commercialrealestate #realestateinvestment #acquisitions #ocbj *See important disclosures in bio

Which markets stood out in Q1 of 2024 for off-market SFR acquisitions by institutional owners? What are the expected returns for off-market properties compared to those listed on the MLS? Discover all the insights in our first quarterly report: Q1 2024 – Single Family Rental Off-Market Acquisitions: Top Markets for Institutional Owners. Dive into the full report and uncover how insights on off-market acquisitions can empower you to make more informed and strategic decisions in your market in 2024, with Zorba (YC W22). #SFRInvesting #RealEstate #MarketInsights #Zorba #InstitutionalInvesting 

Realty Income plans to acquire Spirit Realty Capital in an all-stock deal valued at $9.3 billion. This acquisition is expected to significantly boost Realty Income's position, making it the fourth-largest REIT on the S&P 500 with an enterprise value of $63 billion. The merger aims to enhance growth, diversify portfolios, and consolidate the net-lease market. It will not require external capital, and cost savings are estimated at around $50 million in general and administrative expenses. The deal would result in: - overlapping top clients/tenants - increase annual rental income ($3.8B to $4.5B) - diversify industry sectors - particularly in convenience stores and industrial properties. Spirit Realty's CEO sees this acquisition as a culmination of efforts to enhance their assets and financial standing, offering immediate value to shareholders. Once closed, Realty Income and Spirit shareholders will own 87% and 13%, respectively, of the combined entity, subject to approval from Spirit shareholders and certain closing conditions. There's a provision allowing Spirit to explore other offers within 45 days, with associated breakup fees (~$93M). This comes after acquiring VEREIT in 2021, and some notable acquisitions in 2022 including a stake in the Bellagio Las Vegas for $950 million, the $1.7 billion sale-leaseback of Wynne's hotel and casino near Boston, and $1 billion investment focused on the emerging trend of vertical farming and lining up a loan earlier this year to bank on future real estate investments. As transaction volume has been muted relative to the past few years - it will be interesting to see if more consolidations occur within the REIT space. Feel free to leave your thoughts below.

The UK’s biggest housebuilder, Barratt Developments plc is planning to buy the rival Redrow in a deal worth more than £2.5 billion. The two companies had reached an agreement over an all-share offer from Barratt, cementing its position as the country’s largest house builder! Barrett is the UK’s biggest housebuilder measured by the number of houses built, while rival Taylor Wimpey has the largest market capitalisation. #taylorwimpey #housebuilding #housebuilder #redrow #barratt #housing #construction #propertyinvestment #growthstrategy #potential #futuregrowth #ukeconomy #commercialproperty #buildings #sale #acquisitions #redevelopment #constructionjobs #commercial #newhomes #innovation #propertydeveloper #propertydevelopment #residentialconstruction #property #city #investment #development #commercialrealestate #ukrealestate #ukpropertymarket #realestate #investing

Check out this #CaseStudy about a recent closing! $2,200,000 | 1412 Franklin Avenue & 1359 Webster Avenue, Bronx, NY The properties at 1412 Franklin Avenue & 1359 Webster Avenue, Bronx, NY, sold for $2,200,000. These two walk-up buildings, comprising 29 apartments across 19,688 square feet, underscore the market's recognition of their potential. With a price per square foot of $111.74 and a price per unit of $75,862, the sale demonstrates strong interest in well-located, versatile properties. The impressive cap rate of 8.73% and GRM of 6.4x further highlight the investment potential of these urban multi-functional assets. Facilitating this transaction, Rosewood Realty Group leveraged their profound market insight and extensive network, ensuring a smooth and efficient process. Their adept handling of the deal underscores the growing trend of investing in mixed-use buildings, reflecting the market's acknowledgment of their high value and promising returns. Contact our team: Aaron Jungreis at aaron@rosewoodrg.com Ben Khakshoor at ben@rosewoodrg.com Reouven Elharar Elharar at relharar@rosewoodrg.com To work with us or for more information, email us at info@rosewoodrealtygroup.com. #rosewoodrealtygroup #rosewoodrealty #competitive #advantage #newyork #commercialrealestate #nycCRE #acquisitions #realestate #NYC #NYRealEstate #multifamily #mixeduse #industrial #office #retail #Rosewood #RealEstate #newyorkCRE #CRE #NYCCRE #NYCRE #development #BRONX #BronxNY #closed #deals