Category: Business Blogging

Cubicles be gone—the search for office space is now trending younger, and that means more collaborative, creative space. If that space doesn’t comply, it needs to get with the program or remain empty (or withering). Quadrant Investment Properties founder Chad Cook says that his company is focused on finding office buildings that can be redeveloped into something more awesome. Case in point: The Centrum (3102 Oak Lawn, 2.6 acres at the northeast corner of Oak Lawn Avenue and Cedar Springs Road) offers deep floor plates and high ceilings as well as multiple on-site amenities, all of which are ideal for creative office space users. The renovations include a redesigned lobby and outdoor courtyards and the addition of rooftop decks and multiple food concepts. Other additions include updates to the common areas and parking garage, and a spec suite program. Chad says the collaboration with architects Merriman & Associates (exteriors) and Entos (interiors) have been very rewarding, as we can see in The Centrum’s new look. Get more information on our Bisnow partner, Quadrant Investment Properties, and take a closer look at The Centrum.

This content originally ran in Bisnow.

Growing use of the EB-5 Immigrant Investor Program has led many prominent Bay Area real estate developers to recognize it as a mainstream source of low-cost capital. It allows qualified foreign nationals a path to US permanent residency for themselves and their families by making an at-risk investment of $500k to $1M into a new business in the US, which then uses the funds to create jobs directly or indirectly. Many high-profile commercial real estate projects in California have utilized EB-5 funds in their capital raises, including the Renoir Hotel, Marriott San Jose and Hunters Point Shipyard. To ensure higher likelihood of project success, it’s crucial to assemble the right team of experts from the get-go. Collectively, the EB-5 Alliance has worked with more than 400 real estate projects using EB-5 funding to ensure each project is executed smoothly. For more information on our Bisnow partner, click here.

This content originally ran in Bisnow.

Long gone: drama-free, plain-vanilla deals, says Stewart Title DC office VP & associate senior underwriting counsel Gary Cortellessa. As the local market continues to surge, investors, particularly those from out of town, are confronting some of the subtle title intricacies to overcome (or what Gary calls “hair on the deal”) in the DC Metro market. A typical example for Stewart Title was an Old Town Alexandria waterfront project regarding water rights issues and boat basins. Another potential roadblock: the DC Tenants Opportunity to Purchase Act (TOPA), which gives residential tenants a first right of refusal. In Maryland, there are less stringent requirements to satisfy prior to the sale of a multifamily project that vary by county. There could also be issues hiding in large acreage: old restrictions still on the books that may hinder construction or development. Gary’s also been proactively helping clients make sense of the recordation tax issues and how to reduce these taxes through refinancing or amending and restating the security instrument. E-recording is helping to quicken and simplify closings in DC, Virginia and nationally. Baltimore City is trying a pilot program for e-recording (the first in Maryland). Gary sees investments in multifamily and mixed-use projects continuing to be strong so far, with assisted-living projects gaining momentum. For more information on our Bisnow partner, click here.

This content originally appeared in Bisnow.

The writing is on the wall—rather, in the viewer. Transparent House account director David Scott Van Woert says client migration towards Mobile VR (Virtual Reality) is feverish. The technology is enabling his clients to incorporate high-tech options for real estate marketing and immerse themselves in 360 degrees of 3D. The big demand answers a yearning to take the sales experience to a new level and foroverseas buyers to have a more palpable connection. R&D is on the job, dedicated to simplifying navigation, enhancing resolution, and making it even more user-friendly. Now live: the SF Shipyard VR Tour app, developed by Transparent House for The Shipyard Communities, which allows buyers to immerse themselves in a complete tour of one of the project’s properties. At Lennar’s Welcome Center: another mind-bending app that showcases the project as a working Navy shipyard in the 1950s and the project’s near-future vision, when the entire development will be completed. For more information on our Bisnow partner, click here.

This content originally ran in Bisnow.

According to the United States Department of Labor’s statistics, between 2010-2013 there have been 279 work-related fatalities in the real estate and rental/leasing sector. Emergency monitoring for lone worker safety is needed, especially in life-or-death situations. In response, Kings III Emergency Communications, which provides emergency monitoring for commercial and multifamily property managers’ tenants via emergency phones, also offers SoloProtect. It’s a monitoring system featuring simple-to-use emergency communications for those who often find themselves alone at work, such as those in leasing, sales and facilities management. The device resembles an ID badge so it’s discreet, and can be activated in a health or crime emergency, or in a dangerous situation that can quickly escalate. It opens a one-way communication with the Kings III emergency dispatch service and allows for a proper assessment of the situation. A yellow alert is also available, in which the lone worker can report whereabouts ahead of time, such as address, floor number and room number. Contrary to popular belief, most 911 call centers cannot detect location from a cellphone call. For more information on our Bisnow partner, click here.

This content originally ran in Bisnow.

Multifamily will always be a stable asset type in South Florida, but medical office building (MOB) investment opportunities are coming on strong. FIP Realty brokerRoy Faith (here with daughter Lyla and wife Sophie) tells us he’s seeing action with MOBs within the vicinity of hospitals; the investment company itself owns property in North Miami Beach next to Jackson North Medical Center as well as Aventura. Roy adds that North Miami Beach is also becoming a very big market for mixed-use development. Wynwood also continues to build its hot and trendy reputation. FIP Realty recently sold a large multifamily portfolio in northeast Dade County, which continues to be a high-demand multifamily marketplace. For more information on our Bisnow partner, click here.

This content originally appeared in Bisnow.

The race to woo clients and reward employees continues to intensify. Sports Shares exec Anne Murlowski tells us that this private-membership club offers exclusive member access at luxury suites in top venues for the most sought-after events. What this means: You don’t have to buy season tickets for one specific sports season or be confined to one suite or even one city. Instead, Sports Shares offers a portfolio of suites with per-seat access to events and games in many places. Yep, a la carte. Right now, the club is based in three markets: Atlanta, Denver and Dallas/Fort Worth, but its SuiteHop program allows for access to big-market suites nationwide (think Airbnb); the SuiteFlex membership requires no upfront commitment but a choice of events, locations and suite types. Packages include catering, VIP parking and more. For more information on our Bisnow partner, click here.

This content originally ran in Bisnow.

The middle market of the hospitality sector is on fire, with an eye toward cooler, hipper renovations, says AVRP Studios partner Chris Veum. He says that the urge toappeal to Millennials is lighting up like crazy, and even Class-B office buildings are breaking down the oppressive cubicle walls in exchange for funkier, more flexible collaborative and huddle space. A recurring client request for commercial interiors: retrofits; these days, it’s all about the amenities. Chris also sees a resurgence of surgery and outpatient centers, but we’ll see less of inpatient facilities (the most expensive construction of all). For more info on our Bisnow partner, click here.

This content originally ran in Bisnow.

With increasingly more people driving electric vehicles, the importance of car charging stations as an amenity is becoming a marketing reality for property owners. Since we last spoke with NRG EVgo VP Terry O’Day, the company has signed up more than 1,000 apartments in Northern California for charging. Now in Southern California, they’ve already signed up more than half of that (and counting!) through their Take Charge Program. For a limited time, NRG EVgo is wiring qualified properties to support EV charging for free. Terry says the most valuable benefit for a driver/tenant is to have reliable charging at home; of all the sustainable amenities a property owner can offer, this could be one of the most personal. For more information on our Bisnow partner’s offer, click here.

This content originally ran in Bisnow.

Plentiful housing for entry-level and mid-market professionals is still lacking, says Polaris Pacific business development VP Gina Reidinger (here with brother Kirk, co-owner of Newport Beach accounting firm Stephens, Reidinger & Beller, LLP). Take Seattle, for example: the tech industry is exploding there, and yet not a lot of affordable housing inventory. Gina adds that one of the biggest challenges for developers and their financial partners is construction costs, so it’s difficult to get some of these deals to materialize. Trends Gina sees include smart homes featuring not-yet-available amenities that can be wired into the design of the development for future use. Locally, she’s also seeing Oakland starting to truly evolve; nationally, Millennials and Gen Xers continue to prefer living/working/playing in the urban core. Boomers like this set-up too, but with larger floor plates and awesome amenities. Hoteliers are paying attention, with new and innovative brands that are appealing specifically to different age groups. Gina says Polaris Pacific is always looking to partner and bring partnerships to the table; having a land division gives them an extra edge against competitors. For more information on our Bisnow partner, click here.

This content originally appeared in Bisnow.

Since the recession rebound, vendor manpower, capacity and availability have become an increasing concern. IMC Construction CEO Rob Cottone (here with wife Trish at IMC’s 40th anniversary holiday gala at the King of Prussia Mall Connector Project) feels that, in time, the market will reach equilibrium, since there is such high demand right now while vendor supply is lower. Rob predicts that rates are going to increase, and as a result, more people are going to return back or enter into the industry. Rob also sees the next two years being a rosy picture for construction and real estate in the Mid-Atlantic region. Philly, however, is lacking consistent, year-after-year growth, compared to New York and DC. Multifamily is extremely prevalent in terms of the number of units proposed and under construction, but Rob believes a bubble is happening: too much product being put on line, too quickly. Right now, an approximate $400M backlog is going to happen over the next two years. Construction is a lagging economic indicator, particularly commercial construction. It takes a good year or two to build many of the larger projects. Rob, who started at IMC as a project manager, says the company views itself in a consulting capacity, while managing building projects and addressing pain points. For more information on our Bisnow partner, click here.

This content originally appeared in Bisnow.