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{
"id": "873500326",
"title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
"url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
"duration": 3778,
"segments": [
{
"start": 8.88,
"end": 13.46,
"text": "Hello and welcome to episode number 9 of RENT TV's commercial real estate news and views"
},
{
"start": 13.46,
"end": 17.76,
"text": "podcast with Steve Blum on August 10th, 2020."
},
{
"start": 17.76,
"end": 23.22,
"text": "I'm Steve Blum, your host and founder and CEO of RENT TV.com, our news and media company"
},
{
"start": 23.22,
"end": 25.58,
"text": "for the commercial real estate industry."
},
{
"start": 25.58,
"end": 30.78,
"text": "Now in our 21st year providing daily news stories, market reports and more for the commercial"
},
{
"start": 30.78,
"end": 35.82,
"text": "real estate industry on our website, RENT TV.com, and our email newsletter, The Real"
},
{
"start": 35.82,
"end": 41.18,
"text": "Estate Insider goes to over 60,000 commercial real estate professionals three times each"
},
{
"start": 41.18,
"end": 42.18,
"text": "week."
},
{
"start": 42.18,
"end": 46.06,
"text": "We were also putting on conferences before the pandemic hit, and we have produced our"
},
{
"start": 46.06,
"end": 50.38,
"text": "share of videos over the years while also broadcasting videos from other commercial"
},
{
"start": 50.38,
"end": 54.54,
"text": "real estate companies on our website, RENT TV.com."
},
{
"start": 54.54,
"end": 59.26,
"text": "And thank you for tuning into our new episode of our weekly podcast, RENT TV's commercial"
},
{
"start": 59.26,
"end": 64.5,
"text": "real estate news and views, a brand new news program for our incredibly dynamic and ever"
},
{
"start": 64.5,
"end": 66.14,
"text": "changing industry."
},
{
"start": 66.14,
"end": 71.1,
"text": "In these shows, streaming to you from the heart of Silicon Beach and Marina del Rey, I will"
},
{
"start": 71.1,
"end": 76.5,
"text": "give you my take on recent national and western region issues, store and stories, followed"
},
{
"start": 76.5,
"end": 80.38,
"text": "by a review of major deal and development news from around the US."
},
{
"start": 80.38,
"end": 85.34,
"text": "I will then touch on tech news in our tech drive segment, and then I will discuss recent"
},
{
"start": 85.34,
"end": 91.46,
"text": "and upcoming podcasts, webinars, events and recordings of interest in our power segment."
},
{
"start": 91.46,
"end": 95.86,
"text": "Hopefully you like what you hear, it is my goal to make this show a profitable use of"
},
{
"start": 95.86,
"end": 97.26,
"text": "your time."
},
{
"start": 97.26,
"end": 101.54,
"text": "And I am confident we will accomplish that today, as we have put together a show packed"
},
{
"start": 101.54,
"end": 104.74,
"text": "full of industry information that could help your business."
},
{
"start": 104.74,
"end": 109.06,
"text": "But before I start with the industry wide news and reports segment, I want to give a"
},
{
"start": 109.06,
"end": 115.02,
"text": "huge thanks to our very first podcast sponsors, Capitol Rivers Commercial and Redwood Mortgage,"
},
{
"start": 115.02,
"end": 117.74,
"text": "who I will tell you about more later in the show."
},
{
"start": 117.74,
"end": 122.14,
"text": "I also again want to thank all of those who sent the very positive feedback about our"
},
{
"start": 122.14,
"end": 128.02,
"text": "new podcast, and to those who sent constructive comments, which I do listen to as we try to"
},
{
"start": 128.02,
"end": 134.98,
"text": "craft this podcast to best serve our audience of very busy real estate professionals."
},
{
"start": 134.98,
"end": 139.78,
"text": "So let's get into this show, which I start with the industry market report segment and"
},
{
"start": 139.78,
"end": 144.14,
"text": "I am taping the show against the backdrop of news, which includes Congress still not"
},
{
"start": 144.14,
"end": 147.74,
"text": "passing the next stimulus bill, which many need to pay rent this month."
},
{
"start": 147.74,
"end": 151.18,
"text": "I know many multifamily owners are focused on that."
},
{
"start": 151.18,
"end": 157.5,
"text": "But on a positive economic news front, there is the just announced improved national employment"
},
{
"start": 157.5,
"end": 163.54,
"text": "report showing the US adding a higher than expected 1.8 million jobs in July, bringing"
},
{
"start": 163.54,
"end": 169.66,
"text": "the unemployment rate down to 10.2%, which is much better than the peak of around 15%"
},
{
"start": 169.66,
"end": 173.98,
"text": "just after the pandemic hit, but still not even halfway back from the total number"
},
{
"start": 173.98,
"end": 178.02,
"text": "of jobs lost as a result of shutting down the economy."
},
{
"start": 178.02,
"end": 182.34,
"text": "Now I suspect much of the improvement in the jobs number was in the service sector, since"
},
{
"start": 182.34,
"end": 187.58,
"text": "a brief email report we received from Wells Fargo economics noted that the service sector"
},
{
"start": 187.58,
"end": 193.7,
"text": "expanded in July despite rising virus cases and outbreaks, noting that the service sector"
},
{
"start": 193.7,
"end": 199.3,
"text": "woke up from hibernation with a huge share of businesses seeking a pick seeing a pickup"
},
{
"start": 199.3,
"end": 200.3,
"text": "in activity."
},
{
"start": 200.3,
"end": 205.34,
"text": "However, office owners shouldn't share too much since the report noted that service providers"
},
{
"start": 205.34,
"end": 209.7,
"text": "are not yet ready to bring back their full staff to their offices, especially with the"
},
{
"start": 209.7,
"end": 212.62,
"text": "recent uptick in COVID cases."
},
{
"start": 212.62,
"end": 216.86,
"text": "Next I'll tell you about specific commercial real estate reports and these days it's"
},
{
"start": 216.86,
"end": 220.8,
"text": "all about the effects of COVID on various real estate sectors."
},
{
"start": 220.8,
"end": 224.46,
"text": "And this week I have a few new reports to summarize for you starting with an industry"
},
{
"start": 224.46,
"end": 230.12,
"text": "wide survey by NAAP, the National Association of Industrial and Office Properties, the trade"
},
{
"start": 230.12,
"end": 235.9,
"text": "group mainly comprised of developers and investors, which did its fourth monthly survey of its"
},
{
"start": 235.9,
"end": 241.18,
"text": "US members on the impacts of COVID-19 on their businesses, which is mainly development."
},
{
"start": 241.18,
"end": 245.96,
"text": "The survey was completed between July 15th and July 20th and very interestingly most"
},
{
"start": 245.96,
"end": 251.16,
"text": "respondents said that deal activity, buying and selling actually improved across all sectors"
},
{
"start": 251.16,
"end": 252.16,
"text": "in July."
},
{
"start": 252.16,
"end": 257.7,
"text": "However, unfortunately, but not surprisingly, 50% of respondents now expect the coronavirus"
},
{
"start": 257.7,
"end": 262.22,
"text": "to impact their development business operations for more than a year."
},
{
"start": 262.22,
"end": 266.78,
"text": "NAAP's July coronavirus impact survey results found that more developers are facing delays"
},
{
"start": 266.78,
"end": 272.26,
"text": "in permitting and entitlements, financing, supply shortages and contractors declaring force"
},
{
"start": 272.26,
"end": 275.82,
"text": "majeure or filing for bankruptcy due to the pandemic."
},
{
"start": 275.82,
"end": 280.8,
"text": "The report noted the increases in disruptions is a reversal of previous trends, which it"
},
{
"start": 280.8,
"end": 285.94,
"text": "showed improving conditions for current development projects, but the persistence of the disruptions"
},
{
"start": 285.94,
"end": 290.82,
"text": "has many developers now extending expectations for the length of time COVID will affect"
},
{
"start": 290.82,
"end": 297.54,
"text": "their operations with nearly 76% citing added delays in permitting entitlements."
},
{
"start": 297.54,
"end": 301.34,
"text": "Also on their checklist of items affecting their business, the second highest number"
},
{
"start": 301.34,
"end": 307.86,
"text": "of responses, 52% marked a significant decline in leasing and preleasing of space as a"
},
{
"start": 307.86,
"end": 308.86,
"text": "reason."
},
{
"start": 308.86,
"end": 313.18,
"text": "The delays and the spike in US cases in recent weeks may have led to the increased pessimism"
},
{
"start": 313.18,
"end": 317.62,
"text": "of the respondents when estimating how long they expect their businesses to be impacted"
},
{
"start": 317.62,
"end": 324.26,
"text": "by the pandemic with approximately 91% stating they expected the outbreak to significantly"
},
{
"start": 324.26,
"end": 327.66,
"text": "impact their businesses for six months or longer."
},
{
"start": 327.66,
"end": 333.46,
"text": "This report follows NAAP's latest biannuals commercial real estate sentiment index, which"
},
{
"start": 333.46,
"end": 338.78,
"text": "was released in May that went into negative territory for the first time since it began"
},
{
"start": 338.78,
"end": 344.82,
"text": "in 2016, which indicated that unfavorable commercial real estate conditions are expected"
},
{
"start": 344.82,
"end": 346.46,
"text": "for 12 months."
},
{
"start": 346.46,
"end": 351.38,
"text": "However, as noted earlier, the July survey wasn't all doom and gloom as those who replied"
},
{
"start": 351.38,
"end": 356.1,
"text": "saw somewhat of an increase in acquisitions activity depending on the sector, with more"
},
{
"start": 356.1,
"end": 359.98,
"text": "deals getting done and being marketed than in previous months."
},
{
"start": 359.98,
"end": 364.42,
"text": "Industrial saw the most activity since most of the pros that did the surveys still said"
},
{
"start": 364.42,
"end": 368.9,
"text": "they had not witnessed any new office or retail deals for acquisition or development"
},
{
"start": 368.9,
"end": 370.82,
"text": "in July."
},
{
"start": 370.82,
"end": 376.82,
"text": "Another study, the summer 2020 Allen Mackens UCLA Anderson forecast California commercial"
},
{
"start": 376.82,
"end": 382.7,
"text": "real estate survey mirrored the findings of NAAP's national study and showed uniform pessimism"
},
{
"start": 382.7,
"end": 388.82,
"text": "and a drop in sentiment for developers across all commercial real estate sectors into 2023."
},
{
"start": 388.82,
"end": 393.82,
"text": "This biannual survey projects three years ahead for its outlook for California's commercial"
},
{
"start": 393.82,
"end": 394.82,
"text": "real estate industry."
},
{
"start": 394.82,
"end": 400.42,
"text": "Now, to summarize their findings on the specific sectors, starting with office, they see market"
},
{
"start": 400.42,
"end": 405.38,
"text": "demand for space decreasing due to work from home policies and the shared sentiment is about"
},
{
"start": 405.38,
"end": 410.86,
"text": "as gloomy as it was in December 2008 during that implosion of the economy."
},
{
"start": 410.86,
"end": 415.54,
"text": "They see rising vacancy rates and downward pressure on rents over the next three years"
},
{
"start": 415.54,
"end": 420.46,
"text": "and they do not think we will see a rapid return to pre-recession, office using employment,"
},
{
"start": 420.54,
"end": 426.3,
"text": "which implies a continued decrease in new office construction over the ensuing three years."
},
{
"start": 426.3,
"end": 431.5,
"text": "The shining star through all of this is industrial properties due to the shift to online shopping"
},
{
"start": 431.5,
"end": 437.1,
"text": "and the panelist actions also indicate that they too aren't very pessimistic about the"
},
{
"start": 437.1,
"end": 443.34,
"text": "sector as 60% of the panelists in Southern California and 43% in Northern California"
},
{
"start": 443.34,
"end": 447.58,
"text": "are planning at least one new development in the next 12 months and many are planning"
},
{
"start": 447.58,
"end": 449.38,
"text": "multiple projects."
},
{
"start": 449.38,
"end": 452.98,
"text": "While the report notes that the recession may cost short-term downward pressure on rental"
},
{
"start": 452.98,
"end": 458.14,
"text": "and occupancy rates, it does conclude that if the demand for warehouse space increases"
},
{
"start": 458.14,
"end": 463.66,
"text": "at about the same rate as projected, then 2023 will only see a mild erosion of rental"
},
{
"start": 463.66,
"end": 468.78,
"text": "rates when adjusted for inflation and there remains the possibility of some erosion in"
},
{
"start": 468.78,
"end": 474.22,
"text": "occupancy but that does not mean that industrial space markets will be depressed rather that"
},
{
"start": 474.22,
"end": 478.3,
"text": "they will not be as tight and imbalanced as in recent years."
},
{
"start": 478.3,
"end": 482.94,
"text": "Although I must say from all the sources I have seen and spoken to, many think industrial"
},
{
"start": 482.94,
"end": 486.82,
"text": "space will only get tighter and rates will go higher."
},
{
"start": 486.82,
"end": 492.38,
"text": "As for the sad retail sector, the UCLA alamakans report predicts that it will continue its"
},
{
"start": 492.38,
"end": 497.26,
"text": "downward spiral as the current recession has tripled down on the struggles with loss"
},
{
"start": 497.26,
"end": 502.66,
"text": "of household income and shelter in place policies, reducing demand for brick and mortar retail"
},
{
"start": 502.66,
"end": 508.18,
"text": "and creating a new set of online shoppers and third, increases in the savings rate on"
},
{
"start": 508.18,
"end": 513.34,
"text": "the part of households in response to the recession portends less consumption."
},
{
"start": 513.34,
"end": 518.34,
"text": "While some retail activities will return like personal services, marginal retail properties"
},
{
"start": 518.34,
"end": 522.74,
"text": "will not find tenants willing to pay sufficient rent to keep the properties in the retail"
},
{
"start": 522.74,
"end": 523.82,
"text": "space."
},
{
"start": 523.82,
"end": 527.78,
"text": "The pessimism expressed by the panelists from the Bay Area in Southern California"
},
{
"start": 527.78,
"end": 532.1,
"text": "in the latest survey continues the trends from the past three years and the prevailing"
},
{
"start": 532.1,
"end": 539.34,
"text": "view is that retail properties will be generating significantly lower returns in 2023 compared"
},
{
"start": 539.34,
"end": 541.38,
"text": "to today."
},
{
"start": 541.38,
"end": 546.98,
"text": "The alamakans' UCLA survey predicts multifamily markets in Cali will only moderately decrease"
},
{
"start": 546.98,
"end": 550.26,
"text": "due to the continued shortage of housing across the state."
},
{
"start": 550.26,
"end": 554.06,
"text": "Though there is pessimism that has come with the recession which has hit each of the multifamily"
},
{
"start": 554.06,
"end": 558.38,
"text": "markets and the state equally, the view that rental and occupancy rates will not be"
},
{
"start": 558.38,
"end": 563.54,
"text": "as good as they are at present has not affected the rate of activity by developers."
},
{
"start": 563.54,
"end": 568.7,
"text": "As the economy grows, the demand for housing in the Bay Area and SoCal will grow alongside"
},
{
"start": 568.7,
"end": 569.7,
"text": "it."
},
{
"start": 569.7,
"end": 574.14,
"text": "The UCLA forecast is looking at a 30-month recovery in the state and though there remains"
},
{
"start": 574.14,
"end": 578.38,
"text": "a great deal of uncertainty with regard to the current public health crisis, it is likely"
},
{
"start": 578.38,
"end": 582.3,
"text": "that the market for multifamily housing will remain robust."
},
{
"start": 582.3,
"end": 587.02,
"text": "And to accentuate that point, most of the forecast panelists stated that their plans for"
},
{
"start": 587.02,
"end": 593.14,
"text": "future activity hasn't changed or has actually increased because of the pandemic."
},
{
"start": 593.14,
"end": 597.86,
"text": "The result is they expect a quick turnaround in this sector sentiment in the next survey"
},
{
"start": 597.86,
"end": 598.86,
"text": "this December."
},
{
"start": 598.86,
"end": 601.26,
"text": "A bit about the survey."
},
{
"start": 601.26,
"end": 606.9,
"text": "It was started in 2006 by Alan Matkins, one of the premier real estate law firms in California"
},
{
"start": 606.9,
"end": 612.3,
"text": "and UCLA Anderson School and it polls a panel of California real estate professionals"
},
{
"start": 612.3,
"end": 616.78,
"text": "in the development and investment markets on various aspects of the commercial real estate"
},
{
"start": 616.78,
"end": 621.54,
"text": "markets with a goal of looking at markets three years in the future as well as building"
},
{
"start": 621.54,
"end": 624.58,
"text": "conditions over the three-year period."
},
{
"start": 624.58,
"end": 629.94,
"text": "A dim review of the national multifamily sector was presented by an article by Catherine"
},
{
"start": 629.94,
"end": 635.04,
"text": "Tucker on Globe Street highlighting a report by Yardi which stated that while the coronavirus"
},
{
"start": 635.04,
"end": 639.86,
"text": "pandemic has already hurt rental apartment owners, it's going to get rougher."
},
{
"start": 639.86,
"end": 645.1,
"text": "The Yardi report titled COVID-19 Weaves on Multifamily as Rents Fall and More Pain"
},
{
"start": 645.1,
"end": 650.02,
"text": "is Coming summarized that the pandemic injected a huge amount of uncertainty and volatility"
},
{
"start": 650.02,
"end": 655.14,
"text": "into multifamily that the market will have to deal with for months or even years to come."
},
{
"start": 655.14,
"end": 659.82,
"text": "They noted it hasn't been as bad as it might have been yet because of the federal subsidy"
},
{
"start": 659.82,
"end": 662.62,
"text": "for unemployment income of $600 a week."
},
{
"start": 662.62,
"end": 667.22,
"text": "But with that expiring this week and no deal done yet by Congress, concern is growing"
},
{
"start": 667.22,
"end": 672.42,
"text": "about late or missing rent payments ahead so trouble could be on the horizon."
},
{
"start": 672.42,
"end": 677.58,
"text": "So those initial hopes for a V-shaped recovery were too rosy and the effects of the pandemic"
},
{
"start": 677.58,
"end": 682.26,
"text": "will linger until the population is confident about health measures, the Yardi researcher"
},
{
"start": 682.26,
"end": 683.26,
"text": "said."
},
{
"start": 683.26,
"end": 687.36,
"text": "They said the US economy is in recession and overall rent levels dropped for the first"
},
{
"start": 687.36,
"end": 692.78,
"text": "time since the global financial crisis that caused the Great Recession of 2008."
},
{
"start": 692.78,
"end": 697.26,
"text": "More troubling perhaps is a noted shift in demand from luxury units aimed at those who"
},
{
"start": 697.26,
"end": 702.82,
"text": "could afford to buy to lower priced rent by necessity housing for those who lack the wealth"
},
{
"start": 702.82,
"end": 703.96,
"text": "to buy."
},
{
"start": 703.96,
"end": 708.6,
"text": "But supply and new housing is weighted toward the luxury end since building of lower priced"
},
{
"start": 708.6,
"end": 711.86,
"text": "rental units is inhibited by the cost."
},
{
"start": 711.86,
"end": 717.18,
"text": "Also making matters even more challenging, the pandemic will weaken the supply pipeline"
},
{
"start": 717.18,
"end": 722.74,
"text": "for materials and delay projects that have not yet started construction so new development"
},
{
"start": 722.74,
"end": 726.82,
"text": "of all kinds has been and will be delayed."
},
{
"start": 726.82,
"end": 732.26,
"text": "Coming to the office sector, which may best be described as nervous right now, I have"
},
{
"start": 732.26,
"end": 737.38,
"text": "info from the Wall Street Journal article this week by Konrad Puzier and Mark Moorer"
},
{
"start": 737.38,
"end": 743.18,
"text": "to share with you from this past Wednesday's property report section in an article titled"
},
{
"start": 743.18,
"end": 748.66,
"text": "Office Markets Under Pressure as Coronavirus Squeezes Cities, which discusses the problems"
},
{
"start": 748.66,
"end": 753.98,
"text": "now facing urban office properties such as all the reasons people may leave dense cities"
},
{
"start": 753.98,
"end": 757.66,
"text": "and the fact that people will now be working more at home."
},
{
"start": 757.66,
"end": 762.54,
"text": "And tourism and biz travel has evaporated, so they say that urban office markets are"
},
{
"start": 762.54,
"end": 767.06,
"text": "going through their worst period in decades and they note that a modest drop in building"
},
{
"start": 767.06,
"end": 770.5,
"text": "occupancy can lead to a big drop in profit."
},
{
"start": 770.5,
"end": 775.78,
"text": "And as for value, they point to Moody's Analytics Reese estimates that the value of"
},
{
"start": 775.78,
"end": 782.7,
"text": "office buildings will fall by 17.2% in 2020, which isn't far from the 19.2% decline"
},
{
"start": 782.7,
"end": 788.5,
"text": "for retail properties or 20.5% for lodging."
},
{
"start": 788.5,
"end": 793.9,
"text": "On the positive side, longer office leases, lower interest rates and low levels of debt"
},
{
"start": 793.9,
"end": 796.74,
"text": "will help landlords to some extent."
},
{
"start": 796.74,
"end": 802.02,
"text": "But shrugging off those positive encouraging factors, the article notes how major office"
},
{
"start": 802.02,
"end": 807.9,
"text": "REIT shares such as those of Boston Properties, Elsel Green and Vornado are down between"
},
{
"start": 807.9,
"end": 810.46,
"text": "37% and 50%."
},
{
"start": 810.46,
"end": 817.7,
"text": "Also, more mortgages on buildings or in special servicing, such as the $106.3 million mortgage"
},
{
"start": 817.7,
"end": 823.26,
"text": "on the Denver Energy Center, currently still owned by Gemini Rosemont, that was the example"
},
{
"start": 823.26,
"end": 825.34,
"text": "in the Wall Street Journal article."
},
{
"start": 825.34,
"end": 830.38,
"text": "Puthier and Marr then conclude by noting how corporate office tenants of all shapes"
},
{
"start": 830.38,
"end": 835.98,
"text": "and sizes are looking to reduce their office space footprints and they use hydric and struggles"
},
{
"start": 835.98,
"end": 843.78,
"text": "and Dell technologies as examples of major companies with many locations looking to downsize."
},
{
"start": 843.78,
"end": 848.1,
"text": "Another report from Moody's Reese noted that office fundamentals started to slip in"
},
{
"start": 848.1,
"end": 853.34,
"text": "the second quarter as the national office vacancy rate jumped by 10 basis points ending"
},
{
"start": 853.34,
"end": 856.22,
"text": "the quarter at 17.1%."
},
{
"start": 856.22,
"end": 860.96,
"text": "Reese forecasted that the national office vacancy rate will rise to 19.3% by year"
},
{
"start": 860.96,
"end": 864.82,
"text": "end and peak at around 20% in 2021."
},
{
"start": 864.82,
"end": 870.58,
"text": "That exceeds the previous historic high vacancy rate of 19.7% at the peak of the savings and"
},
{
"start": 870.58,
"end": 873.18,
"text": "loan crisis in 1991."
},
{
"start": 873.18,
"end": 878.46,
"text": "Further, Reese reported that only 3.3 million square feet of office space came to market"
},
{
"start": 878.46,
"end": 884.86,
"text": "this past quarter compared to a quarterly average of 11.8 million square feet in 2019 because"
},
{
"start": 884.86,
"end": 887.58,
"text": "construction slowed dramatically."
},
{
"start": 887.58,
"end": 894.82,
"text": "Asking rents for office also fell by 0.1% and effective rents fell by 0.4% after both"
},
{
"start": 894.82,
"end": 899.66,
"text": "had risen by 0.4% in the first quarter before the pandemic hit."
},
{
"start": 899.66,
"end": 906.78,
"text": "Reese further projects record declines in rents down 6.2% for asking rents and 10.5% for"
},
{
"start": 906.78,
"end": 911.82,
"text": "effective rents with a continued slide in 2021."
},
{
"start": 911.82,
"end": 916.94,
"text": "And lastly, for this industry report segment, throwing more shade on the retail sector,"
},
{
"start": 916.94,
"end": 922.18,
"text": "I have a newly released report from CBRE titled The Evolution of Online Retail Drives"
},
{
"start": 922.18,
"end": 926.62,
"text": "Retail to Industrial Conversion Projects Across the US."
},
{
"start": 926.62,
"end": 932.9,
"text": "In the report, CBRE finds that 13.8 million square feet of retail space has been converted"
},
{
"start": 932.9,
"end": 939.98,
"text": "to 15.5 million square feet of industrial space across the country since 2017."
},
{
"start": 939.98,
"end": 946.64,
"text": "As e-commerce continues to expand and industrial rents reach new all-time highs, this activity"
},
{
"start": 946.64,
"end": 950.96,
"text": "will likely increase in the coming years."
},
{
"start": 950.96,
"end": 956.28,
"text": "The new survey shows 59 retail to industrial conversion projects that have been completed,"
},
{
"start": 956.28,
"end": 961.64,
"text": "proposed or underway since 2017, which was a major increase from the previous survey"
},
{
"start": 961.64,
"end": 966.24,
"text": "in January of 2019, which counted only 24 projects."
},
{
"start": 966.24,
"end": 970.94,
"text": "John Morris, the America's Industrial and Logistics and Retail Leader for CBRE noted"
},
{
"start": 970.94,
"end": 976.6,
"text": "that as online retail evolves and expands, many retailers and developers will find opportunity"
},
{
"start": 976.6,
"end": 983.56,
"text": "to convert underperforming stores into final-mile distribution sites to support e-commerce operations."
},
{
"start": 983.56,
"end": 988.38,
"text": "With rising industrial rents and changing consumer patterns, we should see this activity"
},
{
"start": 988.38,
"end": 994.5,
"text": "continue to grow as more retail sites will be economically viable for these type of conversions."
},
{
"start": 994.5,
"end": 998.88,
"text": "The recent survey indicated the top five markets for these conversions include Milwaukee,"
},
{
"start": 998.88,
"end": 1004.24,
"text": "Cleveland, Chicago, Omaha, and Dallas-Fort Worth, making up one-third of the total"
},
{
"start": 1004.24,
"end": 1006.3,
"text": "number of projects nationally."
},
{
"start": 1006.3,
"end": 1011.28,
"text": "This is primarily due to the volume of, quote, dead malls that plague the Midwest."
},
{
"start": 1011.28,
"end": 1016.32,
"text": "However, as the retail market continues to evolve, this type of activity should increase"
},
{
"start": 1016.32,
"end": 1021.28,
"text": "across most of the country, according to the CBRE report."
},
{
"start": 1021.28,
"end": 1025.64,
"text": "Sorry that there was not a whole lot of great news in that segment, but as the president"
},
{
"start": 1025.64,
"end": 1028.7,
"text": "said, it is what it is."
},
{
"start": 1028.7,
"end": 1032.42,
"text": "Now I want to tell you about a different kind of commercial real estate company, one that"
},
{
"start": 1032.42,
"end": 1036.52,
"text": "really knows the industry and will put that knowledge to work for you."
},
{
"start": 1036.52,
"end": 1041.38,
"text": "We're talking about Greg Aguirre and the team at Capitol Rivers Commercial, one of the"
},
{
"start": 1041.38,
"end": 1043.04,
"text": "show's sponsors."
},
{
"start": 1043.04,
"end": 1047.02,
"text": "In recent weeks, when the commercial real estate world was locked down and panicked,"
},
{
"start": 1047.02,
"end": 1048.92,
"text": "they figured out a way to help."
},
{
"start": 1048.92,
"end": 1053.88,
"text": "They offered to assist to any commercial landlord or tenant, no strings attached."
},
{
"start": 1053.88,
"end": 1054.96,
"text": "And they did."
},
{
"start": 1054.96,
"end": 1059.38,
"text": "In one case, a restaurant owner had signed a lease for a downtown Sacramento location"
},
{
"start": 1059.38,
"end": 1064.32,
"text": "when things were fine, but the landlord gave him possession at the height of the shutdown."
},
{
"start": 1064.32,
"end": 1068.76,
"text": "Unsure what to do, he contacted Capitol Rivers for advice."
},
{
"start": 1068.76,
"end": 1073.56,
"text": "Greg went over the options for him in a situation which allowed him to knowledgeably approach"
},
{
"start": 1073.56,
"end": 1076.9,
"text": "his landlord about a potential lease restructuring."
},
{
"start": 1076.9,
"end": 1080.56,
"text": "In short, these are not your typical real estate brokers."
},
{
"start": 1080.56,
"end": 1085.58,
"text": "To reach Capitol Rivers, visit their website at capitolrivers.com."
},
{
"start": 1085.58,
"end": 1088.22,
"text": "Work with the best, work with Capitol Rivers."
},
{
"start": 1089.98,
"end": 1095.06,
"text": "Okay, in this segment of the show, I discuss real estate issues, such as things like legislation"
},
{
"start": 1095.06,
"end": 1098.98,
"text": "regionally or nationally, as well as executive moves and mergers."
},
{
"start": 1098.98,
"end": 1103.22,
"text": "But in this new day and age, all the focus is on the ways governments can help prevent"
},
{
"start": 1103.22,
"end": 1107.72,
"text": "all the cracks that are forming throughout our industry from growing into major structural"
},
{
"start": 1107.72,
"end": 1111.38,
"text": "problems and causing more economic pain and disruption."
},
{
"start": 1111.38,
"end": 1115.72,
"text": "And what everyone, especially in the multifamily sector, has been worried about is the continuation"
},
{
"start": 1115.72,
"end": 1121.04,
"text": "of the enhanced $600 per week federal unemployment insurance that was set to expire before Trump"
},
{
"start": 1121.04,
"end": 1125.84,
"text": "signed his executive order this weekend, cutting it to $400 per week."
},
{
"start": 1125.84,
"end": 1129.42,
"text": "And it is the general opinion that this will help renters pay their rent."
},
{
"start": 1129.42,
"end": 1133.88,
"text": "So as long as it doesn't disincentivize them from returning to work, the consensus"
},
{
"start": 1133.88,
"end": 1135.32,
"text": "is it's got to be done."
},
{
"start": 1135.32,
"end": 1140.6,
"text": "Unfortunately, it ain't clear as of yet if Trump's executive orders will take effect"
},
{
"start": 1140.6,
"end": 1142.32,
"text": "or get held up in the courts."
},
{
"start": 1142.32,
"end": 1147.76,
"text": "And the next pandemic real estate issue of the week is the moratorium on evictions and foreclosures."
},
{
"start": 1147.76,
"end": 1152.04,
"text": "And given the points I shared from Stuart Gabriel from UCLA last episode, it seems that"
},
{
"start": 1152.04,
"end": 1157.06,
"text": "these need to be enacted in a more standardized and predictable way to help renters and owners"
},
{
"start": 1157.06,
"end": 1159.68,
"text": "of real estate during the pandemic crisis."
},
{
"start": 1159.68,
"end": 1165.48,
"text": "Until now, the eviction protections have been a hodgepodge of executive orders by governors"
},
{
"start": 1165.48,
"end": 1170.32,
"text": "and municipalities and county boards, and then implemented by sheriffs who have stopped"
},
{
"start": 1170.32,
"end": 1172.12,
"text": "serving eviction orders."
},
{
"start": 1172.12,
"end": 1175.8,
"text": "But many of these are expiring and others are getting successfully challenged in courts"
},
{
"start": 1175.8,
"end": 1180.78,
"text": "and reports are that many sheriffs do plan on now executing those eviction orders."
},
{
"start": 1180.78,
"end": 1183.36,
"text": "So it is a real issue that needs to be dealt with."
},
{
"start": 1183.36,
"end": 1185.84,
"text": "As of now, the feds haven't passed a law."
},
{
"start": 1185.84,
"end": 1189.24,
"text": "We saw that Cuomo extended the eviction moratorium in New York."
},
{
"start": 1189.24,
"end": 1192.6,
"text": "And out here in LA County, it goes until September."
},
{
"start": 1192.6,
"end": 1195.4,
"text": "And that's the same with the state of California."
},
{
"start": 1195.4,
"end": 1199.44,
"text": "And while it is one of Trump's new executive orders, it is unclear if it really protects"
},
{
"start": 1199.44,
"end": 1202.28,
"text": "tenants or if it's just a plea to be nice."
},
{
"start": 1202.28,
"end": 1206.56,
"text": "So it seems that for eviction moratoriums to really stick through the pandemic, it needs"
},
{
"start": 1206.56,
"end": 1212.68,
"text": "to be done in the form of legislation passed by the local municipality or state legislatures,"
},
{
"start": 1212.68,
"end": 1217.28,
"text": "unless Pelosi and McConnell can somehow come to an agreement soon, which includes this"
},
{
"start": 1217.28,
"end": 1218.28,
"text": "in it."
},
{
"start": 1218.28,
"end": 1224.4,
"text": "So unfortunately, it seems like we'll have to see if this gets messier before it gets"
},
{
"start": 1224.4,
"end": 1226.16,
"text": "clarified or any better."
},
{
"start": 1226.16,
"end": 1232.16,
"text": "Next, as I've been telling you about and will continue to discuss until November, the issue"
},
{
"start": 1232.16,
"end": 1237.8,
"text": "which besides the pandemic economy is the most pressing challenge facing both commercial"
},
{
"start": 1237.8,
"end": 1243.0,
"text": "property owners and tenants in California is the state's Schools and Local Communities"
},
{
"start": 1243.0,
"end": 1244.6,
"text": "Funding Act of 2020."
},
{
"start": 1244.6,
"end": 1246.32,
"text": "Pay attention to that name."
},
{
"start": 1246.32,
"end": 1250.2,
"text": "It's known as the split role initiative, however, which is qualified."
},
{
"start": 1250.2,
"end": 1252.94,
"text": "It has qualified for the November 2020 ballot."
},
{
"start": 1252.94,
"end": 1258.46,
"text": "If approved, it would modify Prop 13 to provide for the reassessment of commercial, industrial"
},
{
"start": 1258.46,
"end": 1261.86,
"text": "and office properties to their full cash value."
},
{
"start": 1261.86,
"end": 1266.5,
"text": "Thereafter, commercial, industrial and office properties are to be reassessed every three"
},
{
"start": 1266.5,
"end": 1267.86,
"text": "years."
},
{
"start": 1267.86,
"end": 1268.86,
"text": "What a mess."
},
{
"start": 1268.86,
"end": 1274.1,
"text": "So if you have any issues or opinions about issues you want to bring to my attention, please"
},
{
"start": 1274.1,
"end": 1279.06,
"text": "send those to me at sbloom at rentv.com."
},
{
"start": 1279.06,
"end": 1283.58,
"text": "And many times we will discuss those in upcoming shows."
},
{
"start": 1283.58,
"end": 1287.78,
"text": "Now let me tell you about another sponsor of the show, Redwood Mortgage."
},
{
"start": 1287.78,
"end": 1292.9,
"text": "Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial,"
},
{
"start": 1292.9,
"end": 1297.58,
"text": "multifamily, mixed use and residential investment properties in California."
},
{
"start": 1297.58,
"end": 1303.66,
"text": "In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized."
},
{
"start": 1303.66,
"end": 1317.02,
"text": "A good place to go when the banks say no, call Redwood Mortgage at 800-659-6593 or redwoodmortgage.com."
},
{
"start": 1317.02,
"end": 1320.98,
"text": "Now let's get into our real estate version of the Sports Highlight Reel with our very"
},
{
"start": 1320.98,
"end": 1325.46,
"text": "exciting Rent TV Roundup of major deal and development news from around the US."
},
{
"start": 1325.46,
"end": 1330.26,
"text": "And we'll start with a national portfolio transaction and then go to the East Coast"
},
{
"start": 1330.26,
"end": 1332.06,
"text": "and head West."
},
{
"start": 1332.06,
"end": 1336.5,
"text": "Starting with the national portfolio deal, it was widely announced this past week that"
},
{
"start": 1336.5,
"end": 1343.14,
"text": "Goldman Sachs Merchant Banking Division is buying a stake in a 46 asset, last mile industrial"
},
{
"start": 1343.14,
"end": 1346.18,
"text": "portfolio owned by Dauphin Industrial."
},
{
"start": 1346.18,
"end": 1352.82,
"text": "The portfolio of over 6.3 million square feet caters to e-commerce oriented tenants and is"
},
{
"start": 1352.82,
"end": 1359.38,
"text": "located in metro areas including Atlanta, Dallas, Chicago, Orlando, Phoenix, Raleigh,"
},
{
"start": 1359.38,
"end": 1365.46,
"text": "Houston, Tampa, Baltimore, Minneapolis, Cincinnati, Columbus, Reno and Jacksonville."
},
{
"start": 1365.46,
"end": 1371.38,
"text": "The properties are valued at $500 million according to a source cited by Bloomberg and are on"
},
{
"start": 1371.38,
"end": 1378.26,
"text": "average 94% occupied with an average property size of 126,000 square feet and are leased"
},
{
"start": 1378.26,
"end": 1384.42,
"text": "to such blue chippers as Amazon, Frito-Lay, Brinks, Pods and Sherwin-Williams."
},
{
"start": 1384.42,
"end": 1388.62,
"text": "As we all have witnessed, e-commerce has been driving the industrial property sector"
},
{
"start": 1388.66,
"end": 1395.38,
"text": "for years, but the pandemic has accelerated that trend with e-commerce sales jumping 92.7%"
},
{
"start": 1395.38,
"end": 1401.66,
"text": "in May alone, which has led to the projections from industry experts such as JLL that the"
},
{
"start": 1401.66,
"end": 1406.38,
"text": "demand for industrial space will be growing by about a billion square feet within the"
},
{
"start": 1406.38,
"end": 1407.74,
"text": "next five years."
},
{
"start": 1408.46,
"end": 1414.3,
"text": "Next, let's head to the Big Apple to report that Facebook has leased all 730,000"
},
{
"start": 1414.3,
"end": 1420.06,
"text": "square feet of the office space that make up the historic Farley Building at 421 8th"
},
{
"start": 1420.06,
"end": 1425.66,
"text": "Avenue, which everyone in New York knows is the iconic Beaux Arts post office building right"
},
{
"start": 1425.66,
"end": 1428.74,
"text": "across the street from the Garden and next to Penn Station."
},
{
"start": 1429.5,
"end": 1431.5,
"text": "The Farley is 95% owned."
},
{
"start": 1432.58,
"end": 1437.98,
"text": "Next, let's head to the Big Apple to report that Facebook has leased all 730,000"
},
{
"start": 1437.98,
"end": 1443.86,
"text": "square feet of the office space that make up the historic Farley Building at 421 8th"
},
{
"start": 1443.9,
"end": 1449.5,
"text": "Avenue, which everyone in New York knows is the iconic Beaux Arts post office building right"
},
{
"start": 1449.5,
"end": 1452.5,
"text": "across the street from the Garden and next to Penn Station."
},
{
"start": 1452.94,
"end": 1459.14,
"text": "The Farley is 95% owned by Vornado Realty Trust, the huge rete led by founder, chairman"
},
{
"start": 1459.14,
"end": 1464.62,
"text": "and CEO Steve Roth, and the remaining 5% is owned by the related companies."
},
{
"start": 1465.06,
"end": 1470.54,
"text": "The Farley occupies a double wide block between 31st and 33rd Street and stretches"
},
{
"start": 1470.54,
"end": 1472.74,
"text": "from 88th to 9th Avenues."
},
{
"start": 1473.06,
"end": 1477.3,
"text": "The landmark building was designed by McKinn, Mead and White and originally opened in"
},
{
"start": 1477.3,
"end": 1478.5,
"text": "1912."
},
{
"start": 1478.86,
"end": 1483.58,
"text": "Vornado is converting the Farley into a mixed use development featuring creative office"
},
{
"start": 1483.58,
"end": 1488.54,
"text": "space, and it is a central part of Vornado's new Penn district where the rete owns 10"
},
{
"start": 1488.54,
"end": 1493.9,
"text": "million square feet and is in the midst of a more than $2 billion transformation of"
},
{
"start": 1493.9,
"end": 1498.7,
"text": "the neighborhood alongside government infrastructure and transportation improvements of more"
},
{
"start": 1498.7,
"end": 1500.06,
"text": "than $3 billion."
},
{
"start": 1500.54,
"end": 1505.46,
"text": "The full complex will include Facebook's office space, the Moynihan train hall and"
},
{
"start": 1505.46,
"end": 1510.26,
"text": "120,000 square feet of retail space with food and beverage, full service restaurants"
},
{
"start": 1510.26,
"end": 1511.5,
"text": "and lifestyle brands."
},
{
"start": 1511.86,
"end": 1516.66,
"text": "The project is expected to be completed in phases beginning by year end 2020."
},
{
"start": 1517.14,
"end": 1522.62,
"text": "In addition to this lease, Facebook also leases office space at Vornado 770 Broadway"
},
{
"start": 1522.86,
"end": 1524.74,
"text": "and in nearby Hudson Yards."
},
{
"start": 1525.58,
"end": 1529.5,
"text": "Now I have a pair of New York City multifamily financing deals to report to you."
},
{
"start": 1529.9,
"end": 1534.94,
"text": "First in the Kips Bay neighborhood of Manhattan, where LIHC investment group and"
},
{
"start": 1534.94,
"end": 1544.18,
"text": "Rockport Mortgage Corporation closed a $65 million FHA Section 223F financing loan"
},
{
"start": 1544.38,
"end": 1552.18,
"text": "for Renwick Garden Apartments, a 224 unit subsidized Section 8 property consisting"
},
{
"start": 1552.18,
"end": 1558.66,
"text": "of a single 15 story building located at 332 East 29th Street that is owned by"
},
{
"start": 1558.78,
"end": 1563.62,
"text": "LIHC, which is a real estate investment group committed to the preservation of"
},
{
"start": 1563.62,
"end": 1564.62,
"text": "affordable housing."
},
{
"start": 1565.22,
"end": 1570.18,
"text": "Renwick Gardens benefits from a project based Section 8 contract and as part of"
},
{
"start": 1570.18,
"end": 1575.9,
"text": "the loan refinancing, LIHC and HUD Housing and Urban Development agreed to enter"
},
{
"start": 1575.9,
"end": 1580.7,
"text": "into a new 20 year mark up to market Section 8 contract extending the"
},
{
"start": 1580.7,
"end": 1585.14,
"text": "affordability of the property for another 29 years through 2049."
},
{
"start": 1585.38,
"end": 1589.86,
"text": "The funding will also be used to facilitate repairs of the property to enhance and"
},
{
"start": 1589.86,
"end": 1594.18,
"text": "improve residents quality of life, including renovated bathrooms for all"
},
{
"start": 1594.18,
"end": 1597.42,
"text": "units and upgrades to common areas throughout the building."
},
{
"start": 1597.78,
"end": 1604.82,
"text": "So far this year, Rockport has provided FHA 223F loans for several other LIHC owned"
},
{
"start": 1604.82,
"end": 1609.98,
"text": "properties, including $42.5 million in Fort Lee, New Jersey, $24 million in"
},
{
"start": 1609.98,
"end": 1614.7,
"text": "Verona, New Jersey and $27 million in Pine Hill, New Jersey."
},
{
"start": 1615.3,
"end": 1618.86,
"text": "The next New York City apartment financing deal to report is that JLL"
},
{
"start": 1618.86,
"end": 1624.62,
"text": "Capital Markets secured $55 million in joint venture equity on behalf of Cape"
},
{
"start": 1624.62,
"end": 1631.74,
"text": "Advisors for a 534 unit multi-housing development on a 2.5 acre waterfront"
},
{
"start": 1631.74,
"end": 1634.34,
"text": "site in the Astoria neighborhood of Queens."
},
{
"start": 1634.66,
"end": 1638.5,
"text": "As noted by Ingrid Thunberg on Globe Street, the project is one of the"
},
{
"start": 1638.5,
"end": 1643.3,
"text": "city's largest multifamily developments and it will feature three buildings at"
},
{
"start": 1643.3,
"end": 1649.66,
"text": "30-77 Vernon Boulevard, which is near the Astoria East River ferry stop and"
},
{
"start": 1649.66,
"end": 1651.94,
"text": "the R&W subway lines."
},
{
"start": 1652.3,
"end": 1655.9,
"text": "The development site was acquired by a partnership led by Cape Advisors in"
},
{
"start": 1655.9,
"end": 1661.46,
"text": "early 2018 and they plan on having tenants moving in sometime in 2021."
},
{
"start": 1662.06,
"end": 1668.22,
"text": "Quotes from the JLL Capital Markets execs noted that 30-77 Vernon Boulevard"
},
{
"start": 1668.42,
"end": 1672.94,
"text": "is uniquely positioned to accommodate New York City renters seeking abundant"
},
{
"start": 1672.94,
"end": 1678.62,
"text": "space, top of the line amenities and extraordinary waterfront views overlooking"
},
{
"start": 1678.62,
"end": 1679.98,
"text": "the East River in Manhattan."
},
{
"start": 1680.34,
"end": 1684.22,
"text": "The property offers the best of Astoria and easy access to all of New"
},
{
"start": 1684.22,
"end": 1686.26,
"text": "York City from the adjacent ferry stop."
},
{
"start": 1687.14,
"end": 1692.06,
"text": "Next, let's head down to downtown Durham, North Carolina to report about a"
},
{
"start": 1692.06,
"end": 1696.22,
"text": "major office building sale as Longfellow Real Estate Partners has"
},
{
"start": 1696.3,
"end": 1702.9,
"text": "acquired Durham ID, the 330,000 square foot office development at 200 and"
},
{
"start": 1702.9,
"end": 1708.3,
"text": "300 Mara Street, which they acquired from Bain Capital Real Estate for $138"
},
{
"start": 1708.3,
"end": 1712.46,
"text": "million or about $418 per square foot."
},
{
"start": 1712.86,
"end": 1717.18,
"text": "The transaction, which was completed by JLL on behalf of the seller's"
},
{
"start": 1717.18,
"end": 1722.34,
"text": "Bain Capital, is the Southeast's largest office investment sale since the"
},
{
"start": 1722.34,
"end": 1724.7,
"text": "beginning of the COVID-19 pandemic."
},
{
"start": 1725.26,
"end": 1730.66,
"text": "The recently constructed two building LEED Gold certified development"
},
{
"start": 1730.86,
"end": 1735.22,
"text": "features office space, ground floor retail and an adjacent eight"
},
{
"start": 1735.22,
"end": 1738.86,
"text": "storey 1225 space parking structure."
},
{
"start": 1739.18,
"end": 1742.26,
"text": "The property represents the first phase of the Durham Innovation"
},
{
"start": 1742.26,
"end": 1746.7,
"text": "District, a 1.8 million square foot development, encompassing offices,"
},
{
"start": 1746.9,
"end": 1750.02,
"text": "lab space, retail and residential uses."
},
{
"start": 1750.98,
"end": 1754.74,
"text": "Moving further south to Florida, I have some industrial leases to tell"
},
{
"start": 1754.74,
"end": 1758.5,
"text": "you about starting in Pompano Beach, where Duke Realty, the major"
},
{
"start": 1758.5,
"end": 1762.14,
"text": "industrial REIT, signed leases with two companies that will fill up its"
},
{
"start": 1762.14,
"end": 1769.3,
"text": "Copins 95-1731 project, a Class A logistics facility at 1731 West"
},
{
"start": 1769.5,
"end": 1774.42,
"text": "Copins Road that contains 101,000 square feet, which Duke developed on"
},
{
"start": 1774.42,
"end": 1778.26,
"text": "spec. The recently signed transactions that brought the building to full"
},
{
"start": 1778.26,
"end": 1781.62,
"text": "occupancy include a 41,000 square foot lease with a leading"
},
{
"start": 1781.62,
"end": 1785.74,
"text": "transportation and logistics company and a 60,000 square foot lease"
},
{
"start": 1785.74,
"end": 1788.02,
"text": "with a supplier of pipes, valves and fittings."
},
{
"start": 1788.26,
"end": 1791.94,
"text": "Stephanie Rodriguez, VP of leasing and development for Duke in South"
},
{
"start": 1791.94,
"end": 1795.18,
"text": "Florida, noted that though the pandemic has had an impact on all"
},
{
"start": 1795.18,
"end": 1798.34,
"text": "sectors of commercial real estate, they're finding that users are"
},
{
"start": 1798.34,
"end": 1801.34,
"text": "still leasing space, particularly if the building's features and"
},
{
"start": 1801.34,
"end": 1804.78,
"text": "accessibility can improve their distribution efficiency."
},
{
"start": 1805.14,
"end": 1810.58,
"text": "Copins 95-1731 is a modern distribution center close to I-95 and"
},
{
"start": 1810.58,
"end": 1813.66,
"text": "Florida's Turnpike, which provides these tenants a state of the"
},
{
"start": 1813.66,
"end": 1816.9,
"text": "art facility with unparalleled highway access."
},
{
"start": 1817.14,
"end": 1819.82,
"text": "The tenants in these deals were repped by an industrial brokerage"
},
{
"start": 1819.82,
"end": 1823.06,
"text": "team from Cushman and Wakefield, while Duke was repped by Ms."
},
{
"start": 1823.06,
"end": 1827.3,
"text": "Rodriguez. In South Florida, Duke Realty owns, operates or has"
},
{
"start": 1827.3,
"end": 1831.22,
"text": "under construction more than 8.5 million square feet of logistics"
},
{
"start": 1831.38,
"end": 1835.18,
"text": "real estate. Nationwide, Duke owns or has an interest in roughly"
},
{
"start": 1835.18,
"end": 1839.62,
"text": "156 million rentable square feet of logistics real estate assets"
},
{
"start": 1839.9,
"end": 1842.62,
"text": "in 20 major US logistics markets."
},
{
"start": 1843.22,
"end": 1845.82,
"text": "The other notable Florida industrial lease was signed by"
},
{
"start": 1845.82,
"end": 1849.22,
"text": "another major national developer as Lincoln Property Company"
},
{
"start": 1849.22,
"end": 1853.9,
"text": "leased a 92,500 square foot space in Medley, which is in"
},
{
"start": 1853.9,
"end": 1858.94,
"text": "the Miami sub market within its Medley 104 industrial center at"
},
{
"start": 1858.94,
"end": 1863.86,
"text": "9,400 Northwest 104th Street, and they leased it to US Play,"
},
{
"start": 1863.9,
"end": 1867.78,
"text": "Inc. The tenant was repped by a brokerage team from JLL, while"
},
{
"start": 1867.78,
"end": 1869.86,
"text": "Lincoln was repped by Cushman and Wakefield."
},
{
"start": 1870.26,
"end": 1873.66,
"text": "As Ingrid Tunberg from Globe Street reported, Lincoln"
},
{
"start": 1873.66,
"end": 1877.38,
"text": "recently spent $6.5 million renovating and repositioning"
},
{
"start": 1877.38,
"end": 1883.26,
"text": "the multi-tenant 263,000 square foot asset. US Play will join"
},
{
"start": 1883.26,
"end": 1887.5,
"text": "current tenant Artifacto, which occupies 98,000 square feet"
},
{
"start": 1887.5,
"end": 1891.22,
"text": "of space. The property still has 72,000 square feet of space"
},
{
"start": 1891.22,
"end": 1895.86,
"text": "available, which has 25 foot ceilings, new office space and"
},
{
"start": 1895.86,
"end": 1899.34,
"text": "20 dock doors, and it is positioned for distribution and"
},
{
"start": 1899.34,
"end": 1900.5,
"text": "light manufacturing."
},
{
"start": 1900.94,
"end": 1903.98,
"text": "Heading northwest to downtown Nashville, we have a story"
},
{
"start": 1903.98,
"end": 1907.54,
"text": "with a lot of hotel industry news in it as Pebblebrook Hotel"
},
{
"start": 1907.54,
"end": 1911.94,
"text": "Trust, the Bethesda, Maryland based hotel REIT has completed"
},
{
"start": 1911.94,
"end": 1917.26,
"text": "the sale of the historic 125 room Union Station Hotel"
},
{
"start": 1917.26,
"end": 1922.94,
"text": "Nashville autograph collection at 1001 Broadway to Southwest"
},
{
"start": 1922.94,
"end": 1925.94,
"text": "Value Partners for $56 million."
},
{
"start": 1926.26,
"end": 1929.38,
"text": "As Gail Kalinowski reported for Commercial Property Executive,"
},
{
"start": 1929.7,
"end": 1933.22,
"text": "Southwest Value based in California and led by co-managing"
},
{
"start": 1933.22,
"end": 1937.06,
"text": "partners Carrie Mack and Mark Schlossberg is also building"
},
{
"start": 1937.06,
"end": 1941.06,
"text": "the 17 acre mixed use Nashville Yards development across"
},
{
"start": 1941.06,
"end": 1943.98,
"text": "the street from the Union Station Hotel, and that will"
},
{
"start": 1943.98,
"end": 1948.18,
"text": "include the Grand Hyatt Nashville, the 591 room hotel"
},
{
"start": 1948.18,
"end": 1949.66,
"text": "that is set to open soon."
},
{
"start": 1950.18,
"end": 1953.46,
"text": "Now Southwest finance the Union Station acquisition with a"
},
{
"start": 1953.46,
"end": 1957.42,
"text": "five year 30.3 million loan from International Bank of"
},
{
"start": 1957.42,
"end": 1960.82,
"text": "Commerce. The Union Station building is a former railroad"
},
{
"start": 1960.82,
"end": 1964.94,
"text": "terminal that opened in 1900, then was turned into a hotel"
},
{
"start": 1964.94,
"end": 1968.86,
"text": "in 1986 and became a member of the historic hotels of"
},
{
"start": 1968.86,
"end": 1971.06,
"text": "America in 2015."
},
{
"start": 1971.66,
"end": 1977.14,
"text": "Pebblebrook bought the hotel in December 2014 for $52.3"
},
{
"start": 1977.14,
"end": 1981.46,
"text": "million. The Nashville Yards complex, which we mentioned the"
},
{
"start": 1981.46,
"end": 1985.1,
"text": "mixed use campus is slated to have more than 3.5 million"
},
{
"start": 1985.1,
"end": 1988.94,
"text": "square feet of office space, about 1000 multifamily units"
},
{
"start": 1989.1,
"end": 1992.62,
"text": "and 400,000 square feet of retail and entertainment space."
},
{
"start": 1992.98,
"end": 1997.78,
"text": "The development will include a 20 story 566,000 square foot"
},
{
"start": 1997.98,
"end": 2001.66,
"text": "class eight tower at 1001 Church Street."
},
{
"start": 2001.86,
"end": 2005.14,
"text": "That will be Amazon's operation center, which is scheduled"
},
{
"start": 2005.14,
"end": 2006.98,
"text": "for completion in 2021."
},
{
"start": 2007.7,
"end": 2010.06,
"text": "Now, Pebblebrook has been continuing to sell hotel"
},
{
"start": 2010.06,
"end": 2013.1,
"text": "properties as part of its disposition program after"
},
{
"start": 2013.1,
"end": 2017.02,
"text": "acquiring Los Sal Hotel properties in November 2018."
},
{
"start": 2017.38,
"end": 2020.7,
"text": "In January, it signed a deal to sell the 422 key"
},
{
"start": 2020.7,
"end": 2024.3,
"text": "intercontinental bucket Atlanta and the 237 room"
},
{
"start": 2024.3,
"end": 2028.06,
"text": "Safitel, Washington DC for 331 million."
},
{
"start": 2028.5,
"end": 2032.1,
"text": "Also in the nation's capital, Pebblebrook sold the"
},
{
"start": 2032.1,
"end": 2036.38,
"text": "137 key Rouge Hotel, located less than a mile from the"
},
{
"start": 2036.38,
"end": 2038.62,
"text": "White House in September for 42 million."
},
{
"start": 2038.98,
"end": 2043.58,
"text": "And the company in 2019 sold the 343 room liaison"
},
{
"start": 2043.58,
"end": 2048.82,
"text": "Washington Capitol Hills for 111 million and the 335 key"
},
{
"start": 2048.82,
"end": 2052.46,
"text": "Hotel Palomar for 141 and a half million."
},
{
"start": 2052.86,
"end": 2055.78,
"text": "Now, in June, John Bortz, Pebblebrook's chairman,"
},
{
"start": 2055.78,
"end": 2059.14,
"text": "president and CEO, described the hotel industry as being"
},
{
"start": 2059.34,
"end": 2062.62,
"text": "devastated by the COVID-19 crisis, noting that about"
},
{
"start": 2062.62,
"end": 2066.82,
"text": "20% of hotels closed and approximately 75% of the"
},
{
"start": 2066.82,
"end": 2068.3,
"text": "workforce was furloughed."
},
{
"start": 2068.62,
"end": 2071.34,
"text": "Last week, and it's just released second quarter 2020"
},
{
"start": 2071.34,
"end": 2073.9,
"text": "earnings report, the company stated it could not"
},
{
"start": 2073.9,
"end": 2076.94,
"text": "provide 2020 guidance at this time due to the"
},
{
"start": 2076.94,
"end": 2079.94,
"text": "uncertainties caused by the pandemic, noting it plans"
},
{
"start": 2079.94,
"end": 2082.7,
"text": "to release new guidance when it has more clarity."
},
{
"start": 2083.14,
"end": 2086.18,
"text": "The company did note the 24 of its 53 hotels and"
},
{
"start": 2086.18,
"end": 2090.14,
"text": "resorts are now open and expects to reopen five more"
},
{
"start": 2090.14,
"end": 2091.22,
"text": "by mid August."
},
{
"start": 2091.66,
"end": 2094.46,
"text": "Bortz also stated that the company has seen an uptick"
},
{
"start": 2094.46,
"end": 2097.46,
"text": "in the leisure segment that has benefited its drive"
},
{
"start": 2097.46,
"end": 2100.1,
"text": "to resorts and they have been experiencing"
},
{
"start": 2100.1,
"end": 2103.1,
"text": "improvements in operating performance each week while"
},
{
"start": 2103.1,
"end": 2106.26,
"text": "seeing gradual recovery and demand in its urban"
},
{
"start": 2106.26,
"end": 2106.98,
"text": "hotels."
},
{
"start": 2107.54,
"end": 2110.46,
"text": "Also on a positive note, Pebblebrook has recently"
},
{
"start": 2110.46,
"end": 2112.5,
"text": "completed the redevelopment of Hotel Zena,"
},
{
"start": 2112.5,
"end": 2115.5,
"text": "Washington, D.C. and Viceroy Hotel, Washington,"
},
{
"start": 2115.5,
"end": 2118.18,
"text": "D.C., and of several properties in California,"
},
{
"start": 2118.18,
"end": 2120.66,
"text": "including Le Park West Hollywood, San Diego"
},
{
"start": 2120.66,
"end": 2123.94,
"text": "Mission Bay Resort, Chaminade Resort in Santa Cruz"
},
{
"start": 2124.18,
"end": 2126.46,
"text": "and Viceroy Santa Monica Hotel."
},
{
"start": 2127.38,
"end": 2129.94,
"text": "For a big industrial deal, let's now head up to"
},
{
"start": 2129.94,
"end": 2133.66,
"text": "Romeo, Illinois, 25 miles from downtown Chicago,"
},
{
"start": 2133.86,
"end": 2136.54,
"text": "where Prologis, the massive worldwide owner of"
},
{
"start": 2136.54,
"end": 2139.98,
"text": "industrial properties, has acquired the 1.3 million"
},
{
"start": 2139.98,
"end": 2142.26,
"text": "square foot industrial development called"
},
{
"start": 2142.34,
"end": 2147.22,
"text": "Interchange 55 Logistics Park for $98 million or"
},
{
"start": 2147.22,
"end": 2150.46,
"text": "$75 per square foot from Aquari Real Estate."
},
{
"start": 2150.86,
"end": 2153.26,
"text": "As Ingrid Thunberg, that prolific reporter from"
},
{
"start": 2153.26,
"end": 2156.02,
"text": "Globe Street posted, the transaction represents"
},
{
"start": 2156.02,
"end": 2159.54,
"text": "Prologis' largest acquisition since the onset of the"
},
{
"start": 2159.54,
"end": 2161.06,
"text": "COVID-19 pandemic."
},
{
"start": 2161.46,
"end": 2164.58,
"text": "The two building class a spec development located at"
},
{
"start": 2164.58,
"end": 2168.14,
"text": "the junction of Interstate 55 and Interstate 355"
},
{
"start": 2168.34,
"end": 2171.98,
"text": "has a 659,000 square foot building A and a"
},
{
"start": 2171.98,
"end": 2174.82,
"text": "684,000 square foot building B."
},
{
"start": 2175.14,
"end": 2178.98,
"text": "Each property features 36 foot ceiling heights and"
},
{
"start": 2178.98,
"end": 2180.82,
"text": "cross-docked configurations."
},
{
"start": 2181.14,
"end": 2184.26,
"text": "They were just built in late 2019 and sold at"
},
{
"start": 2184.26,
"end": 2187.62,
"text": "30% occupancy since they did lease at building A,"
},
{
"start": 2187.78,
"end": 2191.14,
"text": "so it has only 257,000 square feet available,"
},
{
"start": 2191.34,
"end": 2193.86,
"text": "while building B was sold in shell condition."
},
{
"start": 2194.1,
"end": 2196.7,
"text": "Macquarie, the seller, was repped in the sale by"
},
{
"start": 2196.7,
"end": 2199.18,
"text": "brokers in the Collier's International Chicago"
},
{
"start": 2199.18,
"end": 2201.86,
"text": "Office, who noted in their press release that"
},
{
"start": 2201.86,
"end": 2203.86,
"text": "although there have been significant challenges"
},
{
"start": 2203.86,
"end": 2207.38,
"text": "presented by the global pandemic, the capital"
},
{
"start": 2207.38,
"end": 2210.54,
"text": "markets have quickly concluded that well-located"
},
{
"start": 2210.54,
"end": 2213.74,
"text": "modern industrial product will be a good long-term"
},
{
"start": 2213.74,
"end": 2214.42,
"text": "investment."
},
{
"start": 2215.22,
"end": 2217.74,
"text": "Shifting to some multifamily deals, I will slide"
},
{
"start": 2217.74,
"end": 2220.66,
"text": "down to Houston, where BSR, an apartment"
},
{
"start": 2220.66,
"end": 2225.06,
"text": "rate, acquired the 370-unit Broadstone Park West"
},
{
"start": 2225.06,
"end": 2228.3,
"text": "apartment community from Starlight Investments for"
},
{
"start": 2228.3,
"end": 2229.74,
"text": "$51 million."
},
{
"start": 2229.98,
"end": 2232.66,
"text": "BSR financed the purchase through its credit"
},
{
"start": 2232.66,
"end": 2236.74,
"text": "facility of $40 million, as well as $10.4 million"
},
{
"start": 2236.74,
"end": 2238.1,
"text": "in its trust units."
},
{
"start": 2238.46,
"end": 2240.22,
"text": "The garden style property was originally"
},
{
"start": 2240.22,
"end": 2244.1,
"text": "constructed in 2014 and features a clubhouse"
},
{
"start": 2244.1,
"end": 2246.58,
"text": "fitness center and resort style swimming pool."
},
{
"start": 2247.06,
"end": 2249.58,
"text": "With the recent purchase, BSR now owns"
},
{
"start": 2249.58,
"end": 2253.46,
"text": "2,332 apartment units within the Houston"
},
{
"start": 2253.46,
"end": 2254.86,
"text": "metropolitan area."
},
{
"start": 2255.22,
"end": 2258.46,
"text": "Their transaction represents BSR's 11th property"
},
{
"start": 2258.46,
"end": 2263.18,
"text": "acquisition since May 2018, when the REIT"
},
{
"start": 2263.18,
"end": 2265.3,
"text": "completed its initial public offering on the"
},
{
"start": 2265.3,
"end": 2266.78,
"text": "Toronto Stock Exchange."
},
{
"start": 2267.18,
"end": 2270.86,
"text": "Adding 3,235 total apartment units to its"
},
{
"start": 2270.86,
"end": 2273.42,
"text": "portfolio since then, the REIT has acquired"
},
{
"start": 2273.42,
"end": 2276.14,
"text": "properties in the Houston metro area, Austin"
},
{
"start": 2276.14,
"end": 2278.62,
"text": "and Dallas-Fort Worth metro areas, Oklahoma"
},
{
"start": 2278.62,
"end": 2280.5,
"text": "City and in Arkansas."
},
{
"start": 2280.82,
"end": 2283.5,
"text": "John Bailey, CEO of BSR, noted that the"
},
{
"start": 2283.5,
"end": 2285.86,
"text": "acquisition of Broadstone is another example"
},
{
"start": 2285.86,
"end": 2288.46,
"text": "of BSR growing according to our defined"
},
{
"start": 2288.46,
"end": 2289.86,
"text": "clustering strategy."
},
{
"start": 2290.1,
"end": 2292.3,
"text": "We will add value to the property by applying"
},
{
"start": 2292.3,
"end": 2295.18,
"text": "it to our internal management platform, as"
},
{
"start": 2295.18,
"end": 2297.18,
"text": "we have done with other properties acquired"
},
{
"start": 2297.18,
"end": 2298.34,
"text": "since our IPO."
},
{
"start": 2299.26,
"end": 2301.78,
"text": "Now in a multifamily buy in Arizona, Knight"
},
{
"start": 2301.78,
"end": 2304.54,
"text": "Vest Capital paid $62.5 million for"
},
{
"start": 2304.54,
"end": 2308.22,
"text": "Signature Place, a 300-unit community and"
},
{
"start": 2308.22,
"end": 2310.66,
"text": "Tempe, Arizona, and that price works out to"
},
{
"start": 2310.66,
"end": 2313.1,
"text": "$208,000 per unit."
},
{
"start": 2313.5,
"end": 2315.34,
"text": "The seller in the deal was Western Wealth"
},
{
"start": 2315.34,
"end": 2316.02,
"text": "Capital."
},
{
"start": 2316.42,
"end": 2319.22,
"text": "Located at 600 West Grove Parkway in South"
},
{
"start": 2319.22,
"end": 2321.86,
"text": "Tempe, Signature Place community amenities"
},
{
"start": 2321.86,
"end": 2323.82,
"text": "include two resort-style swimming pools, a"
},
{
"start": 2323.82,
"end": 2326.1,
"text": "fitness center, lighted tennis courts and"
},
{
"start": 2326.1,
"end": 2327.42,
"text": "outdoor grilling areas."
},
{
"start": 2327.86,
"end": 2329.78,
"text": "All units at Signature Place have 9-foot"
},
{
"start": 2329.78,
"end": 2332.54,
"text": "ceilings, fully equipped kitchens, full-size"
},
{
"start": 2332.54,
"end": 2335.18,
"text": "washers and dryers, and private patios, and"
},
{
"start": 2335.18,
"end": 2336.98,
"text": "some units even have fireplaces."
},
{
"start": 2337.46,
"end": 2339.98,
"text": "CBRE's Phoenix Multifamily Institutional"
},
{
"start": 2339.98,
"end": 2342.18,
"text": "Properties Group represented Western Wealth"
},
{
"start": 2342.18,
"end": 2343.34,
"text": "Capital in the deal."
},
{
"start": 2343.62,
"end": 2347.02,
"text": "Knight Vest, founded in 2007, has become a"
},
{
"start": 2347.02,
"end": 2349.02,
"text": "major player in repositioning multifamily"
},
{
"start": 2349.02,
"end": 2351.66,
"text": "assets, transforming more than 100"
},
{
"start": 2351.66,
"end": 2352.42,
"text": "properties."
},
{
"start": 2352.9,
"end": 2354.26,
"text": "Now we should note that the Phoenix"
},
{
"start": 2354.26,
"end": 2356.5,
"text": "Multifamily Market posted a near-record"
},
{
"start": 2356.5,
"end": 2359.94,
"text": "low vacancy rate of 3.9% in the first"
},
{
"start": 2359.94,
"end": 2362.22,
"text": "quarter of 2020, leading into the"
},
{
"start": 2362.22,
"end": 2364.54,
"text": "pandemic, and the rate increased only 60"
},
{
"start": 2364.54,
"end": 2367.38,
"text": "basis points to 4.5% at the end of the"
},
{
"start": 2367.38,
"end": 2369.98,
"text": "second quarter, according to the CBRE"
},
{
"start": 2369.98,
"end": 2372.78,
"text": "Economic Metric Advisors."
},
{
"start": 2373.42,
"end": 2375.06,
"text": "Phoenix had the strongest one-year"
},
{
"start": 2375.06,
"end": 2377.74,
"text": "total return for multifamily"
},
{
"start": 2377.74,
"end": 2379.9,
"text": "investments out of the 29 largest U.S."
},
{
"start": 2379.9,
"end": 2381.98,
"text": "Metros in the second quarter of this"
},
{
"start": 2381.98,
"end": 2382.3,
"text": "year."
},
{
"start": 2382.66,
"end": 2385.86,
"text": "Now the region's 10.5% one-year return was"
},
{
"start": 2385.86,
"end": 2389.34,
"text": "comprised of 5.5% appreciation return and"
},
{
"start": 2389.34,
"end": 2391.82,
"text": "5% income return, according to the"
},
{
"start": 2391.82,
"end": 2394.18,
"text": "National Council of Real Estate Investment"
},
{
"start": 2394.18,
"end": 2395.14,
"text": "Fiduciaries."
},
{
"start": 2395.9,
"end": 2398.06,
"text": "Now let's head to the Golden State, where"
},
{
"start": 2398.06,
"end": 2400.18,
"text": "we always have a few deals to report on,"
},
{
"start": 2400.18,
"end": 2402.42,
"text": "starting in the no-cow town of Morgan"
},
{
"start": 2402.42,
"end": 2404.82,
"text": "Hill, where Trauma Crow Company"
},
{
"start": 2404.98,
"end": 2407.9,
"text": "acquired a fully entitled 24-acre site"
},
{
"start": 2408.1,
"end": 2409.86,
"text": "in which the firm is planning to develop"
},
{
"start": 2409.86,
"end": 2413.02,
"text": "a 440,000-square-foot light industrial"
},
{
"start": 2413.02,
"end": 2415.58,
"text": "development comprised of five Class A"
},
{
"start": 2415.58,
"end": 2416.26,
"text": "buildings."
},
{
"start": 2416.98,
"end": 2419.26,
"text": "Currently undeveloped land, it is"
},
{
"start": 2419.26,
"end": 2422.38,
"text": "located west of Highway 101 within the"
},
{
"start": 2422.38,
"end": 2424.3,
"text": "Morgan Hill Ranch Business Park."
},
{
"start": 2424.66,
"end": 2426.14,
"text": "In press release, I got noted that the"
},
{
"start": 2426.14,
"end": 2428.14,
"text": "demand for new Class A light industrial"
},
{
"start": 2428.14,
"end": 2430.74,
"text": "space in Santa Clara County continues to"
},
{
"start": 2430.74,
"end": 2433.22,
"text": "be robust even in the current economic"
},
{
"start": 2433.22,
"end": 2433.98,
"text": "situation."
},
{
"start": 2434.42,
"end": 2436.62,
"text": "Trauma Crow plans to submit a"
},
{
"start": 2436.62,
"end": 2438.3,
"text": "development application for this new"
},
{
"start": 2438.3,
"end": 2440.18,
"text": "project to the city during the third"
},
{
"start": 2440.18,
"end": 2441.86,
"text": "quarter of this year, but hopefully it"
},
{
"start": 2441.86,
"end": 2443.46,
"text": "won't take too long to approve since"
},
{
"start": 2443.46,
"end": 2445.98,
"text": "the intended project is consistent with"
},
{
"start": 2445.98,
"end": 2447.86,
"text": "the existing development agreement for"
},
{
"start": 2447.86,
"end": 2448.42,
"text": "the land."
},
{
"start": 2448.86,
"end": 2451.14,
"text": "TCC currently owns an additional 60"
},
{
"start": 2451.22,
"end": 2452.7,
"text": "acres of undeveloped land on the"
},
{
"start": 2452.7,
"end": 2455.18,
"text": "immediate east side of Highway 101,"
},
{
"start": 2455.38,
"end": 2456.7,
"text": "where the firm plans to build an"
},
{
"start": 2456.7,
"end": 2458.3,
"text": "industrial and manufacturing"
},
{
"start": 2458.3,
"end": 2460.5,
"text": "technology park, comprised of six"
},
{
"start": 2460.5,
"end": 2462.18,
"text": "buildings, to house headquarters"
},
{
"start": 2462.18,
"end": 2464.38,
"text": "facilities, regional manufacturing and"
},
{
"start": 2464.38,
"end": 2466.54,
"text": "assembly distribution facilities, and"
},
{
"start": 2466.54,
"end": 2468.54,
"text": "expansion space for existing Morgan"
},
{
"start": 2468.54,
"end": 2469.62,
"text": "Hill commercial tenants."
},
{
"start": 2470.02,
"end": 2472.26,
"text": "Robert Jew, head of development for"
},
{
"start": 2472.26,
"end": 2474.34,
"text": "CBRE Global Investors Americas,"
},
{
"start": 2474.5,
"end": 2476.18,
"text": "said that the Morgan Hill Ranch site"
},
{
"start": 2476.18,
"end": 2477.7,
"text": "is the final commitment in one of"
},
{
"start": 2477.7,
"end": 2479.78,
"text": "CBRE Global Investors Development"
},
{
"start": 2479.78,
"end": 2482.02,
"text": "Funds. The fund series has made 50"
},
{
"start": 2482.02,
"end": 2483.74,
"text": "investments over the past 10 years."
},
{
"start": 2484.14,
"end": 2486.02,
"text": "Their fund team is now actively"
},
{
"start": 2486.02,
"end": 2488.06,
"text": "thinking about the next steps when"
},
{
"start": 2488.06,
"end": 2489.62,
"text": "it comes to investment in various"
},
{
"start": 2489.62,
"end": 2491.9,
"text": "development opportunities as we"
},
{
"start": 2491.9,
"end": 2493.86,
"text": "approach the next economic cycle."
},
{
"start": 2494.18,
"end": 2495.94,
"text": "Now Trauma Crow Company was founded"
},
{
"start": 2495.94,
"end": 2498.42,
"text": "in 1948 and is one of the late"
},
{
"start": 2498.42,
"end": 2500.06,
"text": "nation's leading developers and"
},
{
"start": 2500.06,
"end": 2501.78,
"text": "investors in commercial real estate."
},
{
"start": 2502.1,
"end": 2504.86,
"text": "It has developed or acquired 2700"
},
{
"start": 2504.86,
"end": 2507.5,
"text": "buildings valued at nearly $65"
},
{
"start": 2507.5,
"end": 2510.5,
"text": "billion and over 590 million"
},
{
"start": 2510.5,
"end": 2512.06,
"text": "square feet. Wow."
},
{
"start": 2513.06,
"end": 2515.26,
"text": "A little bit north up in Palo Alto"
},
{
"start": 2515.26,
"end": 2517.58,
"text": "in Silicon Valley, liquid biopsy"
},
{
"start": 2517.58,
"end": 2519.14,
"text": "company Garden Health Inc."
},
{
"start": 2519.14,
"end": 2521.54,
"text": "leased nearly 250,000 square feet"
},
{
"start": 2521.54,
"end": 2523.66,
"text": "for roughly 12 years at the"
},
{
"start": 2523.66,
"end": 2525.5,
"text": "former Hewlett Packard Enterprise"
},
{
"start": 2525.5,
"end": 2527.82,
"text": "headquarters location at 3000"
},
{
"start": 2527.82,
"end": 2528.78,
"text": "Hanover Street."
},
{
"start": 2529.06,
"end": 2530.5,
"text": "And what the Mercury News said is"
},
{
"start": 2530.5,
"end": 2531.74,
"text": "the largest office lease in"
},
{
"start": 2531.74,
"end": 2533.62,
"text": "Silicon Valley so far this year."
},
{
"start": 2534.1,
"end": 2535.34,
"text": "The building is in the Stanford"
},
{
"start": 2535.34,
"end": 2537.18,
"text": "Research Park and is owned by"
},
{
"start": 2537.18,
"end": 2539.06,
"text": "major Silicon Valley real estate"
},
{
"start": 2539.06,
"end": 2541.3,
"text": "player Sandhill Property Company."
},
{
"start": 2541.7,
"end": 2543.38,
"text": "Garden, headquartered in Redwood"
},
{
"start": 2543.38,
"end": 2545.26,
"text": "City, is leasing the top two"
},
{
"start": 2545.26,
"end": 2546.42,
"text": "floors of the four story"
},
{
"start": 2546.42,
"end": 2548.02,
"text": "building for office and lab space"
},
{
"start": 2548.26,
"end": 2550.06,
"text": "to support their anticipated future"
},
{
"start": 2550.06,
"end": 2550.54,
"text": "growth."
},
{
"start": 2551.38,
"end": 2552.98,
"text": "According to the article and"
},
{
"start": 2552.98,
"end": 2555.3,
"text": "Garden's SEC filings, the rent"
},
{
"start": 2555.3,
"end": 2557.34,
"text": "started starts out at just under"
},
{
"start": 2557.34,
"end": 2559.94,
"text": "$4 per square foot per month and"
},
{
"start": 2559.94,
"end": 2561.42,
"text": "then has set increases for a"
},
{
"start": 2561.42,
"end": 2563.22,
"text": "couple of years, followed by"
},
{
"start": 2563.22,
"end": 2565.54,
"text": "3% annual bumps thereafter."
},
{
"start": 2565.98,
"end": 2568.02,
"text": "In addition, it was revealed that"
},
{
"start": 2568.02,
"end": 2569.5,
"text": "Garden got the first five months"
},
{
"start": 2569.5,
"end": 2571.9,
"text": "free and about $100 per square"
},
{
"start": 2571.9,
"end": 2572.98,
"text": "foot for T.I.'s."
},
{
"start": 2573.46,
"end": 2574.94,
"text": "Sandhill Property Company was"
},
{
"start": 2574.94,
"end": 2576.1,
"text": "represented in the deal by"
},
{
"start": 2576.1,
"end": 2577.5,
"text": "brokers from Cushman and Wakefield"
},
{
"start": 2577.5,
"end": 2579.58,
"text": "Palo Alto office, as well as"
},
{
"start": 2579.58,
"end": 2580.86,
"text": "brokers from New Mart Night"
},
{
"start": 2580.86,
"end": 2582.26,
"text": "Frank's Palo Alto office."
},
{
"start": 2582.58,
"end": 2583.78,
"text": "Brokers from Seville"
},
{
"start": 2584.02,
"end": 2585.66,
"text": "represented Garden in the deal."
},
{
"start": 2586.14,
"end": 2587.82,
"text": "In case you didn't know, liquid"
},
{
"start": 2587.82,
"end": 2589.26,
"text": "biopsy companies like Garden"
},
{
"start": 2589.26,
"end": 2591.02,
"text": "focus on detecting DNA that has"
},
{
"start": 2591.02,
"end": 2593.02,
"text": "been shed by cancer cells and"
},
{
"start": 2593.02,
"end": 2594.54,
"text": "is floating in the bloodstream"
},
{
"start": 2594.7,
"end": 2596.22,
"text": "through a simple blood draw."
},
{
"start": 2596.62,
"end": 2598.1,
"text": "The technology they use is meant"
},
{
"start": 2598.1,
"end": 2600.1,
"text": "to replace organ biopsies where"
},
{
"start": 2600.1,
"end": 2602.38,
"text": "snippets of tissues are extracted"
},
{
"start": 2602.38,
"end": 2603.78,
"text": "and analyzed to find cancer"
},
{
"start": 2603.78,
"end": 2604.38,
"text": "cells."
},
{
"start": 2605.26,
"end": 2606.98,
"text": "Next, heading down to SoCal and"
},
{
"start": 2606.98,
"end": 2609.42,
"text": "El Segundo, major national office"
},
{
"start": 2609.42,
"end": 2611.02,
"text": "investor Boston Properties"
},
{
"start": 2611.02,
"end": 2613.18,
"text": "acquired a 50% interest in an"
},
{
"start": 2613.18,
"end": 2614.86,
"text": "existing joint venture that owns"
},
{
"start": 2614.86,
"end": 2616.78,
"text": "Beach Cities Media Campus, a"
},
{
"start": 2616.78,
"end": 2619.06,
"text": "6.4 acre site on the Rose"
},
{
"start": 2619.06,
"end": 2621.14,
"text": "Krantz Avenue corridor that is"
},
{
"start": 2621.14,
"end": 2622.86,
"text": "fully entitled for development of"
},
{
"start": 2622.86,
"end": 2625.9,
"text": "approximately 275,000 square"
},
{
"start": 2625.9,
"end": 2627.98,
"text": "feet of Class A creative office"
},
{
"start": 2627.98,
"end": 2628.54,
"text": "space."
},
{
"start": 2628.94,
"end": 2630.14,
"text": "Boston Properties Venture"
},
{
"start": 2630.14,
"end": 2631.3,
"text": "Partners are Continental"
},
{
"start": 2631.3,
"end": 2633.42,
"text": "Development Corporation and Mars"
},
{
"start": 2633.42,
"end": 2636.9,
"text": "Ventures, which had owned 75% and"
},
{
"start": 2636.9,
"end": 2639.5,
"text": "25% of the asset respectively"
},
{
"start": 2639.74,
"end": 2641.3,
"text": "prior to this new partnership."
},
{
"start": 2641.9,
"end": 2643.18,
"text": "Continental Development is a"
},
{
"start": 2643.18,
"end": 2644.7,
"text": "premier developer and owner of"
},
{
"start": 2644.7,
"end": 2646.5,
"text": "Class A properties primarily in"
},
{
"start": 2646.5,
"end": 2648.26,
"text": "the El Segundo and South Bay"
},
{
"start": 2648.26,
"end": 2650.02,
"text": "sub markets of LA with more"
},
{
"start": 2650.02,
"end": 2651.7,
"text": "than 500 tenants across its"
},
{
"start": 2651.7,
"end": 2653.1,
"text": "more 4 million square feet"
},
{
"start": 2653.1,
"end": 2653.98,
"text": "portfolio."
},
{
"start": 2654.34,
"end": 2655.82,
"text": "It's also been a great long term"
},
{
"start": 2655.82,
"end": 2657.1,
"text": "client of Rent TV."
},
{
"start": 2657.46,
"end": 2659.14,
"text": "The media campus is on the"
},
{
"start": 2659.14,
"end": 2660.62,
"text": "western border of Continental"
},
{
"start": 2660.62,
"end": 2662.62,
"text": "Park, Continental's 3 million"
},
{
"start": 2662.62,
"end": 2664.86,
"text": "square foot 86 acre office and"
},
{
"start": 2664.86,
"end": 2666.46,
"text": "mixed use campus, which is"
},
{
"start": 2666.46,
"end": 2668.86,
"text": "home to several Fortune 500 and"
},
{
"start": 2668.86,
"end": 2670.18,
"text": "emerging office tenants."
},
{
"start": 2670.62,
"end": 2672.58,
"text": "Rose Krantz Avenue, not far"
},
{
"start": 2672.58,
"end": 2673.66,
"text": "from where I'm sitting right"
},
{
"start": 2673.66,
"end": 2675.26,
"text": "now, is one of the most in"
},
{
"start": 2675.26,
"end": 2676.5,
"text": "demand creative office,"
},
{
"start": 2676.5,
"end": 2678.18,
"text": "restaurant and retail nodes in"
},
{
"start": 2678.18,
"end": 2679.98,
"text": "the South Bay of LA and his"
},
{
"start": 2679.98,
"end": 2681.42,
"text": "minutes from LAX."
},
{
"start": 2682.02,
"end": 2683.66,
"text": "Boston Properties CEO Owen"
},
{
"start": 2683.66,
"end": 2685.66,
"text": "Thomas noted that this marks"
},
{
"start": 2685.66,
"end": 2686.9,
"text": "Boston Properties third"
},
{
"start": 2686.9,
"end": 2688.42,
"text": "investment in the LA region"
},
{
"start": 2688.42,
"end": 2689.54,
"text": "since entering the market in"
},
{
"start": 2689.54,
"end": 2692.5,
"text": "2016 and provides us a fully"
},
{
"start": 2692.5,
"end": 2694.3,
"text": "entitled site located in a"
},
{
"start": 2694.3,
"end": 2695.58,
"text": "desirable sub market to"
},
{
"start": 2695.58,
"end": 2696.94,
"text": "support future development."
},
{
"start": 2697.38,
"end": 2698.58,
"text": "The company is the largest"
},
{
"start": 2698.58,
"end": 2700.1,
"text": "publicly traded developer,"
},
{
"start": 2700.1,
"end": 2702.34,
"text": "owner and manager of Class A"
},
{
"start": 2702.34,
"end": 2704.1,
"text": "office properties in the U.S."
},
{
"start": 2704.66,
"end": 2706.66,
"text": "Continental Development's"
},
{
"start": 2706.66,
"end": 2708.22,
"text": "President Richard Lundquist"
},
{
"start": 2708.46,
"end": 2710.42,
"text": "said that their team has been"
},
{
"start": 2710.42,
"end": 2711.82,
"text": "exploring partnerships,"
},
{
"start": 2711.82,
"end": 2713.98,
"text": "opportunities for some time and"
},
{
"start": 2713.98,
"end": 2715.18,
"text": "he is thrilled to officially"
},
{
"start": 2715.18,
"end": 2716.62,
"text": "establish a relationship with"
},
{
"start": 2716.62,
"end": 2717.82,
"text": "Boston Properties on this"
},
{
"start": 2717.82,
"end": 2718.82,
"text": "fantastic site."
},
{
"start": 2719.38,
"end": 2720.62,
"text": "He added that their collective"
},
{
"start": 2720.62,
"end": 2721.98,
"text": "and longstanding experience in"
},
{
"start": 2721.98,
"end": 2723.54,
"text": "building high quality projects"
},
{
"start": 2723.78,
"end": 2725.14,
"text": "will lead to the delivery of"
},
{
"start": 2725.14,
"end": 2727.1,
"text": "a world class media campus."
},
{
"start": 2727.82,
"end": 2729.26,
"text": "Now it's set to Hollywood for"
},
{
"start": 2729.26,
"end": 2730.54,
"text": "our last two deal notes."
},
{
"start": 2730.9,
"end": 2732.34,
"text": "First, the news that locally"
},
{
"start": 2732.34,
"end": 2734.7,
"text": "based BLT Enterprises has"
},
{
"start": 2734.7,
"end": 2736.94,
"text": "acquired Television Center, a"
},
{
"start": 2736.94,
"end": 2738.26,
"text": "nearly two hundred thousand"
},
{
"start": 2738.26,
"end": 2739.98,
"text": "square foot creative office and"
},
{
"start": 2739.98,
"end": 2741.94,
"text": "production campus situated on"
},
{
"start": 2741.94,
"end": 2743.46,
"text": "six point four acres in the"
},
{
"start": 2743.46,
"end": 2744.5,
"text": "heart of Hollywood."
},
{
"start": 2744.78,
"end": 2746.22,
"text": "And that was in a sixty four"
},
{
"start": 2746.22,
"end": 2747.78,
"text": "million dollar transaction."
},
{
"start": 2748.34,
"end": 2749.86,
"text": "The movie studio asset was"
},
{
"start": 2749.86,
"end": 2751.74,
"text": "previously home to Metro"
},
{
"start": 2751.74,
"end": 2753.46,
"text": "Pictures and a division of"
},
{
"start": 2753.46,
"end": 2754.1,
"text": "Technicolor."
},
{
"start": 2754.38,
"end": 2755.66,
"text": "At present, tenants at the"
},
{
"start": 2755.66,
"end": 2756.74,
"text": "property include media,"
},
{
"start": 2756.74,
"end": 2758.06,
"text": "technology and entertainment"
},
{
"start": 2758.06,
"end": 2760.18,
"text": "firms along with a Gold's gym."
},
{
"start": 2760.66,
"end": 2762.62,
"text": "The asset is bounded by iconic"
},
{
"start": 2762.62,
"end": 2764.18,
"text": "streets in Hollywood that include"
},
{
"start": 2764.18,
"end": 2765.86,
"text": "Santa Monica Boulevard and"
},
{
"start": 2765.86,
"end": 2767.54,
"text": "Cahuenga Boulevard along with"
},
{
"start": 2767.54,
"end": 2768.5,
"text": "Romaine Street."
},
{
"start": 2769.18,
"end": 2770.58,
"text": "Bernard Huberman, founder and"
},
{
"start": 2770.58,
"end": 2772.5,
"text": "president of BLT Enterprises,"
},
{
"start": 2772.78,
"end": 2774.38,
"text": "noted that this was a once in a"
},
{
"start": 2774.38,
"end": 2776.82,
"text": "generation opportunity to acquire"
},
{
"start": 2776.82,
"end": 2778.5,
"text": "an asset of this scale in the"
},
{
"start": 2778.5,
"end": 2779.78,
"text": "Hollywood media district,"
},
{
"start": 2780.06,
"end": 2781.74,
"text": "which is undergoing a renaissance"
},
{
"start": 2781.74,
"end": 2783.14,
"text": "with the convergence of media"
},
{
"start": 2783.14,
"end": 2784.5,
"text": "and technology companies."
},
{
"start": 2784.98,
"end": 2786.34,
"text": "He added that the prior ownership"
},
{
"start": 2786.34,
"end": 2787.66,
"text": "did a phenomenal job of"
},
{
"start": 2787.66,
"end": 2789.18,
"text": "transforming the property from"
},
{
"start": 2789.18,
"end": 2791.02,
"text": "its original uses and there are"
},
{
"start": 2791.02,
"end": 2792.7,
"text": "many opportunities for built to"
},
{
"start": 2792.7,
"end": 2793.7,
"text": "suit development and"
},
{
"start": 2793.7,
"end": 2794.38,
"text": "redevelopment."
},
{
"start": 2795.1,
"end": 2798.14,
"text": "BLT was a BLT was represented in"
},
{
"start": 2798.14,
"end": 2799.9,
"text": "the deal by Lee and Associates"
},
{
"start": 2799.9,
"end": 2800.74,
"text": "West L.A."
},
{
"start": 2801.14,
"end": 2803.02,
"text": "And acquisition financing was"
},
{
"start": 2803.02,
"end": 2804.78,
"text": "arranged by Sunrise Mortgage."
},
{
"start": 2805.66,
"end": 2807.46,
"text": "And our last item to report on"
},
{
"start": 2807.46,
"end": 2808.58,
"text": "in this deal and development"
},
{
"start": 2808.58,
"end": 2809.74,
"text": "segment is the news that the"
},
{
"start": 2809.74,
"end": 2811.22,
"text": "new owners of the Always"
},
{
"start": 2811.22,
"end": 2812.7,
"text": "Challenge Hollywood and"
},
{
"start": 2812.7,
"end": 2814.62,
"text": "Highlands Center, which is God"
},
{
"start": 2814.62,
"end": 2817.42,
"text": "Capital USA and DJM, will be"
},
{
"start": 2817.42,
"end": 2818.82,
"text": "spending a hundred million"
},
{
"start": 2818.82,
"end": 2820.74,
"text": "dollars to redo and reposition"
},
{
"start": 2820.74,
"end": 2822.42,
"text": "the property one year after"
},
{
"start": 2822.42,
"end": 2823.5,
"text": "shelling out more than three"
},
{
"start": 2823.5,
"end": 2824.58,
"text": "hundred million dollars to"
},
{
"start": 2824.58,
"end": 2825.58,
"text": "purchase the landmark."
},
{
"start": 2826.1,
"end": 2827.38,
"text": "A big part of the plan is to"
},
{
"start": 2827.38,
"end": 2828.94,
"text": "revamp the upper floors of the"
},
{
"start": 2828.94,
"end": 2831.1,
"text": "19 year old shopping complex to"
},
{
"start": 2831.1,
"end": 2833.02,
"text": "convert that retail space to"
},
{
"start": 2833.02,
"end": 2833.7,
"text": "offices."
},
{
"start": 2834.06,
"end": 2834.98,
"text": "The four hundred and seventy"
},
{
"start": 2834.98,
"end": 2836.02,
"text": "five thousand square foot"
},
{
"start": 2836.02,
"end": 2838.62,
"text": "complex located next to the TCL"
},
{
"start": 2838.62,
"end": 2840.42,
"text": "Chinese theater will be"
},
{
"start": 2840.42,
"end": 2842.9,
"text": "rebranded Ovation Hollywood as"
},
{
"start": 2842.9,
"end": 2844.1,
"text": "part of a project that will"
},
{
"start": 2844.1,
"end": 2845.42,
"text": "transform the five story"
},
{
"start": 2845.42,
"end": 2846.06,
"text": "structure."
},
{
"start": 2846.54,
"end": 2847.46,
"text": "Upon completion of the"
},
{
"start": 2847.46,
"end": 2848.94,
"text": "renovation, the property will"
},
{
"start": 2848.94,
"end": 2851.1,
"text": "house 135,000 square feet of"
},
{
"start": 2851.1,
"end": 2853.3,
"text": "retail, nearly 100,000 square"
},
{
"start": 2853.3,
"end": 2855.62,
"text": "feet of offices, 85,000 square"
},
{
"start": 2855.62,
"end": 2856.86,
"text": "feet of restaurant and dining"
},
{
"start": 2856.86,
"end": 2859.46,
"text": "areas, 65,000 square feet of"
},
{
"start": 2859.46,
"end": 2861.82,
"text": "entertainment space and 40,000"
},
{
"start": 2861.82,
"end": 2863.46,
"text": "square feet of event space."
},
{
"start": 2863.82,
"end": 2865.1,
"text": "Now, in addition to changes to"
},
{
"start": 2865.1,
"end": 2866.06,
"text": "the programming of the"
},
{
"start": 2866.06,
"end": 2867.02,
"text": "existing Hollywood and"
},
{
"start": 2867.02,
"end": 2868.38,
"text": "Highlands Center, the plan"
},
{
"start": 2868.38,
"end": 2869.78,
"text": "renovations also include"
},
{
"start": 2869.78,
"end": 2871.02,
"text": "cosmetic updates to the"
},
{
"start": 2871.02,
"end": 2872.62,
"text": "property that the Gensler"
},
{
"start": 2872.62,
"end": 2873.9,
"text": "Design Project calls for"
},
{
"start": 2873.9,
"end": 2874.98,
"text": "updates to the property's"
},
{
"start": 2874.98,
"end": 2876.54,
"text": "color schemes, exterior"
},
{
"start": 2876.54,
"end": 2878.5,
"text": "signage, as well as redesigns"
},
{
"start": 2878.5,
"end": 2879.82,
"text": "of pedestrian corridors to"
},
{
"start": 2879.82,
"end": 2880.94,
"text": "make them more inviting."
},
{
"start": 2881.22,
"end": 2883.14,
"text": "The most substantial changes are"
},
{
"start": 2883.14,
"end": 2884.14,
"text": "proposed for the Center"
},
{
"start": 2884.14,
"end": 2885.9,
"text": "Central Courtyard, which was"
},
{
"start": 2885.9,
"end": 2886.82,
"text": "originally designed to"
},
{
"start": 2886.82,
"end": 2888.1,
"text": "reference the Babylon set of"
},
{
"start": 2888.1,
"end": 2889.38,
"text": "the D.W. Griffith Film"
},
{
"start": 2889.38,
"end": 2889.98,
"text": "Intolerance."
},
{
"start": 2890.42,
"end": 2891.18,
"text": "For all those who've been"
},
{
"start": 2891.18,
"end": 2892.1,
"text": "through it, you know what"
},
{
"start": 2892.1,
"end": 2892.94,
"text": "I'm talking about with the"
},
{
"start": 2892.94,
"end": 2893.5,
"text": "arches."
},
{
"start": 2893.74,
"end": 2895.02,
"text": "Well, the proposed renovation"
},
{
"start": 2895.02,
"end": 2896.18,
"text": "calls for a new look that"
},
{
"start": 2896.18,
"end": 2897.14,
"text": "would reference Hollywood's"
},
{
"start": 2897.18,
"end": 2898.42,
"text": "Art Deco heritage."
},
{
"start": 2898.62,
"end": 2899.82,
"text": "Construction of the roughly"
},
{
"start": 2899.82,
"end": 2901.06,
"text": "one hundred million dollar"
},
{
"start": 2901.06,
"end": 2903.02,
"text": "project is scheduled to begin"
},
{
"start": 2903.02,
"end": 2905.06,
"text": "before the end of 2020 and"
},
{
"start": 2905.06,
"end": 2906.7,
"text": "conclude in 2021."
},
{
"start": 2907.14,
"end": 2908.62,
"text": "The Ovation location is one"
},
{
"start": 2908.62,
"end": 2909.9,
"text": "of the most prominent anywhere"
},
{
"start": 2909.9,
"end": 2911.3,
"text": "in Hollywood, which attracts"
},
{
"start": 2911.3,
"end": 2912.54,
"text": "more than 25 million"
},
{
"start": 2912.54,
"end": 2913.58,
"text": "visitors each year."
},
{
"start": 2913.82,
"end": 2915.1,
"text": "And the project coincides"
},
{
"start": 2915.1,
"end": 2916.34,
"text": "with a new master plan for"
},
{
"start": 2916.34,
"end": 2917.94,
"text": "the Walk of Fame, which calls"
},
{
"start": 2917.94,
"end": 2919.34,
"text": "for expanding sidewalks and"
},
{
"start": 2919.34,
"end": 2920.54,
"text": "adding new street trees to"
},
{
"start": 2920.54,
"end": 2921.1,
"text": "the carter."
},
{
"start": 2921.7,
"end": 2923.62,
"text": "DJM and Gaut capital's"
},
{
"start": 2923.62,
"end": 2925.7,
"text": "revamp comes as coronavirus"
},
{
"start": 2925.7,
"end": 2927.3,
"text": "accelerates the well-documented"
},
{
"start": 2927.3,
"end": 2928.66,
"text": "struggles of brick and"
},
{
"start": 2928.66,
"end": 2930.5,
"text": "mortar retail in the era of"
},
{
"start": 2930.58,
"end": 2931.3,
"text": "e-commerce."
},
{
"start": 2931.58,
"end": 2932.86,
"text": "But on the flip side,"
},
{
"start": 2933.22,
"end": 2934.46,
"text": "Hollywood has been a major"
},
{
"start": 2934.46,
"end": 2936.78,
"text": "beneficiary of this as a"
},
{
"start": 2936.78,
"end": 2937.94,
"text": "location for new media"
},
{
"start": 2937.94,
"end": 2939.9,
"text": "companies to operate as large"
},
{
"start": 2939.9,
"end": 2941.06,
"text": "nearby blocks of office"
},
{
"start": 2941.06,
"end": 2942.7,
"text": "space built by Killroy Realty"
},
{
"start": 2942.9,
"end": 2944.54,
"text": "and Hudson Pacific have"
},
{
"start": 2944.54,
"end": 2946.02,
"text": "recently been leased to the"
},
{
"start": 2946.02,
"end": 2948.1,
"text": "likes of Viacom and Netflix."
},
{
"start": 2950.26,
"end": 2951.58,
"text": "And that's it for our deal"
},
{
"start": 2951.58,
"end": 2952.18,
"text": "roundup."
},
{
"start": 2952.3,
"end": 2953.7,
"text": "Now it's time to zip along the"
},
{
"start": 2953.7,
"end": 2955.38,
"text": "tech drive where we discuss"
},
{
"start": 2955.38,
"end": 2956.82,
"text": "the various combinations of"
},
{
"start": 2956.82,
"end": 2958.46,
"text": "real estate and technology"
},
{
"start": 2958.62,
"end": 2959.86,
"text": "such as new websites and"
},
{
"start": 2959.86,
"end": 2960.58,
"text": "services."
},
{
"start": 2960.78,
"end": 2961.98,
"text": "And now as a result of the"
},
{
"start": 2961.98,
"end": 2963.34,
"text": "covid pandemic, new"
},
{
"start": 2963.38,
"end": 2964.82,
"text": "technologies to make buildings"
},
{
"start": 2964.82,
"end": 2965.46,
"text": "safer."
},
{
"start": 2965.7,
"end": 2966.98,
"text": "So with that in mind, I will"
},
{
"start": 2966.98,
"end": 2968.3,
"text": "tell you about San Diego based"
},
{
"start": 2968.3,
"end": 2969.74,
"text": "parallel capital partners"
},
{
"start": 2969.94,
"end": 2971.22,
"text": "installing state of the art"
},
{
"start": 2971.22,
"end": 2972.94,
"text": "plasma air sterilization"
},
{
"start": 2972.94,
"end": 2975.14,
"text": "systems at its two Phoenix"
},
{
"start": 2975.14,
"end": 2977.06,
"text": "high-rises, one Arizona"
},
{
"start": 2977.06,
"end": 2978.9,
"text": "center and one North Central."
},
{
"start": 2979.38,
"end": 2981.1,
"text": "According to Matt Root, CEO"
},
{
"start": 2981.1,
"end": 2982.02,
"text": "and managing partner of"
},
{
"start": 2982.02,
"end": 2983.34,
"text": "parallel capital partners,"
},
{
"start": 2983.5,
"end": 2984.74,
"text": "which owns and operates"
},
{
"start": 2984.74,
"end": 2985.78,
"text": "properties throughout the"
},
{
"start": 2985.78,
"end": 2987.94,
"text": "Southwest, the new systems will"
},
{
"start": 2987.94,
"end": 2989.26,
"text": "be installed in an effort to"
},
{
"start": 2989.26,
"end": 2990.86,
"text": "significantly reduce airborne"
},
{
"start": 2990.86,
"end": 2992.38,
"text": "pathogens in light of the"
},
{
"start": 2992.38,
"end": 2993.66,
"text": "coronavirus outbreak."
},
{
"start": 2993.98,
"end": 2995.46,
"text": "He said it is also important"
},
{
"start": 2995.46,
"end": 2996.42,
"text": "for us to ease tenant"
},
{
"start": 2996.42,
"end": 2998.54,
"text": "concerns and devise a plan to"
},
{
"start": 2998.54,
"end": 2999.94,
"text": "ensure they feel comfortable"
},
{
"start": 3000.18,
"end": 3001.42,
"text": "coming into the office."
},
{
"start": 3001.7,
"end": 3003.1,
"text": "So there's growing evidence"
},
{
"start": 3003.1,
"end": 3004.5,
"text": "that clean, disinfected air"
},
{
"start": 3004.5,
"end": 3005.66,
"text": "can help mitigate the spread"
},
{
"start": 3005.66,
"end": 3006.42,
"text": "of the virus."
},
{
"start": 3006.74,
"end": 3008.34,
"text": "And we believe this system is"
},
{
"start": 3008.34,
"end": 3009.78,
"text": "one of the safest, most"
},
{
"start": 3009.78,
"end": 3011.46,
"text": "energy efficient and effective"
},
{
"start": 3011.46,
"end": 3013.34,
"text": "ways to reduce or eliminate"
},
{
"start": 3013.34,
"end": 3014.34,
"text": "pollutants in the air."
},
{
"start": 3014.82,
"end": 3016.18,
"text": "He said that the plasma air"
},
{
"start": 3016.18,
"end": 3017.7,
"text": "systems are designed to"
},
{
"start": 3017.7,
"end": 3019.5,
"text": "proactively attack pathogens"
},
{
"start": 3019.5,
"end": 3021.18,
"text": "via positively and negatively"
},
{
"start": 3021.18,
"end": 3022.82,
"text": "charged oxygen ions"
},
{
"start": 3023.14,
"end": 3024.7,
"text": "significantly improving air"
},
{
"start": 3024.7,
"end": 3026.22,
"text": "quality and they will be"
},
{
"start": 3026.22,
"end": 3027.66,
"text": "installed in the central air"
},
{
"start": 3027.66,
"end": 3029.14,
"text": "conditioning systems of one"
},
{
"start": 3029.14,
"end": 3031.06,
"text": "North Central, a 20 story"
},
{
"start": 3031.06,
"end": 3032.14,
"text": "building on the corner of"
},
{
"start": 3032.14,
"end": 3033.22,
"text": "Washington Street and North"
},
{
"start": 3033.22,
"end": 3035.46,
"text": "Central Avenue and one Arizona"
},
{
"start": 3035.46,
"end": 3037.54,
"text": "Center, a 19 story high rise"
},
{
"start": 3037.66,
"end": 3039.26,
"text": "within the iconic Arizona"
},
{
"start": 3039.26,
"end": 3039.66,
"text": "Center."
},
{
"start": 3039.82,
"end": 3040.78,
"text": "He said their goal is to"
},
{
"start": 3040.78,
"end": 3042.18,
"text": "monitor the efficacy of these"
},
{
"start": 3042.18,
"end": 3043.74,
"text": "systems and ultimately"
},
{
"start": 3043.74,
"end": 3045.02,
"text": "install them in other high"
},
{
"start": 3045.02,
"end": 3046.06,
"text": "rise properties in their"
},
{
"start": 3046.06,
"end": 3046.86,
"text": "portfolio."
},
{
"start": 3047.26,
"end": 3048.1,
"text": "Now, while we were not"
},
{
"start": 3048.1,
"end": 3049.14,
"text": "informed of the cost of the"
},
{
"start": 3049.14,
"end": 3050.34,
"text": "systems or who the"
},
{
"start": 3050.34,
"end": 3052.22,
"text": "subcontractors were, but if"
},
{
"start": 3052.22,
"end": 3053.54,
"text": "we find out that info, we"
},
{
"start": 3053.54,
"end": 3054.7,
"text": "will pass that along."
},
{
"start": 3055.06,
"end": 3056.42,
"text": "But I am curious if this is"
},
{
"start": 3056.42,
"end": 3057.62,
"text": "something that others in our"
},
{
"start": 3057.62,
"end": 3059.22,
"text": "audience are considering."
},
{
"start": 3059.58,
"end": 3060.5,
"text": "So let us know."
},
{
"start": 3061.18,
"end": 3062.46,
"text": "Next in our Tech Drive"
},
{
"start": 3062.46,
"end": 3063.9,
"text": "segment, we have news that"
},
{
"start": 3063.9,
"end": 3065.38,
"text": "is no surprise at all."
},
{
"start": 3065.66,
"end": 3066.86,
"text": "And that is that the Prop"
},
{
"start": 3066.86,
"end": 3068.86,
"text": "Tech segment, both in"
},
{
"start": 3068.86,
"end": 3070.94,
"text": "funding and operations, hasn't"
},
{
"start": 3070.94,
"end": 3072.18,
"text": "escaped the ravages of"
},
{
"start": 3072.18,
"end": 3073.38,
"text": "COVID-19."
},
{
"start": 3073.74,
"end": 3074.94,
"text": "Although the pandemic is"
},
{
"start": 3074.94,
"end": 3076.5,
"text": "sparking new advances in the"
},
{
"start": 3076.5,
"end": 3078.06,
"text": "space, and that is according"
},
{
"start": 3078.06,
"end": 3079.38,
"text": "to Metaprop's mid-year"
},
{
"start": 3079.38,
"end": 3081.14,
"text": "2020 Global Prop Tech"
},
{
"start": 3081.14,
"end": 3082.38,
"text": "Confidence Index."
},
{
"start": 3082.78,
"end": 3083.86,
"text": "Metaprop is a New York"
},
{
"start": 3083.86,
"end": 3084.86,
"text": "City based real estate"
},
{
"start": 3084.86,
"end": 3087.14,
"text": "tech VC firm and their index"
},
{
"start": 3087.14,
"end": 3088.46,
"text": "highlighted that Prop Tech's"
},
{
"start": 3088.46,
"end": 3090.58,
"text": "fast rise came to an abrupt"
},
{
"start": 3090.58,
"end": 3092.02,
"text": "halt amid the COVID-19"
},
{
"start": 3092.02,
"end": 3093.78,
"text": "pandemic induced turmoil."
},
{
"start": 3094.06,
"end": 3095.74,
"text": "However, even as the business"
},
{
"start": 3095.74,
"end": 3097.1,
"text": "of real estate technology"
},
{
"start": 3097.1,
"end": 3098.1,
"text": "experiences its own"
},
{
"start": 3098.1,
"end": 3099.78,
"text": "downturn with investor and"
},
{
"start": 3099.78,
"end": 3101.14,
"text": "startup confidence dropping"
},
{
"start": 3101.14,
"end": 3102.58,
"text": "to lows not seen in four"
},
{
"start": 3102.58,
"end": 3104.38,
"text": "years, they did note that"
},
{
"start": 3104.38,
"end": 3106.26,
"text": "signs of a recovery surface."
},
{
"start": 3106.54,
"end": 3107.14,
"text": "They always got to be"
},
{
"start": 3107.14,
"end": 3108.26,
"text": "looking at the positive."
},
{
"start": 3108.62,
"end": 3110.26,
"text": "First, the bad news, the new"
},
{
"start": 3110.26,
"end": 3112.14,
"text": "investor confidence index"
},
{
"start": 3112.14,
"end": 3114.3,
"text": "dropped to 5.9 out of 10,"
},
{
"start": 3114.3,
"end": 3115.62,
"text": "marking a year over year"
},
{
"start": 3115.62,
"end": 3117.26,
"text": "decline of 33%."
},
{
"start": 3117.46,
"end": 3118.66,
"text": "The change in confidence,"
},
{
"start": 3118.66,
"end": 3119.22,
"text": "which had grown"
},
{
"start": 3119.22,
"end": 3121.26,
"text": "increasingly robust over"
},
{
"start": 3121.26,
"end": 3122.74,
"text": "the last few years, came"
},
{
"start": 3122.74,
"end": 3123.94,
"text": "as a result of decreased"
},
{
"start": 3123.94,
"end": 3125.66,
"text": "deal flow, extreme market"
},
{
"start": 3125.66,
"end": 3127.26,
"text": "volatility, and political"
},
{
"start": 3127.26,
"end": 3127.98,
"text": "uncertainty."
},
{
"start": 3128.22,
"end": 3130.02,
"text": "Looking ahead, only 33%"
},
{
"start": 3130.02,
"end": 3131.02,
"text": "of the investors plan to"
},
{
"start": 3131.02,
"end": 3132.14,
"text": "make more investments in"
},
{
"start": 3132.14,
"end": 3133.54,
"text": "Prop Tech compared to the"
},
{
"start": 3133.54,
"end": 3136.14,
"text": "64% who expected to increase"
},
{
"start": 3136.14,
"end": 3137.5,
"text": "investment activity at"
},
{
"start": 3137.5,
"end": 3138.78,
"text": "mid-year 2019."
},
{
"start": 3139.22,
"end": 3140.42,
"text": "The decline in certainty"
},
{
"start": 3140.42,
"end": 3141.58,
"text": "among startups was just"
},
{
"start": 3141.58,
"end": 3142.7,
"text": "as palpable with the"
},
{
"start": 3142.7,
"end": 3143.82,
"text": "startup confidence index"
},
{
"start": 3143.82,
"end": 3145.54,
"text": "falling 35% over the last"
},
{
"start": 3145.54,
"end": 3147.3,
"text": "six months to 4.7 out of"
},
{
"start": 3147.3,
"end": 3148.78,
"text": "10, compared to one year"
},
{
"start": 3148.78,
"end": 3150.3,
"text": "ago when only 19% of"
},
{
"start": 3150.3,
"end": 3151.58,
"text": "startups expected it to be"
},
{
"start": 3151.58,
"end": 3152.5,
"text": "harder to raise venture"
},
{
"start": 3152.5,
"end": 3154.1,
"text": "capital over the upcoming"
},
{
"start": 3154.1,
"end": 3155.46,
"text": "12 months, now a"
},
{
"start": 3155.46,
"end": 3159.94,
"text": "startling 56% anticipated an"
},
{
"start": 3159.94,
"end": 3161.06,
"text": "increased challenge."
},
{
"start": 3161.34,
"end": 3162.94,
"text": "Additionally, 21% of"
},
{
"start": 3162.94,
"end": 3164.1,
"text": "startups predicted that"
},
{
"start": 3164.1,
"end": 3165.18,
"text": "their space will be less"
},
{
"start": 3165.18,
"end": 3166.74,
"text": "competitive in the next"
},
{
"start": 3166.74,
"end": 3169.1,
"text": "12 months while only 5%"
},
{
"start": 3169.1,
"end": 3170.58,
"text": "felt that way a year ago."
},
{
"start": 3170.9,
"end": 3172.74,
"text": "Now examining the drastic"
},
{
"start": 3172.74,
"end": 3173.94,
"text": "change in 6 and 12"
},
{
"start": 3173.94,
"end": 3175.78,
"text": "month stats, Aaron Block,"
},
{
"start": 3175.98,
"end": 3177.54,
"text": "the co-founder and managing"
},
{
"start": 3177.54,
"end": 3179.38,
"text": "partner of Metaprop, and a"
},
{
"start": 3179.38,
"end": 3180.66,
"text": "friend of one of my friends"
},
{
"start": 3181.02,
"end": 3182.7,
"text": "and who also said thanks,"
},
{
"start": 3182.7,
"end": 3184.74,
"text": "but no thanks to us, noted"
},
{
"start": 3184.74,
"end": 3186.14,
"text": "in an executive summary of"
},
{
"start": 3186.14,
"end": 3186.74,
"text": "the report that"
},
{
"start": 3186.74,
"end": 3187.94,
"text": "nevertheless, there is"
},
{
"start": 3187.94,
"end": 3189.58,
"text": "cause for optimism since"
},
{
"start": 3189.58,
"end": 3191.02,
"text": "COVID-19's detrimental"
},
{
"start": 3191.02,
"end": 3192.1,
"text": "impact on the real estate"
},
{
"start": 3192.1,
"end": 3193.66,
"text": "tech market's health has"
},
{
"start": 3193.66,
"end": 3195.62,
"text": "been somewhat mitigated by"
},
{
"start": 3195.62,
"end": 3197.06,
"text": "the pandemic's hastening"
},
{
"start": 3197.26,
"end": 3198.02,
"text": "of the real estate"
},
{
"start": 3198.02,
"end": 3199.1,
"text": "industry's adoption of"
},
{
"start": 3199.1,
"end": 3199.66,
"text": "Prop Tech."
},
{
"start": 3200.06,
"end": 3200.98,
"text": "Among investors and"
},
{
"start": 3200.98,
"end": 3202.18,
"text": "startup founders, a"
},
{
"start": 3202.18,
"end": 3205.14,
"text": "respective 89% and 84%"
},
{
"start": 3205.14,
"end": 3207.42,
"text": "believe the coronavirus is"
},
{
"start": 3207.42,
"end": 3208.98,
"text": "accelerating the adoption"
},
{
"start": 3208.98,
"end": 3210.82,
"text": "of Prop Tech and that this"
},
{
"start": 3210.82,
"end": 3212.82,
"text": "solidifies his belief that"
},
{
"start": 3212.82,
"end": 3214.06,
"text": "although confidence levels"
},
{
"start": 3214.06,
"end": 3215.02,
"text": "are down in the short"
},
{
"start": 3215.02,
"end": 3216.18,
"text": "term due to market"
},
{
"start": 3216.18,
"end": 3217.18,
"text": "volatility and the"
},
{
"start": 3217.18,
"end": 3219.18,
"text": "pandemic, long-term views"
},
{
"start": 3219.18,
"end": 3220.1,
"text": "around the adoption of"
},
{
"start": 3220.1,
"end": 3222.26,
"text": "Prop Tech have never been"
},
{
"start": 3222.26,
"end": 3223.02,
"text": "stronger."
},
{
"start": 3223.5,
"end": 3224.3,
"text": "That's what he told"
},
{
"start": 3224.3,
"end": 3225.22,
"text": "commercial property"
},
{
"start": 3225.22,
"end": 3226.7,
"text": "executive in the article"
},
{
"start": 3226.74,
"end": 3227.66,
"text": "that we saw this in."
},
{
"start": 3227.9,
"end": 3228.74,
"text": "He said that a lot of"
},
{
"start": 3228.74,
"end": 3229.62,
"text": "the activity currently"
},
{
"start": 3229.62,
"end": 3230.78,
"text": "underway is around existing"
},
{
"start": 3230.78,
"end": 3231.98,
"text": "technologies that are"
},
{
"start": 3231.98,
"end": 3233.1,
"text": "being tweaked for post-"
},
{
"start": 3233.1,
"end": 3235.18,
"text": "COVID-19 uses, such as"
},
{
"start": 3235.18,
"end": 3237.06,
"text": "those able to facilitate"
},
{
"start": 3237.06,
"end": 3238.26,
"text": "close interactions"
},
{
"start": 3238.26,
"end": 3239.18,
"text": "between workers."
},
{
"start": 3239.62,
"end": 3240.66,
"text": "He added that with such"
},
{
"start": 3240.66,
"end": 3242.3,
"text": "an economic event, that"
},
{
"start": 3242.3,
"end": 3243.06,
"text": "would put additional"
},
{
"start": 3243.06,
"end": 3244.18,
"text": "pressure on building"
},
{
"start": 3244.18,
"end": 3245.06,
"text": "owners, managers,"
},
{
"start": 3245.06,
"end": 3246.22,
"text": "developers and landlords"
},
{
"start": 3246.62,
"end": 3248.26,
"text": "to adopt Prop Tech and"
},
{
"start": 3248.26,
"end": 3248.74,
"text": "would make it"
},
{
"start": 3248.74,
"end": 3249.94,
"text": "increasingly important to"
},
{
"start": 3249.94,
"end": 3251.3,
"text": "find smart and creative"
},
{
"start": 3251.3,
"end": 3252.34,
"text": "ways to save time,"
},
{
"start": 3252.58,
"end": 3253.78,
"text": "money and resources."
},
{
"start": 3254.46,
"end": 3255.66,
"text": "However, we will have"
},
{
"start": 3255.66,
"end": 3256.46,
"text": "to see how long the"
},
{
"start": 3256.46,
"end": 3257.34,
"text": "wait will be for that"
},
{
"start": 3257.34,
"end": 3258.54,
"text": "activity to arise."
},
{
"start": 3258.82,
"end": 3260.26,
"text": "Since also this week, it"
},
{
"start": 3260.26,
"end": 3261.06,
"text": "was reported that"
},
{
"start": 3261.06,
"end": 3262.66,
"text": "Metaprop disclosed in a"
},
{
"start": 3262.66,
"end": 3264.14,
"text": "regulatory filing last"
},
{
"start": 3264.14,
"end": 3265.38,
"text": "month that it was able"
},
{
"start": 3265.38,
"end": 3266.26,
"text": "to raise only about"
},
{
"start": 3266.26,
"end": 3268.38,
"text": "half of a stated goal of"
},
{
"start": 3268.38,
"end": 3270.7,
"text": "$100 million for a fund"
},
{
"start": 3270.7,
"end": 3271.42,
"text": "to back the next"
},
{
"start": 3271.42,
"end": 3272.82,
"text": "generation of startups."
},
{
"start": 3273.34,
"end": 3274.1,
"text": "Now, despite this"
},
{
"start": 3274.1,
"end": 3275.14,
"text": "negative funding news,"
},
{
"start": 3275.42,
"end": 3276.14,
"text": "there were several"
},
{
"start": 3276.14,
"end": 3277.22,
"text": "reports this week about"
},
{
"start": 3277.22,
"end": 3278.22,
"text": "various real estate"
},
{
"start": 3278.22,
"end": 3279.46,
"text": "related tech services and"
},
{
"start": 3279.46,
"end": 3281.1,
"text": "websites successfully"
},
{
"start": 3281.1,
"end": 3282.54,
"text": "raising capital to grow."
},
{
"start": 3282.78,
"end": 3284.02,
"text": "But since this show is"
},
{
"start": 3284.02,
"end": 3285.06,
"text": "getting a bit long,"
},
{
"start": 3285.3,
"end": 3286.46,
"text": "I will save those for"
},
{
"start": 3286.46,
"end": 3287.86,
"text": "next week's Tech Drive."
},
{
"start": 3288.86,
"end": 3289.86,
"text": "And for the next and"
},
{
"start": 3289.86,
"end": 3290.78,
"text": "last stop on the"
},
{
"start": 3290.78,
"end": 3291.62,
"text": "Tech Drive, I will"
},
{
"start": 3291.62,
"end": 3292.54,
"text": "report about a future"
},
{
"start": 3292.54,
"end": 3293.86,
"text": "tech event, thereby"
},
{
"start": 3293.86,
"end": 3294.94,
"text": "making this also a good"
},
{
"start": 3294.94,
"end": 3296.26,
"text": "lead in into our next"
},
{
"start": 3296.26,
"end": 3297.7,
"text": "power segment about"
},
{
"start": 3297.7,
"end": 3298.78,
"text": "podcast events and"
},
{
"start": 3298.78,
"end": 3300.3,
"text": "webinars. And the tech"
},
{
"start": 3300.42,
"end": 3302.14,
"text": "event I reference is the"
},
{
"start": 3302.14,
"end": 3303.78,
"text": "just announced RealCom"
},
{
"start": 3303.78,
"end": 3306.38,
"text": "slash IBcon 2020 event,"
},
{
"start": 3306.62,
"end": 3307.22,
"text": "which will be on"
},
{
"start": 3307.22,
"end": 3308.54,
"text": "October 28 through"
},
{
"start": 3308.54,
"end": 3309.78,
"text": "30th, and it will"
},
{
"start": 3309.78,
"end": 3311.06,
"text": "combine onsite and"
},
{
"start": 3311.06,
"end": 3312.38,
"text": "online components."
},
{
"start": 3312.62,
"end": 3313.54,
"text": "Part of the event will"
},
{
"start": 3313.54,
"end": 3314.5,
"text": "be held at the Marriott"
},
{
"start": 3314.5,
"end": 3315.9,
"text": "Gaylord Rockies Resort"
},
{
"start": 3315.9,
"end": 3317.42,
"text": "and Convention Center in"
},
{
"start": 3317.42,
"end": 3318.86,
"text": "Aurora, Colorado, just"
},
{
"start": 3318.86,
"end": 3319.7,
"text": "outside Denver."
},
{
"start": 3319.94,
"end": 3321.14,
"text": "This newly built world"
},
{
"start": 3321.14,
"end": 3322.86,
"text": "class resort will provide"
},
{
"start": 3322.86,
"end": 3323.74,
"text": "a state of the art"
},
{
"start": 3323.74,
"end": 3325.06,
"text": "environment for a safe"
},
{
"start": 3325.06,
"end": 3326.3,
"text": "and productive event."
},
{
"start": 3326.7,
"end": 3327.5,
"text": "In addition to the"
},
{
"start": 3327.5,
"end": 3328.86,
"text": "onsite event, RealCom"
},
{
"start": 3328.86,
"end": 3332.22,
"text": "IBcon will be introducing"
},
{
"start": 3332.22,
"end": 3333.46,
"text": "an engaging and highly"
},
{
"start": 3333.46,
"end": 3334.54,
"text": "interactive virtual"
},
{
"start": 3334.54,
"end": 3335.58,
"text": "conference component."
},
{
"start": 3335.98,
"end": 3337.26,
"text": "Now RealCom, led by Jim"
},
{
"start": 3337.26,
"end": 3338.66,
"text": "Young, is a leader in"
},
{
"start": 3338.66,
"end": 3339.42,
"text": "this space that we"
},
{
"start": 3339.42,
"end": 3341.62,
"text": "expect they will create"
},
{
"start": 3341.62,
"end": 3342.82,
"text": "what will be a valuable"
},
{
"start": 3343.06,
"end": 3343.86,
"text": "event, whether it's"
},
{
"start": 3343.86,
"end": 3344.9,
"text": "either online or in"
},
{
"start": 3344.9,
"end": 3346.58,
"text": "person. Find out more"
},
{
"start": 3346.58,
"end": 3347.54,
"text": "and register at"
},
{
"start": 3347.54,
"end": 3349.18,
"text": "RealCom.com."
},
{
"start": 3350.7,
"end": 3351.9,
"text": "And now let's fully"
},
{
"start": 3351.9,
"end": 3353.02,
"text": "dive into our power"
},
{
"start": 3353.02,
"end": 3353.86,
"text": "segment, where I tell"
},
{
"start": 3353.86,
"end": 3354.98,
"text": "you about podcasts,"
},
{
"start": 3354.98,
"end": 3356.26,
"text": "webinars, events and"
},
{
"start": 3356.26,
"end": 3357.06,
"text": "recordings for the"
},
{
"start": 3357.06,
"end": 3358.9,
"text": "industry. Get it power?"
},
{
"start": 3359.26,
"end": 3359.94,
"text": "And I will start by"
},
{
"start": 3359.94,
"end": 3360.74,
"text": "telling you about the"
},
{
"start": 3360.74,
"end": 3361.82,
"text": "eye-catching new video"
},
{
"start": 3361.82,
"end": 3362.9,
"text": "we recently posted on"
},
{
"start": 3362.9,
"end": 3363.7,
"text": "the homepage of"
},
{
"start": 3363.7,
"end": 3365.7,
"text": "RENTTV.com for CBRE"
},
{
"start": 3365.7,
"end": 3366.7,
"text": "and Trauma Crow,"
},
{
"start": 3367.02,
"end": 3368.02,
"text": "titled the Center at"
},
{
"start": 3368.02,
"end": 3369.26,
"text": "Needham Ranch, Ready"
},
{
"start": 3369.26,
"end": 3370.18,
"text": "for Occupancy."
},
{
"start": 3370.5,
"end": 3371.74,
"text": "This great video shows"
},
{
"start": 3371.74,
"end": 3372.62,
"text": "off the new project"
},
{
"start": 3372.62,
"end": 3373.86,
"text": "stunning architecture"
},
{
"start": 3373.94,
"end": 3375.18,
"text": "with soaring ceilings,"
},
{
"start": 3375.3,
"end": 3376.82,
"text": "modern offices and"
},
{
"start": 3376.82,
"end": 3377.82,
"text": "exceptional loading"
},
{
"start": 3377.82,
"end": 3379.42,
"text": "and so close to L.A."
},
{
"start": 3379.9,
"end": 3380.66,
"text": "The property is being"
},
{
"start": 3380.66,
"end": 3381.9,
"text": "marketed for Trauma Crow"
},
{
"start": 3381.9,
"end": 3383.62,
"text": "by Craig Peters at CBRE."
},
{
"start": 3384.14,
"end": 3385.18,
"text": "Now to learn more about"
},
{
"start": 3385.18,
"end": 3386.02,
"text": "having RENTTV"
},
{
"start": 3386.02,
"end": 3387.54,
"text": "broadcast and highlight"
},
{
"start": 3387.82,
"end": 3389.34,
"text": "and market videos you"
},
{
"start": 3389.34,
"end": 3390.86,
"text": "produce, send me an"
},
{
"start": 3390.86,
"end": 3391.62,
"text": "email at"
},
{
"start": 3391.62,
"end": 3394.7,
"text": "Sbloom at RENTV.com."
},
{
"start": 3395.46,
"end": 3396.46,
"text": "Now as for real estate"
},
{
"start": 3396.46,
"end": 3397.7,
"text": "podcasts I'm a fan of,"
},
{
"start": 3397.94,
"end": 3398.82,
"text": "I'll mention a couple"
},
{
"start": 3398.82,
"end": 3399.66,
"text": "that I haven't told"
},
{
"start": 3399.66,
"end": 3401.54,
"text": "you about yet in"
},
{
"start": 3401.54,
"end": 3402.54,
"text": "these episodes."
},
{
"start": 3402.78,
"end": 3403.5,
"text": "And one is called"
},
{
"start": 3403.5,
"end": 3404.62,
"text": "Teague Talks, where"
},
{
"start": 3404.62,
"end": 3405.9,
"text": "Hunter Hotel advisors"
},
{
"start": 3405.9,
"end": 3407.18,
"text": "CEO Teague Hunter,"
},
{
"start": 3407.18,
"end": 3408.94,
"text": "T-E-A-G-U-E, Teague"
},
{
"start": 3408.94,
"end": 3410.14,
"text": "Hunter, based out of"
},
{
"start": 3410.14,
"end": 3411.66,
"text": "Atlanta, conducted very"
},
{
"start": 3411.66,
"end": 3412.74,
"text": "interesting and formative"
},
{
"start": 3412.74,
"end": 3414.1,
"text": "conversations with"
},
{
"start": 3414.1,
"end": 3415.18,
"text": "various leaders in the"
},
{
"start": 3415.18,
"end": 3416.14,
"text": "hotel sector."
},
{
"start": 3416.42,
"end": 3417.26,
"text": "And in his latest"
},
{
"start": 3417.26,
"end": 3418.3,
"text": "episode, he talked with"
},
{
"start": 3418.3,
"end": 3420.02,
"text": "Puneet Shah, CEO of"
},
{
"start": 3420.02,
"end": 3421.18,
"text": "Liberty Group, who is"
},
{
"start": 3421.18,
"end": 3422.74,
"text": "also a minority owner of"
},
{
"start": 3422.74,
"end": 3423.7,
"text": "the Miami Marlins"
},
{
"start": 3423.7,
"end": 3424.58,
"text": "baseball team."
},
{
"start": 3424.86,
"end": 3425.94,
"text": "So tune in to find out"
},
{
"start": 3425.94,
"end": 3427.06,
"text": "how Mr. Shah raised his"
},
{
"start": 3427.06,
"end": 3428.54,
"text": "first fund and became a"
},
{
"start": 3428.54,
"end": 3429.5,
"text": "minority owner of the"
},
{
"start": 3429.5,
"end": 3430.14,
"text": "Marlins."
},
{
"start": 3430.86,
"end": 3432.78,
"text": "Go to HunterHotels.net"
},
{
"start": 3432.94,
"end": 3434.18,
"text": "and find Teague Talks"
},
{
"start": 3434.18,
"end": 3435.3,
"text": "to tune into these."
},
{
"start": 3435.94,
"end": 3436.78,
"text": "Another series of"
},
{
"start": 3436.78,
"end": 3437.86,
"text": "podcasts I've become a"
},
{
"start": 3437.86,
"end": 3438.9,
"text": "fan of and started"
},
{
"start": 3438.9,
"end": 3440.3,
"text": "tuning into is by DLC"
},
{
"start": 3440.3,
"end": 3441.98,
"text": "Management Company, a"
},
{
"start": 3441.98,
"end": 3443.02,
"text": "retail investment and"
},
{
"start": 3443.02,
"end": 3444.06,
"text": "management company out of"
},
{
"start": 3444.14,
"end": 3445.54,
"text": "Elmsford, New York, that"
},
{
"start": 3445.54,
"end": 3446.94,
"text": "has a series of podcasts"
},
{
"start": 3446.94,
"end": 3448.66,
"text": "called Retail Retold,"
},
{
"start": 3448.82,
"end": 3449.86,
"text": "where they talk mainly"
},
{
"start": 3449.86,
"end": 3450.66,
"text": "with the real estate"
},
{
"start": 3450.66,
"end": 3452.46,
"text": "decision making makers of"
},
{
"start": 3452.46,
"end": 3454.14,
"text": "major retail tenants to"
},
{
"start": 3454.14,
"end": 3455.02,
"text": "tell the story of how"
},
{
"start": 3455.02,
"end": 3456.22,
"text": "that store ended up in"
},
{
"start": 3456.22,
"end": 3457.06,
"text": "your neighborhood."
},
{
"start": 3457.38,
"end": 3458.22,
"text": "And they explore the"
},
{
"start": 3458.22,
"end": 3459.3,
"text": "ins and outs of retail"
},
{
"start": 3459.3,
"end": 3459.94,
"text": "deal making."
},
{
"start": 3460.26,
"end": 3461.14,
"text": "They've done like 40 of"
},
{
"start": 3461.14,
"end": 3462.18,
"text": "these podcasts and they"
},
{
"start": 3462.18,
"end": 3462.94,
"text": "are very good."
},
{
"start": 3463.42,
"end": 3464.62,
"text": "The latest is with Bill"
},
{
"start": 3464.62,
"end": 3466.22,
"text": "Papides, president of"
},
{
"start": 3466.22,
"end": 3467.94,
"text": "Mattress Warehouse, along"
},
{
"start": 3467.94,
"end": 3469.02,
"text": "with Tracy Jones, their"
},
{
"start": 3469.02,
"end": 3470.1,
"text": "VP of marketing."
},
{
"start": 3470.94,
"end": 3472.02,
"text": "The next podcast I'll"
},
{
"start": 3472.02,
"end": 3473.18,
"text": "tell you about that I"
},
{
"start": 3473.18,
"end": 3474.22,
"text": "recommend you watch this"
},
{
"start": 3474.22,
"end": 3475.18,
"text": "week was the latest"
},
{
"start": 3475.18,
"end": 3476.58,
"text": "installment of Walker and"
},
{
"start": 3476.58,
"end": 3478.1,
"text": "Dunlops CEO Willie"
},
{
"start": 3478.1,
"end": 3479.94,
"text": "Walker's Walker Wednesday"
},
{
"start": 3479.94,
"end": 3481.58,
"text": "discussion, which last"
},
{
"start": 3481.58,
"end": 3482.58,
"text": "week was with a high"
},
{
"start": 3482.58,
"end": 3484.22,
"text": "powered group comprised"
},
{
"start": 3484.22,
"end": 3486.7,
"text": "of Doug Bibby from NMHC"
},
{
"start": 3486.7,
"end": 3487.82,
"text": "National Multifamily"
},
{
"start": 3487.82,
"end": 3489.18,
"text": "Housing Council, Bob"
},
{
"start": 3489.22,
"end": 3491.42,
"text": "Brexmit with the NBA"
},
{
"start": 3491.42,
"end": 3492.18,
"text": "Mortgage Brokers"
},
{
"start": 3492.18,
"end": 3493.66,
"text": "Association, and Jeff"
},
{
"start": 3493.66,
"end": 3494.38,
"text": "DeBeer with the Real"
},
{
"start": 3494.38,
"end": 3495.46,
"text": "Estate Roundtable."
},
{
"start": 3495.78,
"end": 3497.38,
"text": "And in that podcast, they"
},
{
"start": 3497.38,
"end": 3498.62,
"text": "discuss the next one"
},
{
"start": 3498.62,
"end": 3499.82,
"text": "trillion dollar stimulus"
},
{
"start": 3499.82,
"end": 3500.9,
"text": "bill being crafted on"
},
{
"start": 3500.9,
"end": 3502.58,
"text": "Capitol Hill, still being"
},
{
"start": 3502.58,
"end": 3504.3,
"text": "crafted and its impact on"
},
{
"start": 3504.3,
"end": 3505.5,
"text": "the multifamily mortgage"
},
{
"start": 3505.5,
"end": 3506.58,
"text": "and commercial real estate"
},
{
"start": 3506.58,
"end": 3507.1,
"text": "industries."
},
{
"start": 3507.42,
"end": 3509.74,
"text": "Catch these podcasts from"
},
{
"start": 3509.74,
"end": 3510.7,
"text": "Willie Walker at the"
},
{
"start": 3510.7,
"end": 3512.22,
"text": "Walker Dunlop website."
},
{
"start": 3513.22,
"end": 3514.1,
"text": "Now let's shift to"
},
{
"start": 3514.1,
"end": 3516.18,
"text": "upcoming events, which are"
},
{
"start": 3516.18,
"end": 3517.62,
"text": "pretty much all online"
},
{
"start": 3517.62,
"end": 3519.62,
"text": "now, starting tomorrow,"
},
{
"start": 3519.62,
"end": 3520.66,
"text": "August 11th through"
},
{
"start": 3520.66,
"end": 3522.02,
"text": "August 20th will be the"
},
{
"start": 3522.02,
"end": 3523.02,
"text": "Marcus and Milichap"
},
{
"start": 3523.02,
"end": 3524.66,
"text": "Multifamily Forum for"
},
{
"start": 3524.66,
"end": 3525.78,
"text": "Southern California that"
},
{
"start": 3525.78,
"end": 3526.78,
"text": "they produce with Green"
},
{
"start": 3526.78,
"end": 3528.94,
"text": "Pearl in a reimagined all"
},
{
"start": 3528.94,
"end": 3530.18,
"text": "digital online conference"
},
{
"start": 3530.18,
"end": 3531.94,
"text": "format spanning 10 days."
},
{
"start": 3532.1,
"end": 3533.26,
"text": "So what's interesting"
},
{
"start": 3533.26,
"end": 3534.66,
"text": "about this conference, 10"
},
{
"start": 3534.66,
"end": 3535.86,
"text": "days from August 11th"
},
{
"start": 3535.86,
"end": 3537.38,
"text": "through August 20th, so"
},
{
"start": 3537.38,
"end": 3538.46,
"text": "they've organized it in"
},
{
"start": 3538.46,
"end": 3539.58,
"text": "brief, easy to consume"
},
{
"start": 3539.58,
"end": 3540.9,
"text": "portions each day to"
},
{
"start": 3540.9,
"end": 3542.02,
"text": "minimize disruption to"
},
{
"start": 3542.02,
"end": 3542.78,
"text": "your work and personal"
},
{
"start": 3542.78,
"end": 3543.94,
"text": "life. You could join"
},
{
"start": 3543.94,
"end": 3545.1,
"text": "live to interact daily"
},
{
"start": 3545.1,
"end": 3545.9,
"text": "with the speakers through"
},
{
"start": 3545.9,
"end": 3547.62,
"text": "the Q&A feature or view"
},
{
"start": 3547.62,
"end": 3549.02,
"text": "the recordings at your"
},
{
"start": 3549.02,
"end": 3550.38,
"text": "own time. Either way,"
},
{
"start": 3550.38,
"end": 3551.14,
"text": "don't miss the group"
},
{
"start": 3551.14,
"end": 3552.18,
"text": "networking discussions"
},
{
"start": 3552.18,
"end": 3552.74,
"text": "that allow you to"
},
{
"start": 3552.74,
"end": 3553.66,
"text": "connect with your peers"
},
{
"start": 3553.66,
"end": 3555.3,
"text": "directly and forge new"
},
{
"start": 3555.3,
"end": 3556.1,
"text": "connections and"
},
{
"start": 3556.1,
"end": 3557.46,
"text": "reestablish existing"
},
{
"start": 3557.46,
"end": 3559.1,
"text": "relationships. Find out"
},
{
"start": 3559.1,
"end": 3560.22,
"text": "more and register at the"
},
{
"start": 3560.22,
"end": 3561.22,
"text": "Marcus and Milichap"
},
{
"start": 3561.22,
"end": 3562.3,
"text": "website. I think it's"
},
{
"start": 3562.3,
"end": 3564.86,
"text": "229 or 299 to join in."
},
{
"start": 3565.94,
"end": 3567.18,
"text": "Now the next online event"
},
{
"start": 3567.18,
"end": 3568.38,
"text": "to inform you of is the"
},
{
"start": 3568.38,
"end": 3570.5,
"text": "IMN Distressed Hotel"
},
{
"start": 3570.5,
"end": 3572.3,
"text": "Virtual Forum taking place"
},
{
"start": 3572.3,
"end": 3574.06,
"text": "on September 15th. This"
},
{
"start": 3574.06,
"end": 3575.14,
"text": "full fledged virtual"
},
{
"start": 3575.14,
"end": 3576.14,
"text": "event will be complete"
},
{
"start": 3576.14,
"end": 3577.06,
"text": "with multiple panel"
},
{
"start": 3577.06,
"end": 3578.06,
"text": "sessions, exhibits,"
},
{
"start": 3578.06,
"end": 3579.06,
"text": "networking, chatting,"
},
{
"start": 3579.06,
"end": 3580.5,
"text": "meeting rooms. Interest"
},
{
"start": 3580.5,
"end": 3581.58,
"text": "has been strong given"
},
{
"start": 3581.58,
"end": 3582.42,
"text": "the timely nature of"
},
{
"start": 3582.42,
"end": 3584.22,
"text": "this topic. Their recent"
},
{
"start": 3584.22,
"end": 3585.42,
"text": "webcast featured over"
},
{
"start": 3585.42,
"end": 3587.46,
"text": "1,200 registrants. So"
},
{
"start": 3587.46,
"end": 3588.54,
"text": "there are a limited number"
},
{
"start": 3588.54,
"end": 3589.46,
"text": "of complimentary"
},
{
"start": 3589.46,
"end": 3590.54,
"text": "registrations available"
},
{
"start": 3590.54,
"end": 3591.94,
"text": "for the event. So go"
},
{
"start": 3591.94,
"end": 3595.06,
"text": "to imn.org slash real"
},
{
"start": 3595.06,
"end": 3596.18,
"text": "estate to find out"
},
{
"start": 3596.18,
"end": 3598.06,
"text": "more. And to update you"
},
{
"start": 3598.06,
"end": 3598.82,
"text": "on events that were"
},
{
"start": 3598.82,
"end": 3600.74,
"text": "planned to be in person,"
},
{
"start": 3601.02,
"end": 3601.82,
"text": "but now given the"
},
{
"start": 3601.82,
"end": 3603.02,
"text": "continued issues with"
},
{
"start": 3603.02,
"end": 3603.9,
"text": "the virus, it looks like"
},
{
"start": 3603.9,
"end": 3604.66,
"text": "they're all going to be"
},
{
"start": 3604.66,
"end": 3606.5,
"text": "viral as well, virtual"
},
{
"start": 3606.5,
"end": 3608.42,
"text": "as well. And hopefully"
},
{
"start": 3608.42,
"end": 3609.3,
"text": "they'll go viral,"
},
{
"start": 3609.46,
"end": 3610.54,
"text": "starting with globe"
},
{
"start": 3610.54,
"end": 3611.82,
"text": "streets or real shares,"
},
{
"start": 3611.82,
"end": 3612.7,
"text": "net least conference"
},
{
"start": 3612.7,
"end": 3613.7,
"text": "was what which was going"
},
{
"start": 3613.7,
"end": 3614.42,
"text": "to take place at the"
},
{
"start": 3614.42,
"end": 3615.22,
"text": "Marriott marquee in"
},
{
"start": 3615.22,
"end": 3617.02,
"text": "Times Square. And what"
},
{
"start": 3617.02,
"end": 3618.34,
"text": "Obama is that now they"
},
{
"start": 3618.34,
"end": 3619.14,
"text": "just announced that it's"
},
{
"start": 3619.14,
"end": 3620.78,
"text": "just online and their"
},
{
"start": 3620.78,
"end": 3621.86,
"text": "marketing material now"
},
{
"start": 3621.86,
"end": 3622.54,
"text": "says the virtual"
},
{
"start": 3622.54,
"end": 3623.7,
"text": "conference will continue"
},
{
"start": 3623.7,
"end": 3624.74,
"text": "to capture face to face"
},
{
"start": 3624.74,
"end": 3626.5,
"text": "interactions and superior"
},
{
"start": 3626.5,
"end": 3627.66,
"text": "networking as well as"
},
{
"start": 3627.66,
"end": 3629.26,
"text": "executive level discussions"
},
{
"start": 3629.5,
"end": 3630.74,
"text": "with the very best in"
},
{
"start": 3630.74,
"end": 3632.62,
"text": "the net least space. I"
},
{
"start": 3632.62,
"end": 3633.7,
"text": "will feature live keynote"
},
{
"start": 3633.7,
"end": 3634.86,
"text": "presentations and"
},
{
"start": 3634.86,
"end": 3635.82,
"text": "interactive panel"
},
{
"start": 3635.82,
"end": 3636.94,
"text": "discussions. There'll"
},
{
"start": 3636.94,
"end": 3638.22,
"text": "be dedicated video"
},
{
"start": 3638.22,
"end": 3639.5,
"text": "networking with sponsors"
},
{
"start": 3639.5,
"end": 3641.06,
"text": "and deal makers, access"
},
{
"start": 3641.06,
"end": 3642.38,
"text": "to a library of content."
},
{
"start": 3642.94,
"end": 3643.62,
"text": "So with the current"
},
{
"start": 3643.62,
"end": 3644.86,
"text": "CRA landscape, Globe"
},
{
"start": 3644.86,
"end": 3645.98,
"text": "Street says that"
},
{
"start": 3645.98,
"end": 3647.38,
"text": "nobody is offering a way"
},
{
"start": 3647.38,
"end": 3648.42,
"text": "to connect, kind of"
},
{
"start": 3648.42,
"end": 3649.82,
"text": "connect like this year's"
},
{
"start": 3649.82,
"end": 3650.66,
"text": "Globe Street net least"
},
{
"start": 3650.66,
"end": 3652.42,
"text": "conference. The cost is"
},
{
"start": 3652.42,
"end": 3654.5,
"text": "only $99. Find out more"
},
{
"start": 3654.5,
"end": 3657.06,
"text": "at GlobeStreet.com. Also"
},
{
"start": 3657.06,
"end": 3658.02,
"text": "making the decision in"
},
{
"start": 3658.02,
"end": 3658.66,
"text": "the past week to"
},
{
"start": 3658.66,
"end": 3659.7,
"text": "cancel the in person"
},
{
"start": 3659.7,
"end": 3660.98,
"text": "event and go only"
},
{
"start": 3660.98,
"end": 3662.78,
"text": "digital is Crittenden,"
},
{
"start": 3662.94,
"end": 3663.66,
"text": "whose real estate"
},
{
"start": 3663.66,
"end": 3664.66,
"text": "finance conference is"
},
{
"start": 3664.66,
"end": 3665.78,
"text": "scheduled for September"
},
{
"start": 3665.78,
"end": 3667.06,
"text": "16th through 18th,"
},
{
"start": 3667.54,
"end": 3668.42,
"text": "titled moving into"
},
{
"start": 3668.42,
"end": 3669.9,
"text": "2021, the new normal"
},
{
"start": 3669.9,
"end": 3670.74,
"text": "that was scheduled to"
},
{
"start": 3670.74,
"end": 3671.58,
"text": "be at the Mandarin"
},
{
"start": 3671.58,
"end": 3673.22,
"text": "Oriental Miami. But now"
},
{
"start": 3673.22,
"end": 3674.06,
"text": "that's not happening"
},
{
"start": 3674.06,
"end": 3675.5,
"text": "either. Instead, attendees"
},
{
"start": 3675.5,
"end": 3676.62,
"text": "will have access to panel"
},
{
"start": 3676.62,
"end": 3677.54,
"text": "presentations and"
},
{
"start": 3677.54,
"end": 3679.26,
"text": "utilize opportunities to"
},
{
"start": 3679.26,
"end": 3680.9,
"text": "network online from the"
},
{
"start": 3680.9,
"end": 3681.9,
"text": "comfort of their home and"
},
{
"start": 3681.9,
"end": 3683.46,
"text": "office. Since they just"
},
{
"start": 3683.46,
"end": 3685.54,
"text": "made this decision to go"
},
{
"start": 3685.86,
"end": 3687.22,
"text": "totally virtual, the"
},
{
"start": 3687.22,
"end": 3688.26,
"text": "website now says stay"
},
{
"start": 3688.26,
"end": 3689.66,
"text": "tuned for further updates"
},
{
"start": 3689.7,
"end": 3690.38,
"text": "as they work on"
},
{
"start": 3690.38,
"end": 3691.5,
"text": "transferring that event."
},
{
"start": 3692.3,
"end": 3693.78,
"text": "And lastly, still holding"
},
{
"start": 3693.78,
"end": 3694.54,
"text": "out hopes for an in"
},
{
"start": 3694.54,
"end": 3695.7,
"text": "person event this year"
},
{
"start": 3695.98,
"end": 3697.34,
"text": "is Globe Street's 30th"
},
{
"start": 3697.38,
"end": 3698.42,
"text": "annual apartments"
},
{
"start": 3698.42,
"end": 3699.26,
"text": "conference, which is"
},
{
"start": 3699.26,
"end": 3700.18,
"text": "scheduled for October"
},
{
"start": 3700.18,
"end": 3702.26,
"text": "27th and 28th at its"
},
{
"start": 3702.26,
"end": 3703.58,
"text": "usual spot, the Western"
},
{
"start": 3703.58,
"end": 3704.82,
"text": "Bonaventure in downtown"
},
{
"start": 3704.82,
"end": 3706.3,
"text": "LA. And they hope by"
},
{
"start": 3706.3,
"end": 3707.3,
"text": "then to have their annual"
},
{
"start": 3707.3,
"end": 3708.14,
"text": "gathering with more"
},
{
"start": 3708.14,
"end": 3709.26,
"text": "than a thousand senior"
},
{
"start": 3709.26,
"end": 3710.74,
"text": "level deal makers through"
},
{
"start": 3710.74,
"end": 3711.7,
"text": "a combination of in"
},
{
"start": 3711.7,
"end": 3713.06,
"text": "person and virtual"
},
{
"start": 3713.06,
"end": 3714.42,
"text": "experiences. Now,"
},
{
"start": 3714.42,
"end": 3715.02,
"text": "amidst the global"
},
{
"start": 3715.02,
"end": 3716.02,
"text": "health crisis, Globe"
},
{
"start": 3716.02,
"end": 3716.9,
"text": "Street apartments will"
},
{
"start": 3716.9,
"end": 3718.14,
"text": "present a comprehensive"
},
{
"start": 3718.14,
"end": 3719.5,
"text": "program featuring"
},
{
"start": 3719.5,
"end": 3720.94,
"text": "leading developers, owners,"
},
{
"start": 3720.98,
"end": 3721.98,
"text": "operators, and"
},
{
"start": 3721.98,
"end": 3724.14,
"text": "institutional investors. And"
},
{
"start": 3724.14,
"end": 3725.14,
"text": "to help celebrate 30"
},
{
"start": 3725.14,
"end": 3726.3,
"text": "years, they're planning"
},
{
"start": 3726.3,
"end": 3726.94,
"text": "on having their"
},
{
"start": 3726.94,
"end": 3728.06,
"text": "inaugural Globe Street"
},
{
"start": 3728.06,
"end": 3729.1,
"text": "Apartments Awards"
},
{
"start": 3729.1,
"end": 3730.02,
"text": "dinner on October"
},
{
"start": 3730.02,
"end": 3731.38,
"text": "28th, where they"
},
{
"start": 3731.38,
"end": 3732.54,
"text": "gather the nation's top"
},
{
"start": 3732.54,
"end": 3734.02,
"text": "multifamily influencers"
},
{
"start": 3734.02,
"end": 3734.9,
"text": "for an evening of"
},
{
"start": 3734.9,
"end": 3737.26,
"text": "celebration. Stay tuned"
},
{
"start": 3737.26,
"end": 3739.58,
"text": "for news if that still"
},
{
"start": 3739.94,
"end": 3741.98,
"text": "goes on live or has to go"
},
{
"start": 3741.98,
"end": 3744.1,
"text": "virtual as well. And"
},
{
"start": 3744.1,
"end": 3744.94,
"text": "that's it for our show"
},
{
"start": 3744.94,
"end": 3745.86,
"text": "today. We hope you"
},
{
"start": 3745.86,
"end": 3746.7,
"text": "enjoyed it. And we"
},
{
"start": 3746.7,
"end": 3748.14,
"text": "appreciate any feedback on"
},
{
"start": 3748.14,
"end": 3749.06,
"text": "any of the products or"
},
{
"start": 3749.06,
"end": 3751.06,
"text": "services or anything else"
},
{
"start": 3751.06,
"end": 3752.22,
"text": "you heard in the show."
},
{
"start": 3752.42,
"end": 3753.54,
"text": "Please email me those"
},
{
"start": 3753.54,
"end": 3755.02,
"text": "comments at sbloom at"
},
{
"start": 3755.06,
"end": 3757.58,
"text": "rentv.com. We do plan"
},
{
"start": 3757.58,
"end": 3758.54,
"text": "on reading the better"
},
{
"start": 3758.54,
"end": 3759.38,
"text": "and more interesting"
},
{
"start": 3759.38,
"end": 3760.74,
"text": "ones. Let me again"
},
{
"start": 3760.74,
"end": 3761.66,
"text": "thank our sponsors"
},
{
"start": 3761.66,
"end": 3762.34,
"text": "Capitol River's"
},
{
"start": 3762.34,
"end": 3763.5,
"text": "commercial and Redwood"
},
{
"start": 3763.5,
"end": 3764.18,
"text": "Mortgage for their"
},
{
"start": 3764.18,
"end": 3765.74,
"text": "support. And until our"
},
{
"start": 3765.74,
"end": 3767.3,
"text": "next podcast, this is"
},
{
"start": 3767.3,
"end": 3768.94,
"text": "Steve Blum from RENT TV"
},
{
"start": 3768.94,
"end": 3770.66,
"text": "wishing you your clients"
},
{
"start": 3770.66,
"end": 3772.18,
"text": "and properties, strong"
},
{
"start": 3772.18,
"end": 3772.98,
"text": "profits and"
},
{
"start": 3772.98,
"end": 3773.78,
"text": "prosperity."
}
]
}