Metrospaces Acquires $3.85 Million Houston, TX Office Building

 

Tina Poindexter

NEW YORK, NY -- Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, has acquired a 50.6% equity stake in a 60,295 square-foot Houston, Texas, office building as a component in the company’s plans to revolutionize tokenized real estate opportunities through its new blockchain-fueled platform.

Located in a burgeoning area of Houston adjacent to Spring at 3303 FM 1960, the Brazos Atrium building is a Class-B space with a current occupancy rate of approximately 99%, made up predominantly of small businesses and nonprofits.

Financing for the project was secured by Tina Poindexter, SVP of Veritex Community Bank.

“We were impressed with the hard work and execution of the underwriting and business development team at Veritex Community Bank, in particular with Tina Poindexter,” explained Metrospaces CEO Oscar Brito. “It is our hope to partner with the Veritex team on many future projects.” 

Alejandro Laplana

The building was acquired at a 12% capitalization rate and represents significant potential upside due to the possibility to adjust rentroll to market-level rates.  Additionally, the acquisition will turn Metrospaces   EBIDTA-positive.

“The Brazos Atrium project is an exciting potential case-study for the tokenization platform we’ve designed for Metrospaces,” explained Shokworks CEO Alejandro Laplana. The tokenization platform is expected to launch later this year.

Brito and Laplana see exceptional growth opportunities through the tokenization platform.

Oscar Brito

“We believe once our platform is fully launched, we can not only provide exceptional liquidity opportunities for third-party clients, but we will also be able to utilize the platform as principals, bringing additional liquidity to the Metrospaces balance sheet as we continue to acquire and improve commercial assets,” said Brito. 

The Brazos Atrium building is a Class-B space
 with a current occupancy rate of approximately 99%

The acquisition is a part of Metrospaces’ strategic plan to secure assets with high liquidity positions in high growth markets such as Texas and Florida.

“There will clearly be some very exciting opportunities for arbitrage between the private real estate market and the market driven by tokenization,” Brito said.

“We want to be right in the middle of that industry.  We believe that this, added to tokenizing third-party assets as a service, will revolutionize real estate capital markets.” 

CONTACTS:

                       

Kelly Hunter

 khunter@sunwestpr.com

 (972) 489-4361

 

 Sara Burgos 

sburgos@sunwestpr.com

DCB Hospitality Group to Open Mexican Cuisine Concept at the Rodeo Collection in Beverly Hills, CA

Houman Mahboubi

BEVERLY HILLS, CA – Joining a dynamic collection of specialty boutiques and restaurants, JLL announced that DCB Hospitality Group will open a new restaurant in late summer 2021 at Rodeo Collection, a five story, 87,000-square-foot luxury shopping center located at 421 N. Rodeo Drive in the Golden Triangle area of Beverly Hills, California. 

 The company will open a Mexican cuisine concept featuring a large bar and secluded alcoves, private dining rooms and an expansive patio with an outdoor fireplace. 

JLL’s Houman Mahboubi and Devin Klein represented the landlord in the lease with DCBH Group.  The luxury destination currently is 98 percent leased with only 1,555 square feet available.

Devin Klein

“Our success at Rodeo Collection continues to prove that this is one of the most desirable locations in the world for retail and restaurant concepts especially as we come out of the pandemic,” said Mahboubi. 

 “Even with the evolution of the retail industry, the Golden Triangle commands one of the highest rents with very few spaces available for lease.”

Klein went on to say that “demand for high-end restaurants on Rodeo Drive continues to grow even in a post Covid environment, as the iconic street rarely has restaurant space available.”

Located in the heart of the Golden Triangle on famous Rodeo Drive, Rodeo Collection features the world’s top fashion retail brands, most prestigious medical practices and high-end restaurants, bars and cafes.  

 

                                 Rodeo Collection

The center’s design has white marble walkways and pillars, ivy-draped brick walls and a sunken atrium courtyard topped by glass pyramid skylights.

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

KAI Designs Fort Worth's First Public Library for Children and Youth

  

Fort Worth, TX Mayor Mattie Parker

Reby Cary

Dallas, TX -- The new Reby Cary Youth Library in Fort Worth, Texas is no ordinary public library.

 

With its activity stations, bright colors, interactive art installation and cozy cubbies, local architecture firm KAI purposefully designed the library to serve children, teens and their caregivers, as well as honor late Fort Worth civil rights pioneer and educator Reby Cary.

A grand opening celebration for the $5.49 million library was held on Aug. 14 and featured outdoor games, music performances, story times, craft activities and more.

Manya Shorr

Special guests at the ribbon cutting included Mayor Mattie Parker, District 8 City Councilman Faith Ellis, the daughter of Reby Carys, Library Director Manya Shorr and former City Councilmember Kelly Allen Gray.

Faith Ellis, the daughter of Reby Cary, also participated in the ceremony.

“In a city full of young families, Reby Cary Youth Library exemplifies what Fort Worth is all about when it comes to supporting parents and kiddos—a safe, innovative place for growth, exploration and learning,” said Mayor Parker.

 “I know our Fort Worth families are looking forward to having fun in this new space, my own family included.”

Kelly Allen Gray

Named after local African American educator Reby Cary who spent his life dedicated to learning as well as breaking down racial divides, the Reby Cary Youth Library includes amenities such as a large outdoor sensory garden to encourage neighbors to gather at the library, a maker space which utilizes technology for creative activities, and multiple study rooms.

Instead of tall-stacked bookshelves and hardback chairs typical of a traditional library, the library has lower shelving and seating designed to encourage families to read together.

“We are so excited to open the doors on this new library, and we know Fort Worth families are going to love it,” said Library Director Shorr.

Darren L. James

“The laser-focus on children and youth will allow the Reby Cary Youth Library to go above and beyond the excellent work all our libraries provide to the community.

" It is fitting that Reby Cary’s name is on the building, as not only was he a barrier-breaking pioneer in so many aspects, but his priority was children and preparing them for bright futures.”

During the project’s design development phase, KAI’s team immersed itself into the community to gather public input in an effort to blend the building with the historical elements of the surrounding neighborhood.

                                          Chris Nettles

“With the West Meadowbrook neighborhood evolving through an influx of young couples and families, the neighborhood lacked facilities specifically catering to children,” said KAI President Darren L. James, FAIA.

 

“We envisioned a library that was truly transformative for the underserved neighborhood and encouraged children to embrace learning and take pride in who they are and who they could become, much like the library’s namesake.”

Rendering of planned $5.49 million
Reby Cary Youth Library, Fort Worth, TX

In addition to providing architectural and interior design services on the project, KAI also coordinated the civil, landscape, structural/mechanical/electrical/plumbing engineering, fire protection, audio-visual, lighting, technology and cost estimating services through various teaming partners.

 The design team worked closely with award-winning artist Creative Machines to create an interactive public art installation suspended from the ceiling called “Only Connect."

 

The remarkable installation is made up of over 20,000 glass marbles and cascading LED lights. Visitors can manipulate the artwork’s lighted colors and patterns through the simple touch of a button and sensor points distributed throughout the library.

Faith Cary-Ellis, daughter of Reby Cary

"The Reby Cary Youth Library is our dream come true. This project is the epitome of what can happen when neighborhood residents, city officials and the private sector come together for the good of an entire city. 

"KAI heard the voices of residents which has resulted in this stellar community hub for our youth and their families," said Former City Councilmember Kelly Allen Gray.

 

 "I can’t wait to see it filled with young minds exploring, finding their voice in a space they can call their own."

 

The general contractor on the project was FPI Builders of Fort Worth, Texas.

 

    CONTACT:

Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

 www.kai-db.com.

JLL’s Hotels & Hospitality Group closes sale of Suncadia resort in Cle Elum, WA, the heart of the Cascades. 80 miles east of Seattle

Tatiana Hodapp

 

 SEATTLE, WA – JLL’s Hotels & Hospitality Group announced it arranged the sale of Suncadia, a resort community with hotel and residential accommodations encompassing close to 6,400 acres of pristine land in Cle Elum, Washington.

 Suncadia resort, Cle Elum, WA

 JLL represented the seller, funds managed by Oaktree Capital Management, L.P.

John Strauss

The resort features an array of amenities and facilities including the 254-room Lodge at Suncadia, the 18-room Inn at Suncadia, five food and beverage outlets, multiple event spaces and meeting rooms, a swim club and fitness center, and spa and wellness center.

The resort also features three award-winning mountain golf courses: the 7,100-yard, 18-hole Prospector Golf Course, the 7,300-yard, 18-hole Rope Rider Golf Course, as well as the exclusive, private Tumble Creek Golf Course.

 

Tony Muscio

The current ownership expects to sell additional units across the highly-amenitized Suncadia resort and its exclusive sister community across the Cle Elum River, Tumble Creek.

 The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director John Strauss, Executive Vice President Tony Muscio, Executive Vice President Melvin Chu and Director Tatiana Hodapp.

 “With the new flexible work paradigm, the resort saw record lot and home sales,” said Chu, “Revealing the strength of desire for Suncadia product and new ownership will continue to benefit from these exceptional dynamics.”

 “The property garnered strong interest from a number of different buyer groups,” Muscio said. “It’s rare to get a chance to buy one of the most exclusive resort and second home residential development opportunities in the Pacific Northwest.”

Melvin Chu 

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide.

 The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

 For more news, videos and research resources on JLL, please visit our newsroom.

    CONTACT:

Natalie Passarelli
PR, Americas

JLL

M +1 224 477 7307

JLL.com