News Updates

Kilroy Realty Named NAIOP 2020 Developer of the Year

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Kilroy Realty Corporation has been named NAIOP’s 2020 Developer of the Year. NAIOP is the Commercial Real Estate Development Association. Since 1979, the Developer of the Year award has been presented to a development company that best exemplifies leadership and innovation. It is NAIOP’s highest honor. The award will be presented during NAIOP’s CRE. Converge October conference in Las Vegas. Kilroy Realty Corporation is a publicly traded real estate investment trust and member of the S&P MidCap 400 Index. It has more than seven decades of experience developing, acquiring and managing office and mixed-use projects. The company has a major presence in San Diego, greater Los Angeles, the San Francisco Bay Area and the Pacific Northwest. Kilroy owns and manages over 14 million square feet of office, mixed-use, including residential, and life science projects and has more than 7 million square feet of projects under construction or in the future pipeline. Tenants include Amazon, Microsoft, Viacom, Netflix, Sony, Dropbox, Neurocrine and Adobe. The company is listed in the Dow Jones Sustainability World Index and has been lauded by industry organizations around the world for innovation and leadership in sustainable development. Kilroy’s stabilized portfolio is currently 65% LEED-certified with 70% of eligible properties ENERGY STAR-certified. Additionally, Kilroy’s properties are pursuing WELL and Fitwel certifications and IWBI Health Safety Ratings where applicable.

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Using a new technology solution from ServiceLink, borrowers can complete home inspections from the comfort and safety of their homes. The new mobile app, EXOS Inspect, uses a patent-pending technology featuring the latest artificial intelligence and an intuitive user interface that allows homeowners to complete secure video inspections for critical aspects of the lending and servicing process. The app is designed to guide homeowners through a step-by-step process, using any compatible smartphone or tablet, to complete a video inspection of a room and highlight home improvements in less than a minute. Geo-fencing, time-stamping and AI technology ensure data accuracy. A privacy feature identifies and screens out specific visuals, such as people, most family photographs and many religious objects. EXOS Inspect can be used as a standalone app or incorporated into a lender’s existing digital consumer experience. In addition to releasing EXOS Inspect, ServiceLink recently upgraded the EXOS Close solution, which now supports virtual closing options in all 50 states and the District of Columbia for refinance and home equity loans.

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Hodges Ward Elliott, a boutique real estate capital markets advisor, represented Sunstone Hotel Investors in the $80 million sale of the 622-room Renaissance Harborplace hotel. The Renaissance Harborplace, centrally located in the heart of Baltimore, features an on-site restaurant, a fitness center and a bar and lounge in addition to other amenities, including a café and valet parking. The property also offers 21 meeting rooms with more than 27,000 square feet of conference space.

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WeBuyHouses.com has announced today its partnership with realtor.com’s new Seller’s Marketplace service. Visitors to realtor.com ® who wish to sell their homes can learn which selling options may be best for them after they enter some basic information about their home. Seller’s Marketplace then matches the option with options that are available in the home owner’s area. For example, consumers can be connected with WeBuyHouses.com and several other major service providers that offer iBuying or cash purchase programs. Users will see side-by-side estimates for sale price, timeline and other details. There is no upfront cost or commitment. “WeBuyHouses.com has been buying houses nationwide for over 20 years and we are proud to partner with realtor.com on the launch of Seller’s Marketplace,” Jeremy Brandt, CEO of WeBuyHouses.com, said in a release. “We share the vision of providing great consumer experiences and making real estate transactions easier for all.” According to realtor.com, it has the only national home search site to compare different selling options and enable consumers to determine the best fit with just a few clicks.

Commercial Real Estate Auction Market Continues Strong Levels of Activity

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Auction statistics show significant increase in bidding volume and minimal pricing discounts. The commercial real estate auction market is performing at stronger levels than anticipated despite the ongoing coronavirus health and economic crisis. Contrary to the projections of many analysts, deal volume has increased due to healthy investor demand and abundant capital. “We’re currently in a unique and compelling environment to sell commercial real estate. We are dealing with a health-based crisis, very different from previous recessions caused by over-leveraging. That means there is still a tremendous amount of capital ready and waiting to be deployed. Opportunistic investors have been watching for any stumble in the steadily strong market and are now turning to auctions to find assets and place capital quickly,” said Damian Smoter, vice president of RealINSIGHT Marketplace. According to RealINSIGHT Marketplace, there has been robust transaction volume in retail since the onset of COVID-19. In addition, land and office assets are outperforming on the auction platform. Across all asset classes, Marketplace has seen an increase in transaction volume since late March, with an average contract price 157% above the reserve, or the minimum price the seller will accept. The average contract price increased 41%, from 116% pre-pandemic. Moreover, the average number of bidders per property increased from 10 to 18 during the same timeframe.

Restoration Builders Acquires Sky Restoration

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Restoration Builders expands to Tennessee with latest acquisition of Sky Restoration. Restoration Builders, a residential and commercial contractor, has acquired Sky Restoration, headquartered in Smyrna, Tennessee. Restoration Builders was founded in 2017. The company has built a nationwide network of licensed contractors and other industry-related organizations. It is developing a strategic infrastructure of teams, offices, equipment, trucks and other resources. Company revenue is projected to exceed $100 million for 2020. Tony Noel and Scott Willard formed Sky Restoration in 2017 after several years of working together. Since then, they have built a team of technicians with a wealth of roofing and insurance knowledge who provide homeowners and commercial or institutional facility managers with expert roofing and renovation services. “I am thrilled to welcome Sky Restoration to our growing team,” said John Lorenz, chairman and CEO of Restoration Builders. “Tony and Scott have done a tremendous job building a reputation for impeccable workmanship and, more importantly, always putting their customers first. It’s clear that Sky Restoration shares the same core values as us and, as such, I’m confident they will make a wonderful addition to our network.”