Newmontis Closes Over $21 Million in Acquisitions for 1031 Assignment
PACIFIC PALISADES, Calif., March 25, 2020 /PRNewswire-PRWeb/ -- Newmontis Real Estate Investment Banking is announcing the acquisition of two Core+ investments, in Dallas and Chicago. 630 West Lake Street in Chicago's West Loop district was acquired for $9,937,500 and 6418 Fisher Road in Dallas, Texas was purchased for $11,765,000. The mixed-use property at 630 W. Lake includes three floors of newly converted residential loft units along with five ground-floor retail spaces. Notable tenants include Michelin Star rated restaurant Kumiko and regional-chain ROTI. The Fisher Trails apartments, near the Highland Park neighborhood in Dallas, consist of 66 newly renovated apartments.
Newmontis provided acquisition consulting on behalf of investor Gustavo Spoliansky, a principal in Newmontis's related asset management business and the Campus + Main development firm. "It was an absolute pleasure working with the Newmontis brokerage team who assisted throughout the entire process; from investment strategy, asset sourcing, to the closing table", explained Spoliansky. In late 2019, Newmontis sold The Woolworth office and retail development in Glendale, California for $18mm - an asset owned personally by Spoliansky, who exclusively engaged the Newmontis brokerage team to complete his 1031 exchange. Trevor Nelson, President of Newmontis, had acquired The Woolworth with Spoliansky several years earlier for $8mm.
"We transitioned into lower-risk assets, with great long-term prospects, and achieved substantially higher year-1 returns - because we scoured the market for the right deals and capitalized on the current spread between cap rates and interest rates" explained Nelson. Michael Zaremski from Berkadia sourced CMBS loans from Citibank for the acquisitions. Javorn Farrell of Newmontis said "We achieved an above-market return and funded at record-low interest rates, despite the macroeconomic volatility". "We'd like to thank Milan Rubenstein of Windy City in Chicago and Wilson Stafford of Edge in Dallas for their help with these deals" added Nelson.
According to Newmontis' investment associate Vernon Jones, "Joining Newmontis has proved to be a winning decision for my commercial real estate career. As a leader, Trevor truly understands the nuisances of the market, which allows our investors and clients to efficiently achieve their investment objectives, and it's an honor to be a part of the team." Reid Yankowski, who led the team's Dallas acquisition also weighed in by adding, "As a result of strong underlying market fundamentals and a favorable tax environment, investing in Dallas right now made sense. We underwrote a few hundred deals in the area and ended up acquiring a multifamily property that has exceptional cash on cash returns."
About Newmontis:
Located in the Pacific Palisades, Newmontis Real Estate Investment Banking is a full-service commercial real estate investment advisory and management firm. Primarily servicing high-net-worth investors, family offices and private investment funds, Newmontis offers sponsored investment opportunities, transactional advisory and asset management. Newmontis invests across assets types in a data-driven selection of geographies nationally. Newmontis was awarded "Deal of the Year" by the Los Angeles Business Journal in 2019.
SOURCE Newmontis
