Total foreign investments by Canada and the US in 2022 stood at $1.6 billion in 2022, accounting for 52 percent of the total foreign inflows.
Already simmering tensions flared following Canadian Prime Minister Justin Trudeau’s allegation of the “potential” involvement of Indian agents in the killing of pro-Khalistan extremist Hardeep Singh Nijjar, 45, on his country’s soil on June 18 in British Columbia.
This has led to fears of a knock-on effect on various spheres of business where the two countries intersect. When it comes to the real estate sector, experts say that while the distinct chill in bilateral relations is unlikely to dent the domestic market, there could be an impact if the situation is prolonged.
Sankey Prasad, chairman and managing director of Colliers India, the local arm of the Toronto-based property consultancy, explained that foreign direct investments (FDI) in Indian real estate is about 4 percent of the total inflow, with domestic investors playing a significantly larger role. However, he noted that over the past few years, Indian and Canadian companies have closed several real estate deals.
Canadian funds boost Indian real estate
Canadian funds, particularly its huge retirement planning body, continue to partner with Indian companies to develop large office parks across multiple cities. According to data from Colliers, over $1.1 billion of joint ventures were closed in 2022.
These include the Canada Pension Plan Investment Board, a Canadian crown corporation, investing $0.35 billion and $0.32 billion, respectively, in domestic real estate companies RMZ and Tata Realty. Additionally, the Toronto-based real estate subsidiary of alternative investment management giant Brookfield put $0.32 billion into Bharti Realty, a division of the telecom-focused but diversified Bharti Enterprises.
“Investments from the US and Canada continued to remain significant during 2022 and in the first half of 2023 as well, accounting for over half of the total foreign inflows during the period,” Prasad added.,
The majority of the funds were allocated towards office assets, followed a long way behind by alternative assets.
Total foreign investments by Canada and the US in 2022 stood at $1.6 billion in 2022, accounting for 52 percent of the total foreign inflows. In H1 2022, India saw $1.4 billion of foreign inflows from both nations, accounting for 60 percent of total foreign funds.
However, the data also pointed out that of the total inflow in 2022, Canada accounted for 34 percent of the total funds while the share of the US stood at 18 percent.
Despite global headwinds, investments remain robust
Prasad added that apart from North America, there is increased investor interest from other Asia-Pacific (APAC) countries such as Singapore and Hong Kong, which are also exploring options and infusing funds into Indian real estate.
Institutional investment inflows into the Indian real estate sector saw a 43 percent surge yearly, reaching $3.7 billion in the first half of 2023, with the office segment leading the way with $1.9 billion.
“Interestingly, compared to last year, we see investors eyeing flex office spaces for the first time. While in 2022 the gross office space witnessed 57 msf (million square feet) of absorption in India, in FY24, may go up to about 45 msf,” Prasad said.
In total office absorption, India saw 7 msf of flex office space being launched. The share of flex office space is likely to increase to at least 12 msf this year, the highest ever till now, he added.
In the first two quarters of CY2023, global headwinds following the collapse of Silicon Valley Bank in the US dented the commercial real estate market in India. The Grade A office space segment showed skewed signs of slowdown due to investors delaying their decisions or the high capex involved.
Northbrook is seeking to sell the village-owned property at 2002 Walters Ave., known as the Civic Building.
In 1983, the village leased the 14,495-square-foot building to the Northbrook Civic Foundation, which subleased space to the Northbrook Chamber of Commerce & Industry. Both remain in the 95-year-old building.
“This building has probably a very small niche of interested potential users,” Village Manager Cara Pavlicek said during a Sept. 12 village board meeting.
Applicants would be weighed on a variety of criteria, including proposed use and any zoning requirements, prospective tenants, purchase price and terms, and compatibility with the neighborhood.
The Civic Building is zoned as an Institutional Buildings District. Surrounding areas are zoned single-family and multifamily residential.
From 1999-2019, the village spent about $66,500 on repairs and improvements to the building. In 2020, the village identified the building needed about $300,000 worth of improvements, including tuck pointing, roof replacement, heating and air conditioning and window and door replacement. The village also spends about $10,000 annually in maintenance on the building, documents show.
In the first public discussion about the property in August, Trustee Johannah Hebl said the village had “reached a crossroads.”
“We’ve talked with (the Northbrook Civic Foundation) since the fall of 2022 about the village not really wanting to be in the landlord business long-term,” Pavlicek said.
The Civic Foundation, which has provided more than $4 million in grants and scholarships to Northbrook businesses and students, is interested, President Dan Westel said.
“The Civic Foundation plans to submit a proposal for the purchase of 2022 Walters and is excited at the opportunity to continue its mission of supporting Northbrook through both grants and scholarships,” Westel said. “We are thankful for the Civic Building’s unique location in supporting the North Shore’s largest festival, Northbrook Days.”
Northbrook purchased the property at Walters Avenue and First Street in 1908. The building earned its name after the Northbrook Civic Foundation donated a reported $7,960 for its 1928 construction from proceeds of the Northbrook Days Festival.
Westel said the foundation then gifted the building to the village for use as a municipal building, housing village hall, police and fire departments, the courthouse and the public library.
The Civic Building hosted the first village board meeting on Feb. 3, 1928.
Vacant after the Northbrook Fire Department moved out of the building, in 1983, the Civic Foundation used a $100,000 matching fund agreement and 3,400 volunteer hours to restore it for community use, Westel said.
“The Civic Foundation remains committed to both providing a community space for a variety of Northbrook groups, as well as maintaining a base of operations for the fulfillment of its mission,” Westel said.
Here are five tips to help you optimize your multifamily marketing efforts during economic uncertainty.
1. Ask about your residents’ needs
It’s common to ask new residents where they heard about the apartment, which can be valuable for marketing efforts and general operations.
This information, along with analytics, reviews and social media, can teach you a lot about your residents and their concerns. But direct communication is best to make sure you’re on the same page as your residents. Communication can be done via email surveys or in-person focus groups. Even an informal chat about residents’ biggest concerns can help you and your renters better weather uncertainty.
2. Digitize as much as possible
If your business isn’t digital-first, it’s time to make the transition. Manual, paper-based processes are not only time-consuming, but they’re often expensive. Plus, they can leave you vulnerable to fraud. Adopting digital processes for rent payments, payables and receivables can help you operate your property more efficiently.
Digitization can also be a selling point for renters, who may use their checks solely for rent payments. Giving residents multiple payment options, including digital wallets and credit cards, can help ensure they pay rent on time. Be sure to market this digital experience in your apartment listings.
Once you’ve digitized your back-office processes, look closely at how you can use proptech to attract and retain renters while saving time and money:
- Do you offer digital tours and communications?
- Can you implement smart locks, thermostats and lighting or other digital amenities?
- Are you using predictive analytic tools to make data-driven marketing decisions?
3. But hold off on too much automation
Automation is great when it’s business as usual, but uncertainty frequently requires a more manual approach. For example, you may want to turn off your scheduled posts to avoid any social media snafus.
Before you post, Rankin suggested putting yourself in your residents’ shoes. “Consider what they are feeling and where they might need support,” she said. “Question the message you want to relay, to who, why and if this is the right medium.”
Social media marketing requires follow-up efforts, too.
“Remember that social media can be used as a great tool to communicate quickly with large groups of people,” Rankin said. “But as a company, you must be available after posting for questions, comments and clarifications that may be needed in a time of stress.”
4. Review your multifamily marketing efforts
Economic uncertainty might require you to examine your marketing budget and focus on efforts with the highest return on investment. Look at data and analytics to focus on market initiatives that deliver results. If your ads in a local publication aren’t performing well, for example, it may be time to reevaluate them. You may also want to narrow your marketing focus to existing clients and receptive prospects and look at retargeting and remarketing opportunities.
In place of print ads, you can shift to low- and no-cost marketing efforts.
“Take advantage of free marketing such as social media, word-of-mouth, influencers, email and online forums before spending money on other options such as content creation, website development and paid advertising,” Rankin said. “Consider asking renters for things like social reshares, tenant referrals or content creation related to the property. In exchange, you can provide rental discounts or prizes.”
5. Communicate with residents
Maintaining ongoing communication with residents is critical to addressing their needs. Messaging is important, too. For example, you may want to emphasize amenities such as free Wi-Fi, dog runs and gym space—amenities that can be especially attractive to renters trying to save money.
Outside of regular communication, you should also create messages for unexpected disruptions, including:
“Ultimately, home is where you want to feel safe,” Rankin said. “So marketing the value of your safe, clean, supportive property or community can go a long way to retain and attract quality tenants during a downturn.”
The bottom line
Commercial real estate is, by nature, a cyclical business. Amid economic uncertainty, keep an eye on costs and other metrics, look for efficiencies, focus on marketing efforts with a proven record of success and communicate with your residents to stay on top of their needs. When multifamily property owners and investors make wise marketing decisions during uncertain times, they can come out on top.
Public Storage Acquired Simply Self Storage from Blackstone Real Estate Income Trust, Inc.
NEW YORK, Sept. 15, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it served as the Co-Lead Advisor to Blackstone Real Estate Income Trust, Inc. (“BREIT”) on its sale of Simply Self Storage (“Simply”) to Public Storage for $2.2 billion. Newmark’s Capital Markets National Self Storage practice leader Vice Chairman Aaron A. Swerdlin and team advised BREIT on the transaction.
The portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet that are geographically diversified across 18 states and located in markets with population growth that has been approximately double the national average since 2018. Approximately 65% of the properties are located in high-growth Sunbelt markets.
“Self-storage is an asset class that continues to perform, even amidst the current challenging capital markets environment,” Swerdlin said. “In fact, the asset class, bolstered by its strong historical performance across business cycles, continues to garner a disproportionate share of overall commercial real estate transaction activity. We’re thrilled to have been able to advise our client on this sale.”
Public Storage funded the acquisition by utilizing its growth-oriented balance sheet to issue $2.2 billion of senior unsecured notes and quickly closed the transaction in a well-coordinated effort with the Simply and Blackstone teams. Public Storage expects the transaction will be accretive to FFO per share, with accretion accelerating through stabilization. A presentation with further detail is available on the Investor Relations section of PublicStorage.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
SOURCE Newmark Group, Inc.
The slowdown in the commercial real estate sector continued to put pressure on loans backed by commercial and multifamily properties, according to the Mortgage Bankers Association’s latest report.
Commercial and multifamily delinquency rates increased for most capital sources during the second quarter. These groups hold over 80% of commercial and multifamily mortgage debt outstanding. Based on the unpaid principal balance (UPB) of loans, delinquency rates for each group were as follows:
- Banks and thrifts (90 or more days delinquent or in non-accrual) rose to 0.66% in Q2, up 0.09% from Q1.
- Fannie Mae delinquencies (60 or more days delinquent) increased to 0.37%, up 0.02% from the previous quarter, and
- Freddie Mac delinquencies (60 or more days delinquent) climbed to 0.21%, up 0.08% from the first quarter.
- Delinquency rates for CMBS-backed loans (30 or more days delinquent or in REO) jumped 0.82 percentage points to 3.82% in the second quarter.
- Life company portfolios (60 or more days delinquent) were the only outlier, dropping 0.07% quarter over quarter to 0.14%.
“Although the uptick in delinquency rates was expected, they remain at the lower end of historical ranges,” said Jamie Woodwell, head of commercial real estate research at MBA. “Higher and volatile interest rates, uncertainty about property values, and stresses in some property markets have increased pressure on some loans and properties.”
Commercial real estate developers leasing their properties are receiving notices about blocked credit eligibility under sections 17 (5) C and 17 (5) D even as the case is being argued at the Supreme Court, say real estate industry stakeholders.
If a developer constructs a commercial building and sells it before obtaining an occupancy certificate, they may be eligible to claim credit, provided they pay the output GST on the sale transaction.
However, if the developer uses the building for leasing, such an ITC is not available for set-off.
“This impacts the overall business as this increases the cost of construction, thereby increasing rentals. Multiple representations have been sent to the government, but developers have yto get any relief. As India is becoming the preferred choice for office space and global capability centres for MNCs who typically prefer to lease property, such an anomaly tends to impact the economics of operating in India negatively,” said Gaurav Karnik, national leader, real estate, EY India.
According to one such representation by CII, construction costs typically account for 32% to 38% of the total project cost, and given that GST is applicable at the rate of 18% on such services (which becomes the cost for the company), there is a significant cost that the industry bears due to the specific restriction on the availment of ITC.
“The moot point before the court is whether input tax credit can be denied when goods and services are used for the construction of the building on own account. These buildings are used by the businesses for rendering output services such as leasing, hotel services, and warehouse services”, explained Abhishek A. Rastogi, founder of Rastogi Chambers, who is arguing the matters before the Supreme Court and various high courts.
Both sale and leasing are different ways to monetize value from the property; however, the tax treatment is different, as is the tax burden, which is against the principles of equality, experts said.
“A builder who sold the office or retail asset is unable to attract global brands as they prefer property on lease directly from builders. This is why most of the big developers have started leasing mall and office space. However, one major hinderance to this development is the denial of ITC, which impacts the overall cost of the project, and the government should look into it,” said Harsh V. Bansal, convenor of the CII Delhi Sub-committee on Real Estate, Urban Development, and Infrastructure and co-founder of Unity Group.
The builders say that credit is their vested right and any denial will break the tax chain, which is against the GST.
“The taxpayers can avail the credit in the time frame prescribed under the statute, and if show cause notices have been issued for recovery of the input tax credit availed but not utilised, then it may be imperative for such taxpayers to obtain a stay on recovery through such notices”, Rastogi said.
CII had said that the government needs to relook at the GST regime for the leasing segment, which restricts the claim of ITC on goods and services used for the construction of immovable property even though the same are used for providing taxable services in commercial leasing.
Most Read in Commercial
In addition, Loanspark now funds transactions up to $150M and facilitates commercial loans for single-family, retail, multi-family, office, industrial, and mixed-use properties.
This demonstrates Loanspark’s strong commitment to not only creating jobs for Loan Officers and Mortgage Brokers, but also improving Loan Officer retention while generating a much needed revenue stream to Mortgage Companies in current market conditions. In addition, Loanspark serves as the dedicated business purpose loan Partner to Real Estate Agencies.
The benefits of Loanspark don’t stop there – estimated 20-30% of inquiries to loan officers are about business funding or commercial real estate loans, forcing the loan officer to turn their customer inquiries away, or to refer to a singular resource with limiting funding options. Loanspark’s Lending Marketplace can quickly become a resource of unlimited capital solutions for these borrowers and Real Estate and Mortgage Companies and Brokers.
“In our mission and goal to fund our partners’ business customers and through our constantly growing Lending Marketplace, we keep finding new ways to offer more, better, faster, easier funding solutions to ensure prosperity for all,” says Loanspark Founder and CEO Michael Barnett.
In addition to broadening the offerings and increasing transaction amounts, Loanspark is able to fund foreign investors, offer unlimited cash-out options, and provide programs that don’t require tax returns or debt to income ratio (DTI) decision making. The company also serves as the facilitator of title, appraisal and home insurance, truly making it a seamless and easy to work with solution.
As Michael puts it, “We noticed the growing CRE activity across the board despite the prevailing economic hardships, indicating a growing demand for CRE funding products. Our partners needed lending programs that fill the property-based financing void in various business communities. As a mortgage executive veteran, I’m thrilled to extend these valuable opportunities to mortgage and real estate professionals, enabling them to assist their customers in securing the necessary funding for their commercial real estate and business endeavors, all while collaborating with the same trusted partners they’ve relied on for their residential financing needs.”
Loanspark is at the forefront of innovation in the world of Business Lending as a Service (BLaaS), setting new industry standards with its cutting-edge solutions. Specializing in Commercial Real Estate (CRE) financing, business term loans, working capital loans, consolidation loans, equipment financing, SBA loans, business lines of credit and responsible business cash advances. Loanspark has taken its commitment to excellence and versatility to the next level, solidifying its position as a true game-changer.
Loanspark advocates and promotes customized business lending products and services that deliver meaningful value for its partners’ customers, sparking growth in business communities everywhere.
For media inquiries, please contact:
SOURCE Loanspark, LLC
Sources familiar with efforts to market the former Sears headquarters in Hoffman Estates say Dallas-based Compass Datacenters is expected to close on its purchase of the 273-acre property this month.
Such a move would solve the 20-month mystery over the fate of the sprawling office campus, as well as erase the last visible presence of a 20th-century retail giant from the state it long called home.
Hoffman Estates village officials said they could not comment on the status of any pending real estate transaction, but they indicated they are prepared for a redevelopment of the Sears site.
“Whatever it is that ends up happening, we’re ready for it,” Director of Development Services Peter Gugliotta said. “We can get through the review process fairly quickly.”
A data center campus would present a much simpler approval process for the village and other entities than Sears’ plan for the previously undeveloped land in the early 1990s.
Much of the effort back then concerned bringing infrastructure to the site — including sewer, water, roads and tollway interchanges — and the taxation mechanisms to enable it, Gugliotta said.
With all that established, the only additional need for a data center campus would be the extraordinary amount of electricity it requires. And that is something the property owner would have to address with ComEd, Gugliotta said.
Hoffman Estates is familiar with data centers, having dealt with Microsoft’s plan to construct a pair of 207,000-square-foot buildings and a power substation on 53 acres north of the Bell Works Chicagoland development along Interstate 90.
In February, Microsoft bought another 30 acres adjacent to that site.
“What we learned (about data centers) from Microsoft plays forward,” Gugliotta said. “We’re in a knowledgeable position.”
Even without that familiarity, Hoffman Estates believes it is a good destination for the booming data center industry given the amount of open land available on the community’s west side.
In the wrong place, with neighbors too close, data centers could be considered noisy and less than attractive buildings. But even after Microsoft and the former Sears campus, the village still has several hundred vacant acres left for more, Gugliotta said.
While data centers won’t bring Hoffman Estates the kind of sales tax revenues it might see from a retail or commercial redevelopment of the Sears site, there are benefits to the village.
A recently approved electricity tax rate increase for high-volume users — like data centers — will fund the $16 million replacement for the village’s more than 50-year-old Fire Station 22 at 1700 Moon Lake Blvd.
Gugliotta said there’s been no indication the new rate — still moderate for the region — would have a chilling effect on Hoffman Estates’ draw for data center development.
The local economy, particularly service-related businesses, also should see an immediate impact from the resumption of activity at the Sears campus, Gugliotta said.
Hoffman Estates Mayor Bill McLeod said the property value of the massive site would continue to drop without the redevelopment.
“Right now you’ve got a building with nobody in it,” he said.
One universal truth about the data center industry, Gugliotta said, is quality isn’t compromised in any area of construction or operation.
What remains unknown is what a data center campus on the Sears site might look like. As similar developments in Elk Grove Village, Mount Prospect and elsewhere demonstrate, data centers come in a variety of sizes, shapes and heights.
And while any future landowner might want to demolish the 2.4 million square feet of office space on campus as quickly as possible, there already are 70 vacant acres on the west side of the property ready for development.
A representative of Compass Datacenters could not be reached for comment for this story.
The company is in the process of being acquired by Brookfield Infrastructure Partners LP and the Ontario Teachers’ Pension Plan, according to a company news release in June.
“The industry is at a critical inflection point today with AI and cloud demand continuing to fuel significant growth,” Compass CEO Chris Crosby wrote at the time. “With Brookfield Infrastructure and Ontario Teachers’ strategic expertise and deep financial resources, Compass is ideally positioned to meet growing demand for hyperscale data centers and campuses.”
Transformco, the company that emerged from Sears’ bankruptcy, is the current land owner.
The last Sears department store in Illinois — at Woodfield Mall in Schaumburg — closed in the fall of 2021.
According to an online listing, there were 11 Sears stores left in the nation in late June — three in California, three in Florida, and one each in Massachusetts, New Jersey, Puerto Rico, Texas and Washington.
When it comes to real estate investing, taking a long-term approach has key benefits. The most successful investors I’ve dealt with in my career have built their portfolios over time. While there could be challenges to acquiring and refinancing assets in today’s market, there are still opportunities to be had. If you’re an investor who has already closed on transactions, you could leverage your existing portfolio. If you’re new to the game, you might opt to focus on the first deal, after which you’ll gain some credibility and can begin to build your track record.
Once you’ve held a piece of property for some time, there could be several options to pursue, depending on your business model and pool of investors. You might decide to hold the place, refinance it, or sell. As you make transactions, you’ll want to let others know. Spreading the word about your real estate investment activity can lead to more connections.
Building a Portfolio
Most likely when you acquire a property, you’ll have a plan in place which will dictate the long-term objectives. Your partner and other investors may be interested in holding the property, or they might be looking to move on after several years. If others take their return and shift funds elsewhere, you’ll have to decide whether you can maintain the place on your own and still get the return you want.
Refinancing could be brought into the discussion, although in today’s market, this step may not enable investors to get the same return on equity that they could take out in the past. In the past, refinancing could have brought a lower interest rate and enabled investors to take cash out from the equity. However, as debt service coverage ratios have become more conservative, along with the proceeds, in some cases a refinance to take out cash may not be possible. It could be a time to think about selling to get a return on equity.
If holding the property or refinancing won’t provide your desired return, you might consider selling the place. If you do, you’ll want to work with a knowledgeable investment sales broker. Look for someone with a laid-out marketing strategy who will share your opportunity with a broad audience. Check that the broker has a strong track record and a reasonable timeline in place based on the market conditions.
As you think about selling, you’ll want to talk to your accountant about the tax implications. They can help you understand what your potential capital gains could be. They’ll also look at taxes from a federal and local level. Knowing what your after-tax scenario will be may make it easier to determine what you want to do with the asset.
Section 1031 of the IRS tax code allows you to exchange one property for another of like-kind without having to pay capital gains tax. Often called a 1031 exchange, there are rules you’ll have to follow for this process, including acquiring another property (or properties) as an investment and using a qualified intermediary to hold your funds in escrow. You’ll typically have 45 days after closing on the first property to identify the next acquisition (or acquisitions), and you’ll need to close on them within 180 days of closing on the first place.
Spread the Word
As you acquire real estate assets, you’ll want to let others know of your activity. Some real estate professionals who have been guests on my podcast “The Insider’s Edge to Real Estate Investing” do an incredible job of promoting the properties they are closing. These include Steve Kachanian from Klosed, and Jeffrey Znaty and George Giannopoulos from Kings Capital.
Spreading the word about your track record brings several benefits. Primarily, this strategy can help you stay top of mind for investment sales brokers. These professionals are often very busy with listings that they’re trying to sell. If you’re demonstrating that you’re active, brokers will be more in tune with what type of asset you’re interested in. The adage that “deals lead to more deals” is certainly true.
Certainly, acquiring an initial property takes time and effort. After crossing that hurdle, you can think about building your real estate portfolio. As you move forward, you’ll want to develop a strategy around cultivating your brand and reaching your target audience. Let others know what you’re doing and what you’re interested in, and you’ll likely find an increasing number of opportunities for your next investments.
NASHVILLE, Tenn., Sept. 1, 2023 /PRNewswire/ — Horrell Company, one of the oldest commercial real estate companies serving Nashville and Middle Tennessee, today announced that Elliott Smith has acquired the company and will serve as its President. Smith succeeds Steve Horrell, who served as President and Principal Broker and worked closely with Smith in the business since 2018. Horrell Company specializes in brokerage services, tenant and landlord representation, real property development, acquisitions and dispositions, and property and asset management services in the industrial, retail and office sectors.
Smith brings to the company significant business and legal expertise, with substantial real estate, development, M&A, joint venture and finance experience across a variety of industries and markets. He joins Horrell Company from Acadia Healthcare, where he served as in-house counsel providing legal guidance, support and oversight for Acadia as it executed on strategic goals across its national footprint. Prior to Acadia, Smith was an attorney with Waller Lansden Dortch and Davis, LLP (now part of global law firm Holland & Knight), where he advised both public and private companies on M&A, joint venture, real estate, capital markets and other strategic business transactions. Smith also has a background in accounting and gained considerable experience as a forensic auditor at Coleman World Group, a premier provider of global relocation services.
Smith currently serves on the board of directors of the Sue Peters Foundation, a supporting organization for the Girl Scouts of Middle Tennessee. Originally from Dothan, Alabama, Smith married Nashville native Sara Darby Smith, and the couple is grateful for this opportunity to continue living and being active in the Nashville community.
Smith said, “I am honored to serve as Horrell Company’s next President, and to build on its strong foundation as one of Nashville’s oldest and market-leading commercial real estate companies. Horrell Company’s roots in this community are strong, dating back to its founding in 1943, and I look forward to growing the legacy built in large part through Steve Horrell’s leadership.”
Working closely with Smith will be Ben McKnight, a 37-year veteran in the commercial real estate brokerage business. “Ben has made substantial contributions to Horrell Company and I am excited to have him serve as Horrell Company’s Principal Broker,” said Smith. “Ben brings the right complement of commercial brokerage and property management experience combined with a strong history of delivering best-in-class service to Horrell Company’s clients,” continued Smith.
“Horrell Company is thrilled to welcome Elliott. We believe his depth of experience and legal and business acumen make him a significant asset to Horrell Company. Elliott is highly respected in the industry and has a proven track record of strong leadership and sound legal guidance in his roles at Waller and Acadia. Under Elliott’s leadership, Horrell Company is building significant momentum as the company advances in all key areas of its long-term growth plan,” stated McKnight.
For more information, contact Horrell Company at (615) 256-7114 or visit our website.
SOURCE Horrell Company