Panot Capital will manage an extensive real estate portfolio on behalf of a series of trusts; will expand real estate investments and client relationships nationwide
HOUSTON, April 03, 2024–(BUSINESS WIRE)–Real estate executives Aaron Iskowitz and Zain Sayed have recently established Panot Capital, a dedicated real estate investment management firm based in Houston with offices in California, New York, Ohio and Rhode Island.
Panot Capital, established in late 2023, was formed to manage an extensive real estate portfolio on behalf of a series of trusts. The firm has plans to expand its investments and client relationships nationwide, focusing on real estate investment management and development.
Panot Capital was formed to create a data-driven institutional-quality investment framework for the management of a family-owned portfolio that develops and owns real estate projects with a focus on multi-family and mixed-use communities. Panot Capital manages properties in 13 cities in eight states, overseeing portfolio management, acquisitions, asset management, and development activities.
About Aaron Iskowitz
Aaron Iskowitz was previously the chief operating officer at Urban Smart Growth (USG), a real estate development and management company. During his decade-long tenure at the company, he managed all of USG’s operations nationwide.
Before joining USG in 2013, Iskowitz was vice president in the capital markets group at Avison Young, a senior associate at The Carlton Group and a project manager / financial analyst at New Jersey-based regional real estate developer Woodmont Properties.
Iskowitz graduated from Union College with a BA in Managerial Economics. He also received an MS in Real Estate, with a concentration in Finance, along with an advanced degree in Cities and Urban Development, from New York University.
About Zain Sayed
Zain Sayed brings deep experience in investing and managing institutional commercial real estate capital. Previously, Sayed served as the Head of Portfolio and Asset Management at Parkway Properties overseeing a $3 billion national office and mixed-use portfolio involving asset performance, investment strategy, recapitalizations, and dispositions. In addition, Sayed managed the development of data-driven investment strategies to enhance investment decisions and asset-level execution.
Prior to Parkway Properties, Sayed was the U.S. West Head of Asset Management at Lionstone Investments overseeing all asset management operations for nearly $6 billion in value-add and core assets located in Texas, Colorado, Washington, Oregon and California.
Sayed was previously an asset manager at MetLife Investment Management, managing over $3.1 billion in joint venture real estate assets. Prior to asset management, he was responsible for the credit risk portfolio management and valuation review for over $20 billion in mortgages within MetLife’s commercial mortgage portfolio.
Sayed holds a M.S. degree in Real Estate from New York University, a M.S. degree in Data Science from Northwestern University, and a B.A. in Economics from Georgetown University.
Sayed is currently a member of the Urban Land Institute and sits on the Technology and Real Estate Council (TREC).
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Contacts
The B.C. government has announced plans to introduce a tax of up to 20 per cent on profits made when properties are sold within two years of their purchase.
The 20 per cent rate will be in place for a year after purchase and will slide to zero between 366 and 730 days after the acquisition.
B.C. Finance Minister Katrine Conroy announced the tax as one of the province’s latest tools to try to curb speculation over housing in a province where many struggle to afford appropriate shelter.
“Prices went up as governments stepped back and speculators moved in,” said Conroy during her speech presenting her latest budget in the legislature.
“That’s why we’re bringing in a home-flipping tax as our latest measure to crack down on bad actors.”
The tax is one of 20 pieces of legislation the government plans to introduce this session, meaning it will need to be passed at some point over the next three months before becoming law.
The plan is to implement it for properties sold on or after Jan. 1, 2025. It will also apply to properties purchased before then.
Conroy’s 2024-25 budget forecasts that the tax, once in place, would result in an additional $44 million in revenue in the 2025-26 fiscal year.
That revenue will go directly to building affordable housing throughout the province, she said.
Sellers would be taxed around 10 per cent after owning a home for a year and a half, with the tax lifted after ownership for two years.
The tax will apply to income from the sale of properties with a housing unit and properties zoned for residential use. It also applies to income made from condo assignments.
It does not apply to land or portions of land used for non-residential purposes, according to the government’s budget documents.
Other exemptions under the tax include life circumstances such as separation, divorce, death, disability or illness, relocation for work, involuntary job loss, change in household membership, personal safety or insolvency.
“The purpose of this tax is to support housing supply, not impede it,” reads the government’s budget documents.
“Exemptions will be provided for those who add to the housing supply or engage in construction and real estate development.”
The tax is to be paid in addition to any federal or other provincial income taxes incurred from the sale of property.
Alex Hemingway, a senior economist with the Canadian Centre for Policy Alternatives, said although the tax is another tool to try and address speculation, he’s not sure how successful it will be.
“I think a flipping tax can take a little bit of air out of the tires in terms of speculation, but it’s not really getting at the root of the housing crisis, which is a shortage of housing overall and a shortage of non-market housing in particular.”
He also said the tax could inadvertently drive down home sales and transactions, siphoning tax revenue away from property transfers.
First-time homebuyer credit
The budget also introduced expanded property transfer tax exemptions, increasing the First Time Homebuyers Program threshold up to $500,000 on the purchase of a home worth up to $835,000.
The province said the move would result in savings of up to $8,000 per purchase and would double the number of buyers that will benefit to approximately 14,500.
The province will also waive the property transfer tax for eligible purpose-built rental buildings that have four or more units until 2030.
Washington, D.C.–(Newsfile Corp. – February 8, 2024) – Brookmont Holdings, a leading real estate development and investment firm, and Dragon List Global, a renowned geoeconomic and global finance firm, have joined forces to hopefully revolutionize the world of premium real estate investments. This strategic collaboration aims to provide investors with access to a diverse range of high-quality real estate projects around the globe.
By combining their expertise and resources, Brookmont Holdings and Dragon List Global aim to offer a unique opportunity for individuals and institutions seeking to diversify their portfolios. With a shared vision of delivering exceptional investment opportunities, this partnership hopes to unlock the potential of premium real estate investments for a broader range of investors.
Brookmont Holdings brings decades of experience and a proven track record in developing and managing world-class real estate projects. Their expertise spans across residential, commercial, and mixed-use developments, with an unwavering commitment to quality and innovation. By partnering with Dragon List Global, Brookmont Holdings aims to leverage their extensive network and access new markets, enabling them to expand their reach and offer investors a wider selection of premium real estate assets.
Dragon List Global, renowned for its cutting-edge investment prowess and comprehensive market intelligence, is committed to expanding access to premium real estate investments. Through their expansive network, investors will have seamless access to a curated selection of exclusive real estate opportunities across various geographies. Dragon List Global’s rigorous due diligence process ensures that every investment opportunity presented is meticulously vetted, providing investors with peace of mind and confidence in their investment decisions.
“We are thrilled to partner with Dragon List Global to bring premium real estate investments to a wider audience,” said Jerry Millington, CEO of Brookmont Holdings. “This collaboration allows us to tap into Dragon List Global’s extensive investor network and leverage their global financial resources to showcase our exceptional real estate projects. Together, we aim to redefine the investment landscape and provide investors with unparalleled opportunities to participate in lucrative real estate ventures.”
Oliver Kellman, CEO of Dragon List Global, expressed equal enthusiasm about the partnership, stating, “Brookmont Holdings has a stellar reputation for their commitment to excellence in real estate development. We are excited to work together to bring their premium projects to our global investor community. By combining our strengths, we can create a seamless investment experience for our clients and empower them to make informed investment decisions in the world of premium real estate.”
Through this collaboration, Brookmont Holdings and Dragon List Global hope to unlock a world of premium real estate investment opportunities, catering to the needs of both seasoned investors and those venturing into the real estate market for the first time. The partnership hopes to represent a significant milestone in the industry, bridging the gap between real estate developers and investors, and democratizing access to lucrative investment opportunities.
For media inquiries or further information, please contact:
Brookmont Holdings
Email: info@brookmontholdings.com
PH: 202-441-3431
Dragon List Global Inc.
Email: contact@dragonlistglobal.com
PH: +1 202-559-8561
About Brookmont Holdings:
Brookmont Holdings is a leading real estate development and investment firm with an impressive portfolio of residential, commercial, and mixed-use projects across the globe. With a commitment to quality and innovation, Brookmont Holdings has established a reputation for excellence in the industry.
About Dragon List Global:
Dragon List Global is a renowned investment platform that provides individuals and institutions access to exclusive investment opportunities in premium real estate projects around the world. Through their technology-driven platform and rigorous due diligence process, Dragon List Global aims to democratize access to lucrative real estate investments.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197288
Absolute-Net Lease in Place and Produces Strong 16.5% Cap Rate over the Life of the Lease Term
SCOTTSDALE, AZ / ACCESSWIRE / January 22, 2024 / Zoned Properties®, Inc. (“Zoned Properties” or the “Company”) (OTCQB:ZDPY), a leading real estate development firm for emerging and highly regulated industries, including legalized cannabis, today announced that the Company has acquired an investment property in Chicago, Illinois (the “Investment Property”) and entered into a long-term, absolute-net lease agreement with Justice Cannabis Co.’s BLOC Dispensaries to operate a Retail Dispensary.
“This investment significantly enhances our property investment portfolio and rental revenue base, and diversifies our tenant roster. We have partnered with a best-in-class cannabis operator, which underscores the highest and best use of this premier retail location. Illinois is home to one of the most exciting, emerging cannabis markets in the nation with strong consumer brands and growing consumer demand. Driven by robust consumer brands and escalating demand, Illinois’ market has reached new heights with the Department of Financial and Professional Regulation (IDFPR) reporting a surge in retail activity, including the launch of 28 new dispensaries and total dispensary sales eclipsing the $1.5 billion mark in FY23. We are poised to play a pivotal role in the commercial real estate landscape of the cannabis sector and this partnership aligns with the Company’s mission to innovate within the real estate development sector, driving growth and delivering value to shareholders,” commented Bryan McLaren, Chief Executive Officer of Zoned Properties. “The collaboration with Justice Cannabis Co.’s BLOC Dispensaries is a testament to our strategic vision and we look forward to expanding our relationship with their executive team.”
Transaction Highlights
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Zoned Properties has acquired a premier Investment Property in Chicago, Illinois that has been entitled and permitted as a cannabis retail dispensary.
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The Investment Property was acquired for approximately $1.6 million, including all closing costs and fees. The transaction also includes a commitment from the tenant’s operating partner of up to $1 million for renovation and construction improvements.
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The Investment Property is leased to Justice Cannabis Co.’s BLOC Dispensaries under a long-term, absolute-net lease agreement, which will produce an approximate 16.5% Cap Rate when straight-lined over the 15-year term of the lease agreement. The lease includes 3% annual increases in base rent over the life of the lease term, yielding approximately $265,000 in annual base rental revenue when straight-lined over the life of the lease term.
Market Highlights
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Illinois’ cannabis market is becoming one of the strongest in the nation. In 2023, the state saw over $1.5 billion in overall dispensary sales and is expected to see continued growth in 2024.
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Chicago, Illinois is in the BLS-5 Region for cannabis retail locations, one of the most in-demand market regions in Illinois.
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The Investment Property is located in a prime retail area, situated approximately 1.5 miles from the iconic Chicago White Sox stadium and is surrounded by several major highways.
About Justice Cannabis Co. & BLOC Dispensaries
Justice Cannabis Co. (formerly known as Justice Grown), has been a steady force in the U.S. cannabis industry for over 7 years and has garnered attention for all the right reasons. They are a full-service, vertical cannabis business. They cultivate, manufacture and distribute high quality cannabis products to a variety of customers, and patients across the United States. Founded on the premise of ‘cannabis made good, that does good to make you feel good,’ the Justice team has a long-standing and impressive reputation for their social justice commitments, quality products, unique dispensaries and a modern approach to service. Through its retail brand, Bloc, Justice Cannabis Co. offers products and dispensary experiences thoughtfully developed to aid in the daily journey of feeling better. With an expertly curated collection, and an attainable price point, Justice Cannabis Co. continues to garner attention for its growing community of loyal customers.
Justice Cannabis Co. holds multiple licenses across 8 states: California, Illinois, Pennsylvania, Massachusetts, New Jersey, Michigan, Missouri, and Utah. With over 100 years of combined cannabis experience on the executive team, Justice Cannabis Co. is composed of experienced cannabis professionals and alumni from some of the cannabis industry’s most influential and impactful brands. For more information, visit www.justicecannabisco.com.
About Zoned Properties, Inc. (OTCQB: ZDPY):
Zoned Properties is a specialized real estate development firm for emerging and highly regulated industries, including regulated cannabis. The Company is redefining the approach to commercial real estate investment through its integrated growth services.
Headquartered in Scottsdale, Arizona, Zoned Properties has developed a full spectrum of integrated growth services to support its real estate development model; the Company’s Property Technology, Advisory Services, Commercial Brokerage, and Investment Portfolio collectively cross-pollinate within the model to drive project value associated with complex real estate projects. With national experience and a team of experts devoted to the emerging cannabis industry, Zoned Properties is addressing the specific needs of a modern market in highly regulated industries.
Zoned Properties does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substance Act of 1970, as amended (the “CSA”). Zoned Properties’ corporate headquarters is located at 8360 E. Raintree Dr., Suite 230, Scottsdale, Arizona. For more information, call 877-360-8839 or visit www.ZonedProperties.com.
Twitter:@ZonedProperties
LinkedIn:@ZonedProperties
Safe Harbor Statement
This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Investor Relations
Zoned Properties, Inc.
Bryan McLaren
Tel (877) 360-8839
Investors@zonedproperties.com
www.zonedproperties.com
SOURCE: Zoned Properties, Inc.
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