Latest news with #Kingsbarn
Yahoo
18-04-2025
- Business
- Yahoo
How Kingsbarn revived $105M Skims Hollywood HQ deal
All's well that ends well in Hollywood. Kim Kardashian's voguish shapewear startup Skims is mending the seams with its new Hollywood landlord, Kingsbarn Realty Capital, after the private equity firm brought a zombie deal back to life. Kingsbarn finally rested its case against former lender, KeyBank, and co-sellers Oscar Englebert and developer J.H. Snyder to buy 1601 North Vine Street for $105 million, or $905 per square foot. Hard money lender Hankey Capital provided a $52 million loan for the acquisition and additional financing came from Israeli firm IBI Volcano, according to a spokesperson for Kingsbarn and county property records. The terms of the loans are unclear, and a spokesperson for Kingsbarn did not provide further details. Kingsbarn was prepared to fork over more than that — $1,054 per square foot — when the property first went into contract in December 2022. It was vacant at the time, since former tenant WeWork decamped in October that year. And Englebert — a friend and business partner of Jens Grede, who co-founded Skims with Kardashian and his wife, Emma Grede — was already in contract to buy a majority stake of the building from developer J.H. Snyder. Things looked promising for all three parties, as J.H. Snyder and Englebert agreed to work toward a sale with Kingsbarn. They planned to close before Los Angeles' 5.5 percent transfer tax, known as Measure ULA, went into effect in March 2023. The cost of borrowing was meanwhile on the rise, and Kingsbarn hustled to secure $97 million worth of financing from KeyBank, which signed a term sheet for the loans a month before the closing date. Then the Ohio-based lender got cold feet. KeyBank reneged its offer at some point in the following weeks, and the deal fell apart in dramatic fashion. Behind the scenes, Kardashian's $4 billion fashion startup was working on a deal of its own to lease 116,000 square feet across the entire eight-story office building, and soon found itself caught in the legal crossfire of a real estate investment gone sour. Skims' 15-year lease was paramount to underwrite Kingsbarn's debt, and Jeff Pori, the company's CEO, described the startup in a statement as 'the perfect Hollywood tenant.' But to appraise the building and underwrite the deal, KeyBank needed Kingsbarn to prove that Skims wasn't yet occupying the building, though it had signed a lease in January. And Englebert did everything possible to prevent Kingsbarn from gaining access to prove the property was still empty, the company's lawyers later claimed in court. Kingsbarn was quietly building its case as the deal unraveled. Last April, the Nevada-based company sued J.H. Snyder and Englebert for unfair business practices, hoping to recover its $2.5 million deposit toward the purchase. Englebert, who could not be reached for comment, allegedly had trouble letting go of the building and its celebrity-linked tenant. Englebert 'turned Kingsbarn down and rebuffed Kingsbarn's efforts to obtain entry to the building,' the company's lawyers claimed in the April 17 complaint filed in California Superior Court in Los Angeles County. 'Englebert did this in order to conceal the fact that Skims still, by that date, was not actively occupying and conducting business operations from at least 70 percent of the premises.' And Kingsbarn didn't stop there. Last July, the company sued its own longtime lender KeyBank for revoking the loan terms and sending the deal into a tailspin. The wheels of justice turned in Kingsbarn's favor. A Superior Court judge rejected Englebert and J.H. Snyder's attempts to get the case dismissed and placed a lien on 1601 North Vine Street, according to court filings. By December, the parties had reached a detente and reinstated the purchase and sale agreement, lowering the building's price to $105 million from $122 million. Spokespeople for J.H. Snyder and KeyBank did not respond to requests for comment and Englebert could not be reached for comment. Pori, for his part, said in a statement, 'This purchase, along with our ability to secure financing for the building, is further evidence that the office market is recovering.' Kingsbarn will place the property into a Delaware Statutory Trust and offer fractional ownership to private investors for a 1031 exchange, according to the company. Kim Kardashian's Skims leases JH Snyder-owned Hollywood building Kingsbarn snaps up Hollywood offices occupied by Kim Kardashian for $105M KeyBank sued over derailed $122M deal for Skims-leased Hollywood offices This article originally appeared on The Real Deal. Click here to read the full story. Sign in to access your portfolio
Associated Press
03-04-2025
- Business
- Associated Press
Kingsbarn Acquires 8-Story Trophy Office Property Along Hollywood's Walk of Fame
1601 Vine Street is the Corporate Headquarters for Skims Body, Inc., Co-Founded by Kim Kardashian LOS ANGELES, CALIFORNIA / ACCESS Newswire Kingsbarn Realty Capital ('Company' or 'Kingsbarn') has announced the acquisition of 1601 Vine Street in Los Angeles, California (the 'Building' or 'Property'). The beautiful steel and glass structure, developed by J.H. Synder Company and designed by Ware Malcomb, offers over 115,000 square feet of office space and five levels of underground parking. The building serves as the corporate headquarters for Skims Body, Inc. ('Skims'), an American shapewear and clothing brand co-founded in 2019 by Kim Kardashian and Swedish entrepreneur and CEO Jens Grede. Kingsbarn planned on purchasing the Property in March of 2023, but unstable capital markets thwarted the Company's attempts to secure adequate financing. Kingsbarn, however, continued to pursue the purchase of the Property and was finally successful in completing the purchase earlier this week. Kingsbarn CEO Jeff Pori stated, 'This purchase, along with our ability to secure financing for the building, is further evidence that the office market is recovering, a trend we expect to continue and to even accelerate. As state and federal workers continue to return to the office, we have also seen a great majority of private companies demand that their workers return to the office as well. Notably, the region's office construction activity has moderated, with new developments representing less than 1% of existing space. We expect this trend to continue to enhance the health and the overall occupancy within the sector.' Skims began to occupy the Building in mid-2023 and leases the Property through mid-2038. Kingsbarn, according to Pori, will offer ownership interests in the building in a Delaware Statutory Trust ('DST') structure so that private investors can complete a 1031 exchange by purchasing fractional ownership interests in the Building. 'The combination of the location at Hollywood and Vine, the magnificent design, the perfect Hollywood tenant, and the long-term lease makes for a winning investment opportunity for California investors,' said Pori. 'We are very excited to be able to acquire a property with such a burgeoning company and successful brand as Skims.' In 2021, Wall Street Journal Magazine presented Kardashian with a 'Brand Innovator' award for her work as Chief Creative Officer for Skims. Skims, named one of the Most Influential Companies of the year in 2022 and 2023 by Time Magazine, had an estimated valuation of $4 billion in July of 2023 after raising $270 million in a Series C funding round. On Feb. 18, 2025, Skims and Nike announced that they are teaming up to disrupt the global fitness and activewear industry with the launch of NikeSKIMS, a new brand that will deliver industry-leading innovation. The long-term partnership will introduce an extensive product line that invites more athletes and women into the world of sport and movement. Kardashian stated, 'This partnership is the culmination of that shared vision, delivering a product that is meticulously designed to sculpt and perform for every body. We're incredibly excited to unveil our first collection this spring.' 'There were many key players involved in this acquisition,' said Pori. 'Our team included Hankey Capital of Los Angeles, who provided the first mortgage in under two weeks when other lenders could not. IBI Volcano Investments provided additional equity and was an integral part of our capital structure. Lastly, even though they represented the seller, Kevin Shannon and his team at Newmark deserve our appreciation for keeping this deal moving forward despite the challenges posed to us by volatile capital markets.' [email protected] Holly Silvestri Partner 702-367-7771
Yahoo
01-04-2025
- Business
- Yahoo
Kingsbarn Completes Sale of Newly Constructed TA Travel Center in Ash Fork, Arizona, for $61.7 Million
ASH FORK, ARIZONA / / April 1, 2025 / Kingsbarn Development Opportunities ("KDO" or "Company"), an affiliate of Kingsbarn Realty Capital, a Las Vegas-based developer, announced it has completed construction of a full-service TA Travel Center located at the intersection of Interstate 40 and Old Highway 66 in Ash Fork, Arizona. On March 19, 2025, the Property was sold to an affiliate of LV Petroleum, a Las Vegas-based franchisee of TA TravelCenters of America ("TA"). The new travel center, which is now open to the public, is situated on approximately 54 acres. The state-of-the-art, fuel and food facility provides many amenities and services for truckers and other highway travelers. Quick-serve, national-brand restaurants include Del Taco and KFC, which have drive-thru lanes, and a Sbarro Pizza kiosk inside. Clean and luxurious restrooms, including private showers, lockers, and laundry facilities, provide professional and overnight drivers with much-needed amenities. Travelers may also enjoy the TV lounge, including massage recliners, high-speed internet, and a retail sales area offering merchandise, check cashing services, and an ATM. "The facility was constructed for Kingsbarn's long-time operating partner LV Petroleum ("LVP"), under a build-to-suit agreement," stated Anthony Hama, managing director for Kingsbarn Development Opportunities. "LVP has been the number one franchisee for TA for the past four years running. They have been a great partner to Kingsbarn, and it has been amazing to watch the growth and expansion of their program." The Ash Fork TA is the second ground-up travel center completed by KDO for LVP. The first center constructed by KDO is in Littlefield, Arizona, and opened early last year. ABOUT KINGSBARN REALTY CAPITAL Kingsbarn Realty Capital is a real estate-centric investment house that provides institutional and accredited investors access to an array of alternative investments. Kingsbarn offers investments in private equity, exchange-traded funds, traditional investment funds, private capital, managed accounts, and Delaware Statutory Trusts (DSTs). Additionally, Kingsbarn's management team has wide-ranging experience developing, managing, operating, and sponsoring a diversified portfolio of stabilized, income-driven properties, as well as ground-up construction, value-added offerings, opportunity zone investments, and entitlement projects. Kingsbarn has over $2.3 billion of assets under management and has acquired over 310 properties throughout the United States. The company currently has a development pipeline of over $2 billion consisting of multifamily, student housing, medical, industrial, retail, and hospitality. For further information, visit ABOUT LV PETROLEUM LV Petroleum ("LVP" or the "Company") specializes in the development and operation of low-price/high-service fuel centers, convenience stores, and TA Travel Centers. LVP has acquired and rehabbed or developed and then sold over 40 stores in the last 12 years. Actively growing, the Company currently operates 23 Conoco-branded C&G assets in the Las Vegas- and Phoenix-metro areas. The Company also purchases unbranded fuel and sells it under a licensing agreement with Phillips 66, Gulf, Sunoco, 76, Exxon, and Conoco. LVP currently supplies over 18 million gallons per month to 93 locations. Additionally, the Company has a development pipeline of 12 additional sites that will open in 2025 and 2026. Contact Information Emma Williams Director of Public Relationsemma@ Holly Silvestri Partnerholly@ SOURCE: Kingsbarn Realty Capital View the original press release on ACCESS Newswire Sign in to access your portfolio
Yahoo
31-01-2025
- Business
- Yahoo
Kingsbarn Commences Construction of the Vista Project With Groundbreaking of Ohtani Residence
The Vista at Mauna Kea is the Final Opportunity to Construct Single-Family Residences at the Resort KAILUA-KONA, HAWAII / / January 31, 2025 / Kingsbarn Realty Capital ("Company" or "Kingsbarn") announced that it has broken ground on The Vista (the "Property"), its luxury resort development on the island of Hawai'i. Kingsbarn closed on the Property in mid-2022 as part of a joint venture with Newport Beach, CA-based developer West Point Investment Corp and New York, NY-based Halsey Lane Holdings. The Vista, built on a 17-acre bluff overlooking the Hapuna Golf Course, is comprised of 14 estate-sized lots featuring unparalleled views of the Kohala Coast and the Pacific Ocean. Of the 14 total lots, Kingsbarn has sold six to a select group of sophisticated buyers. A groundbreaking ceremony was held on January 4th, 2025 to memorialize the commencement of this highly anticipated project. The event was attended by each of the current lot owners, including the community's first residents, MLB superstar Shohei Ohtani and wife Mamiko. Attendees also included Hawai'i Governor Dr. Josh Green, Mayor Kimo Alameda and several key members of Hawai'i Island's county government. Ohtani has chosen Kingsbarn to manage the design and construction of his home, which Anthony Hama, Kingsbarn's Managing Director of Development, will personally oversee along with the development of The Vista. "Being part of such a unique project and building a home for one of the most gifted athletes in sports history is an incredible honor," said Mr. Hama. "We are extremely grateful for the support and assistance of Governor Green, Mayor Alameda and the entire County of Hawai'i, who have greatly contributed to the success of this project." Jeff Pori, founder and CEO of Kingsbarn, further stated, "There is high demand and little supply for luxury homes on the Big Island, and The Vista is the final opportunity to build within the esteemed Mauna Kea Resort. It is a privilege to take on such a project." Several of the other lot owners are expected to commence construction of their homes throughout 2025, with the first residences expected to be completed and occupied in 2026. Kingsbarn expects the remaining eight lots to be sold in the next few months. To learn more about The Vista, please visit About Kingsbarn Realty Capital Kingsbarn Realty Capital is a real estate-centric investment house that provides institutional and accredited private investors access to an array of alternative investments. Kingsbarn offers investments in private equity, exchange traded funds, traditional investment funds, private capital, managed accounts and Delaware Statutory Trusts (DSTs). Additionally, Kingsbarn's management team has wide-ranging experience developing, managing, operating, and sponsoring a diversified portfolio of stabilized, income-driven properties as well as ground-up construction, value-added offerings, opportunity zone investments, and entitlement projects. Kingsbarn has over $2.1 billion of assets under management and has acquired over 280 properties throughout the United States. The company currently has a development pipeline of over $2 billion consisting of multifamily, student housing, medical, industrial, retail, and hospitality. For further information, visit Contact Information Emma WilliamsDirector of Public Relationsemma@ Holly SilvestriPartnerholly@ SOURCE: Kingsbarn Realty Capital View the original press release on ACCESS Newswire
