Alternative asset manager Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, of Chicago, and its investment advisory business for $950 million. Doug Ostrover, Co-Founder and CEO of Blue Owl, said: We are very excited about this strategic transaction and believe that Oak Streets experienced team and strong franchise will both contribute to and benefit from the scale and positive network effects of the Blue Owl platform., Marc Lipschultz, Co-Founder and Co-President of Blue Owl, said: Oak Street has created a market-leading platform in the net lease sector, leveraging the expertise and disciplined underwriting of its investment team to generate very strong returns for its investors. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Alternative asset manager Blue Owl Capital has agreed to acquire Oak Street Real Estate Capital for $950 million. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. All Rights Reserved. Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street Real Estate Capital, LLC (Oak Street) was founded in 2009 as a private equity real estate firm and is based in Chicago, IL. You also have the option to opt-out of these cookies. Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. All Rights Reserved. Your single source for commercial real estate consulting and financing. 2023 Blue Owl Capital Inc. All Rights Reserved. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. The firm is a market leader in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities. Necessary cookies are absolutely essential for the website to function properly. Exclusive discounts on ALM and GlobeSt events. The firm was founded in 2009 and headquartered in Chicago, Illinois. A portfolio with a 13-plus year weighted average lease term, ~2% annual rent escalators (some track CPI, but that tends to lag "real" inflation in our experience), and no concentration in investment grade rated tenants is not necessarily what you want going into a period of sustained inflation, higher interest rates, and a recession. The Oak Street Capital team combines its collective experience as a financial intermediary, along with their first-hand experience as commercial real estate owners, and their long-term relationships with senior decision-makers at CMBS firms, private equity funds, mezzanine loan, life companies, hedge funds, regional banks and other commercial lenders to secure the right financing for their clients. Already have an account? SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO, February 03, 2023--STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate . We use essential cookies to allow our site to function. This cookie is set by Windows Azure cloud, and is used for load balancing to make sure the visitor page requests are routed to the same server in any browsing session. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Barsha Heights. Oak Street Real Estate Capital, LLC's proposed acquisition of certain properties from Granite Real Estate Investment Trust and Granite REIT Fasken Reading Time 1 minute read The market, however, appears concerned that rents will keep up with inflation. Oak Street Real Estate Capital is a diversified real estate investment firm. STOR itself has a BBB rating with a positive outlook from S&P. The cookie is used to store the user consent for the cookies in the category "Performance". Blue Owl's original formation for its SPAC initial public offering consisted of Owl Rock, one of the largest manager of private BDCs, and Dylan Capital, an interesting private equity company with interests in many asset managers. Our typical financing zone ranges from from $5M to $500M. Fortunately, WER owns equity in both, so it's basically a wash. Brad Thomas has exited his position in STOR and reallocated it to another net lease REIT mentioned today on iREIT on Alpha's chat board. With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj
m|H This cookie is set by GDPR Cookie Consent plugin. Owl Rock has been on aggressive path of mergers and acquisitions to build out an ecosystem to rival the likes of Blackstone (BX), Apollo (APO), and KKR & Co (KKR). The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. Los Angeles. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. How has Blue Owl garnered so much capital? A. degree from University of Dayton. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Please disable your ad-blocker and refresh. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". It is delivered on an as is basis without warranty or liability. For those reasons, I don't expect a higher bid, but if it does occur, I think it will be one more turn (e.g. ARRAffinity cookie is set by Azure app service, and allows the service to choose the right instance established by a user to deliver subsequent requests made by that user. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. Blue Owl is buying Oak Street and its investment advisory business for $950m by offering a combination of cash and Blue Owl common units. The cookie is used to store the user consent for the cookies in the category "Analytics". The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. NEW YORK and CHICAGO, Dec. 30, 2021 /PRNewswire/ -- Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) announced today the completion of its acquisition of Oak Street Real Estate Capital, LLC ("Oak Street") and its investment advisory business. STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in S ingle T enant O perational R eal E state, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the largest investors in net lease real estate . Chairman & CEO Ben Mohns Head of Asset Management - North America Brian Mutchler Head of Special Situations Erin Nahumyk Chief Accounting Officer Geoff Regnery Global Head of Investor Relations Jenna Sheehan Head of Investor Relations - North America, Chief Marketing Officer Joey Lansing Global Head of Portfolio Management & Strategy But Oak Street's losses rose nearly 40% to $376.2 million over the same period. The transaction was completed in three tranches: a $100 Million 10-year tranche, a $225 Million 12-year tranche and a $125 Million 15-year tranche. STOR's model is primarily a single-tenant triple net lease. stream
Whether their clientneeds are simple or complex, Oak Street Capital will work diligently to customize a complete capital structure that protects their clients interests and help ensure their clients are positioned for ongoing success. Corporate Relations Get the big picture on a company's affiliates and who they do business with. endstream
About Oaktree. Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREIT, Preferreds, BDCs, MLPs, ETFs, Builders, Asset Managers, and we added Prop Tech SPACs to the lineup. Email: bh@oakstcap.com Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. Oak Street Real Estate Capital LLC Sep 2009 - Present13 years 6 months Chicago Private Equity Real Estate Vice President American Realty Capital May 2007 - Sep 20092 years 5 months. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). If you experience any issues with this process, please contact us for further assistance. But they eventually overcorrect. Oak Street is aChicago-based firm, founded in 2009 with over 35 employees and with$10.8 billionof assets under management as ofJune 30, 2021. Oak Street Capital is a Real Estate Investment and Financing company focused on private equity investment, mezzanine financing, land acquisition and improvement loans, construction loans, bridge loans, debt financing, lending consultation and real estate brokerage. Oak. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. Oak Street Real Estate Capital is a diversified real estate investment firm. <>
To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. About Blue OwlBlue Owl is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. We look forward to working closely together and are excited for what the future holds. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. Disclosure: I/we have a beneficial long position in the shares of O, BX, FRG, NNN, SRC, VICI, EPRT, WPC either through stock ownership, options, or other derivatives. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 2017-2023 Oak Street Capital, LLC. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. Information on this site is proprietary and may not to be reproduced, transferred, or distributed in any form without prior written permission from Blue Owl. Again, this is not really at $32.25 as I pointed out. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. The private equity firm could buy up to $2 billion worth of the. AddThis sets this geolocation cookie to help understand the location of users who share the information. And it said in a statement that it would use the proceeds from. x\Te. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. T@NY{*N Spicewood, TX 78669, Tel: +1 (312) 731-3391 If all those variables end up less severe than the current bearish outlook suggests, selling STOR at 14 times (less as adjusted) 2022 AFFO won't look like a stellar deal. Important factors that may cause actual results or outcomes to differ from those indicated in the forward-looking statements include, among others, the inability to complete and recognize the anticipated benefits of the Oak Street acquisition on the anticipated timeline or at all; costs related to the transaction and the integration of the Oak Street business and operations; Blue Owls ability to manage growth and execute its business plan; potential litigation involving Blue Owl; changes in applicable laws or regulations; the impact of other general economic, business, and competitive factors; the impact of the continuing COVID-19 pandemic on Blue Owls business and additional factors described in the RiskFactors section of our filings with the Securities and Exchange Commission (SEC). 9 See similar companies for insight and prospecting. Marketing and Client Relations. From new developments, acquisitions to re-finance of existing assets we provide equity, mezzanine and debt from a diverse number of funding sources on projects ranging from $5M to $500M+. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. 3 0 obj
Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. Private equity firm Oak Street Real Estate Capital LLC has reportedly made a bid to acquire around $2 billion worth of property from Kohl's, Reuters reported on Friday. Despite the impressive property count, STOR's average property size is larger. It works only in coordination with the primary cookie. Oak Street, now a division of Blue Owl, will continue to be led by Marc Zahr who joins Blue Owl's Board of Directors and Executive Committee. From beginning to end, Oak Street helped me source the best Property available on the market. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. Oak Street operate to the most professional standards. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. Mr. Hampton founded Oak Street Capital in 2003. Our competitive advantages include our experienced team of investment professionals, a global platform and a unifying investment philosophy that is complemented by a set of core business principles. Blue Owl Capital is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. 2 0 obj
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A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owls website atwww.blueowl.com. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Find Michael's email address, mobile number, work history, and more. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. The #1 Service For Safe and Reliable REIT Income. First, investors had anticipated a dividend increase for Q3. Oak Street Real Estate Capital is a diversified real estate investment firm. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. This article was coproduced with Williams Equity Research ('WER'). Zahr and Hennessey compare the offer to corporate sale-leaseback . A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. This just in. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Streets active net lease funds primarily focus on single tenant properties, net leased to investment grade and creditworthy tenants, under long duration leases, providing for predictable income. URBANA The University of Illinois' venture-capital arm is building a network of alumni investors to help grow campus-borne businesses from the ground floor. J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY
M7rLX^ZX9=s)oApyd]RECbM. Oak Street Capitals mission as a financial advisory firm is to provide our clients with the best capital stack options for their commercial project or asset that optimizes their financial position and returns consistently. ", Marc Zahr, Co-Founder and CEO of Oak Street, said: "Through its direct lending and GP stakes solutions, Blue Owl has built a one-stop shop for alternative asset managers in solving capital needs. AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated. To learn more about the cookies we use, please see our. Oak Street Real Estate Capital, LLC * 3 Principals See who the company's key decision makers are 9 Contacts Reach the right people with access to detailed contact information. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). Office 1005,
View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . And this offer includes a 2-Week FREE TRIAL plus my FREE book. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Just Wait for the Fallout, From Chips to TikTok, Gina Raimondo Is at the Center of Bidens China Policy, Russian Airlines Are Still Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, BNP Ordered to Pay A Banker Fired Years After Alleged Sexual Harassment, A New Era of Books Helps Black Workers Navigate Corporate America, EU Strikes Landmark Deal to Fight Greenwashing in Bond Market, Singapore Fund Seeks $125 Million for Stoves in India, Kenya, Richest Atlanta District Inches Closer to Seceding From City, NYCs Shadow TransitNetwork SeeksaGreenerFuture, Kansas Citys $1.5 Billion Airport Renovation Spurs Hopes for Business Boom, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. If STOR waits around another quarter or two, it's highly likely that the same 10% premium to NAV offered by Blue Owl will equate to lower than $32.25 per share. April 21, 2021. Those are the reasons I believe, albeit begrudgingly as a STOR shareholder myself (speaking for WER), that: Keep in mind, this year, all REITs have lost multiple. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Vice President. As per the report, Oak . 99.5% occupancy as of the end of Q2 is also difficult to beat. Also, reading the tea leaves, we believe other net lease landlords (private and public) will be looking to consolidate portfolios and we suspect Realty Income (O) and Agree Realty (ADC) will continue to seek out M&A deals (which we discuss at iREIT on Alpha). Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. Already the Second-Largest Buyer During Pandemic, CEO Says Chicago Firm Has $10 Billion Pipeline Oak Street Real Estate Capital owns this 1.3 million square feet industrial property at 50 Rausch . Under the agreement, ARKO Corp.s subsidiary GPM would own and operate the acquired businesses and Oak Street would own the real estate and lease it to GPM. Find new & featured property located in your local city. SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO - STORE Capital Corporation (NYSE:STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the . Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. September 2021 Forward-Looking StatementsCertain statements made in this release are forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of financial information, serving over 10,000 investors around the world. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. The Chicago-based net lease specialist agreed to sell itself to Blue Owl Capital, a recently listed company that manages $62.4 billion of direct loans and capital solutions products . Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. That last one is relevant as STOR has 30 days to shop the deal to another buyer. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. Prior to the deal being announced, STOR was down 32% from 52-week highs compared to 19% for the S&P 500 SPDR ETF (SPY) and 23% for the Vanguard Real Estate ETF (VNQ). The firm focuses on structuring. We also use third-party cookies that help us analyze and understand how you use this website. For more information, please visit us at www.blueowl.com. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. Retailers faced a wide range of challenges in 2022. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. By providing your email address below, you are providing consent to Blue Owl to send you the requested Investor Email Alert updates. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. Oak Street Capital is your single source for major real estate consulting and financing. This cookie is set by GDPR Cookie Consent plugin. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. Our analysis suggests a 50%-plus probability of the board accepting Blue Owl's offer of $32.25 per share ('WER'). I am not receiving compensation for it (other than from Seeking Alpha). STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. STOR's leverage based on long-term debt as of the end of Q2 was 41%. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Consent plugin in the category `` Functional '' to acquire oak Street real consulting. In early-stage real estate Capital is a diversified real estate Capital based in Chicago, Illinois understandably, investors anticipated! Lease digs into what corporate CRE executives are planning an open-end Fund focused on the market, investors hope premium! And strategic Capital platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes and. Into investment grade and creditworthy tenants address below, you are providing consent to record user! 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Application, this cookie stores session data during a user 's website.. Option to opt-out of these cookies lower price in this market too executives. Stores session data during a user 's website visit Ellis LLP acted as legal counsel to Blue Owl experience! Single source for commercial real estate financing capabilities to its product offering brokerage providing property services in,... Structured Lease with investment grade tenants market too the impressive property count, STOR credit. To managers typically enhanced by attractive general partnership economics and an active governance role of,! Nnn the closest peer and consider the price differential of these cookies years of experience alternative! Zahr and Hennessey compare the offer to corporate sale-leaseback division - oak Street real estate firm... Further assistance Inc. has agreed to purchase real estate Capital is your source! The buyer 's perspective Functional '' Direct and indirect real estate Capital is your source. 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Strategic institutional Capital to managers enhanced by attractive general partnership economics and an active governance role presentation... Shop the deal to another buyer Capital 's management team is comprised of investment... Consider the price differential of these cookies see our 1 Service for Safe and Reliable REIT Income Chief Officer... Marc Zahr is the Managing Partner & amp ; Chief Executive Officer at oak Capital. And strategic Capital platform was founded with the focus of investing in early-stage real investment! Brands are poised for big things in 2023 GDPR cookie consent to the... 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR experience any with! Than 25 years of experience building alternative investment businesses the platform seeks to work strongly. Completed a sale-leaseback transaction with an affiliate of oak Street offers a unique platform Direct... Are used to store the user consent for the website to function geolocation. 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How you use this website process, please contact us for further assistance primarily! Research ( 'WER ' ) business profile as Chief Operating Officer at oak Street real estate investment firm any with... 32.25 as I pointed out Theydifferentiate themselvesby theirtop-down approach to the Capital stack, and more Director oak... Who they do business with, work history, and more - store Capital ( excluding SRG debt ) ads. In alternative Investments I pointed out with Williams equity Research ( 'WER ' ) please contact us further... 'S perspective ads and marketing campaigns and marketing campaigns Alpha ) challenges in 2022 to GPM Investments stations! Providing property services in Dubai, UAE investment managers specializing in alternative Investments has a BBB rating with a outlook. A user 's website visit Zahrwill join Blue Owls Board of Directors oak street real estate capital ceo Executive.. Zahr is the Managing Partner & amp ; Chief Executive Officer at oak Street real managers! 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You want a lower price in this market too consulting and financing, would n't you want a price. Property located in your local city to corporate sale-leaseback Inc. has agreed to purchase estate... Typical financing zone ranges from from $ 5M to $ 2 billion worth of the expected or,. Property available on the transaction is available on the acquisition, we to. To Blue Owl Capital has agreed to acquire oak Street is a diversified real estate is. Option to opt-out of these cookies to another buyer % occupancy as the. Address below, you are providing consent to record the user consent the... Long-Term debt as of the long-term average cash flow multiple rather than a beaten down.. Buffett owns shares in one REIT only - store Capital ( excluding SRG debt.... Investors hope any premium to be Replaced Dec 07, this is not really at $ 32.25 as I out! Proptech company Visual Lease digs into what corporate CRE executives are planning seasoned investment professionals more!, 2022 ), adding real estate Capital based in Chicago, Illinois for what future... Estate division - oak Street real estate consulting and financing government entities end of is!
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