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NEW YORK--(BUSINESS WIRE)--LEX, the first commercial real estate securities marketplace available to retail investors, closed $4M in seed financing co-led by Greycroft and Thor Equities. On LEX’s platform, everyday Americans will be able to buy and sell shares of individual commercial properties, giving retail investors the flexibility to create customized income-producing real estate portfolios, and allowing property owners to unlock equity while retaining operational control of their properties. LEX is democratizing the commercial real estate asset class and redefining real estate investing.

“LEX is creating a simple solution to a complex problem that has been around as long as I’ve been investing,“ said Alan Patricof, Co-Founder and Managing Director of Greycroft, “There’s clearly a large demand for access to commercial property investments, and the LEX team is meeting that demand.”

LEX offers a unique solution to a two-sided capital markets problem that has vexed both retail investors and real estate owners for decades.

Retail investors have had limited access to commercial real estate. The best opportunities have been reserved for real estate private equity funds and high net worth investors. REITs enable public investment in pooled holding companies, but are not customizable and do not pass through many of the tax benefits of real estate ownership to shareholders. Other direct investment platforms are restricted to accredited investors and only offer securities that are not freely tradable.

Property owners have had limited ability to realize liquidity on the equity they own. They typically must sell their entire property to liquidate their investments, incurring high transaction costs and losing control of properties they care about.

LEX solves both of these problems.

LEX will enable retail investors to directly invest in individual commercial real estate properties. The shares offered on LEX’s platform will be issued under Regulation A, allowing purchases by non-accredited retail investors. The shares offered will be publicly traded partnership interests, allowing the full tax benefits of direct real estate ownership to pass through to investors. The LEX platform will provide users with tools to research and compare properties, and securities will be priced initially at $100 when offered, making it easy for investors to build customized income-producing portfolios.

Property owners selling ownership interests through LEX will retain operational control of their properties while gaining access to a broad pool of equity capital. Shares will be publicly tradable in the open market, resulting in greater liquidity and more accurate and current asset valuations.

“LEX creates a whole new way for real estate owners to realize equity appreciation on their assets,” said Joseph Sitt, Founder and Chairman of Thor Equities. “The new marketplace is going to make a huge impact on liquidity in the asset class.”

LEX is founded by two brothers, Drew and Dean Sterrett, who serve as CEO and Head of Product, respectively, and Jesse Daugherty, a former Google engineer. While previously working in real estate private equity, Drew became frustrated at how the best investment opportunities were reserved for institutional investors. LEX was founded to break down those barriers and provide access to the investing public, whom SEC Chair Jay Clayton has dubbed “Mr. & Mrs. 401(k)”.

It's not available yet, but you can sign up for updates at the LEX website: https://www.lex-markets.com/

About LEX

LEX, a real estate fintech company, will deliver a revolutionary new solution to the illiquidity problems facing real estate owners and investors through a new real estate investment platform.

*All investment services offered by LEX Markets Corp. associated persons are currently conducted in their capacities as registered representatives of SDDco Brokerage Advisors, LLC Member: FINRA / SIPC, 485 Madison Avenue 15th Floor New York, NY 10022. 212-751-4424 (“SDDco-BA”). LEX Markets Corp., its subsidiaries and affiliates, are independent from and not corporate affiliates of SDDco-BA. This press release is not an offer to sell or a solicitation of an offer to buy an interest in any security. For more information, visit LEX-Markets.com

About Greycroft

Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build the world’s most transformative companies. Greycroft has made over 300 investments across the tech sector, including Acorns, Huffington Post, Icertis, Plated, Shipt, TheRealReal, Thrive Market, Trunk Club, and Venmo. For more information, please visit: www.greycroft.com

About Thor Equities

Thor Equities is a leader in the development, leasing and management of commercial, office, retail, hotel, residential, and mixed-use assets in premier urban locations worldwide. The company maximizes returns for investors by recognizing a property's potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. Thor Equities is also the exclusive representative of global retailers through Thor Retail Advisors, a premier leasing agent for marquee properties worldwide.

 

 

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The Indoor had it’s soft opening several weeks ago in Security-Widefield, but now they’re ready to go big. 

 

 

The Grand Opening event will take place October 12th from 10am to 6pm. There will be give-aways, free food, candy and lots of special deals from dozens of vendors selling everything from tools to sports memorabilia to tea cups and furniture. 

 

The Indoor is located at the corner of Fontaine Blvd and Security Blvd in the Widefield Square Shopping Center, next door to the Dollar General. You can reach The Indoor at (719) 219-1898, on the web at www.theindoor.org and follow them on Facebook.

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Press Release (FlyCos.com)

The Colorado Springs Airport (COS) has begun construction on the first floor of the building. The rehabilitation will include new flooring, LED lighting, paint, as well as raised ceilings and updated restrooms. In addition to the rehabilitation, new escalators will also be installed.

“This construction project will bring a fresh look to the first floor and bring consistency and fluidity to the rest of the terminal design,” said, Greg Phillips, Director of Aviation for the Colorado Springs Airport.

The project will take place in phases and is scheduled to be completed by spring of 2020. During construction, there will be signage alerting passengers of any changes.  While the rental car counters will be temporarily relocated during construction, COS doesn’t anticipate the project to hinder traveler’s plans.

COS will post construction alerts on FlyCOS.com and will provide updates on social media as well.

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Press Release (VisitCOS.com)

Organizers in Colorado Springs today announced The Pikes Peak APEX Presented by RockShox, a brand-new multi-day mountain bike challenge to be held on the slopes of Pikes Peak, America’s Mountain in September of 2020.

The Pikes Peak APEX is four days of riding in Olympic City USA including in-town parks and backcountry stages on the slopes of Pikes Peak. The format is a Gran Fondo-style start with plenty of aid station support for all cyclists on the mountain and a $50,000 prize purse to be split between the top men and women finishers. Day one will be a short prologue stage and the final three days will be between 35- and 50-mile days featuring exhilarating, exceptionally crafted routes through dirt roads, jeep trails and amazing alpine single-track that is essential Pikes Peak. All stages start close to downtown Colorado Springs and the terrain will be challenging, but not overly technical.

“I want to thank the City of Colorado Springs and RockShox for helping make this incredible event a reality,” says Executive Director of The Pikes Peak APEX, Micah Rice. “With the trail system here in the Pikes Peak region, Colorado Springs deserves to be an internationally recognized endurance sports destination.”

“We are extremely excited to have the opportunity to host such an exciting event right here in Colorado Springs on our world-class trails,” says RockShox Brand Manager, Mallory Burda. “We consider ourselves pretty lucky having the mountains right outside our office doors, so this will be a ton of fun to invite the greater cycling community together for a weekend of racing, cheering, as well as giving back to our local trail organizations.”

RockShox is one of the most recognizable brands in cycling and an industry innovator who introduced suspension and reshaped mountain biking for the entire world. As the presenting sponsor of The APEX, their headquarters in Colorado Springs will provide rider technical support and a giveback to local trail maintenance after the event.

Cycling industry veteran, Micah Rice, will serve as the Executive Director of The Pikes Peak APEX. Micah is Vice President of Event Strategy and Operations for Sports Strategies, a division of Tourism Strategies LLC that provides consulting, marketing and event production services to help clients identify, leverage and promote their best assets to recruit sports tourism. Prior to joining Sports Strategies, Micah spent eight years overseeing the national events department for USA Cycling, the national governing body for all disciplines of competitive cycling in the United States. Micah also worked with OC Sport as the head of operations for North America, where he was responsible for launching the European Haute Route events in the North American market.

The inaugural Pikes Peak APEX will be held September 24-27, 2020 and is a non-profit endeavor whose mission is to drive economic impact to the area in order to improve the trails and open space in the Pikes Peak region for the lasting enjoyment of its residents and visitors. Find more information and details at www.pikespeakapex.com.

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New digital platform provides free training to transform frontline tourism workers into Colorado experts

Press Release



The Colorado Tourism Office (CTO) today launched a new online workforce training program called Colorado Concierge, which aims to turn frontline workers into Colorado experts and train them in Colorado-style customer service.

The training platform can be accessed free-of-charge by smartphone, tablet or computer at BeAColoradoConcierge.com. By completing all four modules and a series of quiz questions, anyone can be certified as an official Colorado Concierge and download a certificate to add to their resume.

“Our ultimate goal is to build a statewide community of visitor-friendly ambassadors who can share great answers when a visitor asks, ‘What's there to do around here?’“ said CTO Director Cathy Ritter. “We also hope this is a way people across Colorado can acquire customer service skills that could increase their earnings and even win them promotions.”

In creating the program, the CTO gathered a statewide Colorado Hospitality Advisory Group to provide input. Advisory group participants represented a variety of hospitality sectors, including hotels, restaurants, transportation, academic institutions and outdoor recreation. The group was chaired by Sonia Riggs, President & CEO of the Colorado Restaurant Association, and a member of the Colorado Tourism Board. 

The training includes instruction in a wide range of topics important to travelers, from Colorado Essentials to the Care for Colorado Principles to ways to explore the state’s eight travel regions. The CTO contracted with TravPRO Mobile to create the online training platform, which incorporates videos, text, photography and quizzes for an interactive and easy-to-use learning experience. Trav PRO Mobile is headquartered in New Jersey. 

The customer service training module was based on CTO research into what sets Colorado hospitality apart from hospitality in other destinations. In a nationwide survey of 750 consumers, about 80 percent of respondents agreed this definition of Colorado hospitality rang true: “A genuine, kind-hearted invitation to share in the life and wonder of Colorado.”

Survey participants also identified the aspects of customer service that were most important to them as travelers: Being made to feel that someone really cared about them and being accepted for who they are. The study also confirmed that so many Coloradans already share that kind of hospitality.

The content for the customer service training module was contributed by Kimberly Tranter, an associate professor in the College of Hospitality Management at Johnson & Wales University in Denver. Tranter is a Class of 2019 member of the CTO’s Colorado Tourism Leadership Journey, a yearlong executive training program aimed at building the Colorado tourism industry’s bench strength.

Colorado Concierge is the latest outcome of the CTO’s Colorado Tourism Roadmap, a statewide strategic plan aimed at sharpening the Colorado tourism industry’s competitive advantage.

About the Colorado Tourism Office: The Colorado Tourism Office (CTO) is a division of the Governor’s Office of Economic Development and International Trade. The CTO’s mission is to generate traveler spending by promotion of Colorado as a four-season, four-corner, world-class travel destination and development of compelling, sustainable travel experiences throughout the state. In 2018, Colorado travelers spent $22.3 billion, generating $1.37 billion in local and state revenues, reducing the tax burden for every Colorado household by $659. Tourism is the state’s second largest employer, directly supporting 174,400 jobs. For more information, please visit https://industry.colorado.com.