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Real-estate calendarCREDAA's Upcoming Events (Dec-Feb 2012)
In a recession, you have two options: hole up in a bunker and hope it ends before you run out of tinned peas, or innovate and emerge stronger than when the economy took the hit. Historically recession is an especially good time for entrepreneurs to build loyal followers and strengthen the business,
Pacific Northwest FIABCI (International Real Estate Calendar)
Monday December 19, 2011 10 am – Noon
Wednesday : February 15, 2012 11 am – 2 pm
Tuesday : March 13, 2012 11 am – 2 pm
Monday : May 7, 2012 11 am – 2 pm
SEATTLE KingCounty REALTORS®
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Local
Schnitzer's $1.2B selling spree will fuel new projects
Seattle developer Schnitzer West sold yet another of its properties this past week, which prompted us to wonder:
Three Seattle office towers up for sale
Three Seattle office towers — 22-story Second & Seneca, 20-story Metropolitan Park East and 18-story Metropolitan Park West — have been put up for sale by owners Walton Street Capital Walton Street Capital Latest from The Business Journals CBRE Capital Partners buys Smith Tower nonperforming loan notes Stonebridge moves forward in NoMa, BethesdaStonebridgeCarras starts work on office building in NoMA Follow this company of Chicago and Tishman Speyer Tishman Speyer Latest from The Business Journals Deals could be in store for LivingSocialChina Central Television inks District leaseTishman picks affordable site for 201 Folsom St. Follow this company of New York, who bought them in 2006 and 2007.
Amazon takes space at West 8th
Amazon.com Amazon.com Latest from The Business Journals Shopping for French hens and lords-a-leaping on Amazon.comCyber Monday spending soars 33 percent, beats Black FridayCyber Monday spending soars 33 percent, beats Black Friday Follow this company Inc. has wolfed down another large chunk of prime downtown Seattle office space. The fast-growing online retailer is taking space on floors 7 through 10 and on floors 15 through 24 in the West 8th office tower at 2001 8th Avenue in downtown Seattle. That's according to permits filed earlier today requesting approval for interior alterations.
Ground broken at Ballard Denny's site for apartments
Remember the fight over the old Denny's restaurant at Northwest Market Street and 15th Avenue Northwest in Ballard that preservationists wanted to remain but developers eventually won and tore it down? Ground has been broken on the site for new apartments.
Seattle home prices drop in latest report
Seattle home prices are down 6.5 percent from a year ago – worse than average for the U.S., according to the S&P/Case-Schiller Home Price Indices.
New $20M fund sees promise in commercial properties
Four veteran Seattle real estate executives this week launched a $20 million investment fund for wealthy private investors that will target under-performing commercial properties in the Puget Sound area.
Top Commercial Property Sales of 2011
While commercial real estate markets have certainly not recovered as fast as the industry would like, some sizable Puget Sound-area deals have moved forward in the first three quarters of 2011.
Apartments planned near Seahawks' stadium to stand out
A 25-story apartment project planned on the existing north parking lot at CenturyLink CenturyLink Latest from The Business Journals DBJ Tech Watch for Friday 12/2: News of Apple's iPhone, Zynga, YouTube and moreCenturyLink will open books to union workersSynacor plans for IPO Follow this company Field in Seattle will
Construction begins on project at Seahawks' stadium parking lot
After a three-month delay, developer Kevin Daniels has started construction of Stadium Place, the first phase of an ambitious, mixed-use redevelopment of the north parking lot by CenturyLink Field.
Receiver takes control of Seattle's Smith Tower
Smith Tower Smith Tower Latest from The Business Journals Smith Tower may be sold to big Pioneer Square landlord Follow this company , Seattle's distinctive and historic first skyscraper that now sits 70 percent vacant, is now under the control of a court-appointed receiver.
South Seattle warehouse fetches high price: $22M
Public records show a South Seattle warehouse sold Tuesday for an eye-catching price: more than
$21.6 million.
Kimberly-Clark to close Everett mill after talks on sale break down
Kimberly-Clark Kimberly-Clark Latest from The Business Journals Kimberly-Clark's ranking Fox Cities exec joins RadioShack boardRadioShack names Kimberly-Clark exec to its boardRadioShack adds Kimberly-Clark exec to board Follow this company is planning to close its mill in Everett by the end of March after negotiations to sell the mill broke down.
Seattle apartment rents expected to rise in 2012
Apartment dwellers in the Seattle area have seen their rents rise 4.5 percent over the past year and rents will rise 6 percent next year, according to a new report.
Security Plans Up to 10 Apartment PurchasesSEATTLE-The company recently bought four apartments on the West Coast, and will buy three to six more by 2015.
Ex-WaMu execs to settle with FDIC for $75M: Report
Three former executives at Washington Mutual Inc. — ex-CEO Kerry Killinger; ex-COO Stephen Rotella; and ex-home loans president David Schneider — are reportedly settling claims of gross negligence in the collapse of the Seattle bank with the Federal Deposit Insurance Corporation for less than $75 million.
Seattle schools mull how to pay $50M for building
The Seattle School District Seattle School District Latest from The Business Journals Higher gas prices hurting school districtsSeattle school district was warned of woes in 2009Seattle teachers approve contract, disapprove of superintendent Follow this company owes more than $50 million on its 10-year-old administration building near the stadium district and there doesn't seem to be a plan in place to figure out how to pay for the building.
National
Church Turns to Higher Authority in Zoning Battle
SAN LEANDRO, Calif.—Sundays at Faith Fellowship Church, Pastor Gary Mortara calls on God's help to heal the sick, repair torn marriages and rescue lost souls. But when city officials here rejected plans to move his growing congregation to a bigger building, Mr. Mortara turned to another authority: the Ninth U.S. Circuit Court of Appeals.
Zell Firm Leads Bids for Archstone
Equity Residential, the apartment company headed by real-estate mogul Sam Zell, has emerged as the lead bidder in the contest to buy roughly half of rival Archstone in what would be one of the largest real-estate transactions since the downturn, according to people familiar with the situation.
Atlanta's Rental Rebound
Developers are set to break ground next month on an $82 million glass tower in Atlanta's stylish Midtown area in the latest sign that the apartment recovery is breathing some life into the country's troubled construction sector.
For the U.S.: Hostels With a Luxe Touch
Billionaire Ronald Burkle, a private-equity investor and big Democratic fund raiser, is appealing to a new constituency: scruffy, 20-something backpack travelers who would rather not stay in a hotel.
Just Add Liquor
Mall owner Pennsylvania Real Estate Investment Trust is ready to embark on a $15 million redevelopment of the aging Moorestown Mall in tiny Moorestown, N.J., after finally gaining a key component that it coveted for years: booze.
Younan Keeps Aim High
Zaya Younan is no exception to the rule that real-estate developers generally have big ambitions.
Debt-Servicer Deal Poses Questions
A debt-restructuring deal involving two distressed Michigan office buildings has raised concerns among analysts and prompted a debate in the commercial mortgage-backed securities industry about the role of special servicers.
Sluggish Growth Expected for Values
It is going to be a tough slog for the commercial-real-estate industry, says Moody's Investor Service.
U.S. commercial-property values overall are expected to see sluggish growth in coming years, even dropping some next year. By 2015, the firm projects that office values will rise just 1.3%.
A Biotech Building Boom
The pharmaceutical industry is cutting back these days, but you would never know it from the construction underway by Pfizer Inc.
Dreaming of a New Vegas in Miami
MIAMI—A Malaysian gambling company wants to build what could be the world's largest casino on prime land along Miami's waterfront. It has spent about $450 million on real estate, pledged to help rebuild part of an interstate highway and hired 23 lobbyists to press for a new Florida law.
Academics of Real Estate
Across the U.S., new development projects are in short supply, given a cautious sentiment among lenders and investors
Redondo Beach Waterfront to Undergo $30M UpgradeREDONDO BEACH, CA-The coastal city in Los Angeles County plans a new hotel, 300,000 square feet of new retail and refurbishment of existing buildings, in a $30 million-plus effort to revive Redondo Beach as a regional waterfront attraction.
International
Market held back by lack of prime assets
European property markets have seen something of a broad-based recovery since the end of the recession in 2009.
Scaling Back on Abu Dhabi Growth
After the collapse of the Dubai property market in 2009, Abu Dhabi bailed out its neighbor to the tune of $10 billion. Now, Abu Dhabi, which holds 7% of the world's oil reserves, is scaling back its own ambitious real-estate projects to conserve cash.
Designers Rethink Flashback to 9/11
SEOUL—A proposed design for a pair of high-rises here that observers say looks like the exploding Twin Towers of New York's World Trade Center was just one of many ideas—and far from set—a local developer said, after the Dutch architecture firm behind the idea issued an apology.
REIT BEAT
Hotel Deals Decline as Stocks Drop
For acquisition-minded hotel owners, now would seem to be the perfect time to pounce: Hotel property prices are relatively low, while hotel revenue is growing. Yet acquisition activity has slowed.
Allianz Completes $265M Sale of Industrial Portfolio
Allianz Real Estate America finalized its sale of a 7.97 million-square-foot portfolio of industrial assets in the central New Jersey, Chicago, Dallas, Atlanta and Columbus markets. A KTR Capital Partners affiliate purchased the 18 buildings for $265 million or $33 per square foot.
SL Green: A REIT Worth Buying Before The Herd
I just returned from my annual holiday visit to NYC, mainly to see some shows, visit with family, and take in that holiday spirit that only NYC can deliver in so many wonderful ways
REIT buys Haven apartment complex in Fredericksburg
The Haven at Celebrate Virginia apartment complex in Fredericksburg has a new name and owner.
REITs Overcame 2011 Tests
REITs have passed the tests that have come their way in 2011, according to analysts from Morningstar.
Distressed
Zell's Archstone Deal Upsets Lehman Plan
A deal struck late last week by Sam Zell's Equity Residential to buy a 26.5% stake in Archstone could undercut plans by the estate of Lehman Brothers Holdings Inc. to unwind one of its largest remaining assets
Lehman Estate Plans a Bid for Added Archstone Stake
A week after a bankruptcy judge approved its wind-down plan, the estate of Lehman Brothers Holdings Inc. is coming out swinging.
J.P. Morgan to Revive Bad-Loan Securities
J.P. Morgan Chase & Co. plans next year to issue the first U.S. commercial mortgage-backed securities supported by defaulted loans since the 1990s, as it revives a practice that regulators used to extricate the nation from the savings & loan crisis.
Home Prices Edge Downward
Home prices declined in September and are poised for a grim winter as banks step up their efforts to take back and sell foreclosed properties.
Brookfield Takes Chase of Distressed Deals
Brookfield Asset Management, the Toronto-based investment giant that established a bridgehead in U.S. real estate during the downturn of the early 1990s, is ramping up its pursuit of big-ticket distressed properties.
LA Hot Spot
While some landlords are still struggling to fill buildings, Tishman Speyer is turning the empty former Beverly Hills, Calif., headquarters of Hilton Hotels Corp. into an A-list Mecca.
Modest Changes in Commercial/Multifamily Mortgage Delinquency Rates During Third Quarter
WASHINGTON, D.C. (December 6, 2011) – During the third quarter, delinquency rates declined for commercial and multifamily mortgages held by banks and in commercial mortgage backed securities (CMBS). Delinquency rates increased for loans held by life insurance companies and held or insured by Fannie Mae and Freddie Mac but are still at low levels, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.
A10 Hires Ex-J.P. Morgan Dealmaker to Head Southeast
ATLANTA-A10 Capital may be a young company, but it is attracting some heavy hitters. The commercial real estate financing firm has hired Chuck Taylor to head up Southeast markets for the firm.
Atlanta real estate firm focuses on development, distressed investment growth
Atlanta-based real estate firm Carter is launching an ambitious new focus, targeting $500 million in potential real estate development and investment opportunities.
The Great $2 Trillion Global Real Estate Liquidation
More than $2 trillion of global real estate assets is up for sale - either as a result of distress or deleveraging - according to U.S. hedge fund Fortress Investment Group - as global markets come to grips with an historic, generational rebalancing.
Bahrain Buyer Grabs Lender-Owned Condo for Half Price
JUPITER, FL-A lender-owned beachfront property in Jupiter just sold to a foreign investor for $9.75 million, or $812,500 per unit. 3000 Ocean Dr., a 12-unit condo, was completed in 2010 at a cost of $18 million.
RE Trends
Charmed Farms
Prices of Midwest farmland jumped 25% during the third quarter from a year earlier, yet some economists see the rally slowing next year.
Nursing Home Stocks Ailing
Landlords to nursing homes are being sent to the sick house by investors who fear that deep cuts in Medicare spending will siphon off rent payments.
Zillow's 'fuzzy math' used in home valuations
Just how do online real estate companies like Seattle's Zillow.com Zillow.com Latest from The Business Journals Chestnut Hill is Boston area's hottest market in Q3Leaders & Laggards: Chestnut Hill is hottest market in Q3 housing analysisSeattle metro home values fall 5.7% from Q3 2010 Follow this company determine how much your home is worth? "Fuzzy math" might enter the equation.
Hotel Deals Decline as Stocks Drop
For acquisition-minded hotel owners, now would seem to be the perfect time to pounce: Hotel property prices are relatively low, while hotel revenue is growing. Yet acquisition activity has slowed.
7 Reasons D.C. Is Experiencing a Strong Multifamily Market Washington, D.C.—Multifamily investment in 2011 has been the golden child of commercial real estate. With strong economic and employment fundamentals, large metros such as Washington, D.C., have attracted investors. Through the third quarter of 2011, the D.C. metro market saw over 17,500 multifamily units trade hands for $3.2 billion, thus ranking this market just behind number one ranked Manhattan, based on total sales volume. Washington, D.C., investment sales are on pace to match those of D.C. metro from 2006, second only to the record $8.5 billion in sales recorded in the D.C. metro area in 2007.
Homing in on Fannie, Freddie
When Steve Linick first met senior managers at Fannie Mae and Freddie Mac early this year, he told them he would be no ordinary Washington regulator. His office has the power to make arrests, issue subpoenas and conduct searches, and some of his employees carry badges and guns.
Thinking Deeply On Risky Lending
Many companies that collect mortgage payments hire outside firms to train employees and develop scripts for them to use when talking to borrowers. But Ocwen Financial Corp., which specializes in risky loans, has its own team of social psychologists.
CRE WebCasts
FINRA Puts Scrutiny on REITs Exclusive Video
SCOTTSDALE, AZ-The Financial Industry Regulatory Authority is putting pressure on non-traded REITs, trying to come up with accurate valuations, explained Danny Prosky, president and chief operating officer of Grubb & Ellis Healthcare REIT II. He spoke here recently with GlobeSt.com's John Salustri at the RealShare Medical Office conference.
REITs Overcame 2011 Tests
REITs have passed the tests that have come their way in 2011, according to analysts from Morningstar.
