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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)
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®
12410 SE 32nd Street Suite#100
Bellevue, Washington 98005
FNF Title International Free Webinar
Classic-Cultural Misapprehensions
Can Kill International Business Dealings
Event Details:
Date: January 20th, 2012
Time: 10:00 A.M. CST
Duration: 60 minutes
Cost: Free
Speakers: Rodolfo Rivera, (Moderator) FNF Title International, Inc.
Robert L. Gegios, Esq, Kohner, Mann, & Kailas, S.C.
Stephen Taylor, Esq. MBA, MIEx (Grad) Kohner, Mann, & Kailas, S.C.
To Register: Email Mary Clodfelter at Mclodfelter@fnf.com or call 314-313-7788
Local
Hines Global REIT Pays $160M for Fisher Plaza
SEATTLE-Houston-based Hines Global REIT has acquired Fisher Plaza, a two-building office complex here from Fisher Media Services Co., a wholly-owned subsidiary of Fisher Communications Inc. Hines will assume property management responsibilities on behalf of Hines Global REIT.
John Miller leaves Cushman & Wakefield for CBRE
John Miller, who headed the Seattle and Portland operations of Cushman &Wakefield Commerce, has joined rival commercial real estate brokerage CBRE CBRE Latest from The Business Journals D.C. apartment sales surge in 2011CoStar battles CBRE over transaction dataReal estate roundup: More shopping options in Hoover? Follow this company in Seattle.
Cushman & Wakefield names interim Seattle head
Cushman & Wakefield Cushman & Wakefield Latest from The Business Journals Miami International Freight signs big lease in Miami LakesDunnhumbyUSA says office move decision 'imminent'Office market vacancy rates reverses five-year trend Follow this company — Commerce said Wednesday that the brokerage's operations in Seattle and Bellevue will be managed by chief human resources officer Michele Weber as she searches for a replacement for former senior managing director John Miller.
Where are the highest foreclosure rates in Washington state?
Three foreclosures were all it took to give the tiny area of Snoqualmie Pass the highest foreclosure rate in the Puget Sound area in November, according to RealtyTrac RealtyTrac Latest from The Business Journals RealtyTrac report indicates foreclosures on declineOregon foreclosures down 40% in 2011Mecklenburg County foreclosure filings rose in December Follow this company , an online real estate research firm tracking distressed residential properties nationwide.
Bothell shopping center sold for $35M
A California-based real estate firm has paid $35 million for a shopping center in Bothell.
Terramar Retail Centers LLC of Carlsbad, Calif., has purchased Canyon Park Place, a 130,786-square-foot neighborhood retail center located at the intersection of 228th Street and the Bothell-Everett Highway.
King County housing prices sag in December
Housing prices in King County in December were down sharply, with the median sale price down 15 percent compared to December 2010.
National
Famous Hoteliers Get Wake-Up Call
No strangers to being pampered on the road, the rich and famous in recent years jumped into the luxury-hotel game—just in time to watch the economy slide into recession.
Real-Estate Stocks Recover
Real-estate stocks posted strong gains in the fourth quarter, a sharp turnaround from a few months ago, when panic about Europe's debt crisis threatened to derail the commercial real-estate recovery.
REIT Firms Set for Acquisitions
Real-estate investment trusts raised a record-breaking amount of equity in 2011, which analysts believe will be used to pursue acquisitions.
A Mix in Stamford, Conn.
A Connecticut developer that is remaking Stamford, Conn.'s waterfront is tackling a vacant downtown office complex that was part of Lehman Brothers' huge real-estate
General Growth Starts Year With Gamble
After a tumultuous first year as chief executive of General Growth Properties, Sandeep Mathrani is about to make perhaps his boldest move yet: The shopping-mall owner is set to spin off 30 of its weaker malls.
CA Redevelopment Agencies May be Forced to Close Shop
SACRAMENTO-In January 2010, the California legislature put forth two separate bills—one that eliminated redevelopment agencies and the second which reinstated them based upon a one-time payment and future smaller annual payments to the state. The court called the elimination of redevelopment “a proper exercise of the legislative power vested in the Legislature by the state Constitution.”
Digital Realty Buys Data Center for $85M
SAN FRANCISCO-Digital Realty Trust Inc. has paid $85 million for a 155,000-square-foot data center in downtown San Francisco. The announcement of the Bay Area deal coincides with the purchase of a similar building in Atlanta, near the Hartsfield-Jackson Atlanta International Airport, for $63 million.
AMCAL Buys East L.A. Hospital for Low-Income Housing
LOS ANGELES-Local non-profit homebuilder AMCAL has purchased the long-shuttered Linda Vista Hospital in East Los Angeles, and plans to convert the National Landmark-listed building into a $37-million complex of medical offices and senior housing.
Industrial: Single-Digit Vacancies & Growth Continue into 2012
HOUSTON-With 2011 having shown tightening vacancies and positive absorption in the industrial sector, experts turning their sites toward the coming year are cautiously optimistic that demand will continue for industrial product, especially among tenants involved in the energy industries. Though the coming year isn’t likely to be a “gangbusters” market with overvalued properties or sky-high rents, experts tell Globest.com to look for more speculative development, more buyer interest and continued falling vacancies.
For Malls, Occupancy Firms Up
U.S. malls and shopping centers experienced a slight improvement in occupancy during the fourth quarter, a relief for landlords that have been battling lackluster demand from retailers for most of the downturn.
Korman Expands Extended-Stay Hotel Brand
Korman Communities is expanding its AKA brand of luxury, extended-stay hotels to Los Angeles, seeking to cater to the entertainment-industry clientele that it already serves with its four hotels in New York.
C&W Exec Jumps Ship to CBRE Seattle
One of the Northwest region's top commercial real estate executives, John Miller, is switching teams.
Peregrine Buys $34M Asset, Sees Upside Potential
SAN DIEGO-GlobeSt.com learns that Peregrine Realty Partners, a real estate investment and advisory firm headquartered in Newport Beach, CA, has paid $34 million for Valley Corporate Center. Valley Corporate Center is the sixth acquisition by Peregrine Realty Partners in Southern California this year, including Old Town Plaza, a 60,000-square-foot office building in San Diego, and three industrial parks in Carlsbad.
International
Grand Opening Reception Fidelity National Title de Mexico new office in Cabo San Lucas
When: January 31st, 2012 5:30 p.m. to 9:00 p.m.
Where: Chileno Bay
Real Estate Investment World Mexico
January 31 through February 2, 2012
Four Seasons, Paseo de la Reforma
Smart Homes Convention
February 27 through March 2, 2012
La Velas Vallarta Resort Mexico
China Home Prices Fall Again
SHANGHAI—Average housing prices in 100 major cities in China fell in December compared with November, marking the fourth consecutive decline and intensifying concerns over the souring outlook for the sector and the economy as Beijing remains determined to continue to rein in unaffordable housing prices.
How to Choose Your Mexico Real Estate Area
One of the important points in making a Mexico real estate investment is to choose an area which is appropriate for your type of investment. The following tips will outline some of the key factors to consider
Mexico Real Estate: US Escrow vs. Mexico Escrow; The Same Word yet Two Countries Apart
Transaction security is essential to a healthy real estate market. However, many new buyers are surprised to learn processes that they take for granted in the United States are either optional or don’t have an exact equivalent in Mexico. This column will explain the key differences pertaining to the term escrow since it means something quite different here than in the US.
Nissan, Daimler eye joint plant in Mexico
Japanese automaker Nissan and Germany's Daimler are mulling plans for a joint factory in Mexico with the capacity to produce up to 200,000 vehicles annually for the US market, the financial daily Nikkei reported.
Greenberg Traurig Grows Mexico City Office
MEXICO CITY, Oct 26, 2011 (BUSINESS WIRE) -- The international law firm Greenberg Traurig, LLP announced today the addition of four attorneys, including shareholders Luis Octavio Nunez and Daniel Saltzberg Koris, to its newly established and rapidly expanding office in Mexico City.
In The Investor’s Sight: Mexico or Brazil?
With so much money accumulated on the sidelines of the highly volatile markets in America and Europe, international investors are having a tough time selecting a destination for their next investment. According to the 2011 report by the National Commission of Foreign Investment, Brazil rated 5th and Mexico 19th in the list of country recipients of Direct Foreign Investment (DFI) during 2010; with the U.S. placing 1st, China 2nd and Hong Kong 3rd
Canadian REIT CANMARC Buys Three Properties for $213M
Less than two years after CANMARC Real Estate Investment Trust completed its initial public offering, there appears to be no end in sight to its shopping spree as the REIT commits to the purchase of three commercial properties. With the closing of the acquisition, CANMARC will have enhanced its portfolio by 664,400 square feet of office and retail space located from one end of Canada to the next.
MultiFamily
Apartment Kick-Off Webinar: Look for Continued MF Growth
DALLAS-It’s not exactly a secret that in 2011, the multihousing sector was the most active one when it came to commercial real estate. In describing what will happen during the next year, panelists participating in the third annual Kick-Off Event for Apartment Development predicted continued growth and activity throughout the United States.
Colony Hills Launches Acquisition Activity with $28M Buy
HOOVER, AL-Colony Hills Capital LLC began its acquisition activity by taking ownership of the 468-unit Riverchase Landing. The Wilbraham, MA buyer paid GE Capital $28 million for the class A asset, which was once part of Collins Group LLC’s 2,284-unit Alabama portfolio.
Continental Buys Four Louisville Apts for $97M
LOUISVILLE, KY-Continental Realty Advisors, based in Denver, has purchased four apartment properties in the St. Matthews and Oxmoor neighborhoods here for $97 million. Houston-based Camden Property Trust sold the complexes, which include Brookside, Meadows, Prospect Park and Oxmoor.
Equity Residential Buys Prime Rental Complex
SHERMAN OAKS,CA-The 174-unit sold at a mid-4% cap rate, demonstrating the market demand for institutional-grade multifamily assets in this affluent San Fernando Valley neighborhood.
MG Properties Group Likes Value-Add Apartment Buy
SAN MARCOS, CA-MG Properties Group, a private San Diego-based real estate investor and operator, has acquired of Barham Villas Apartments, a 168-unit multifamily property here. The property was acquired for $28 million from New York City-based TGM Associates LP
$155M Refinancing Arranged for Seattle Multifamily Properties
PORTLAND, OR-CBRE Capital Markets’ Portland office arranged a $155 million refinancing for nine properties—a total of 2,184 units—located throughout the Seattle area. The refinancing is through Freddie Mac’s CME program, on behalf of INVESCO and the Holland Partner Group. CBRE Capital Markets EVP Jim Rice and VP Nick Santangelo set up the deal.
Crossbeam Begins Development on 270 Units
LIVE OAK, TX-Crossbeam Capital LLC of Bethesda, MD launched its first commercial development in the Lone Star State, breaking ground on the 270-unit Villas at Mira Loma. The Villas, which will come online late in 2012, is adjacent to the 378-unit Mira Loma apartments, a multifamily property Crossbeam acquired in December, 2010.
REIT BEAT
Storage REITs Enjoy a Boom
One of real estate's least-exciting businesses—warehouses that allow people to store their unused sofas, lamps and other household goods—have become a hit with investors.
Hines Global REIT Pays $160M for Fisher Plaza
SEATTLE-Houston-based Hines Global REIT has acquired Fisher Plaza, a two-building office complex here from Fisher Media Services Co., a wholly-owned subsidiary of Fisher Communications Inc. Hines will assume property management responsibilities on behalf of Hines Global REIT.
Ex Grubb & Ellis REIT Gets Crucial Approval from Feds
NEWPORT BEACH, CA-The company formerly known as Grubb & Ellis Healthcare REIT II has received a crucial approval from federal regulators to change the sponsorship of the healthcare REIT from Grubb & Ellis to a group led by Griffin Capital Securities.
Griffin-American acquires six nursing facilities
Griffin-American Healthcare REIT II bought 10 skilled nursing facilities, including six in metro Atlanta, plus one medical office building for $174.3 million.
Credit Rating Affirmation: Health Care REIT
Morningstar is maintaining coverage of Health Care REIT HCN with an issuer rating of BBB+, which is investment grade and reflects the company's narrow economic moat and solid funding strategy, offset somewhat by our concerns about its development pipeline and the real estate investment trust structure's constraint on cash flow retention.
Dundee REIT to buy Whiterock for about $572 million
(Reuters) - Dundee Real Estate Investment Trust (D_u.TO) will buy Whiterock REIT (WRK_u.TO) for about C$580 million ($572 million) in a cash-and-stock deal to strengthen its position in the office property space.
Canadian REIT CANMARC Buys Three Properties for $213M
Less than two years after CANMARC Real Estate Investment Trust completed its initial public offering, there appears to be no end in sight to its shopping spree as the REIT commits to the purchase of three commercial properties. With the closing of the acquisition, CANMARC will have enhanced its portfolio by 664,400 square feet of office and retail space located from one end of Canada to the next.
Distressed
Trouble Is Brewing for Office Market
Penn Mutual Towers, an office complex across the street from Independence Hall in Philadelphia, has seen its vacancy rise and income fall after one big tenant left and another renewed its lease for 15% less than it had been paying. Its creditors are foreclosing on the property, according to data company Trepp LLC.
Where are the highest foreclosure rates in Washington state?
Three foreclosures were all it took to give the tiny area of Snoqualmie Pass the highest foreclosure rate in the Puget Sound area in November, according to RealtyTrac RealtyTrac Latest from The Business Journals RealtyTrac report indicates foreclosures on declineOregon foreclosures down 40% in 2011Mecklenburg County foreclosure filings rose in December Follow this company , an online real estate research firm tracking distressed residential properties nationwide.
Private Equity Checks In At Jameson Inn Chain
The California-based private equity firm on Monday won a hard-fought battle among creditors for control of the Jameson Inn chain of 103 budget hotels in the Southeast and Midwest U.S.
Numbers Suggest New Set of Incoming Foreclosure Waves
IRVINE, CA-RealtyTrac just recently released its US Foreclosure Market Report for November, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 224,394 US properties in November, a 3% decrease from the previous month and a 14% decrease from November 2010. The report also shows one in every 579 US housing units with a foreclosure filing during the month.
Battle Ensues for Control of Purple Hotel
LINCOLNWOOD, IL-The Purple Hotel continues its infamy, as the buyer for the loan on the property has been stymied by the owner filing bankruptcy. North Capital Group acquired the $4 million notes from First Midwest Bank, but owner Village Resorts Inc., under control of the Bae family, has filed for bankruptcy, halting any decision on the property.
Phillips Edison - ARC Buys Charlotte-Area REO for $14M
CHARLOTTE, NC—Phillips Edison – ARC Shopping Center REIT is staying true to its strategy in early 2012 new moves to acquire more retail centers. There’s joint venture dealings and new buys to report from the Cincinnati-based firm.
How to Fix a (Really) Troubled Asset
As sure as the winter snow finally has finally arrived, it’s clear that the commercial real estate market will soon be hit again this year by a gale force of mortgage delinquencies--and the representatives for both sides will continue to learn more tricks to bringing property back from the dead.
Wells Fargo foreclosure event draws crowd of mortgage customers
About 150 people late on their mortgage payments showed up this morning to a foreclosure prevention event hosted by Wells Fargo Wells Fargo Latest from The Business Journals FDIC to require large banks to submit failure plansBig banks must submit failure plansWells Fargo's Q4 profit up 20% Follow this company . The bank estimated that nearly a quarter of those who walk in the door at today's event at CenturyLink Field event center in Seattle (ending at 7 p.m.) will get their loans modified on the spot
RE Trends
A Market Builds for Single-Family Rentals
A private-equity fund that generated big profits by scooping up empty data centers after the technology-stock bust in 2000 is now making a big bet on foreclosed homes.
Goldman's New York Story
Seven years after paying $215 million for Manhattan's Park Central Hotel, a venture of Goldman Sachs Group Inc. has sold the 934-room property for $396 million to LaSalle Hotel Properties.
Sales Climbed in 2011 But 4th Quarter Eased Property Pulse
Commercial-property sales volume rose in 2011 to its post recession high with 7,757 transactions for a total of $162.8 billion, according to Real Capital Analytics. That compares with 6,487 deals worth $125.8 billion in 2010.
LENNAR - Home Builder's Profit Off, But Revenue Grows
Lennar Corp.'s fiscal fourth-quarter earnings fell 5.5%, reflecting a weak real-estate market, though the home builder's revenue grew and its margins improved.
Experts: Rating Agencies Need to be Smarter in Evaluating Investments
LOS ANGELES-Credit ratings are used by investors, issuers, investment banks, governments and broker-dealers. For investors, these rating agencies increase the range of investment alternatives and provide measurements of relative credit risk. But over the years, especially after the 2007-2009 financial crisis, and more recently, ratings downgrades during the European sovereign debt crisis of 2010 and 2011, they have drawn some criticism regarding their role in the financial system.
High Tech Hubs, Gateways Will Lead Real Estate Recovery
SANTA ANA, CA-The recovery of commercial real estate in 2012 will be strongest in high-tech cities and “gateway” communities, with Los Angeles as one the biggest investment magnet in both industrial and retail sectors, according to a new report from Grubb & Ellis.
Kimco Adds Solar Power to Two NJ Centers
EDGEWATER, NJ-Kimco Realty Corp. has installed photovoltaic (PV) solar energy arrays at its retail properties in here, bringing the company’s portfolio of solar-powered centers in the state to six.
Kansas firm buys failed Bank of Whitman's loans
A Kansas fund has bought a 25 percent stake in an LLC that houses bad loans from the Bank of Whitman Bank of Whitman Latest from The Business Journals Bank of Whitman's Mattawa branch to reopenoday’s hot law firm practice — banking and financeBank of Whitman closure unsettled Eastern Washington Follow this company , which failed in August. The limited liability corporation, set up by bank regulator the Federal Deposit Insurance Corp. Federal Deposit Insurance Corp. Latest from The Business Journals FDIC to require large banks to submit failure plansBig banks must submit failure plansFDIC issues final rule on 'living wills' for large banks Follow this company when the bank failed, contains 62 loans from the Colfax bank with an unpaid balance of about $101 million.
CRE WebCasts
FNF Title International Free Webinar
Classic-Cultural Misapprehensions
Can Kill International Business Dealings
Event Details:
Date: January 20th, 2012
Time: 10:00 A.M. CST
Duration: 60 minutes
Cost: Free
Speakers: Rodolfo Rivera, (Moderator) FNF Title International, Inc.
Robert L. Gegios, Esq, Kohner, Mann, & Kailas, S.C.
Stephen Taylor, Esq. MBA, MIEx (Grad) Kohner, Mann, & Kailas, S.C.
To Register: Email Mary Clodfelter at Mclodfelter@fnf.com or call 314-313-7788
