Scott Miller's December 2012 CRE Newsletter


Local

 


SEATTLE—In the early 1990s, as Microsoft Corp. MSFT -0.92% co-founder Paul Allen began placing large bets in the technology boom, he made a relatively small loan of $20 million to an organization that was planning a giant park in Seattle.
 


A coveted property in downtown Bellevue that’s ripe for redevelopment is on the market.
 


LOS ANGELES-GlobeSt.com has learned exclusively that multifamily investors are making an aggressive push westward into Seattle, Phoenix, Los Angeles and San Diego, according to Jones Lang LaSalle’s third-quarter 2012 West Coast Multifamily Outlook
 


The seven-story, 100-unit Muriel's Landing Apartments complex will open next week in Seattle's University District.
 


Briar Development, a real estate holding company for the Bellingham-based Haggen family, has sold a portfolio of retail properties in Washington and Oregon for $175 million to MGP X Properties LLC of San Diego
 


Goodman Real Estate and Capri Capital Partners LLC announced Tuesday that they’re buying the 25-story Tower 801 apartment building in downtown Seattle for $50.1 million
 


A federal grand jury today indicted Michael R. Mastro and his wife Linda Mastro on 43 counts of bankruptcy fraud, dramatically raising the stakes for the Seattle developer, only recently arrested after eluding authorities for more than a year.

 


The spectacle of an 87-year-old Seattle developer and his wife — owner of a pair of queen-sized diamond rings — being apprehended in the French Alps after leaving behind a flock of American creditors couldn’t help but make international headlines.

 


Sometimes in commercial real estate, a lot of little numbers can add up to a big one.

 


Beacon Capital Partners submitted plans last week for a shorter office tower for a site at Northeast Eighth Street and 110th Avenue Northeast, a city of Bellevue planner said.

 


BELLEVUE, WA-Despite naysayers back in 2010, Cole Real Estate Investments went ahead with its purchase of City Center Plaza here for $310 million from Boston-based Beacon Capital Partners, a property that it said at the time was “a rare opportunity.”

 


With little, if any, new office space coming on line, and demand increasing, there’s a good chance Skanska USA could start building the 400 Fairview office project next spring even without a tenant lined up.

 


TIAA-CREF acquired the Aspira Apartments at 1823 Terry Ave. in Seattle, WA for $165.67 million, or about $$510,000 per unit, from Urban Partners LLC, O'Connor Capital Partners and Real Estate Capital Partners.

 


The Washington chapter of commercial real estate group NAIOP named Wallace Properties Developer of the Year. The awards were handed out Friday in Bellevue.

 


A 300-unit apartment building is being planned for the site of the Phil Smart Mercedes dealership at the corner of East Pike Street and Belmont Avenue in Seattle

 


 


The commercial real estate sector is improving, but investors need to be patient and not expect “quick wins,” according to findings from Emerging Trends in Real Estate 2013, which was jointly released by PwC and the Urban Land Institute (ULI).

 


A retail redevelopment project under way in San Diego is converting a former police headquarters complex into restaurants, shops and entertainment venues.

 


A booming tech sector in San Francisco has made its office-building owners the envy of commercial real-estate industry.

Now developers are starting to move in.

 


The communities surrounding college campuses have long been filled with houses catering to students who have tired of living in dorms.

 


Mall giant General Growth Properties Inc. is selling the Harborplace shopping center, the centerpiece of Baltimore's downtown redevelopment in the 1980s, to retail-property investor Ashkenazy Acquisition Corp.

 


North Dakota, an epicenter of the nation's oil rush, is grappling with a scramble reminiscent of the most-heated periods of the housing boom.

 


A large San Francisco real-estate company is stepping back into the upper Midwest, snapping up one of the tallest skyscrapers in Minneapolis for just over $200 million.

 


CHICAGO—Sandeep Mathrani, the chief executive who has guided General Growth Properties Inc.'s GGP -1.49% resurgence since it emerged from bankruptcy protection, has a message for William Ackman: Back off.

 


Door-buster shoppers will find more than just Wal-Mart Stores Inc. WMT -0.70% awaiting them at midnight this Thanksgiving. Far more U.S. malls are opting this year to open at midnight in a bid to keep pace with discount retailers and online shopping.

 


South Florida's housing market continues to bounce back from a six-year slumber, but recovery on the commercial side has been more sluggish.

 


For all the difficulty and anguish of closing under-utilized public schools, the process is likely to prompt excitement from at least one constituency in the city: real estate developers.

 


WAHIAWA, Hawaii—The trustee for hundreds of heirs to a large land tract here on Oahu island has agreed to sell their inheritance to the state for preservation as farmland, reversing a decadeslong trend of most such open land being developed.

 


On Manhattan's Fifth Avenue, it seems as if the boom never ended.

 


Sandy left an uneven path of destruction in lower Manhattan when it hit three weeks ago: The superstorm hit harder on the eastern side, where some buildings may be closed for months, while the more-modern buildings on the western waterfront bounced back quickly from the flooding

 


A Texas land developer has bought one of the largest tracts of land in Southern California approved for development in a deal that signals that investors are once again betting on housing tracts in exurban markets.

 

 


SHANGHAI—A luxury apartment building that is one of the most visible casualties of China's high-end property bust is up for auction in the northeast city of Dalian, after a bank foreclosed on the property.

 


The allure of Poland, once a star performer among Europe's real-estate markets, is beginning to fade.

 


With debt drama and economic uncertainties plaguing developed nations on both sides of the Atlantic, investors sitting out on the sidelines are having a difficult time choosing which corners of the market to dip their feet in.

 


Brazil is the world’s 6th largest economy. The country is regarded as one of the best performing real estate market. Statistics from Knight Frank’s Global House Price Index, show Brazil as having the second highest annual house price growth.

 


Last year, over 41,000 MW were installed worldwide, of which 1,206 MW were made in Latin America, 80% of which in Brazil and Mexico; followed by Honduras, 8.4% with its farm at Cerro de la Hula; Argentina, 6.5%; Chile and the Dominican Republic, both 2.7%; Costa Rica, 1%; and Colombia, Ecuador, Nicaragua, Peru and Uruguay comprising the rest.

 


Spain bad bank Sareb will open in December in an effort to clean up toxic real estate assets of the nation's troubled banking sector. It will buy up to €60bn of almost €200bn of bank bad debts accumulated since the housing market collapse.

 


Legislation authored by Senate Judiciary Committee Chairman Patrick Leahy (D-Vt.) to continue a successful, job-creating immigrant visa program was approved Thursday evening by the U.S. House of Representatives.  The bill, which already has passed the Senate, now goes to the President’s desk for signing. The House vote was 412 to 3.

 

Conferences


March 12-15, 2013

Palais des Festivals - Cannes - France

 


April 15-18, 2013

The Ritz Carlton, Shanghai, China

 


June 25-27, 2013

Marina Bay Sands, Singapore

 


October 7-9, 2013

Munich, Germany

 

MultiFamily
 


SACRAMENTO-GlobeSt.com has learned exclusively that Centerline Capital Group has provided $25.5 million in financing for three California-based multifamily properties, one in Stockton and two in Sacramento.

 


No property manager can execute perfectly but the "right" property manager knows how to keep properties functioning and making money 24 hours a day, 365 days a year.

 


LOS ANGELES-GlobeSt.com has learned exclusively that multifamily investors are making an aggressive push westward into Seattle, Phoenix, Los Angeles and San Diego, according to Jones Lang LaSalle’s third-quarter 2012 West Coast Multifamily Outlook

 


The seven-story, 100-unit Muriel's Landing Apartments complex will open next week in Seattle's University District.

 


PORTLAND, OR-Denver-based Cardinal Group Investments LLC purchased the RiverPlace Square apartment community in downtown Portland for $77.5 million.

 


Goodman Real Estate and Capri Capital Partners LLC announced Tuesday that they’re buying the 25-story Tower 801 apartment building in downtown Seattle for $50.1 million

 


(CRE) is pleased to confirm participation of Mack-Cali's Mitchell E. Hersh in The Second Annual New Jersey Apartment Summit & Expo on November 27. 350+ active and innovative multifamily executives from New Jersey, New York, Pennsylvania and other national regions are expected to attend the Tri-State's leading multifamily summit for discussion, debate and networking.

 


Manhattan-based Carlton Group has arranged the financing of $400 million for the institutional real estate investment fund developing what will become the tallest residential building in the United States - 432 Park Ave. in New York City.

 


BEVERLY HILLS, CA-The multifamily sector is still flourishing as rents continue to rise and renters demand new development. According to Meyers Research, a Kennedy Wilson Co., which just released its latest trend report, national rent for markets covered by RealFacts reached an all-time high of $1,042 per month in the third quarter of this year, an increase of 4.8% from a year ago.

 


A 300-unit apartment building is being planned for the site of the Phil Smart Mercedes dealership at the corner of East Pike Street and Belmont Avenue in Seattle 

 




SAN DIEGO-With wide-open access to equity and debt this year, some analysts say there is too much capital being raised for REIT investment, according to a panel this week on capital markets during NAREIT’s REITWorld trade conference here.

 


SAN DIEGO-Healthcare’s strong track record as a sector in which to invest should continue, according to panelists at a general session on healthcare led by Ross Nussbaum, managing director of UBS, during this week’s REITWorld trade conference here.

 


REITs Raise $60B YTD


WASHINGTON, DC-For the first ten months of the year, REITs have raised a total $59.53 billion in public equity and debt, according to NAREIT figures. That compares with a total of $51.28 billion raised for the entire year of 2011--the industry’s record year for capital raising.


 


Firms Restructure as REITs


Faced with limited investment opportunities as the global economy slows, a growing number of companies are weighing changing their entire corporate structure to become real-estate investment trusts.


 


 


An architectural gem in suburban New Jersey where Nobel Prize-winning scientists once made groundbreaking discoveries is under contract for just under $36 million.

 


Earlier this year, it looked as if the owner of Las Vegas's Fashion Outlets mall was facing a problem: Its $107 million in debt was nearing maturity, and the credit markets weren't strong enough to refinance that entire amount.

 


Spain bad bank Sareb will open in December in an effort to clean up toxic real estate assets of the nation's troubled banking sector. It will buy up to €60bn of almost €200bn of bank bad debts accumulated since the housing market collapse.

 

 


LOS ANGELES-The number of Chinese investors putting their money into US real estate has seen a dramatic uptick over the last few years, largely on the residential side, but also on the commercial side.

 


The financial storm in Europe is presenting opportunities for investors in U.S. properties as hard-pressed real-estate companies and lenders sell assets.

 


CHICAGO-Gazing into its collective crystal ball, members of the research team at Jones Lang LaSalle's 2013 outlook media briefing, which took place Nov. 13, offered a good-news, bad-news scenario

 


Limiting personal income-tax deductions and other federal tax breaks, an idea gaining momentum as part of a fix for America's budget crisis, would hit some parts of the country harder than others, with a series of high-income blue states leading the way.

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