Scott Miller's January 2014 Commercial Real Estate Update




 
Calendar of Events


1031 Introduction - Wed, February 12, 2014 11:00 AM – 12:00 PM Pacific


 





Local

 


Convention Center pays $56.5M for downtown Seattle property


The possible expansion of the Washington State Convention Center has taken a big step forward with the center's purchase of the Honda of Seattle property.


 


Highlands Corporate Center Moves for $39M


SEATTLE-Vancouver-based Bentall Kennedy sells the 173,254-square-foot center located in Bothell, WA, is one of the most prominent life sciences markets in the US.


 


Convention center secures key parcels for future expansion


The Washington State Convention Center has secured prime land in its bid to double the size of its facilities with the recent $56.5 million acquisition of several Denny Triangle parcels now occupied by a Honda dealership.


 


Vulcan moves ahead with two more office buildings in South Lake Union


Vulcan Real Estate is proceeding with development of a pair of six-story office buildings in Seattle’s South Lake Union neighborhood.


 


All new units at big Bellevue condo project are now sold out


All of the 539 new-construction condos in Bellevue Towers have been sold, officials of the two-tower downtown project said Monday.


 


Value of Zulily’s building shoots up 38% in seven years


For tech companies and real estate investors, there’s some seriously good juju going on at First and Walker in Seattle’s Sodo neighborhood.


 


Who's ahead in Bellevue office high-rise race? Permits offer clues


Like many other commercial real estate observers, I have been watching carefully to see which office development company might start building its downtown Bellevue tower first.


 

KBS REIT pays $187M for Bellevue buildings


KBS Strategic Opportunities real estate investment trust is buying two office buildings in downtown Bellevue for $186.5 million, according to a filing with the Securities and Exchanges Commission.


 


Phinney Ridge is nation's seventh-hottest market, says Redfin


Phinney Ridge neighborhood is Seattle's hottest neighborhood and the seventh-hottest in the country, according to Redfin.com.


 


Boston company pays $43.4 million for Bellevue office campus


A four-building office park in Bellevue has been sold for $43.4 million, according to public records.


 


Seattle high-rise expected to fetch $120 million


A 20-story building in the Denny Triangle in downtown Seattle is on the market and should sell for $36 million more than it did nine years ago, according to a commercial real estate newsletter.


 


Beacon sells two Bellevue office buildings for $186.4M


Beacon Capital Partners finalized the sale of two downtown Bellevue office buildings Wednesday, selling them to KBS Realty Advisors for nearly $186.4 million, according to public records.


 


Utah company buys 522-unit apartment complex in Lakewood


One of Pierce County’s largest apartment properties, The Village at Seeley Lake, has been sold, commercial real state company Jones Lang LaSalle said Wednesday.


 


Remodel boots longtime businesses from Seattle's historic Exchange Building


After 44 years, the Original Deli at the base of the historic Exchange Building in downtown Seattle is closing.


 


Church’s prime property in downtown Bellevue sells for $30 million


A group called Plus Investment USA on Monday acquired the First Congregational Church’s property in downtown Bellevue, according to public records.


 


Apartment developers in Seattle will start looking at converting for-rent units to condominiums this year, a new report states.

 


Hudson Pacific Properties Inc. said it's purchased the Merrill Place office development in Seattle's Pioneer Square neighborhood for $57.7 million.

 


Amazon.com on Friday exercised its right to buy another block in downtown Seattle from Clise Properties, public records show.

 


SEATTLE-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that locally based Hudson Pacific Properties Inc. has entered into a purchase agreement to acquire an office and retail property known as “Merrill Place”

 


SEATTLE-“2014 is going to go down in history as being a very strong year for the Western advanced economies.” So says Walter Boettcher, director of research and forecasting for Colliers International in London.

 


 


The recovery of the U.S. office market picked up steam during the fourth quarter of 2013, according to new data from real estate research firm Reis Inc

 


BEAVERTON, OR-Officials in Beaverton, a large suburb of Portland, are heavily involved in trying to bring a new healthcare complex for low-income residents to their city

 


The Belleview Biltmore, a 117-year-old, wood-framed hotel known as the White Queen of the Gulf, likely faces the end of her reign this year as the town of Belleair, Fla., begins considering guidelines for building homes in its place.

 


When Related Cos. needed financing for its $1.3 billion bid for Manhattan's Time Warner Center, TWX -0.21% it turned to a ready source of money: foreign buyers.

It found willing backers in sovereign-wealth funds from Abu Dhabi and Singapore, which agreed to finance more than 80% of the purchase, according to people with knowledge of discussions.

 


In 2011, when new U.S. office development was at one of its lowest points in decades, Skanska SKA-B.SK +0.83% AB took a risky step: The developer started construction on an approximately $70 million office building in Cambridge, Mass., before it had signed any tenants

 


Starwood Hotels & Resorts Worldwide Inc. HOT +1.44% sold one of its most prestigious properties, the St. Regis Bal Harbour Resort, kicking off what is expected to be a flurry of sales activity by the company over the next three years.

 


A few years ago, hotels and resorts were among the least attractive sectors in commercial real estate. Properties were filing for bankruptcy at a rapid rate, lenders were writing down the value of mortgages and buyers were scarce. These days, hotels and resorts are hot properties.

 


LONG BEACH, CA-National retail tenants are focusing on centers with the best positioning and visibility and the highest traffic counts, said panelists at the Association of Corporate Real Estate Executives of Southern California's 2014 Industry Forecast here last week.

 


OAKLAND, CA-GlobeSt.com recently got an exclusive sneak peak at the Oakland office of Lee & Associates’ fourth quarter 2013 Industrial Market Summary for the Interstate 880 corridor.

 


Larry Silverstein, the 82-year-old developer who has played a major role in rebuilding the World Trade Center complex, is trying to wrangle better financing from government agencies to restart work on a $2.3 billion office tower on the New York site, according to people familiar with the matter.

 


WESTLAKE VILLAGE, CA-LTC Properties renews two assisted living facility leases as it launches efforts to re-lease 37 additional assisted living facilities in the Pacific Northwest, Midwest and Texas

 


 


The state-owned developer of what will be China's tallest building is taking the unusual step of moving to hire a leasing agent, underscoring the challenges of finding tenants as the country's economy cools.

 


As foreign developers have raced to participate in the Chinese growth miracle, few have been more aggressive than Tishman Speyer Properties LP, which has invested some $3 billion since 2006.

 


China's high-tech companies have made their mark on the nation's economy. Now, with growing cash and investment at their disposal, they are beginning to have an impact on its skylines.

 


A major Chinese state-owned real-estate developer is putting £1.2 billion ($2 billion) into two London projects, continuing a string of overseas investments in the city's booming property market.

 


With fashion weeks set to kick off from Milan to Berlin, fashionistas descending on stores across Europe might find an extraordinarily similar array of products, whether they are on London's Oxford Street, Paris's Champs-Élysées or Milan's Via Montenapoleone.

 


LONDON—The U.K. capital's fast-climbing skyline will see a 27-story residential tower added in the central neighborhood that already is home to Europe's tallest building.

 


OSLO—The Norwegian government has started a process to privatize state-owned real-estate company Entra Holding AS, which has a 25 billion Norwegian krone ($4.1 billion) property portfolio, in a move that could potentially lead to the biggest public listing in Norway since 2010, according to Entra.

 


LIVERPOOL, Australia—This once-downtrodden Sydney suburb is on the rise, an emblem of Australia's booming housing market.

 


TOKYO—Japan's long-frozen property market has thawed enough for Toshiko Oguchi to sell her condominium, a hopeful sign of economic recovery from a national slump stretching back two decades.

 


When planners designed the Business Bay district in Dubai at the height of the last real-estate boom, they boasted it would become the largest business and office district in the Middle East.

 

MultiFamily

 


All of the 539 new-construction condos in Bellevue Towers have been sold, officials of the two-tower downtown project said Monday.

 


DALLAS- Some 221,000 apartment units were completed nationwide over the 12 months ending in November, while 346,000 units were under construction, says locally based Axiometrics.

 


Apartment landlords continued to push through higher rents in many cities in the fourth quarter, offering little relief for renters who have seen increases over the past few years.

 

Office Landlord Changes Course


Later this month, construction will begin on a 69-story apartment tower in Jersey City, N.J., that is destined to be the tallest residential tower in the state. Like many of the thousands of rental apartments being built there, its units will cater to young, urban professionals.


 


Utah company buys 522-unit apartment complex in Lakewood


One of Pierce County’s largest apartment properties, The Village at Seeley Lake, has been sold, commercial real state company Jones Lang LaSalle said Wednesday.


 


Everyone’s Smarter in Multifamily Sector


LAGUNA BEACH, CA-It’s more difficult to find gems in the multifamily arena since all the players are much savvier than in the past and competition is fierce, said panelists at IMN’s Winter Forum on Opportunity and Private Investing here.


 


Case-Shiller Index Posts Best Y-O-Y Gain Since ‘06


NEW YORK CITY-Home prices in the S&P/Case-Shiller 10-City and 20-City Composites rose this past November by 13.8% and 13.7%, respectively, year over year, S&P Dow Jones Indices said Tuesday.


 


Metro Boston Will Need Up to 435K Housing Units By 2040


BOSTON-The need for 400,000-plus housing units, mainly apartments, assumes a “Stronger Boston” scenario in which younger workers come to the region, says a report from MAPC.


 


 



 


KBS REIT pays $187M for Bellevue buildings


KBS Strategic Opportunities real estate investment trust is buying two office buildings in downtown Bellevue for $186.5 million, according to a filing with the Securities and Exchanges Commission.


 


PREIT Focusing In on the Shopping Experience


PHILADELPHIA-With shoppers spending cautiously throughout the year, PREIT commissioned a shopping survey of over 2,000 US adults through Harris Interactive examining the behavior and propensity of American consumers to shop at malls during the holiday season.


 


Stock Rally Leaves REITs in the Dust


Just about anyone who bet on stocks last year reaped handsome returns—unless they bet on real-estate stocks.


 


REIT Expert Forecasts Major Structural Change


MIAMI—Are REITs in some sectors performing better than others—or will they in the future? Which do investors favor—and why?


 


PREIT Refis Wyoming Valley Mall


PHILADELPHIA-Pennsylvania Real Estate Investment Trust recently completed the financing of its 910,000-square-foot Wyoming Valley Mall in Wilkes-Barre, PA.


 


Office Landlord Changes Course


Later this month, construction will begin on a 69-story apartment tower in Jersey City, N.J., that is destined to be the tallest residential tower in the state. Like many of the thousands of rental apartments being built there, its units will cater to young, urban professionals.


 


Federal Realty Makes Big Retail Buys in Monmouth


SHREWSBURY, NJ-The REIT sees “strong synergies” between the Grove at Shrewsbury here, Brook 35 in Sea Girt and its own portfolio.


 


A Tremendous Amount of Work Pays Off


NEW YORK CITY-PREIT CEO Joe Coradino is “happy” with his concerning his company's balance sheet and the hard work it took to reach that point. In our interview he explains this and what his goals for 2014 are. He also gave his views about current buying opportunities and Philadelphia projects that will be “transformative.”


 


PREIT Lets Go of Low-Performing Mall


CHAMBERSBURG, PA-As part of a continuing push by Pennsylvania Real Estate Investment Trust to sell off non-core assets, The Chambersburg Mall has been sold for $8.8 million.


 


Fall of REITs Puts Their Rhythms in Doubt


Do bonds and REITs march to their own beats?


That question was the crux of "Urban Legend: The Myth of REIT Interest Rate Sensitivity," a report issued late last year by the National Association of Real Estate Investment Trusts.


 


Nontraded REITs Get Aggressive


A few weeks ago, Griffin-American Healthcare REIT II Inc. closed on the purchase of four senior-housing facilities collectively known as the West Loop Portfolio. The $300 million deal is noteworthy because it highlights the growing importance of so-called nontraded real-estate investment trusts in the world of commercial real-estate acquisitions


 


REIT Expert Forecasts Major Structural Change


MIAMI—Are REITs in some sectors performing better than others—or will they in the future? Which do investors favor—and why?


 


 


Federal investigators are probing whether a number of Wall Street banks cheated clients in the years following the financial crisis by deliberately mispricing a type of mortgage bond that was central to the economic turmoil, according to people close to the inquiry.

 


When Khien Nguyen needed $180,000 to open his 13th nail salon near Philadelphia in November, he didn't go to a bank. Mr. Nguyen's credit score had dropped during the recession, so he figured a bank would put him through weeks of aggravation, then reject him.

 


As the Affordable Care Act alters the nation's health-care landscape, business groups are closely watching to see who gets helped or hurt by the new law. In the real-estate world, one group appears to be emerging a clear winner: owners of medical-office space.

 


D.R. Horton Inc., DHI -0.06% the largest U.S. home builder by homes sold, sounded a bullish note to the early start of the spring home-selling season by announcing that strong sales were enabling it to raise prices.

 


ORANGE COUNTY, CA-Buying properties at less than 70% of what it would cost to build them attracts Asian office investors here, CBRE’s Anthony DeLorenzo and Paul Jones tell GlobeSt.com in this UPDATE to an earlier story.

 


SEATTLE-“2014 is going to go down in history as being a very strong year for the Western advanced economies.” So says Walter Boettcher, director of research and forecasting for Colliers International in London.

 


LOS ANGELES-In 2013, the office and industrial markets saw great improvement and investment interest. These markets can expect to continue improving in 2014, according to Marcus & Millichap experts during an office and industrial market outlook webcast on January 8.

 

RE Blogs Education

 


Rising real estate values, higher tax rates and new taxes were some of the reasons that 2013 saw a sharp increase in the number of 1031 Tax Deferred Exchanges

No comments:

Post a Comment