Posts
Calendar
of Events
May 1st
FIABCI-USA Seattle Pacific Northwest Council
Meeting
Join
us and learn about International Real Estate issues, sharing how our members
conduct business internationally, marketing properties outside your area, and
more!
Time
: 10:00am to Noon
Venue
: Seattle King County Association of Realtors
Address:
12410 SE 32nd Street, Suite#100, Bellevue WA 98005
LIVE: May 7, 2014, at 12:00 pm ET
Real
Estate Triple Play: PERE, Finance and Development
What
is the current state of limited partner investment activity in Private Equity
Real Estate? Where are we in the CRE lending cycle – and where is the market
going in the short and long terms? And which markets and asset classes are
currently in favor for development?
RealShare
STUDENT HOUSING
June
4-5
The
Encore Las Vegas
Is
online leasing the next must-have tool for property management? And is it
clustered cottages or urban infill that's the next design in hot demand? Join
us on June 4-5 for RealShare STUDENT HOUSING, and keep up with the contemporary
student.
RealShare
NEW JERSEY
BREAKFAST
May
29
The
Newark Club
There
are just 10 days left to save! The early
bird rate of $149 expires on April 25, so register today to secure your spot at
this morning event that unites the Garden State's top players. Network with the
best and return to your desk before lunch with new business leads.
Local
There’s
little new office space for rent in Ballard, and a developer aims to change
that
A
Seattle company called Henbart Limited Liability Co. plans to capitalize on the
shortage of new office space in Ballard with its first ground-up development: a
two-building project across the street from Ballard Commons Park.
Apartment
developer gobbles up a slice of Seattle’s Capitol Hill
One
of the nation’s largest owners of apartments on Tuesday bought the Capitol Hill
property where longtime Seattle restaurant Piecora’s Pizza operates.
Who
sucked up the office space in Seattle? Not Amazon (really)
Tenants
leased nearly 250,000 square feet of additional office space in downtown
Seattle during the first three months of 2014, and surprisingly, Amazon.com was
not among them.
Beacon
moving ahead with 2nd office tower in Bellevue
A
new city report states that Beacon Capital Partners is moving ahead with the
second of two office towers it's planning in downtown Bellevue.
Uff
da! 500,000 square feet of office space planned for Ballard
C.D.
Stimson Co. announced plans Tuesday for a 500,000-square-foot office campus to
be built along the Lake Washington Ship Canal in Seattle's Ballard
neighborhood.
Big
property in downtown Everett sells. What's next?
Skotdal
Real Estate, one of Everett's most active real estate developers, is the new
owner of two blocks on the west edge of the city's downtown.
Seattle
Builder Aims Low
As
the cost of rental housing shoots up across the country, so has the need for
affordable housing. Yet most new apartment buildings are geared to the higher end
of the market; building and operating affordable housing, many developers
argue, isn't profitable.
Seattle
Industrial: Consistent and Steady
SEATTLE—The
big sigh of relief heard in the Seattle region occurred when the Boeing
Machinists approved their new contract which secured the decision to build the
777X in Everett.
Beacon
seeks to cash in on Bellevue project before it's built
Beacon
Capital Partners has offered for sale a large development site in downtown
Bellevue, according to a trade publication called Real Estate Alert.
On
the cannabis cash trail: The story of one real estate prospector
Real
estate executive Llorn Kylo is a modern-day prospector whose experience shows
how white-hot the business of legal marijuana is.
'Pineapple
express' bringing $70 million hotel to downtown Seattle
Pineapple
Hospitality Co. President Michelle Barnet said Thursday that she plans to
develop a hotel tower at Second Avenue and Virginia Street.
Hedreen's
mega hotel in downtown Seattle not quite as mega
Seattle
real estate developer R.C. Hedreen & Co. still wants to build a large hotel
downtown. But given the uncertainty of the city's approval process, Hedreen has
a backup plan: a smaller hotel.
Developers
jockey for position at Capitol Hill light rail station
One
of Seattle's most alluring real estate development opportunities has no
shortage of suitors.
Apartment
developer onboard for new project by Seattle's Othello light rail station
Sound
Transit officials on Tuesday said they've selected Mercy Housing Northwest to
build 108 apartments near the Othello light rail station in Southeast Seattle.
Group
seeks property-tax hike to preserve Seattle bus routes
An
initiative to raise Seattle property taxes will be filed this week to pay for
bus service within the city, after King County voters rejected a ballot measure
for transit and roads
The U.S. office
market is showing signs of picking up steam, with businesses adding space in
the first quarter at the fastest pace since 2007, according to a report from
real-estate data firm Reis Inc.
For more than a year,
Blackstone Group BX -1.04% LP has been selling Boston-area office buildings
one-by-one. Now the private-equity giant is considering putting a large block
of these properties on the market.
The last vestige of
the flophouses that once dotted Times Square is about to go the way of the porn
shops and crime that made the area infamous.
In January, New York
real-estate mogul Gary Barnett took control of a much-coveted Manhattan office
building portfolio that had been the subject of a yearslong dispute between two
brothers.
LOS ANGELES—Jobs are
the major driver of retail activity, according to Steve Jaffe, EVP of BH
Properties. In this exclusive video, Jaffe gives a unwraps the retail market
and gives a forecast for the upcoming year, telling L.A. reporter Kelsi Maree
Borland:
LONG BEACH,
CA—According to Parallel Capital Partners, office properties may be the next
big investment wave.
LINCOLNSHIRE, IL—The
post-recessionary stars are aligning and the industrial market is back. So says
Mark Goode, SIOR, a principal at locally based Venture One Real Estate LLC.
Activists in the
world of historic preservation have long staked a claim to rescuing
architecturally important train stations, government buildings and private
estates. Many now are shifting their focus to saving vestiges of America's
industrial past, mainly old mills and factories.
Banks are boosting
their lending to businesses, providing fuel for companies to increase spending
on workers and equipment as the economy improves.
Sonic Corp. SONC
-0.02% is regaining its appetite for expansion, with ambitious plans to open
more of its 1950s-style carhop restaurants in new parts of the country as it
seeks to narrow the gap with rival burger chains.
WALNUT CREEK, CA—A
number of today’s most successful commercial real estate organizations were
started by entrepreneurial individuals in brokerage, development, private real
estate equity and advisory businesses.
Target Logistics, a
Boston-based builder and operator of dormitory-style housing, recently landed a
nearly $30 million contract to provide lodging for hundreds of oil-field
workers in North Dakota over the next three years.
SAN FRANCISCO—Locally
based Prologis Inc. recently reported results for the first quarter 2014,
showing that operating results had exceeded the company’s prior forecast.
A Boston developer
and a veteran of Four Seasons Hotel & Resorts are teaming up to convert one
of the first Howard Johnson motels into a music-themed hotel near Fenway Park.
Tishman Speyer has
paid $438 million for a development site on Manhattan's far West Side in the
latest sign of a land rush that has pushed the value of New York properties
into the stratosphere.
Last
year, when Emaar Properties put a new Dubai residential project on the market,
demand was so intense that police eventually had to intervene to control the
chaos outside the company's offices.
About
15 miles from the Burj Khalifa on the edge of the Arabian desert is a growing
housing and retail community that would look more at home in Beijing than
Dubai: Stores and restaurants have Chinese signs and a huge dragon sculpture
adorns the Dragon Mart shopping mall.
Developers
are rushing to Qatar, where an unprecedented building boom is under way to prepare
for soccer's World Cup in 2022 and meet the emir's drive to modernize the tiny
but energy-rich land.
CHANGZHOU,
China— Wu Xuesong, a professor in this city on the Yangtze, says he doubled his
money on an apartment he bought as an investment some years back and is ahead
on a second.
PALMA,
Mozambique—When Enrique Nieto arrived here in the searing heat eight months
ago, there was one communal water tap and no paved roads. Now the Spanish
businessman is about to open the village's first hotel.
BERLIN—Developers
are moving forward with plans for unusually tall apartment buildings in this
low-slung city in response to demand for housing that is greatly exceeding
supply.
SHANGHAI—For
years, Chinese property has been a sure bet for savvy investors looking to ride
the country's economic surge.
SEOUL—A
poster featuring a 150-story, 2,181-foot-tall skyscraper still hangs on the
wall of Ahn Hyun-Hee's small real-estate agency in Seoul. Titled "Dream
Hub," the drawing depicts an imagined 138-acre cityscape resting on the
northern bank of Seoul's Han River.
Distressed
The time it takes for banks to complete a foreclosure on
a property has ticked up 20 percent in the first quarter compared to year-ago
levels, according to RealtyTrac's latest foreclosure report. The average time
it takes to complete a foreclosure is 572 days nationwide, up from 477 days in
the first quarter of 2013.
After spending more than $50 billion to resolve numerous
legal woes stemming from the financial crisis, Bank of America Corp. BAC +0.25%
had more bad news for shareholders Wednesday: The bleeding isn't over.
MultiFamily
Apartment
landlords continued to push through hefty rent increases at the start of the
year, although the pace of the rises was slightly weaker.
SAN
FRANCISCO—L+M Development Partners has completed the second phase of
Candlestick Heights, an 11-building, energy-efficient affordable-living
development in the Bayview Hunters Point neighborhood here
NEW
YORK CITY—A trio of industry leaders discussed what areas are ‘hot’, which
spots appear poised for such status and what brings a neighborhood its cache
during a REBNY Members lunch in Midtown earlier this week.
LOS
ANGELES—Knowing who your tenants are going to be as a developer is key to
success. So said Dean Zander, senior partner at Hendricks-Berkadia. And
according to Zander, there is a new generation of tenants out there … “the MILF
generation.”
INLAND
EMPIRE, CA—The Inland Empire market, comprised of Riverside and San Bernardino
counties, went through a significant downturn during the recession that is only
now starting to see real signs of recovery. So says Praedium Group’s Asim Hamid.
Fannie
Mae issued approximately $3.5 billion of multifamily mortgage-backed securities
(MBS) in the first quarter of 2014, the company said in a press release Monday.
The securities are backed by new multifamily loans delivered by the company's
lenders.
VANCOUVER,
B.C.—Panelists at ULI Spring conference look at some of the demographic trends
that add value—influenced by the Generation Y and Baby Boomer cohorts.
SEATTLE—The
National Association of Realtors may be reporting that growth in home
prices—including for-sale apartments along with single-family houses
Real-Estate
Stocks Put 2013 Behind Them
Real-estate stocks are
outperforming the broader stock market again, reversing a tumultuous period
when the shares were uncommon laggards.
Health-Care
REITs Get Back on Their Feet
Companies that own health-care
facilities such as clinics and nursing homes, once viewed as one of the safest
and most dependable sources of real-estate income, were spurned last year by
investors.
Schorsch:
‘Tomorrow’s Healthcare REIT, Today’
NEW YORK CITY—It’s a good time
for an established, but still young, healthcare REIT to begin trading, and this
is what the three-year-old American Realty Capital Healthcare Trust has done.
Why
US REITs Flock to Maryland
ANNAPOLIS—Earlier this week
Reven Housing REIT announced it was no longer a Colorado company. It had
become, like so many other REITs before it, a Maryland corporation.
Though
Optimistic, REIT Investors Note Needed Changes
NEW YORK CITY—While their
outlook on REITs was decidedly bullish, industry luminaries who participated in
panel discussions during the annual NYU Schack Institute of Real Estate
conference,
Vornado
Plans Shopping Center Spinoff
NEW YORK CITY—Vornado Realty
Trust said late Friday afternoon that it planned to spin off its shopping
center business into a separate, publicly traded REIT.
New
York REIT Starts Fast
For the past year, Nicholas
Schorsch, one of the country's most active real-estate investors, has been
snapping up marquee New York commercial properties in the hope that Wall Street
would bestow on them a rich valuation.
REIT
Ruling Bodes Well for Converts
News that advertising company
CBS Outdoor Americas Inc., CBSO -1.07% has received a green light from the
Internal Revenue Service to convert into a real-estate investment trust is a
positive sign for other companies awaiting similar rulings.
REIT’s
$96M Buy Pushes Total Above $320M
IRVINE, CA—Locally based
Griffin Capital Corp.'s acquisition, on behalf of Griffin Capital Essential
Asset REIT Inc., of the 249,409-square-foot Wyndham Worldwide corporate
headquarters facility in Parsippany, NJ,
Ventas
Marks ‘Another Superior Quarter’ of Growth
CHICAGO—First-quarter funds
from operations for Ventas Inc. increased 7% year over year to $323.4 million
while normalized FFO was $309.8 million, a 5% gain Y-O-Y, the healthcare REIT
said Friday.
Nonbank
Lenders Step Into a Void
When Los Angeles developer
Jeff Worthe first searched for a loan to finance his purchase of the empty
32-story office building Tower Burbank north of Los Angeles, banks balked at
offering large mortgages.
LOS ANGELES—According to Partner
Engineering and Science president Joe Derhake, Dodd Frank and increased
regulatory scrutiny may mean that banks will be required to order environmental
site assessments in the same way they order an appraisal. In this exclusive
video, Derhake tells GlobeSt.com reporter Kelsi Maree Borland:
NEWPORT BEACH, CA—A full 57% of
women in the commercial real estate industry are actively involved in job
search, GlobeSt.com has learned exclusively.
LOS ANGELES—It's only sunshine
and rainbows in the capital markets world, according to experts on CBRE’s Real
Estate 360 in 60 web forecast. CBRE brokers Kevin Shannon, Val Achtemeier and
Darla Longo agreed that there is still an abundance of equity, debt and foreign
capital in the market and fundamentals are very strong.
LOCUST GROVE, Ga.— Home Depot
Inc. HD -0.39% 's newest location is 10 times bigger than its average store,
stocks three times more items and has no customers.
SAN DIEGO— “Create complete
communities” was the key takeaway at the Urban Land Institute San
Diego/Tijuana’s April Breakfast—The Future Look of Master Planned Communities.
IRVINE, CA—The interest level
among owner-users for financing acquisitions via SBA 504 is on the rise,
Jennifer Davis, SVP business development for locally based TMC Financing,
TAMPA, FL—Self-storage may not be
trading at the velocity of 2006, but it’s still trading. Marcus & Millichap
is seeing its fair share of the deals but others have their eyes wide open to
the opportunity.
NEW YORK CITY—For decades, real
estate investors have utilized the 1031 tax free exchange to reinvest sale
proceeds for like-kind property, therefore deferring the capital gains tax due
