Scott Miller's Commercial Real Estate Update - August 2014


Calendar of Events


 

 

 

 

Summer Social & Golf Tournament and/or Post Golf Networking Event


NAIOP-WA       


August 11th


9:00AM-6:00PM


Newcastle, WA


 


Washington's Best Workplaces


PSBJ   


8/14/2014


4:30PM-8:00PM


Seattle, WA


 


August Cocktail Connect


CREW-Seattle  


8/19/2014


5:00PM-8:00PM


Bellevue, WA


 


Building the Resilient City: Risks and Opportunities (2-Day)


ULI      


9/4/2014           


TBD     


San Francisco, CA


 


RealShare:


Bay Area


9/4/2014           


8:00AM-12:00PM          


San Francisco, CA


 


September Luncheon


CREW-Seattle  


9/11/2014


11:30AM          


Seattle, WA


 


September Cocktail Connect


CREW-Seattle  


9/16/2014


5:00PM-8:00PM


Seattle, WA


 


2014 September Breakfast Meeting


NAIOP-WA       


9/17/2014


7:00AM-9:00AM


Seattle, WA


 


2014 Housing Summit (Master Builders Association of King & Snohomish Counties)


Master Builders


9/23/2014         


7:30AM-11:30AM          


Bellevue, WA


 


Commercial & Multi-Family Chapter Meeting & Networking


REIA-Seattle    


9/25/2014         


6:00PM-9:00PM


Seattle, WA


 


24th Annual Investor Real Estate Conference (3-Day Event)


PREA  


9/30/2014


TBD     


Los Angeles, CA


 


Western Division Conference


ICSC    


10/1/2014


TBD     


San Diego, CA


 


2014 October Community Enhancement Event


NAIOP-WA       


10/4/2014


7:30AM


Seattle, WA


 


Development '13: The Annual Meeting for Commercial Real Estate (2-Day Event)


NAIOP 


10/7/2014         


TBD     


San Diego, CA


 


Take the Opportunity to Get Howard Roth’s Perspective


As an industry veteran, look for sound advice and meaningful discussion when Howard speaks at RealShare NEW YORK on October 9 at the Roosevelt Hotel


 


RealShare APARTMENTS


DATE:


October 15-16, 2014


LOCATION:


Westin Bonaventure


404 S Figueroa St


Los Angeles, CA 90071


 


CCIM Thrive Fall Conference October 21-22, 2014 Los Angeles, CA


The CCIM Institute, the premier provider of commercial real estate education, has teamed up with GlobeSt.com for CCIM Thrive, Oct. 21–22 at the Westin Bonaventure in Los Angeles. Register to join our national audience of real estate professionals looking to implement best business practices in an effort to thrive in an ever competitive marketplace.


 


Be ahead of CRE trends


Looking for market information and the latest news? We have a power-packed agenda at RealShare NEW JERSEY on September 11.


Town Hall: Economic Growth Update


Hear industry leaders exploring the future of the market. With incentives in play, what creates a balance between retention and growth?


New Development, Redevelopment and Repositioning: The Full Update


 


Local


 


For local firm, LA Live deal was warm-up to $300M+ Seattle project


Seattle-based American Life can turn its attention to developing a hotel/office complex next to CenturyLink Field now that it has completed construction of a $172 million development next to LA Live in Los Angeles.


 


Small site, big tower: Hotelier eyes 50-story downtown Seattle project


No wonder Stanford Hotels Group paid so much money for such a small site. The company's planning to build a 50-story tower on the one-third acre parking lot at Fifth and Stewart in downtown Seattle.


 


Onni wants taller towers in return for saving green space in South Lake Union


A Vancouver-based developer proposing what would be downtown Seattle’s largest residential complex has offered to save the so-called Seattle Times park if it is granted extra height on two of the four towers


 


Pacific Place mall sold for $271M


Seattle shopping center Pacific Place was sold Monday for $271 million, or more than $774 a square foot, believed to be a record price per square foot for large malls in this area. Developers are donating $14 million from sales proceeds to United Way.


 


Rising on Seattle's waterfront: 11-story residential tower


Gerding Edlen plans to build an 11-story residential tower on Seattle's waterfront with construction starting in mid-2015 at the earliest, company President Kelly Saito said Monday.


 


Not apartments? Buyer of prime Seattle waterfront site is going with condos


Kevin Daniels said Friday that he plans to buy an old brick building next to CenturyLink Field and develop a condominium project there.


 


Real estate developer brings new apartment project to (the) Market


A group called Brick Road Holdings LLC is planning a 160-unit residential project near the Pike Place Market, city of Seattle records show


 


What will Seattle's new waterfront look like? New center will show you


It's hard to imagine what Seattle's new $1 billion waterfront will look like when you consider there has been talk of new parks, a pedestrian promenade and even a swimming pool barge.


 


Just like that, 9 office buildings are for sale in Seattle area


Walton Street Capital is selling a large group of office buildings in the Puget Sound region, company spokesman Eric Mogentale said Wednesday.


 


Not so different after all: Pemco puts longtime South Lake Union HQ up for sale


When it comes to real estate, Pemco Insurance isn't so different after all.


 


National


 


Even as U.S. employment pushes past its prerecession levels, employers are remaining frugal when it comes to office space.

 


San Francisco's housing shortage is growing more acute as the city's tech engine gains steam, but that is doing little to ease residents' longtime resistance to real-estate development.

 


The Justice Department and Citigroup Inc. C -1.10% are close to a deal for the bank to pay about $7 billion to settle allegations it sold shoddy mortgages in the run-up to the financial crisis, according to people familiar with the matter.

 


Stephen Ross's Related Cos. is known for embarking on megasize development projects in New York such as the $15 billion Hudson Yards project on Manhattan's West Side.

 


Demand for industrial and office space in parts of Northern California has been on the rise, due mainly to the rapid growth of the technology sector. Now another business group is jockeying for space: the automotive industry.

 


Private-equity firm Golden Gate Capital has reached a deal to purchase a majority stake in Green Street Advisors Inc., a research firm in the commercial-property industry, Green Street executives said Tuesday.

 


Later this year in Sarasota, Fla., Taubman Centers Inc. TCO +0.18% will do something that is rarely seen these days in the retail world: open a new regional mall.

 


Martin Ringlein recently moved his business to Crystal City in Washington's Virginia suburbs, but that is about all he has in common with the defense agencies and government contractors that for years dominated this area of boxy, low-slung office buildings.

 


MetLife Inc. MET -0.52% is getting industrial.

The insurer is planning a series of new developments of warehouse and distribution space in eight projects around the U.S., totaling at least six million square feet.

 


Soaring property values in New York neighborhoods once associated with crime and poverty are producing healthy profits for developers who jumped in early.

 


HOUSTON–Transwestern recently appointed Micheal Palmer to the company’s tenant advisory services group as senior vice president. In this role, the 27-year veteran will assist industrial property occupants.

 


A new group of lenders has begun to target properties valued at $10 million and less, and that is good news for mom and pop landlords and small-business owners.

 


General Electric Co. GE +0.04% is about to strengthen its ties to downtown Cincinnati in the latest sign that urban centers in the Rust Belt are becoming more attractive to U.S. corporations.

 


From the 15th floor of the new Westin hotel in Portland, Maine, the highest point in the city, the view looks pretty good for a pair of hotel investors who completely remade the nearly century-old property.

 


LOS ANGELES—The retail market is benefiting from boosted confidence, illustrated by several new retail leases inked throughout the city. Kennedy Wilson recently closed the four retail lease transactions in Los Angeles submarkets, including Hollywood, Santa Monica and Westchester.

 


IRVINE, CA—Deciding whether to stay in their current space or relocate is a decision tenants shouldn’t take lightly. PM Realty Group’s second-quarter Orange County office market report shows what other industry executives have been saying….

 


NEWPORT BEACH, CA—The ports are one of the reasons the Southern California industrial market attracts so many developers, including REDA Bascom Ventures.

 

 


 


At the conclusion of a five-day Trade Mission to China, the International Real Estate Federation – U.S. Chapter (FIABCI-USA) and the China Institute of Real Estate Appraisers & Agents (CIREA) agreed to form a Permanent Select Committee on doing business between the United States and China.

 


The owner of the giant Bahamas resort complex known as Atlantis has completed a $1.9 billion recapitalization of the hotel and gambling destination and will replace the hotel manager shortly before a rival resort is poised to open nearby.

 


When Milan launched a wholesale redevelopment of its skyline more than a decade ago, it set in motion a building spree that changed the face of Italy's business capital, with sleek new office space soaring over centuries-old church spires.

 


MILAN—Italian banks are trying to unload billions of euros of distressed property loans at prices that have so far failed to lure investors.

 


Puerto Rico's deepening economic troubles have punished investors and made life hard for many locals. But one group has been encouraged by the opportunities it sees: real-estate investors.

 


Many foreign investors that have shown up in Italy to buy property from financially stressed governments and institutions have been discouraged by the slow pace of sales.

 


SHANGHAI—LaSalle Investment Management has raised $1 billion this year to invest in real-estate assets in Asia, in the latest sign that investors are making bolder bets in areas that are still enjoying strong growth.

 


GE Capital is bulking up in Canada.

The financing arm of General Electric Co. GE +0.75% this month purchased a $530 million portfolio of commercial mortgages tied to 16 Canadian properties from Bank of America Corp. BAC +1.56%

 


PARIS—Mall king David Simon's plan to build a retail real-estate empire in Europe similar to the one his family built in the U.S. took a big step with the planned €7.2 billion ($9.68 billion) merger between France's Klépierre SA and Dutch rival Corio CORA.AE +0.43% NV.

 

 

MultiFamily

 


Apartment landlords continued to push through hefty rent hikes in the second quarter, squeezing U.S. households that already are struggling financially after four years of steady increases.

 


TAMPA, FL—Twice the purchase price. That’s the story behind the sale of Lexington Court, a once-distressed multifamily project in Tampa, FL. The $1.3 million sale price equals $30,952 per unit, or $52.01 per square foot—that’s double the purchase price.

 


Cleveland's longtime dream of developing its Lake Erie waterfront took a step forward last month when its City Council approved plans for a $700 million development.

 


PHOENIX—Steve Jaffe, executive vice president and general counsel to BH Properties, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed real estate properties, speaks exclusively with GlobeSt.com about value-add industrial and multifamily markets.

 


IRVINE, CA—As GlobeSt.com reported last week, spring housing numbers from Case-Shiller and the FHFA index grew, and the latest trends including increased home sales, moderated pricing levels, decreased mortgage rates and improved inventory, according to Rick Sharga, EVP of Auction.com.

 


TAMPA, FL—Blue Rock Partners has been running hard on the multifamily development front—and HFF is helping it secure financing to keep pressing. HFF arranged an $8.5 million refi for Blue Rock’s The Park at Chesterfield.

 

Rising on Seattle's waterfront: 11-story residential tower


Gerding Edlen plans to build an 11-story residential tower on Seattle's waterfront with construction starting in mid-2015 at the earliest, company President Kelly Saito said Monday.


 


Not apartments? Buyer of prime Seattle waterfront site is going with condos


Kevin Daniels said Friday that he plans to buy an old brick building next to CenturyLink Field and develop a condominium project there.


 


Condo Builders Fuel Land Rush in Miami


MIAMI—At the height of the real-estate boom in 2006, Ugo Colombo, an Italian-born developer, bought a stake in an empty plot of land along the Miami River, facing Biscayne Bay, in a deal that valued the site at roughly $25 million.


 


Home Builders Venture Into Urban Areas


A top executive of Lennar Corp. LEN -1.17% recently joined with officials from Weehawken, N.J., to celebrate the completion of the home builder's newest condominium complex, a luxury building across the Hudson River from New York City


 

 

DISTRESSED

 


TAMPA, FL—Twice the purchase price. That’s the story behind the sale of Lexington Court, a once-distressed multifamily project in Tampa, FL. The $1.3 million sale price equals $30,952 per unit, or $52.01 per square foot—that’s double the purchase price.

 


PHOENIX—Steve Jaffe, executive vice president and general counsel to BH Properties, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed real estate properties, speaks exclusively with GlobeSt.com about value-add industrial and multifamily markets.

 


An investment group backed by John Paulson, George Soros, Michael Dell and Christopher Flowers stands to gain more than $3 billion from a bet made on a failed lender during the depths of the financial crisis.

 



 



NorthStar Realty Finance Corp. NRF +0.62% is in exclusive talks to purchase Griffin-American Healthcare REIT II, a large owner of senior housing, skilled nursing facilities, hospitals and other properties, according to two people familiar with the negotiations.

 


A little-known U.S. telecom company has hit upon a creative strategy that could help the industry shield billions of dollars from tax collectors.

 


Wall Street firms this year have been enjoying a surge in fees from a robust crop of stock offerings, but underwriters that focus on public U.S. real-estate investment trusts have largely been sitting out the party.

 


 


The Port of Houston is sizzling, and not just because it is summer in Texas.

Houston leads all but three U.S. metropolitan areas in the construction of industrial space, with more than 4.7 million square feet under way. And the rent for industrial properties rose faster there than in any other market in the year through March.

 


Commercial real-estate values in June rose by about 0.5% to levels 10% above their 2007 peak, according to the Green Street Commercial Property Price Index

 


LOS ANGELES—“Transit oriented mixed-useproperty development truly is the beginning of something much bigger here in Los Angeles and in the surrounding Southern California region

 


LOS ANGELES—Commercial real estate investments have outperformed other investment classes since the “Great Recession” on a risk-adjusted basis

 


WASHINGTON—A broad measure of U.S. home sales climbed for the third consecutive month in June, hitting the highest level since October as the housing market gained steam after a monthslong slump.

 


Money from China has been a top driver of some housing markets, especially in coastal cities such as San Francisco and Los Angeles.

 


BUENA PARK, CA—As more young people are receiving higher education and are attracted to cities, fewer are entering the industrial labor pool, making increased automation a necessity for distribution centers, John C. Morris, Cushman & Wakefield’s

 


Transit agencies in the U.S. looking to expand rail lines are getting into the real-estate-development business to raise revenue.

 

 

RE Blogs Education

 


MIAMI—If you want an alternate view on sale-leasebacks, ask the attorneys that work out the details. GlobeSt.com caught up with Joseph M. Marger, a partner at the law firm Reed Smith, to get his thoughts on the state of the sale-leaseback market in part one of this two-part interview.

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