Scott Miller's Commercial Real Estate Update - November 2014


Calendar of Events


 

 

 

 

2014 November Night of the Stars


November 7,2014


NAIOP WA


Bellevue, WA


 


Future of South Lake Union


BISNOW


November 11, 2014


Grand Hyatt Seattle


(Leonesa Ballroom, 1st level)


721 Pine St


Seattle, WA 98101


 


Cocktail Connect


CREW Seattle


November 18, 2014


5:00pm - 7:00pm


Palomino


1420 Fifth Avenue


Seattle, WA 98101


 


Emerging Trends 2015 | A to Z: The Intersection of Commercial Real Estate with Technology and E-Commerce (Seattle)


Start: November 18, 2014


7:30 am


End: November 18, 2014


9:00 am


Venue: Seattle Marriott Waterfront Address:


2100 Alaskan Way, Seattle , WA, 98121


 


November Breakfast Meeting


November 19th, 2014


7:30am - 9:00am


MOHAI - 860 Terry Ave N, Seattle, WA 98109


 


Eminent Domain 5th Annual


December 9 & 10, 2014 -- Seattle, WA


"This seminar is designed to assist seasoned practitioners looking for new insights as well as new lawyers unfamiliar with the eminent domain process. The program will cover eminent domain basics, as well as reviewing complex appraisal problems and emerging issues involving e-discovery."


 


CREW Seattle & Sound Luncheon


December 11, 2014


11:30am - 1:00pm


 


30th Annual Trends Conference & Trade Show


IREM


December 11, 2014


Seattle, WA


7:30am - 5:00pm


 


CREW Cocktail Connect


Tue Dec 16, 2014 5:00 PM
Location: Palomino


1420 Fifth Avenue


Seattle, WA 98101


 


2014 December Breakfast Meeting


NAIOP WA


Sheraton


1400 Sixth Avenue


Seattle, WA 98101


December 18, 2014


7:00am - 9:00am


 


Local


 


Where are all the condo projects? Coming soon to Seattle, one expert says


Next year apartment and office towers builders will again be competing with condo developers for tower cranes.


 


'Explosive growth' projected for tech tenants in Seattle office space


For months commercial real estate brokers have been buzzing about big office leases on the horizon, though details were fuzzy. On Wednesday, the picture became clearer.


 


Developer thinks this is his cycle


Now that construction is finally starting on the big hotel at Southport on Lake Washington in Renton, might it be time for the long-planned office complex next door?


 


Hines buys block


Figuratively speaking, the ground under the region’s seventh largest office tower shifted on Sept. 25.


 


Broadway Market is on the market, trade publication reports


The owners of Broadway Market, a landmark on Seattle's Capitol Hill, have put it up for sale, according to a trade publication called Real Estate Alert.+


 


Amazon-leased building in downtown Seattle for sale, could go for $125M


For commercial real estate landlords like Shorenstein Properties, Amazon.com is the gift that keeps on giving.


 


$92.5M and counting: Chinese investor scoops up another Puget Sound-area property


A group of Chinese investors has bought yet another Puget Sound area property, paying $11.2 million for a medical-office building in Redmond's Overlake area, according to a deed that was recorded Tuesday with King County.


 


Seattle’s roaring commercial real estate market shifts south to Pioneer Square


Weyerhaeuser’s decision to move its headquarters to Pioneer Square has erased all doubt that downtown Seattle’s center of gravity is shifting south from Lake Union.


 


Washington state's 'best' hotel? Not where you'd think


Washington state had 14 hotels listed in a recent list of the state's best hotels. But the state's top-rated hotel is located far away from Seattle.


 


Plum Creek selling Kittitas County forestland to The Nature Conservancy


Plum Creek Timber Company Inc. said it's selling land on both sides of Interstate 90 between Snoqualmie Pass and Ellensburg in Kittitas County to The Nature Conservancy as part of a $134 million deal.


 


Move along, nothing to see at this downtown Seattle high-rise site


Even though construction fencing is up and equipment is onsite at a downtown Seattle high-rise development site, only preliminary work is occurring, the owner's representative said Monday.


 


Real estate network sues Zillow, claims the company stole trade secrets


An online network for real estate agents is suing Zillow, claiming the fast-growing Seattle company stole trade secrets and used them for Zillow's "Coming Soon" feature.


 


Big Selig office project to bring change to Ballard's busiest intersection


Seattle office development company Martin Selig Real Estate is on a roll, and it's not just downtown that could see the effects. Ballard is in line for two big Selig projects, too.


 


Pyatt Broadmark Reveals Lending Fund


PALO ALTO, CA—GlobeSt.com has exclusively learned that Pyatt Broadmark has presented a new investment opportunity in connection with the Pacific Northwest Lending Fund.


 


Selig continues empire expansion


If anyone is bullish about the continued expansion of the Puget Sound region's economy, it's Martin Selig.


 


 


LOS ANGELES—EVP for acquisitions calls her favorite lawyer: “We’re buying Three Rivers Shopping Center, so get going on due diligence.”

 


A group of Wall Street investors on Tuesday suffered a blow in their attempts to sue the federal government over its treatment of the shareholders of mortgage finance giants Fannie Mae FNMA -13.53% and Freddie Mac FMCC -10.30% after the financial crisis

 


U.S. office rents and occupancies inched higher in the third quarter, as a gradual improvement in the overall economy is translating into a sluggish recovery in the office sector.

 


Maurice "Hank" Greenberg, the 89-year-old former chairman of American International Group, wants nothing more his constitutional rights.

 


Hilton Worldwide Holdings Inc. HLT -0.73% is selling its flagship hotel, the historic Waldorf Astoria in Manhattan, for $1.95 billion, illustrating the heated competition—particularly among foreigners—for famous luxury properties that only a few years ago struggled to fill their rooms.

 


For more than three decades at the helm of Forest City Ratner Cos., developer Bruce Ratner has played a big role in the transformation of Brooklyn, Times Square and Harlem.

 


Los Angeles residents call the urban runoff that flows through their concrete storm drain the Los Angeles River. But the euphemism hasn’t fooled property owners.

 


Highgate Hotels LP has sold a minority stake to private-equity firm Trilantic Capital Partners LP, setting the stage for further expansion by the hotel-management company.

 


San Francisco’s ability to nurture homegrown technology companies and lure larger ones from Silicon Valley has been a modern-day gold rush for the city’s property owners—and a blueprint for other municipalities.

 


After more than a year of uncertainty, a third tower at the World Trade Center site appears poised to rise thanks to an unlikely catalyst: a turnaround in the market for municipal bonds

 


HOUSTON—When APF Properties was seeking a partner to acquire an office building in this city’s ritzy West Loop/Galleria area, it was turned down by 60 investor groups that considered the deal too risky. As a result, APF ended up buying the building solo.

 


SAN FRANCISCO—Asian investors are on track to spend more on US multifamily assets in 2014 than at any other point in history, according to the latest research from CBRE.

 


IRVINE, CA—There’s no doubt that foreign investors continue to be interested in US real estate, both residential and commercial, but what specifically makes them want to buy a particular asset in a particular market?

 


Values for trophy office buildings in large U.S. cities led by New York, San Francisco and Houston have risen sharply in the past few years, due in large part to demand for office space from the technology and energy industries.

 


A well-known father-son investment team has joined forces with a former Blackstone Group managing director to raise a new real-estate debt fund.

 


One of the largest U.S. real-estate empires was battered Wednesday by its disclosure of an accounting mistake and subsequent coverup that forced the resignations of two top executives, slashed its flagship company’s stock-market value by 19% and sparked a regulatory probe.

 


 


NASSAU, the Bahamas—Thousands of Chinese construction employees are working from dawn until dusk on this sun-drenched Caribbean island in a race to finish China's largest overseas commercial real-estate project.

 


The Haitian government is seeking partners for a seemingly daunting task: building a world-class resort destination in one of the world's poorest countries.

 


With lending still tight in the Caribbean, several island nations are embracing an unorthodox method of financing resort and villa projects: selling citizenship.

 


In August, construction started on an office building in London about a block from the iconic Gherkin skyscraper. When finished, the structure dubbed Creechurch Place will have 17 floors and 271,000 square feet of space—and thus far not one confirmed tenant.

 


Wells Fargo & Co., the largest U.S. commercial-property lender, is pushing deeper into Europe amid worries about the strength of the U.K. market and as eurozone countries slide toward recession.

 


Every major U.S. hotel brand is trying to think like a millennial to win the younger traveler’s business.

 


Jaguar Growth Partners, a new private-equity firm established by former executives of Sam Zell’s Equity International, has raised its first financial commitment for its real-estate program.

 


Sales of office buildings in Germany this year are on track to hit their highest level since 2007, but concerns are increasing that the country’s slowing economy will put a damper on deals.

 

MultiFamily

 


The pace of rent growth for U.S. apartments is accelerating despite an uptick in construction of new dwellings, as the economy steadily improves and vacancies remain stubbornly low.

 


CHICAGO—As reported yesterday in GlobeSt.com, many experts at last week’s National Investment Center’s national conference were concerned that the coming demand for new seniors housing could eventually cause a glut in supply.

 


New York's Metropolitan Transportation Authority recently agreed to transfer 3.28 acres of land that holds two parking lots at a Westchester County train station to apartment developer AvalonBay Communities Inc.

 


A united Seattle City Council on Monday approved new rules related to micro-housing that real estate developers say will significantly increase the cost of building the popular apartments.

 


LOS ANGELES—Multifamily properties are selling at full prices in most markets with opportunities difficult to find, according to Ethan Penner, a commercial real estate expert known for founding CBRE’s capital partners and the former president of Kennedy Wilson

 


Freddie Mac (OTCQB: FMCC) Multifamily announces a new initiative to purchase and securitize small multifamily loans of $1-$5 million and with at least five apartment units

 


U.S. home building rebounded in September on the strength of apartment construction, a category that provides less of an economic boost than single-family homes.

 


WASHINGTON, DC—Housing starts made a nice jump in September, fueled in large part by multifamily activity.

 


LOS ANGELES—The only cause of concern in the multifamily market is the possibility that NOI growth may flatten, according to Grace Huebscher, the president of multifamily finance at Capital One. In this exclusive video interview, she went on to say that she is very bullish on the market, explaining:

 


Los Angeles—Asian investors are poised to spend more on U.S. multifamily assets in 2014 than at any other time in history, according to a recent report by CBRE. So far—January through August—investors

 


LOS ANGELES—“You have to stick to your core values when investing.” That is the consensus from investment panelists at a recent RealShare Apartments conference here in Los Angeles.

 

DISTRESSED

 


Atlantic City, N.J.’s Revel Casino will be sold to private-equity firm Brookfield Capital Partners LP for $110 million, a U.S. judge decided, rejecting Florida real-estate developer Glenn Straub ’s arguments he didn’t get a chance to top the bid.

 


WASHINGTON— Timothy Geithner, one of the highest-ranking government officials during the financial crisis, testified in federal court Tuesday that he thought a failure of American International Group Inc. AIG -1.02% would have had catastrophic consequences.

 


IRVINE, CA—A total of 15%, or 8.1 million, of US residential properties with a mortgage is seriously underwater as of the third quarter of the year, representing $1.4 trillion in negative equity,

 


CHICAGO—Earlier this year, Sperry Van Ness launched a Chicago-based franchise, called AuctionWorks, which hosts multi-property auctions online, and in November it will hold its largest auction to date, with more than 90 listings.

 

 



 



Real-estate investment trusts posted their worst quarterly performance in a year and lagged behind the broader stock market in the third quarter as investors bet interest rates would rise over the next year.

 


Several potential buyers have expressed interest in acquiring New York REIT Inc., NYRT +1.21% a $1.75 billi

 


IRVINE, Calif., Oct. 21, 2014 (GLOBE NEWSWIRE) -- American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced today that the REIT has entered into an agreement to acquire Independence Medical Office Building Portfolio, comprised of five buildings totaling

 


THIRUVANANTHAPURAM: The proposed light metro projects would be the first ones in the state to pay back their investment through REITs (Real Estate Investment Trusts). The crisis-ridden state government will raise funds to meet the running cost of the light metro projects through property development by adopting REIT model. The projects are estimated to cost approximately `6,728 crore when completed in 2021.

 


KUCHING: Real Estate Investment Trusts (REITs) in Malaysia continue to offer good exposure of a more defensive play in the current volatile market.

 


CINCINNATI, Oct. 27, 2014 /PRNewswire/ -- Phillips Edison-ARC Grocery Center REIT II, Inc. (the "Company") today announced the acquisition of three grocery-anchored shopping centers, Hilander Village, Milan Plaza and Point Loomis. These acquisitions expand the Company's portfolio to include properties in Illinois, Michigan and Wisconsin.

 


South African property funds have recognised a tremendous need to educate investors about how they function as investments, SA Commercial Prop News has learnt

 


Investors are backing away from a corner of the property market that had been a money magnet.

 


 


Bank lending finally looks to be hitting its stride.

Solid loan growth has been the missing ingredient in U.S. bank results since the end of the financial crisis. That has made earnings even more vulnerable to downturns in other business lines, such as trading and advising on mergers and acquisitions.

 


SACRAMENTO—As it pulls the plug on hedge funds, the country’s biggest public pension is giving its property portfolio a $7 billion jolt.

 


LOS ANGELES—With the Affordable Care Act well under way and the consolidation of many healthcare organizations, healthcare real estate is experiencing a small revolution.

 


DENVER—Since Centerline Capital Group SVP Suzanne Cope entered the industry, the number of women involved in real estate has significantly grown, as has their overall level of responsibility.

 


GLENDALE, CA—Women are more involved in the service aspects of commercial real estate and asset and property management, but they’re still not the deal decision-makers, Andrea S. Glickman, area vice chairman and managing…

 


Fannie Mae , Freddie Mac and mortgage lenders are nearing an agreement that could lower barriers and restrictions on borrowers with weak credit, a move that would expand access to home loans amid the sluggish housing recovery.

 


WASHINGTON—A push to tighten mortgage-lending standards in the wake of the housing bust has given way to making credit more accessible as Washington frets about the strength of the housing recovery.

 


LAKELAND, FL—What is the internet’s true impact on retail sales? What is the internet’s other impact on the sector?

 


ORANGE COUNTY, CA—With Millennials taking their places as professionals in the commercial real estate industry, one wonders how they are working together with older, more experienced professionals.

 


ORANGE COUNTY, CA—Seasoned commercial real estate professionals and Millennials, while seemingly disparate groups, can learn a lot from each other.

 


MIAMI— General Growth Properties Inc. and Ashkenazy Acquisition Corp. are paying $280 million for a 20% stake in the company that owns much of this city’s Design District, betting on the emerging luxury-retail neighborhood as some 50 brands prepare to open new stores.

 


ORANGE COUNTY, CA—As Millennials enter the field and Baby Boomers exit, there has been a natural shift in methods of operations in the commercial real estate industry. In Part 1 of a two-part story,

 

RE Blogs Education

 


WALNUT CREEEK, CA—Many public companies have substantial sums invested in commercial real estate that it owns and uses in their business.

 


SAN DIEGO—Racecar driver and color commentator Derek Daly knows a lot about speed, and the Formula One racer shared with ICSC attendees his tips for speed in his keynote…..

 


CHICAGO—When Ben Bernanke spoke at last week’s NIC National Conference on seniors housing, he illustrated one of the reasons the housing market has not yet fulfilled its post-recession potential.

 


Did you know that California is the only state in the country in which mechanics liens are a constitutional right? Tis true.

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