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Calendar
of Events
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
It's
official: Construction starts on condo tower on Seattle's First Hill
A
joint venture of Lowe Enterprises and Swedish pension fund adviser Alecta on
Monday said they have begun construction of Luma, a 24-story condominium tower
at 1321 Seneca St., on Seattle's First Hill.
Trouble
for big office property in Issaquah
A
loan on a large office property in Issaquah has been sent to a special
servicer, meaning the property owner could face foreclosure, according to a
report by Trepp, a company that tracks the commercial real estate and banking
industries
Microsoft Corp.
co-founder Paul Allen didn’t set out to be a real-estate tycoon, but he became
one after turning a grim stretch of Seattle that fell into his lap into a
thriving neighborhood that houses Amazon.com Inc. ’s headquarters.
Maybe there's
something unlucky about a corner near Pike Place Market where where the Russell
Investments Center rises 42 stories at Second Avenue and Union Street.
The private real
estate development community will get a crack at developing a property where
the city of Federal Way has been trying for years to create a downtown
Ivanhoe Cambridge,
the real estate arm of a Canadian pension fund adviser, is buying two office
properties in downtown Seattle, according to a report in the trade publication
Real Estate Alert.
Seattle real estate
development company Urban Visions on Wednesday unveiled plans to turn a
seven-acre industrial property at the terminus of Interstate 90 into a
1-million-square-foot office and retail campus called Stadium East
This week a Unico
vice president said that the Seattle real estate company is "actively
evaluating" more investment opportunities in Pioneer Square. He apparently
wasn't kidding.
Washington State
Convention Center officials on Monday said that a team made up of LMN
Architects, GGN and SHoP is the "apparent successful submitter" in
the competition to design a major expansion of the center in downtown Seattle.
Initially 14 groups
expressed interest in building housing and commercial space on top of and
around Seattle's nearly completed Capitol Hill light-rail station. Now there
are four that have submitted proposals.
Wright Runstad &
Co. plans to take out the construction permits next year for the first two
office buildings in the big Spring District project in Bellevue, company
President Greg Johnson said.
Canadian real estate
company Ivanhoé Cambridge is flexing its investment muscle again in the United
States with a $280-million (US) deal for office space in Seattle, one of
America’s strongest urban economies.
BELLEVUE, WA—Housing
enthusiasm among real estate business leaders overall is still strong, but has
definitely cooled down during the last two years, says a locally based source.
Private-equity firms
are amassing a growing pile of money from investors looking to bet on rising
commercial-property prices around the world.
Microhotels are hot
in Manhattan, and operators hope they will play in the rest of America, too.
For the past 100
years, virtually all buildings over a few stories tall have been constructed
out of concrete and steel. But some architects and builders are promoting an
alternative they are positioning as environmentally friendlier: good
old-fashioned wood.
Slowly but surely,
U.S. office construction is on the rise.
For much of the six
years since the economy tumbled in 2008, office developers haven’t been very
busy. Save for the occasional city with a booming industry – led by Houston and
Silicon Valley— new office construction has been sparse.
As Facebook Inc.
moves this week to show off its Frank Gehry-designed offices in Midtown South,
it is intent on becoming a force in the city’s tech scene.
The planned site of
Astoria Cove, the first major development project to be shaped from early
stages by Mayor Bill de Blasio , sits on a peninsula jutting into the East
River, just out of reach of Gracie Mansion.
National home-builder
Lennar Corp. has joined with mall-owner Macerich Corp. on plans to develop a
luxury-outlet mall as the anchor of a redevelopment of San Francisco’s
Candlestick Point.
Blackstone Group LP
has reached a deal to sell a midtown Manhattan office tower for about $2.25
billion to a venture led by Canadian property investor Ivanhoé Cambridge,
according to people familiar with the terms of the sale.
David Simon is
looking to expand his mall empire by buying shares of competitor Macerich Co.
in what investors are betting is the first step in a takeover bid.
A blue-chip roster of
real-estate investors, financial firms, and even a Grammy-winning rap artist
are among the groups angling to buy New York’s famed Plaza Hotel
IRVINE, CA—For the
past decade the question about regional malls falling to the wayside has been a
great concern for owners and retailers.
SOUTHERN NEVADA—After
five years of no speculative development, the Southern Nevada region now has
more than 4.6 million square feet of planned industrial buildings, according to
Colliers International.
SHANGHAI—Chinese
conglomerate Fosun International Ltd. is looking to expand its real-estate
holdings abroad, even as foreign competitors bridle at the high prices Chinese
buyers have been paying for commercial property, homes and other assets.
Italian
real estate company Sorgente Group has postponed a planned IPO until next year.
Brazilian
self-storage operator GuardeAqui and Chicago-based investment firm Equity
International have added Ranger Co-Investment Fund III as an investment
partner. The fund acquired a stake in the companies’ joint venture established
in February with Morgan Stanley Alternative Investment Partners (AIP). The
investment will help GuardeAqui grow its operating portfolio, company officials
said in a press release.
MultiFamily
During
the Great Recession, the multifamily sector was the silver lining of the very
large, dark cloud that was looming over the commercial real estate industry.
“We’re
not in a boom market,” says Nick Ryan, CEO of The Marquette Companies, a
Naperville, Ill.–based real estate firm with a portfolio of 11,000 apartment
units. “We’re in a strong, healthy market that’s going to last for a long
period of time.”
Unsurprisingly,
the West/Mountain/Pacific region received the highest ratings from respondents.
It had an average rating of 7.87 with 11.5 percent of respondents ranking it
10, 22.2 percent ranking it ninth and 22.6 percent ranking it eighth.
Nearly
six out of 10 respondents anticipate that national apartment occupancies will
increase over the next 12 months. Roughly 22 percent say they’ll decrease, and
20 percent expect no change.
COSTA
MESA, CA—M.V. Partners has completed Azulón at Mesa Verde, a 215-unit
age-qualified market-rate apartment community.
SAN
FRANCISCO—Partners Oyster Development Corp. and Tricon Capital have secured a
$143.5 million construction loan for the development of 1634-1690 Pine Street,
which will be named Rockwell. National Real Estate Advisors provided the
financing, with arrangements made by JLL.
LOS
ANGELES—Capital One Multifamily Finance reviews poll results from 200 experts
at the RealShare Apartments conference last month on what sort of financing
would be most important to their business and whether they would be buyers or
sellers in 2015
WASHINGTON,
DC—Multifamily is the only asset class where underwriting probably will not get
any looser. But all other asset classes will see stretching standards and
greater risk-taking.
NEW
YORK CITY—In a discussion covering the office, retail and multifamily sectors,
a group of industry executives pointed up recent trends that have changed the
market along with others that are on the horizon.
ATLANTA—Multi
Housing Advisors' Tyler Averitt tells GlobeSt.com's Jennifer LeClaire demand
for apartments in Atlanta is at an all-time high.
DISTRESSED
A loan on a large office property in Issaquah has
been sent to a special servicer, meaning the property owner could face foreclosure,
according to a report by Trepp, a company that tracks the commercial real
estate and banking industries
The nationwide mortgage delinquency rate in October
fell to its lowest level in seven years, according to Black Knight Financial
Services' "First Look" at October 2014 Mortgage Data released on
Friday.
S&P Dow Jones Indices, the publisher
responsible for the S&P 500 index, is elevating real-estate companies to a
new level of distinction in the investment world.FS
Sears Holdings (SHLD) has failed to impress
investors as a growth stock in recent years, so now it's exploring a new
income-producing corporate structure that could yield big dividends if it pans
out. Shares of the parent company of Sears and Kmart soared 30 percent last
week after it announced that it's considering forming a real estate investment
trust -- or REITs
Fund manager Jonathan Litt is launching an
activist campaign to replace the board of Associated Estates Realty Corp. , a
real-estate investment trust based in Ohio that specializes in multifamily
apartment buildings.
Caesars Entertainment Corp. has approached
senior creditors about a plan to convert the casino company’s largest unit into
a real-estate investment trust as it works to restructure $18.4 billion in
debt, according to a regulatory filing.
Office-building landlord Paramount Group Inc.
raised $2.29 billion in its initial public offering Tuesday, becoming the
largest-ever IPO by a U.S. real-estate investment trust and helping breathe
life into an anemic year for new property stocks
The last week saw a series of strategic moves
by gambling companies in order to gain a competitive advantage over their
peers.
Microhotels are hot
in Manhattan, and operators hope they will play in the rest of America, too
MIAMI—For the past
year, Swire Properties Inc. has touched the imagination of Floridians with talk
of building America’s first “Climate Ribbon,” an environmental management
system that uses nature to cool the outdoor air.
In the past year, the
real-estate sector has seen a host of big commercial landlords like Hilton
Worldwide Holdings Inc., Paramount Group Inc. and Store Capital Corp. turn to
initial public offerings to raise money.
ATLANTA—Gary Saykaly
is reading to make his mark on Franklin Street. The former Cushman &
Wakefield retail investment sales executive hit the ground running when he
joined the firm as senior director in October. Now, he’s looking into 2015.
RE Blogs Education
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