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Join
CRE-influencers in Los Angeles on June 24-25 where we kickstart the event with
a cocktail reception, followed by informative panels and networking
opportunities. Want to promote your company’s vision?
FIABCI (International Real Estate Federation)
Tour Tacoma Event
Date: June 18th
Time:
Noon to 3 pm
Address:
1754 Pacific Avenue, Room 320 Tacoma, WA http://www.tacoma.uw.edu/events-conference-services/tacoma-room-gwp-320
Agenda
12:00
- 12:30 – Networking
12:30
- 1:00 - Ellen Walkowiak, the City of Tacoma Development- Virtual Tour of
Tacoma
1:00
- 1:30 - Allen Safer - Commercial appraiser, Integra Realty Resources
1:30
- 2:15 pm – Walking Tour of development sites in the Brewery District Tacoma
2:15
– 3:00 pm - Social Sponsored by Integra
Realty Resources
Local
Seattle
real estate company Urban Visions applied for the city's permission to build a
seven-story office building on what is now a surface parking lot abutting
Occidental Square.
Archon
Group and Goldman Sachs have sold a large Renton apartment complex called
Copper Ridge for just over $36.5 million, or 21 percent more than what the
property traded hands for in 2012.
Triton
Towers, a nearly 400,000-square-foot office campus in Renton, sold Tuesday for
just shy of $60 million, according to public records.
In
one of the most anticipated commercial real estate decisions in years, the
University of Washington Board of Regents on Thursday is scheduled to approve a
development deal for the Rainier Square site, a prime property in downtown
Seattle.
What
was once a 25-story residential/hotel project in the Denny Triangle area of
downtown Seattle is now a 42-story project.
After
people walk through True North, a new apartment building in Seattle, there's a
good chance they'll come out humming "The Happy Wanderer."
James
B. “Jim” Potter, a Seattle real-estate developer known for his creativity, died
Tuesday in the presence of family and close friends after a short battle with
cancer. He was 58.
The
Rainier Square materials that the University of Washington distributed Thursday
morning had project renderings marked "concept design." Several hours
later the developer said that is what the redevelopment project will look like.
Strong
sales of BMW’s new electric cars have resulted in early arrival of $200 million
of new investment for expansion of carbon fiber production in Moses Lake
Kemper
Freeman Jr. said his company's equity partner on the 2 million-square-foot
expansion of the Bellevue Collection complex will have a minority stake in the
project.
Tavern
Hall, a big, family-friendly beer hall and restaurant planned for Bellevue
Square, is an unusual partnership between two hot Seattle duos.
A
Boeing spokeswoman said Tuesday that the company has leased eight Eastside
office buildings.
Seattle's
strong job growth coupled with high wages is fueling the area's burgeoning
commercial real estate market.
Commercial
real estate sources say that Talon Private Capital and Prudential Realty Group
are buying a 20-story office building in the Denny Triangle area of downtown
Seattle.
Drivers
along Bellevue Way Northeast in downtown Bellevue this week got a taste of what
is to come as utility work occurred to prep the area around Bellevue Square and
Lincoln Square for a major expansion.
NEW YORK CITY—Muted
supply and strong occupancy levels have created highs of historic proportions
in the hotel sector. Which begs the question: when will the good times come to
an end?
Banks made it easier
for businesses to get loans in the first quarter, fueling increased purchases
of products and equipment as well as more merger activity, the Federal Reserve
said Monday.
Goldman Sachs Group
Inc. GS +0.17% has raised $2.4 billion for its second real-estate debt fund at
a time when several private-equity funds and real-estate investment trusts have
entered the property-lending business.
NORFOLK, Va.—With
J.C. Penney Co. JCP +3.90% and Sears Holdings Corp. SHLD +1.89% racing to close
stores, America's weakest malls are being pushed to the brink.
LAS VEGAS—The Genting
Group has revealed plans for a multi-phased opening of the highly anticipated
Resorts World Las Vegas that will feature 3,500 gaming positions, 3,000 rooms
and dozens of food and beverage outlets.
TULSA, OK—“Many
investors are leaving or further diversifying their stock and bond portfolios,
and putting their money to work in single-tenant, net lease investments.”
SAN
FRANCISCO—Fast-growing technology companies like Salesforce.com Inc., CRM
+0.88% Dropbox Inc. and LinkedIn Corp. LNKD -1.40% are renting big chunks of
office space in towers before they are built, a payoff for developers who bet
on this city's boom.
IRVINE, CA—Retail
investors are keeping a watchful eye on the grocery-store category, and
historically low interest rates are dictating pricing for investment
opportunities. GlobeSt.com spoke with president Edward Hanley and managing
director Bill Asher of locally based Hanley Investment Group to discuss how
these two topics are impacting the retail sector as a whole and where the smart
investments are.
The retail mall
sector has sure had its woes over the past few years with the assault of the
Internet, which is dramatically changing consumer buying patterns.
CHICAGO—Cap rates for
single tenant net leased banks have sunk to their lowest level in years,
according to a study recently released by the Boulder Group, a commercial real
estate services firm located in suburban Chicago.
NEW YORK CITY—Two
central banks, two different directions in monetary policy. That was the study
in contrasts observed by Ken McCarthy, Cushman & Wakefield’s senior
managing director for economic analysis & forecasting,
LOS ANGELES—Retail
developers often come to us with their hopes and dreams for creating the next
best real estate development project. Many developers are artists hoping to
create something that improves the communities and/or cities in which they are
built.
MIAMI—How do
sale-leasebacks really unlock value for a corporate real estate owner? And what
are the challenges involved in brokering these deals?
Blackstone Group BX
+0.45% LP has agreed to sell five Boston-area high-rise office towers to a
venture led by Canadian real-estate investor Oxford Properties Group for about
$2.1 billion, according to people familiar with the deal.
Bank of New York BK
+0.17% Mellon Corp. agreed Wednesday to sell its Art Deco headquarters tower on
Wall Street for $585 million to a venture led by developer Harry Macklowe,
becoming the latest financial firm to pare back its Manhattan real estate.
DETROIT—A White
House-initiated task force surveying decay in this troubled city recommends
spending $850 million to fix or tear down 80,000 run-down structures and clean
garbage-strewn vacant lots in the city's neighborhoods.
Brookfield Property
Partners BPY -0.15% LP, one of the world's largest real-estate investors, is
setting the stage for a rapid expansion in the industrial-property sector.
Hotel investor John
Pritzker is preparing one of his largest, most-expensive projects to date: a
$200 million Miami Beach resort converted from an apartment complex.
San Francisco's
office market has grown white hot as homegrown startups such as Twitter Inc.,
TWTR +4.26% Airbnb Inc. and Dropbox Inc. have matured to become technology
giants with big space needs.
One of the biggest
complaints of office tenants is that building owners throughout the world use
different systems for measuring how many square feet or square meters tenants
are leasing, deviating as much as 24% from one another.
HONG
KONG—Hong Kong's once-sizzling property market has turned so frosty that
developers have resorted to discounts and other incentives to lure buyers to
new apartment complexes.
HONG
KONG—Artists, galleries and fashion stores flocking to empty industrial
buildings in search of both bargains and character have helped turn a former
hardscrabble port district into Hong Kong's version of New York's Meatpacking
District.
LONDON—European
commercial real estate investment slowed in the first three months of 2014
following five consecutive quarters of growth as investors struggled to deploy
capital in their preferred markets of the European Union’s biggest economies,
analysis by research firm Real Capital Analytics (RCA) shows
China's
central bank asked the nation's major lenders to give priority in mortgage
lending to first-time home buyers, as concerns grow over the sluggish property
market.
A big
owner of low-income housing in the Netherlands that lost billions of euros
betting on risky financial derivatives is selling one of the largest-ever
portfolios of apartments in the country
SunCal
Cos., a developer best known for its involvement with Lehman Brothers Holding
Inc. before the financial crisis, has purchased a pair of prime real-estate
parcels that had been owned by Lehman and General Motors. GM -0.68%
Late
last year, Jorge Perez, the chief executive of the Related Group in Florida and
long known as Miami's "condo king," launched sales at his first-ever
condo project in Brazil, a cluster of five towers in São Paulo known as Parque
Global.
With
sales growth in China slowing for the likes of fancy handbags and designer
wear, luxury-goods makers are importing a solution from other continents:
discount malls.
TORONTO—Sears
Canada Inc. on Wednesday said its board intends to cooperate with Sears Holding
Corp. as the US-based holding company explores its options for the Canadian
retailer.
RIO
DE JANEIRO—Not too long ago, Tarcísio Monteiro was so obsessed with World Cup
soccer he bought a plastic World Cup trophy for his room in a cramped Rio de
Janeiro slum.
Facing
the tough task of finding tenants amid an economic slowdown, the state-owned
developer of Shanghai Tower, soon to be China's tallest building, has chosen
JLL and CBRE Group Inc. CBG -0.20% to be its joint leasing agents.
NINGBO,
China—China's property slump is deepening despite growing government efforts to
give home sales a lift, adding to concerns over the health of the world's No. 2
economy.
MultiFamily
Archon
Group and Goldman Sachs have sold a large Renton apartment complex called
Copper Ridge for just over $36.5 million, or 21 percent more than what the
property traded hands for in 2012.
CLEVELAND—During
its heyday, the East Ohio Gas building was home to some of the most
well-respected companies in the state, from the utility company that bears its
name to national accounting firm Deloitte & Touche LLP.
After
people walk through True North, a new apartment building in Seattle, there's a
good chance they'll come out humming "The Happy Wanderer."
Last
week, I was in Toronto for a couple of days and marveled at how many cranes are
delivering condominium product to the market.
NEW
ORLEANS—“It’s good to be a borrower today; it’s tougher to be a lender,”
Freddie Mac’s Michael Lipson said at the Mortgage Bankers Association’s
Commercial/Multifamily Servicing and Technology Conference, held here.
IRVINE,
CA—The design trends of newly developed and renovated West Coast multifamily
properties actually began on the East Coast, Samuel Simone, senior managing
director of locally based national developer Mill Creek Residential, tells
GlobeSt.com.
LOS
ANGELES—Changing demographics are finally making it possible to finance senior
housing projects. The US senior population is booming. By 2030, there will be
approximately 72.1 million people over the age of 65, according to the
Administration on Aging.
Equity
Residential, one of the largest owners of apartment buildings in the country,
has acquired a taste for Seattle's Capitol Hill.
DISTRESSED
Winthrop
Realty Trust FUR -0.28% has long been a small but active player in the world of
high-risk commercial-property investing, which includes buying distressed debt
of struggling properties and taking them over on the cheap.
The
creditors who control the massive Stuyvesant Town and Peter Cooper Village in
Manhattan are taking an early step toward a much-anticipated sale of the
11,200-apartment property.
Ever
since the downturn hit, many borrowers and lenders in the commercial
real-estate industry have been kept up late at night by an approaching tsunami
of loan maturities.
Blackstone Group BX -0.49% LP is rolling the
dice on Las Vegas.
The world's largest private-equity firm on
Thursday agreed to pay $1.7 billion in cash to Deutsche Bank AG DBK.XE -0.31%
for the Cosmopolitan
Four
Bidders Are Finalists for Griffin-American Healthcare REIT II
Four bidders have emerged as
finalists to buy a health-care real-estate investment trust in a deal that
could value the company at nearly $3.7 billion, according to people involved in
the negotiations.
More
REITs Eyeing Self-Storage Market
IRVINE, CA—While mom-and-pop
owners dominate the self-storage market, an increasing number of REITs are
beginning to invest in it.
W.P.
Carey Spends $35M on Net Leases
DETROIT—The revival of the US
auto industry has begun attracting national interest in many of the companies
and properties that service it.
Phillips
Edison REIT Adds 17 Centers
CINCINNATI—The Phillips
Edison-ARC Shopping Center REIT Inc. was one of the fastest acquirers of
shopping centers in 2013, and during the first quarter of this year, it has
continued at roughly the same pace, snapping up 17 centers across the US for a
total of $285.7 million, company officials say.
Sabra
REIT Q1 Results Exceed Expectations
IRVINE, CA—“We had an amazing quarter, with 26%
revenue growth and 23% FFO growth—we’re ahead of schedule.” So says Rick
Matros, CEO of Sabra Healthcare REIT, who tells GlobeSt.com that the firm’s Q1
results “exceeded our expectations.
CHICAGO—Although general economic conditions and
failure to qualify as a REIT remain the risk factors most likely to keep
investment trusts' leadership up at night, the executives have also been paying
more attention to risks stemming from operating expenses and costs of capital
improvements.
NEW YORK CITY—For the leading owners in the
retail sector, 2014 has been upbeat thus far. The five mall REITs rated by
Barclays Capital—Simon Property Group, GGP, Pennsylvania Real Estate Investment
Trust, Macerich Co. and CBL & Associates
FULLERTON, CA—Variety, choice and excitement
were the impetus behind Morningside of Fullerton’s dining-area renovations, on
which GlobeSt.com reported last week. But it’s not just about Morningside,
Justin Wilson III, manager of Morningside and a partner with Spieker Senior
Development Partners, tells GlobeSt.com.
NEW YORK CITY—“Five years into the recovery
from the recession, the economy will need to look to gains in consumer spending
and business investment more than housing,” says S&P Down Jones’ Blitzer.
WASHINGTON, DC—With office-using employment
in particular expected to post bigger quarterly gains, “healthy growth is
expected to continue for the rest of 2014,” writes Cassidy Turley’s chief
economist.
TUSTIN, CA—As the retail sector continues to
redefine itself post-recession and among the growing presence of e-commerce,
various categories within the sector are undergoing radical changes.
Bob Silverman, a JLL specialist in supply
chain & logistics, will moderate a panel on change - now and in the future
- at NAIOP's I.con - The Industrial Conference in Jersey City on June 5-6.
CHICAGO—Cap rates for single tenant net
leased banks have sunk to their lowest level in years, according to a study
recently released by the Boulder Group, a commercial real estate services firm
located in suburban Chicago
IRVINE, CA—Tapping self-directed IRAs and
appealing to friends and family are two ways that smaller all-cash buyers
making residential purchases, Daren Blomquist, VP of RealtyTrac, tells
GlobeSt.com.
U.S. housing officials, fresh off
billion-dollar settlements with bank giants, are zeroing in on smaller lenders.
RE Blogs Education
1031 Exchanges have been an integral part of
real estate’s recovery. Now the government is proposing to eliminate all 1031
Exchange activity.
MIAMI—Jason Baker, principal at Baker Katz,
has worked with the likes of Sprint, Best Buy OfficeMax, Party City, Gold’s
Gym, and many others over his retail leasing practice.
Videos
LAS VEGAS-Much has been written in this space
about the shifting technological needs of the American office and how that is
changing the look of the environment.
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