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Calendar
of Events
RealShare WESTCHESTER
COUNTY
is back at the Crowne Plaza White
Plains-Downtown on the morning of April 24.
And, we have been working with our expert Advisory Board to create an
agenda that discusses the trends and deals that matter to you
Local
Ground
broken for 136 Belltown apartments
The
Schuster Group said it's broken ground on its 12-story, 136-unit Walton Lofts
apartment building at the southwest corner of Western Avenue and Vine Street in
Seattle's Belltown neighborhood.
Georgia
company agrees to buy Simpson Tacoma Kraft paper mill
Georgia-based
packaging manufacturer RockTenn has agreed to buy the business and assets of
Simpson Tacoma Kraft Company LLC for $343 million.
Talon
Private Capital working on massive Kirkland Parkplace project
Seattle-based
Talon Private Capital is Prudential’s new partner on Parkplace, the mega
mixed-use project planned for seven years for downtown Kirkland.
Schnitzer
ready to roll the dice on $606 million gamble
Real
estate developer Schnitzer West plans to start construction of two office
projects in Seattle late this summer or early fall and another in Bellevue by
the end of 2014, company officials said.
Cerberus
Agrees to Buy Safeway for $9 Billion
Cerberus
Capital Management LP agreed to buy Safeway Inc. SWY -2.66% in a deal the
companies valued at more than $9 billion that would be the private-equity
firm's latest acquisition of a big U.S. grocery chain.
Phoenix
company buys Broderick Building in downtown Seattle
An
Arizona company said Thursday that it has bought two early 20th-century office
buildings in downtown Seattle.
Bellevue’s
office market is the tightest in the country
Nowhere
in the country is it harder than in downtown Bellevue to find Class A office
space.
Canadian
developer to build 1,945 residential units in South Lake Union
The
Onni Group of Vancouver, B.C. has updated its plans for a massive residential
development in Seattle’s South Lake Union area.
Development
site near Pike Place Market sells for $16 million
Continental
Properties on Thursday bought a high-rise development site at Second Avenue and
Virginia Street in downtown Seattle for $16 million.
Bothell
apartments sell for $91.5M
The
372-unit Bailey Farm Apartment complex in Bothell has been sold for $91.5
million.
Seattle
real estate developer goes all in on First Hill
A
local real estate company, Spectrum Development Solutions, hopes to capitalize
on once-in-a-lifetime changes coming to Seattle’s First Hill by building a trio
of apartment buildings
In
December, Seattle-based Urban Visions announced plans to develop one of the West Coast’s tallest
buildings in downtown Seattle.
During the initial
construction of the nation's interstate highway system six decades ago,
Providence, R.I., bulldozed properties and divided neighborhoods to make way
for a route through its downtown.
The energy boom in
western North Dakota has resulted in a housing shortage. But that hasn't meant
every investor in housing has prospered
Mardi Gras revelers
in New Orleans have another reason to celebrate: The conversion of a
long-shuttered office building into apartments for low-income senior citizens
is almost complete and soon will start accepting residents, marking a milestone
in the city's efforts to transform one of its poorest neighborhoods.
Coldwell Banker
Commercial has identified the top markets for commercial real estate, ranking
more than 80 markets on the performance of their office, retail, and
multi-family sectors.
The majority owner of
Manhattan's storied Plaza Hotel is entertaining offers for the property,
according to people familiar with the matter, as the Indian company that
controls the hotel tries to dig itself out of a financial hole.
Commercial landlord
Vornado Realty Trust VNO -0.41% is weighing a merger of its suburban shopping
centers with a West Coast company, according to three people familiar with the
situation.
World Trade Center
developer Silverstein Properties Inc. is getting a prime piece of China real
estate, but it doesn't come cheap.
A Fort Lauderdale
hotel once popular with spring-break revelers recently was demolished to make
way for an 18-story beachfront luxury condominium tower.
Some real-estate
firms are capitalizing on the difficulties legal marijuana entrepreneurs face
when trying to find space by specializing in the buying and leasing of
properties where the drug can be produced.
Orient-Express Hotels
Ltd. OEH -1.16% is trying to reshape its image by leaving the name of the
38-year old company back at the station.
DENVER—When this city
takes the wraps off its redeveloped mass-transit hub in May, the project will
bring hundreds of thousands of passengers downtown by connecting multiple rail
and bus lines there.
Former Los Angeles
Dodgers owner Frank H. McCourt Jr. is in the early innings of his first
real-estate investment in Texas, formally agreeing last week to co-develop a
big, mixed-use project in downtown Austin.
ISTANBUL—Political
and financial turmoil in Turkey is threatening to snap a critical pillar of the
government's economic policy: real-estate development.
Construction
workers perched 440 feet above the Bosporus in the East-meets-West megalopolis
of Istanbul are building one of Europe's most expensive hotel rooms, a
4,596-square-foot penthouse that will rent for €20,000 a night ($27,500) and
crown the new 28-story Raffles Istanbul when it opens in July.
Facing
declining rental income as a result of upheaval in Turkey's financial markets,
shopping-center owner Corio Türkiye recently expanded a loyalty-card program so
that it can track customer behavior and tailor promotions accordingly.
Investors
are venturing to Spain, Italy and even Greece in search of bargains on
commercial property, reasoning that the lure of higher returns trumps the risk
that Southern Europe will remain mired in sluggish growth.
Distressed
NEW YORK CITY—As was expected, CWCapital Asset
Management’s massive selloff of non-performing assets has had a positive effect
on the CMBS delinquency rate
MultiFamily
Mardi Gras revelers
in New Orleans have another reason to celebrate: The conversion of a
long-shuttered office building into apartments for low-income senior citizens
is almost complete and soon will start accepting residents, marking a milestone
in the city's efforts to transform one of its poorest neighborhoods.
The share of new
homes being built as rental apartments is at the highest level in at least four
decades, as an improving jobs picture spurs younger Americans to form their own
households but tighter lending standards make it more difficult to buy.
SAN JOSE,
CA—GlobeSt.com has exclusively learned that Alterra San Jose, a 144-unit
multi-housing community here in San Jose, CA, has changed hands.
SEATTLE-Locally based
a HUD housing executive Renee Greenman was recently named managing director of
South Bend, IN-based Centennial Mortgage Inc. In her new position, she will
manage the underwriting and processing of loans for multifamily and senior
housing and healthcare facilities under various programs insured by HUD and the
USDA
MIAMI—How has the
influx of foreign capital into Florida multifamily changed? What does it take
to get deals done today? Have mindsets of buyers and sellers changed?
LOS ANGELES—The
Roberts Co. has acquired the Esquire apartment complex in Koreatown for $22.7
million from Watermarke Properties in an off-market transaction.
LOS ANGELES—In this
exclusive Q&A, GlobeSt.com sat down with TruAmerica president and CEO Bob
Hart to find out his perspective of the multifamily market in the upcoming
year, the latest happenings with TruAmerica
REIT
Capital Raising Slows in February
CHARLOTTESVILLE, VA—US equity
REITs raised a total of $8.87 billion in capital year-to-date as of March 7,
compared to $9.17 billion raised during the same period in 2013,
Getting
the REIT Tax Treatment May Get Harder
A plan to overhaul the U.S.
tax code being floated by Republicans in Congress is rattling the real-estate
world because it would limit the type of companies that qualify to become
real-estate investment trusts.
Data
Center Demand: Will REITs Take Notice?
CHICAGO—The world of high
technology changes fast. And many corporations that built their own high-tech
data centers have found the needed equipment getting smaller, shrinking their
footprint and leaving excess capacity.
REITs:
The Long-Term Picture
MIAMI—So how long exactly will
the REIT run last? What are the challenges for REITs? And what lies ahead?
Inland
REIT Becomes Self-Managed
OAK BROOK, IL—Inland American
Real Estate Trust, Inc. and its business manager Inland American Business
Manager & Advisor, Inc. have just agreed to terminate their management
agreement
Self-Storage
Sector Transforming
CHICAGO—REITs and private
buyers have been buying self-storage properties at a fast clip for several
years, and it’s easy to see why.
Why
New REITs May Be Rising
MIAMI— Every time he thinks
it’s hard to imagine earnings multiples increasing based on fundamentals, some
structural shift happens to drive those multiples ever higher.
Is
it Time to Reduce REIT Holdings?
MIAMI—When it comes to REIT
holdings, there are plenty of opinions. Terrell Gates, founder and president of
Virtus Real Estate Capital, has a few of his own.
MF
Demand Emerges From Shadow
WASHINGTON, DC—NAREIT reported
US REIT returns are continuing to outpace the S&P 500 after delivering a
stellar performance in February
SAN DIEGO—Land, self-storage and multifamily
are three asset classes poised for growth, said panelists at REISA’s Spring
Symposium here earlier this week.
CHARLOTTESVILLE, VA—There is no shortage of
news of REITs spinning of, or considering spinning off, their retail operations
in recent weeks and months.
LOS ANGELES—Industry leaders have
different methods of determining the sectors garnering the most attention for
investors.
IRVINE, CA—In the age of
healthcare reform, experts are noticing a growing trend of physicians buying
their own medical-office buildings. Dennis Ghan, senior real estate attorney
with Palmieri Tyler, tells GlobeSt.com that he has represented several doctors
and doctor groups of late in their effort to acquire office properties to build
their own medical offices
LOS ANGELES—The UCLA Ziman Center
for Real Estate and UCLA’s Institute for the Environment and Sustainability
co-hosted the UCLA Green Building Symposium recently, where experts discussed the
latest trends in green building.
MIAMI—Five years ago, it seemed
the commercial real estate sky literally was falling. Today, confidence is U.S.
commercial real estate is rising.
MIAMI—Office trends are more than
subjective. Industry watchers are making keen observations. Among them, Alan
Kleber, managing principal at Cresa South Florida.
NEW YORK CITY-Across the country,
the hospitality industry is expected to continue the trend of the last few
years and have strong revenue growth in 2014.
LOS ANGELES—“In our world, we
have strong demand. Our retail portfolio is 100% leased, our properties have
double digit growth, and the banking world is a wonderful world to be in to
borrow money.
LOS ANGELES-Gone are the days
when developers of mixed use, retail, multifamily and some hospitality followed
the phrase “if you build it, they will come.” Today’s tenants need more.
TUSTIN, CA—Ground-up development
of neighborhood retail centers is making a comeback, according to Matt Hammond,
director of retail brokerage for Coreland Cos.
ORANGE COUNTY, CA—GlobeSt.com
exclusively chatted with three executives at Voit Real Estate Services throughout
the Orange County-based firm’s western region on a recurring description that
has emerged across most markets... “Slow and steady.”
IRVINE, CA—The energy-efficiency
upgrades required by 2013 Title 24 standards of the California Building Code
are a big step toward zero net energy for both residential and commercial
buildings by 2020 and 2030, respectively,
RE Blogs Education
OAKLAND, CA—The strategy of holding title to
investment real estate in single purpose entities as a liability shield often
passes for conventional wisdom.
In the midst of tax season, strategies to
minimize tax burdens seem to be a priority. Combining partnerships and 1031s
are a hot topic and navigating the intricacies involved can be complex.
