National
Moghadam Ready to Take ProLogis Reins
SAN FRANCISCO-Walt Rakowich steps down on Monday, all in keeping with the succession plan mapped out at the time of the ProLogis, AMB merger.
Friday, December 28, 2012
Five Mile Closes on Prime Group Buy
National
Five Mile Closes on Prime Group Buy
NEW YORK CITY-The previously announced merger has closed, with Five Mile taking the remainder of Prime’s B preferred shares.
Thursday, December 27, 2012
Young Broker Learns How to Work His Leads
National
Young Broker Learns How to Work His Leads
NEW YORK CITY-Marcus & Millichap broker Jason M. Byrne says you need to err on the side of aggressiveness . . . and think in terms of what your clients need, not what’s in it for you.
Report: Affordable Sees 'Critical' Shortage
NEW YORK CITY-“There is no room at the inn,” says CohnReznick’s Copeman, citing an imbalance between supply and demand of affordable rental apartments in most markets across the country.
Wednesday, December 26, 2012
Has CMBS Mended Its Ways?
National
Has CMBS Mended Its Ways?
NEW YORK CITY--The sector is on its way back, but there are questions about the wisdom of regulatory oversight.
Friday, December 21, 2012
Ares Co-Originates $50M First Mortgage Loan
California
Ares Co-Originates $50M First Mortgage Loan
SACRAMENTO-The proceeds were used to finance the acquisition of a multifamily property here by a Northern California-based private investment group.
400,000-SF Galleria Tower Goes to KBS
HOUSTON-The California investor snags 1800 West Loop South, which hit the market in September for $68 million.
Foreclosure Stock Falls, Apt. Vacancy to Rise Slightly
IRVINE, CA-The national foreclosure inventory drops 9% year-to-date, while the multifamily vacancy rate is expected to increase "modestly" in 2013, according to industry research.
Decline In Availability of US Industrial Space To Continue
LOS ANGELES-Modest economic growth and increased global trade through the US will help sustain demand improvements for warehouse and distribution space, CBRE Group Inc. tells GlobeSt.com.
UCLA Forecast Shows Growth, Housing Leads Way
LOS ANGELES-For California, UCLA Anderson Forecast senior economist Jerry Nickelsburg, says Proposition 30 creates some risk, but the State's outlook still shows a growth rate that exceeds the nation's rate.
Spear Street Capital Plans to Expand Santa Clara Office Campus
SANTA CLARA, CA-John Grassi, president of San Francisco-based Spear Street Capital, has big plans for a three-building office campus in Santa Clara.
Multi-State Portfolio Moves for $600M
National
Multi-State Portfolio Moves for $600M
SAN DIEGO-Locally based Westcore Properties a fund managed by DRA Advisors LLC buy the 11.1-million-square-foot portfolio of industrial in California and the Midwest.
San Francisco Tops Zillow's Ranking of "Seller's Markets"
SAN FRANCISCO-Potential home sellers in many Western metro areas, including the Bay Area, Las Vegas and Phoenix, are well-positioned to take advantage of locally strong demand, says Zillow.
OPINION-What's on Your Commercial Real Estate Wishlist for 2013?
NEW YORK CITY-Brokers, traders and industry professionals alike are making their lists, checking them twice – and maybe three times – and starting to look towards 2013.
Industry Calls for Real Fiscal Reform
NEW YORK CITY-Elected officials are coming to a meeting of minds on the Cliff. But it’s not enough.
Champion To Triple Acquisition Volume
LOS ANGELES-The firm adds Alex Saunders to serve as a partner of Champion-Saunders Multi-Family Investments, a multifamily platform that will target value-add through the Western US.
MacFarlane Buys Mid-Market Site for New Apartment Building
California
MacFarlane Buys Mid-Market Site for New Apartment Building
SAN FRANCISCO-MacFarlane Partners, based in San Francisco, has grabbed the last remaining development site in Mid-Market with plans to construct a 12-story residential building there.
Polidev Buys Office Building in Jackson Square for $25M
SAN FRANCISCO-Turkish investment company Polidev has bought 747 Front St. in San Francisco's Jackson Square neighborhood for $25 million.
Oceanside Residential and Retail Building Under New Ownership
OCEANSIDE, CA-James and Linda Ritch have picked up a mixed-use building in Oceanside.
Westcore Pays $600M for Joe Benvenuti's Industrial Properties
SACRAMENTO-A San Diego-based investment company has purchased almost all of the industrial properties of the late Joe Benvenuti.
San Francisco Tops Zillow's Ranking of "Seller's Markets"
California
San Francisco Tops Zillow's Ranking of "Seller's Markets"
SAN FRANCISCO-Potential home sellers in many Western metro areas, including the Bay Area, Las Vegas and Phoenix, are well-positioned to take advantage of locally strong demand, says Zillow.
Kennedy Wilson JV Bags Ritz-Carlton Assets
LOS ANGELES- KW acquires a 50% ownership interest in two Lake Tahoe properties in this week's wrap-up of West Coast deals.
Thursday, December 20, 2012
Another Monster NorCal Deal for Kilroy
California
Another Monster NorCal Deal for Kilroy
SUNNYVALE, CA-And the deals keep coming from Kilroy Realty…this time, the L.A. company buys JP DiNapoli Cos. acreage for the new LinkedIn's Sunnyvale campus. It will invest $315-million in the process.
National
ICE Acquires NYSE Euronext in $8.2B Deal
NEW YORK CITY-The iconic New York Stock Exchange in Lower Manhattan will serve as one of two headquarters for the combined company; NYSE Euronext's Niederauer will serve as president.
Metrovation Gets Loan on Oakland Mixed-Use
California
Metrovation Gets Loan on Oakland Mixed-Use
SAN FRANCISCO-Proceeds are used to both refinance a maturing bank loan and to provide the funds for portion of costs associated with converting two spaces to meet tenant needs, GlobeSt.com has learned.
Hines Picks Up Irvine Corporate Center
SANTA ANA, CA-Sunamerica Life Insurance Co. sells the office building within the Irvine Business Complex, and Hines plans extensive improvements.
Apts. Developed for Gen Y Renters
GLENDALE, CA-AMF Development LLC tops out on Elevé Lofts & Skydeck, a mixed-use complex here geared toward the young urban demographic.
National
$665M Gateway Pacific Terminal Gains Support
SEATTLE-The terminal will create 4,400 jobs at full capacity during the construction phase, and 1,250 permanent jobs and $140 million a year in economic benefits from operations.
Wednesday, December 19, 2012
AllCells Inks 30,000-SF Lease
California
AllCells Inks 30,000-SF Lease
ALAMEDA, CA-Blood-related human tissue provider, AllCells LLC has leased a 30,000-square-foot space at 1301 Harbor Bay Parkway for its headquarters relocation.
Salesforce Fully Leases New San Francisco Tower
SAN FRANCISCO-Salesforce has signed a lease to occupy the entire 400,000-square-foot office tower to be developed at 50 Mission Street in San Francisco by Kilroy Realty Corp early next year.
Tahoe Ritz-Carlton Gets New Owners
TRUCKEE, CA-Kennedy Wilson and partners have become the new owners of the Ritz-Carlton Lake Tahoe and Ritz-Carlton Residences Lake Tahoe.
Computer Giant Signs Huge Office Tower Lease
California
Computer Giant Signs Huge Office Tower Lease
SAN FRANCISCO-Salesforce.com will take up 100% of Kilroy Realty's 445,00-square-foot building now under construction at 350 Mission St. Legal counsel tells GlobeSt.com the deal was "extremely complicated."
Urban JV Debuts 92-Unit Apts.
ANAHEIM, CA-GlobeSt.com learns exclusively that the recently acquired Vivere Apartments here is open for preview leasing.
Strong Second Half Awaits Industrial Sector
LOS ANGELES-GlobeSt.com learns exclusively that strong absorption and large warehouses mean the industrial sector has a bright future, according to a recent Jones Lang LaSalle West Coast industrial brokerage meeting.
San Fran Bay Storage Market Sees Increased Demand
SAN FRANCISCO-Following a recent self-storage facility purchase in the area, William Warren Group president and CEO, Bill Hobin, tells GlobeSt.com that the self-storage market is on the up and up.
10000 Ming Ave. Trade Brings $37M
BAKERSFIELD, CA-According to CBRE, this sale is considered to be one of the largest office sales ever in the Bakersfield area.
National
Is That a Fiscal Cliff Resolution Ahead?
WASHINGTON, DC-Even if it is, the commercial real estate industry is rushing to close deals in 2012, Larry Selevan, CEO of Chesterfield Faring Ltd. tells GlobeSt.com.
Tuesday, December 18, 2012
Kilroy Ditches Industrial Portfolio for $355M
California
Kilroy Ditches Industrial Portfolio for $355M
LOS ANGELES-Institutional buyers purchased the portfolio and two small office projects, which total approximately 3.7 million square feet.
Apartment Operator Refinances Southern California Properties
California
Apartment Operator Refinances Southern California Properties
SAN DIEGO-Universe Holdings Development Co. has secured more than $56 million in refinancing for nine multifamily properties in Southern California.
Woodland Rite Aid and Sacramento Walgreens Change Hands
SACRAMENTO-A Northern California family trust has paid over $16 million to acquire a Rite Aid store in Woodland and a Walgreens store in Sacramento in 1031 exchange transactions.
Ellis Partners Acquires Roseville Office Properties
ROSEVILLE, CA-Hines U.S. Core Office Fund has sold a nine-office building portfolio located along Douglas Boulevard in Roseville to Ellis Partners for an undisclosed price.
Kilroy Closes Sale of Industrial and Office Properties
LOS ANGELES-Kilroy Realty Corp., a real estate investment trust based in Los Angeles, has sold its two small office projects and entire industrial portfolio for a total price of $355 million.
National
San Jose Retail Trophy Asset Goes to NY Buyer
SAN JOSE-The property, located at 635 W. Capitol Expressway, is said to have set a new national sales record for the big-box retailer-occupied property with an aggressively low closing cap rate of 4.68%.
$15M San Francisco Site Changes Hands
California
$15M San Francisco Site Changes Hands
SAN FRANCISCO-The buyer, the City and County of San Francisco, will use the site for its Public Utilities Commission, which is responsible for the city's waste water and sewer system.
BH Returns to Aggressive Buying Mode
LOS ANGELES-GlobeSt.com exclusively learns that the 15-year-old firm is bullish on acquisitions and plans to buy even more in 2013.
Redesign Demonstrates "Open" Office Trend
IRVINE, CA-H. Hendy Associates' redesign of Network Capital's office space here reflects 'transparent leadership' and a 'culture of trust and open communication among employees.'
Monday, December 17, 2012
Cassidy Turley: If Cliff Occurs, Central Jersey Gets Hurt More
National
Cassidy Turley: If Cliff Occurs, Central Jersey Gets Hurt More
NORTHERN NJ-In northern New Jersey, going over the "fiscal cliff" would mean this: A halting progress toward recovery would be stifled. In central New Jersey, it would mean this: A mild recession would ensue.
ARC Properties, ARCT III Will Join in $3B Merger
National
ARC Properties, ARCT III Will Join in $3B Merger
NEW YORK CITY-The acquisition of American Realty Capital Trust III will "change dramatically our size, our scale and, most importantly, our growth potential," ARCP CEO Schorsch said in a conference call Monday.
California
Ground Lease Sells to California Buyer
ALLEN, TX-An acre containing a 4,000-square-foot Wells Fargo bank building is sold.
Durning Replaces Twardock at PMCC
National
Durning Replaces Twardock at PMCC
NEWARK-Dave Twardock has set his retirement plan in place. PMCC does the same with succession planning as David Durning takes the reins.
Aragon Buys Multi-State $100M Apartment Portfolio
BEVERLY HILLS, CA-Aragon Holdings expands into two new markets with the acquisition of three properties in Atlanta and Denver, and deploys approximately half of the $52 million it raised in its recently-closed private equity fund.
California
Aragon Buys Multi-State $100M Apartment Portfolio
BEVERLY HILLS, CA-Aragon Holdings expands into two new markets with the acquisition of three properties in Atlanta and Denver, and deploys approximately half of the $52 million it raised in its recently-closed private equity fund.
Allen Matkins Gathers 700 Industry Pros
California
Allen Matkins Gathers 700 Industry Pros
LOS ANGELES-The party is billed as the annual networking event of the season as commercial real estate executives from all facets of the industry attend.
SVN Launches Management Franchise
IRVINE, CA-Sperry Van Ness Property Management Services offers strategic local market advice, sales and leasing, tenant retention and other valuable services.
Office Sale, Lease on Wilshire
LOS ANGELES-GlobeSt.com learns exclusively that Charles Dunn Co. has completed a $15.5-million office sale in addition to a 19,042-square-foot lease on Wilshire Blvd.
Champion Partners, Plans To Triple Acquisition Volume
LOS ANGELES-The firm adds Alex Saunders to serve as a partner of Champion-Saunders Multi-Family Investments, a multifamily platform that will target value-add through the Western US.
Friday, December 14, 2012
Davidson Communities Buys Residential Lots in Carlsbad
California
Davidson Communities Buys Residential Lots in Carlsbad
CARLSBAD, CA-Developer Davidson Communities has bought 63 residential lots in the La Costa Town Square project in Carlsbad for roughly $14.1 million.
Voit Closes Sale of Westwood Apartments in Carmichael
SACRAMENTO-Voit Real Estate Services' Sacramento-area office has closed the sale of a multifamily property in Carmichael.
Thursday, December 13, 2012
Post-Sandy, Owners Look at Remote Monitoring
National
Post-Sandy, Owners Look at Remote Monitoring
NEW YORK CITY-The superstorm has been "a wake-up call" for owners and managers, says Peel of Datawatch Systems, who adds that he doesn't see demand abating for remote monitoring systems.
2nd Annual O.C. Spire Awards Gets Expert Judge Panel
California
2nd Annual O.C. Spire Awards Gets Expert Judge Panel
ORANGE COUNTY, CA-Orange County has served as a tremendous source of innovation in the field, according to CREW-OC, which will be honoring CRE achievements from local men and women this February.
San Fran Office Trade Equals $159M
SAN FRANCISCO-While brokers close to the deal remain mum, GlobeSt.com learns that the 353,269-square-foot 475 Sansome St. went for around $450 per square foot.
Kirkland & Ellis Leases at 3330 Hillview Avenue
PALO ALTO, CA-Kirkland & Ellis LLP has signed a lease to take up a two-story building measuring approximately 30,000 square feet at 3330 Hillview Avenue in the Stanford Research Park.
Clorox Building's Office Space for Lease
OAKLAND, CA-Westcore Properties LLC has put 1221 Broadway, also known as the Clorox Building, on the market for lease.
National
The Race to Get Panamax Ready
SEATTLE-Much of the West Coast is ready, but East Coast ports still need to do some work to get ready for the Panama Canal expansion, says Colliers' "Knowledge Leader."
Walker & Dunlop Eyes Greater Affordable Housing Finance Footprint
BETHESDA, MD-Year to date, the company has provided $81 million in affordable housing finance nationwide. VP Dustin Swartz says W&D would like to increase its presence in this area next year.
DTZ Rallies Forces for Americas Strategy
LOS ANGELES-Now officially established as a US-based provider, the firm is ready to roll out its push to increase its global footprint, with Canada, the US and Latin America in its sites.
Expect Overwhelmingly More Deal Volume in 2013
National
Expect Overwhelmingly More Deal Volume in 2013
LOS ANGELES-Attendees are still buzzing about RealShare Apartments 2012, where industry experts see next year's investment appetite to top an already phenomenal 2012.
California
Prologis Board Approves J-REIT Sponsorship
SAN FRANCISCO-The Japanese real estate investment trust will serve as a long-term investment vehicle for modern logistics facilities developed by Prologis in Japan.
Foreclosure-Related Sales Rise 21% in Q3
IRVINE, CA-The number of US properties sold that were in some stage of foreclosure or bank-owned REO rose from the previous quarter along with short sales, RealtyTrac reports.
Wednesday, December 12, 2012
Lincoln Pays $49M for San Diego High Rise
California
Lincoln Pays $49M for San Diego High Rise
SAN DIEGO-The purchase of 600 B St. in Downtown San Diego is the firm's first local acquisition since establishing a San Diego office in May 2012 primarily to expand its position in the local market.
21-Story 475 Sansome St. Changes Hands
SAN FRANCISCO-Multi-Employer Property Trust and Bentall Kennedy are the new owners of the 90% leased office property here.
KBS Continues Buying Spree, Acquires West Loop I & II
HOUSTON-Days after closing on 1800 W. Loop South, the California REIT nabs the two-building, 314,000-SF office complex.
O.C. Tenant Activity = Accelerated Employment Growth
ORANGE COUNTY, CA-A Jones Lang LaSalle expert tells GlobeSt.com that the sectors of healthcare providers, health insurance companies and medical device businesses will lead the pack.
Office and Industrial Recovery Expands
LOS ANGELES-More parts of Los Angeles and Orange counties and the Inland Empire are experiencing growth and recovery in these sectors, according to a USC Casden report.
Gunn Returns to Direct Urban Partners
LOS ANGELES-GlobeSt.com learns exclusively that the real estate veteran will be responsible for planning and developing complex mixed-use, public/private and transit-oriented developments in urban locations throughout California.
Tuesday, December 11, 2012
Hendrickson Joins Studley as Exec. Managing Director
California
Hendrickson Joins Studley as Exec. Managing Director
LOS ANGELES-The former platform leader for CBRE's global corporate services business will lead Studley's strategic portfolio solutions group in L.A.
National
The Secret Upside of REITs
WASHINGTON, DC-NAREIT figures show REITs, while underperforming in November are outperforming the market. No that doesn't necessarily mean they are overvalued, Calvin Schnure tells GlobeSt.com's Erika Morphy.
Simon Property To Transform 2.3M-SF Fashion Center
California
Simon Property To Transform 2.3M-SF Fashion Center
TORRANCE, CA-The redevelopment, which will begin in the Spring, will add Nordstrom to the tenant mix, and will start by replacing the existing food court, and renovating the interior of a portion of the north mall.
National
Gramercy JV Closes on $485M Portfolio Buy
NEW YORK CITY-Gramercy Capital Corp. and partner Garrison Investment Group closed on the purchase of a 5.6-million-square-foot portfolio. The seller is an affiliate of KBS.
Rare 51-Acre Truck Terminal Changes Hands
California
Rare 51-Acre Truck Terminal Changes Hands
BLOOMINGTON, CA-Pacific Industrial plans to entitle the site for a 700,000-square-foot, class A, cross-dock facility to accommodate potential future development.
Accelerate Sales, Consider 1031 Exchanges Before 2013
LOS ANGELES-Closing deals and setting up 1031 deferred exchanges are smart moves to avoid paying inevitable increased capital-gains taxes, says one commercial real estate attorney.
National
Select Income Grabs Sterling Office for $86M in Cash
STERLING, VA-Select Income REIT acquired the asset from Prudential Real Estate Investors.
Monday, December 10, 2012
Courtyard San Diego Sells for $85M
California
Courtyard San Diego Sells for $85M
SAN DIEGO-Carey Watermark Investors bought the 317-room hotel property for about $85M.
Centerline Provides $55M Loan for Multifamily Recap
California
Centerline Provides $55M Loan for Multifamily Recap
OAKLAND, CA-Berkshire purchased the partially completed property in September of 2009 and invested approximately $48.7 million to complete the upgrades.
CRE Distress Is Heading in the Right Direction
National
CRE Distress Is Heading in the Right Direction
WASHINGTON, DC-Delinquency rates in commercial real estate continue to drop. You'd almost never guess that at one point distress real estate had breached $200 billion.
Whatever Happened to CRE Distress?
National
Whatever Happened to CRE Distress?
WASHINGTON, DC-Delinquency rates in commercial real estate continue to drop. You'd almost never guess that at one point distress real estate had breached $200 billion.
Friday, December 7, 2012
US Economy Adds 146,000 Jobs in November
National
US Economy Adds 146,000 Jobs in November
WASHINGTON, DC-What Superstorm Sandy didn't do-depress hiring-the fiscal cliff is doing.
Sunnyvale City Center Secures Two New Tenants
California
Sunnyvale City Center Secures Two New Tenants
SUNNYVALE, CA-AppSense Inc. and Scottsdale, Arizona-based GoDaddy have signed office leases at Sunnyvale City Center, a Class A office development at 100 Mathilda Ave. in Sunnyvale.
Broadway Lexington Pockets Columbia Center Tower for $135M
SAN DIEGO-A New York City investment group has acquired Columbia Center, a 27-story Class A office tower in downtown San Diego.
Product Distributor BlueLinx Takes 120,000 SF
STOCKTON, CA-The final decision for moving to 1005 Humphries Dr. was made on the basis of this site's 'prime location and rail service, the availability of enterprise zone incentives and the economics of the transaction.'
Housing, Multifamily On Steady Growth Track
National
Housing, Multifamily On Steady Growth Track
WASHINGTON, DC-All is well in housing, relatively speaking. The Multifamily Production Index remains steady and the number of housing markets considered "improving" has reached 201.
California
Union Station Master Plan Process Goes Public
LOS ANGELES-Metro holds a public meeting to discuss the planning process and receive stakeholder feedback on the plan's broader visions and goals.
Thursday, December 6, 2012
GSA Leasing Down 96%
National
GSA Leasing Down 96%
WASHINGTON, DC-The slowdown, not surprisingly, is due to artificial reasons, not a change in fundamentals, JLL's Joe Brennan tells GlobeSt.com's Erika Morphy.
Ares Co-Originates $50M First Mortgage Loan
California
Ares Co-Originates $50M First Mortgage Loan
SACRAMENTO-The proceeds were used to finance the acquisition of a multifamily property here by a Northern California-based private investment group.
400,000-SF Galleria Tower Goes to KBS
California
400,000-SF Galleria Tower Goes to KBS
HOUSTON-The California investor snags 1800 West Loop South, which hit the market in September, offering good upside potential.
Wednesday, December 5, 2012
Atlantic City Moves Ahead With New Projects
National
Atlantic City Moves Ahead With New Projects
ATLANTIC CITY-With resort complexes little damaged by Sandy, Margaritaville construction starts and an indoor mall is proposed.
Freddie Mac on Track for Banner Year with K-Deals
National
Freddie Mac on Track for Banner Year with K-Deals
McLEAN, VA-The GSE has just released its last K-Certificates for the year of approximately $1.1 billion.
Post-Sandy, Owners Look at Remote Monitoring
National
Post-Sandy, Owners Look at Remote Monitoring
NEW YORK CITY-The superstorm has been "a wake-up call" for owners and managers, says Peel of Datawatch Systems, who adds that he doesn't see demand abating for remote monitoring systems.
California
UCLA Forecast Shows Growth, Housing Leads Way
LOS ANGELES-For California, UCLA Anderson Forecast senior economist Jerry Nickelsburg, says Proposition 30 creates some risk, but the State's outlook still shows a growth rate that exceeds the nation's rate.
Spear Street Capital Plans to Expand Santa Clara Office Campus
SANTA CLARA, CA-John Grassi, president of San Francisco-based Spear Street Capital, has big plans for a three-building office campus in Santa Clara.
Splunk Expands at 250 Brannan Street
SAN FRANCISCO-Splunk has expanded its lease space in the former Gallo Salami factory building at 250 Brannan Street in San Francisco.
Blue Corner Capital Acquires Normal Heights Apartments
SAN DIEGO-Blue Corner Capital has paid $3.65 million for a 20,758-square-foot multifamily property in San Diego.
Michael Harrah Plans to Break Ground on One Broadway Plaza
SANTA ANA, CA-Developer Michael Harrah is planning to start construction on One Broadway Plaza, a 37-story office tower in downtown Santa Ana, by next summer.
Tuesday, December 4, 2012
Talonvest Capital Closes $42M of Perm Loans in November
California
Talonvest Capital Closes $42M of Perm Loans in November
COSTA MESA, CA-Tom Sherlock, a principal at Talonvest, tells GlobeSt.com that commercial real estate lending activity has been consistently increasing.
CBRE Global Investors to Acquire Fairmont Office Tower
California
CBRE Global Investors to Acquire Fairmont Office Tower
SAN JOSE, CA-CBRE Global Investors, a Los Angeles-based investment firm, is in contract to purchase a high-profile office building in downtown San Jose.
SquareTrade Nearly Triples San Francisco HQ Space
SAN FRANCISCO-SquareTrade has nearly tripled its San Francisco headquarters footprint by signing a lease for a 54,000-square-foot space at 360 Third Street.
Sunroad Enterprises Breaks Ground on Ariva Apartments
SAN DIEGO-Sunroad Enterprises has started construction on Ariva, a 253-unit apartment community in San Diego Spectrum Center in Kearny Mesa.
Cove at Bear Valley Apartments Trade Hands
ESCONDIDO, CA-CoStar Group has reported that The Cove at Bear Valley, a 25,000-square-foot apartment community in Escondido, has changed hands for $4.9 million.
Bernards Restores, Rebuilds Iconic Hotel
California
Bernards Restores, Rebuilds Iconic Hotel
SANTA BARBARA, CA-The commercial builder is implementing the $46-million project on El Encanto, a five-star Santa Barbara resort hotel, owned and operated by Orient-Express Hotels Ltd.
Monday, December 3, 2012
CalSTRS, Primestor JV to Pursue Urban Retail Opportunities
California
CalSTRS, Primestor JV to Pursue Urban Retail Opportunities
WEST SACRAMENTO, CA-The joint venture will focus on urban retail properties in underserved communities, with the potential of reaching $250 million in commitments, and will continue to focus on core assets.
National
Blackstone's Gray: Time to Invest in Retail
NEW YORK CITY-It was the basis going in that helped spur the private equity giant to acquire $16 billion of shopping centers globally, Gray said Monday at ICSC New York.
Sulentic Named CBRE CEO
California
Sulentic Named CBRE CEO
LOS ANGELES—It's official. Sulentic has assumed the title of CEO, taking over for Brett White, who retired last month.
Sorrento Valley Industrial Building Trades for $7M
SAN DIEGO-CoStar Group reported that Peckham Family Trust has picked up an industrial building that houses a U.S. Army Reserves armory in Sorrento Valley for about $7 million.
AEW Capital, BCL Pay $34M for Sorrento Mesa Office Building
SORRENTO MESA, CA-Boston-based AEW Capital Management LLC and San Diego-based BCL Inc. have purchased One Pacific Heights, a five-story office property in Sorrento Mesa.
National
Sulentic Named CBRE CEO
LOS ANGELES-It's official. Sulentic has assumed the title of CEO, taking over for Brett White, who retired last month.
We're Waiting on Congress
National
We're Waiting on Congress
NEW YORK CITY-Ric Clark, Jeff Schwartz and Robert Toll all seem to feel that the economy will do great . . . if Congress doesn't muck up the Fiscal Cliff issue.
California
Bernards Moves Ahead on $76M High School
MERCED, CA-The builder is constructing El Capitan High School here, a 220,000-square-foot project that encompasses nine buildings.
Urban Plaza Breaks Ground
SAN DIEGO-The project is the result of a unique public-private partnership between the city, Civic San Diego and Westfield.
$100M Retail Development Gets Jumpstart
HUNTINGTON BEACH, CA-DJM Capital Partners acquires 11 acres for the retail and hotel portion of its planned mixed-use Pacific City development here.
Friday, November 30, 2012
Sternlicht: Worries Aside, CRE is Investors' 'Sweet Spot'
National
Sternlicht: Worries Aside, CRE is Investors' 'Sweet Spot'
NEW YORK CITY-Although the potential for overheated markets makes him uneasy, the Starwood Capital Group CEO told conference attendees there are important differences between 2007 and today.
Blackstone Affiliate Buys Apple REIT Six for $1.2B
National
Blackstone Affiliate Buys Apple REIT Six for $1.2B
RICHMOND, VA-The REIT has entered into an agreement to be acquired by BRE Select Hotels Corp.
San Fran Mayor Invests In Neighborhoods, Small Businesses
California
San Fran Mayor Invests In Neighborhoods, Small Businesses
SAN FRANCISCO-The pilot program will provide small businesses with an Americans with Disabilities Act assessment report, a plan for compliance, and access to new grant funding and loan programs to make upgrades.
HFF Arranges Loan for Two Gaslamp District Properties
SAN DIEGO-Holiday Fenoglio Fowler LP has arranged refinancing for two neighboring properties in the Gaslamp District of San Diego.
National
Better Buildings: Top Management Firms
Welcome to the industry's most detailed ranking of Top Property Management Firms.
Berkeley Center Sells for $20M
California
Berkeley Center Sells for $20M
BERKELEY, CA-Newmark Grubb Knight Frank facilitates the sale and financing of the retail and office center to Hill Street Realty LLC.
Brian McAuliffe Rejoins CBRE
LOS ANGELES-McAuliffe will lead the firm's multi-housing investment-sales practice as senior managing director.
National
Construction Numbers Take a Wrong Turn
NEW YORK CITY-The number of stalled development sites locally has crept upward throughout 2012, says the Building Congress; nationally, CPA firm Marcum sees a wide year-over-year gap between residential and nonresidential construction spending.
Thursday, November 29, 2012
Investors Sold on Net-Lease Retail
National
Investors Sold on Net-Lease Retail
The recipe for this successful sector is strong supply and demand. It doesn't hurt either that good returns in other areas aren't as easy
to come by.
The REIT Decision
W.P. Carey's new status as a public REIT will increase shareholder value as the firm sticks to its knitting across the net lease spectrum
Jobs Numbers Increase, MF Demand Shows Slight Decline
California
Jobs Numbers Increase, MF Demand Shows Slight Decline
DALLAS-AXIOMetrics' KC, Sanjay tells GlobeSt.com that the 171,000 jobs added in October beat the forecasted 145,000; despite multifamily sector softening, the market is 70-80 basis points below the historic average.
Bumb & Associates Subsidiary Buys San Jose Airport Garden Hotel
California
Bumb & Associates Subsidiary Buys San Jose Airport Garden Hotel
SAN JOSE, CA-Bay 101 owners have bought the San Jose Airport Garden Hotel near Casino M8trix for more than $20 million.
Hill Street Realty Snaps Up Berkeley Center for $20M
BERKELEY, CA-Hill Street Realty LLC has recently snapped up Berkeley Center, an office and retail property in downtown Berkeley, from a private family trust for $20 million.
Brennan Group, Gatehouse in $178M Industrial Buy
National
Brennan Group, Gatehouse in $178M Industrial Buy
CHICAGO-Some 19 properties around the country are included in the pack, sold by AIC Ventures. Mike Brennan spoke exclusive with GlobeSt.com's John Salustri about the deal, his second major play with Gatehouse.
California
TRI Commercial/Corfac International Gets New President
SAN FRANCISCO-Tom Martindale becomes TRI's first president since 2002. For the past decade, the company was managed by its board, and executive committee.
Syndication of Investments is on the Rise
NEWPORT BEACH, CA-The acceleration of newly formed LLCs, private REITs and venture funds shows that syndicated real estate investments are increasing, say speakers at a recent Sperry Van Ness broker forum.
Wednesday, November 28, 2012
Raintree Partners Acquires $60M Multifamily Community
California
Raintree Partners Acquires $60M Multifamily Community
VENTURA, CA-The firm was attracted to Archstone's Ventura Colony because of its location—it is within walking distance of high-end retail, a block from the entrance to the 101 Freeway.
Law Firms in Driver's Seat in Renter's Market
LOS ANGELES-With the office sector still sluggish, Los Angeles is being dubbed one of the top markets for law firms in the country.
National
Case-Shiller's Rise Signals Housing Rebound
NEW YORK CITY-The quarterly increase in single-family home prices marked the best showing for this metric since the second quarter of 2010, S&P Dow Jones Indices said Tuesday.
Tuesday, November 27, 2012
Richman Group Closes $186M Fund
National
Richman Group Closes $186M Fund
GREENWICH, CT-The properties acquired through USA Institutional Tax Credit Fund LXXXVIII LP will add nearly 1,700 multifamily and senior housing units to Richman's portfolio.
Store Closings Haven't Stopped
There might not be a lot of store closures being announced right now, but that doesn't mean they're not happening says DJM Realty CEO Mark Dufton (above), whose firm is exhibiting next week during ICSC New York in the Hilton's Americas Hall 1 Booth #362.
Equity, AvalonBay Launch Stock Sales to Fund Archstone Buy
National
Equity, AvalonBay Launch Stock Sales to Fund Archstone Buy
NEW YORK CITY-As part of a deal that Lehman's Owen Thomas calls "a very positive outcome for our creditors," the two REITs will provide a combined $3.8 billion in common stock to the estate of the onetime investment banking giant.
RLJ Lodging Secures $700M Credit Facility
BETHESDA, MD-The unsecured credit facility is expandable to $1.2 billion.
Martin, Roberts Take on New Leadership Roles at JLL
CHICAGO-Peter Roberts becomes chief strategy officer while Lauralee Martin takes on the role of Americas CEO.
California
Conceptus Leases 73,000 SF at Murphy Crossing
MILPITAS, CA-Conceptus Inc., a non-surgical birth control device maker, is moving to Milpitas.
Brown and Jordan Leases Retail Space at South Coast Collection
COSTA MESA, CA-South Coast Collection, a 300,000-square-foot retail center in Costa Mesa, is getting new retail tenants.
India Conglomerate Takes Major Interest in Plaza Hotel
National
India Conglomerate Takes Major Interest in Plaza Hotel
NEW YORK CITY-A 75% stake in the Plaza Hotel has gone from foreign hands to foreign hands as Sahara India Pariwar closes its bid on the iconic asset.
Two Caveats to NAR's Growth Forecast
National
Two Caveats to NAR's Growth Forecast
WASHINGTON, DC-The recovery continues, albeit slowly, but the fiscal cliff and Dodd-Frank could throw it off track, NAR economist Jed Smith tells GlobeSt.com's Erika Morphy.
Busi Takes the Reins at C&W's Valuation Unit
NEW YORK CITY-The 31-year Cushman & Wakefield veteran has overseen valuations for more than two decades: first in New York, then the company's Americas practice and, as of Jan. 1, the global platform.
California
JLL Gets Mihalka as New SVP in L.A. Office
LOS ANGELES-Nicole Mihalka will specialize in advising tenants, landlords and investors in the creative office and entertainment sectors in Hollywood and throughout Los Angeles County.
California Bullish on Housing Despite Deficit, Obstacles
LOS ANGELES-Although recession ravaged the state, speakers at a recent Milken Institute Summit say its real estate industry is growing again, particularly in the housing sector.
Monday, November 26, 2012
Shopping Center Auctions Move Past Distress
National
Shopping Center Auctions Move Past Distress
Retail real estate auctions are becoming more common with well-performing assets and not just distressed centers.
Equity, Avalon Bay in $16B Archstone Deal
NEW YORK CITY-Equity is buying 60% of Archstone's assets and liabilities from locally based Lehman Brothers Holdings, while AvalonBay is adding the remaining 40% to its apartment portfolio.
Industrial Asset Fetches $16M for Prism JV
California
Industrial Asset Fetches $16M for Prism JV
CITY OF INDUSTRY, CA-The 216,048-square-foot rehabilitated and renovated building here is sold to an ethnic food wholesaler and distributor.
$52M Loan Goes Towards Mixed-Income Build
SAN JOSE, CA-US Bank and St. Anton Partners finance the construction of a new mixed-income multifamily community at the corner of Raleigh Road and Charlotte Drive here in San Jose.
Guggenheim, Pillar Launch Affordable Platform
National
Guggenheim, Pillar Launch Affordable Platform
NEW YORK CITY-The group will oversee financing of affordable multifamily properties through Fannie Mae, FHA and Guggenheim's proprietary life company capital.
Biderman: Life Appetite for 2013 Retail Starts Now
WASHINGTON, DC-Walker & Dunlop is securing some amazing pricing for grocery-anchored retail. Sandor Biderman tells GlobeSt.com's Erika Morphy why.
California
USC Takes Home NAIOP's Challenge This Year
LOS ANGELES-USC team's winning presentation, which beat out UCLA, focused on development of Olympic Commons, a community-oriented and interactive town center, as its solution to the 2012 challenge.
Avison Young Opens Orange County Office
IRVINE, CA-The firm establishes its 20th market outside of Canada as part of its continuing growth and expansion strategy.
Wednesday, November 21, 2012
TJPA Approves Final $190M Sales Agreement
California
TJPA Approves Final $190M Sales Agreement
SAN FRANCISCO-Construction of the 61-story Tower, which will contain 1.4 million square feet of office space and serve as a beacon for the City's Transit hub in the heart of downtown San Francisco.
National
Design Service Demand Has "Turned the Corner"
WASHINGTON, DC-With three straight monthly increases in the ABI, chief economist Kermit Baker is betting that demand for design services is on an upswing.
Sunstone Benefits from Solid Hotel Demand Trends
California
Sunstone Benefits from Solid Hotel Demand Trends
ALISO VIEJO, CA-The company's Q3 numbers showed a 130-basis-point increase in its comparable hotel EBITDA margin and a 15% increase in its adjusted FFO per diluted share.
Santa Teresa Village Shopping Center Fetches $32M
SAN JOSE-Retail Opportunity Investments Corp. based in Maryland has paid $31.6 million to buy Santa Teresa Village Shopping Center, a 124,792-square-foot retail center in San Jose.
Pro Unlimited to Shift Operations to Iron Point Business Park
FOLSOM, CA-Pro Unlimited is shifting its operations to Folsom from Rancho Cordova.
More New Leases at McClellan Business Park
MCCLELLAN, CA-McClellan Business Park has inked four more leases for a total area of 54,000 square feet.
Subscribe to:
Posts (Atom)