Alex Girda
Alex is a senior editor with Multi-Housing News and Commercial Property Executive who has more than a decade of experience in the industry. Mainly focused on data-driven exploits, he works with Yardi Matrix and CommercialEdge to provide insights into the real estate market.
Aging Population Sparks Senior Housing Company’s California Expansion
With the vast majority of the baby-boomer generation inching closer to the retirement age, American cities are finding that focusing on senior housing is a necessity. This also means that senior housing companies have a great opportunity at growth, one that Sunrise Senior Living is acting on. The company is ready to unveil its latest community in Burlingame, in the San Francisco metropolitan area.
Pebblebrook Goes Fishing, Lands the Tuscan
Pebblebrook Hotel Trust, an entity that owns a number of hospitality facilities in the Bay Area, recently continued the expansion of its portfolio. Tuscan Fisherman’s Wharf was acquired for $122 million and will join six other San Francisco-area venues, part of Pebblebrook’s expansive West Coast hotel portfolio.
Cornerstone, Presidio Team Up in Chula Vista
The Chula Vista submarket is set to expand its housing inventory as around 44 acres of land were recently acquired by a venture between Presidio Residential Capital and Cornerstone Communities. The land is part of the Otay Ranch Village 2, a master-planned community in San Diego County.
TruAmerica’s Western Campaign Hits Las Vegas
Currently finding itself in the midst of an expansion campaign throughout improving markets in the Western U.S., TruAmerica Multifamily just completed an acquisition in the Las Vegas market. This is the L.A.-based value-add multifamily investment firm’s inaugural purchase in the state of Nevada. The company also marked its debut in the Portland and Salt Lake City markets during recent weeks.
Reboot Lands Buyer, New Tenants for San Jose Office Park
A testament to Silicon Valley’s white hot office market at the current moment is a recently completed deal for THE Campus office park in San Jose. The asset was acquired by MCP Trimble Campus LLC, an entity controlled by MetLife Real Estate Advisors.
Northrop Grumman-Leased Office Campus Trades Hands
The Spectrum Corporate Center in San Diego was recently acquired by Drawbridge Realty in a deal worth around $61 million. The asset was acquired from Real Estate Capital Partners and IVG Institutional Funds in a deal brokered by Cushman & Wakefield representatives Michael Roberts and Brunson Howard.
Totem Lake Mall in Kirkland to Undergo $200M Renovation, Expansion
The Totem Lake Mall in Kirkland was recently acquired by a joint venture consisting of CenterCal and PCCP LLC. The Village at Totem Lake LLC purchased the property from Developers Diversified Realty and Coventry Real Estate Advisors for a total of $35.5 million. The new owners are looking to extensively refurbish the asset and expand the amount of space available at Totem Lake. The shopping center will be transformed into a more modern location with new components and new anchor tenants.
TMG, Alexandria JV on Brannan Street Office Development
With the area’s office market continuing to be viewed as one of the strongest in the country, developers are clamoring to secure as many opportunities as possible. A case in point being this week’s announcement that TMG Partners and Alexandria Real Estate Equities have formed a joint venture for the acquisition of an office development site located in the proximity of the Moscone Center, the largest convention and exhibition complex in the city.
COMM22 Debuts Affordable Communities Victoria, Paseo in San Diego
The San Diego affordable housing market is further expanding, as BRIDGE Housing recently held a grand opening ceremony for two communities at its COMM22 affordable community. The ribbons were cut for the Paseo and the Victoria on May 8 during an event held at 2325 Commercial Street, just days after BRIDGE Housing.
Infinity Acquires Grandview and Sunwood Communities, Rebrands Them Viridian and Topaz
Infinity Realty Advisors recently announced that it has acquired the Grandview and Sunwood apartments in Las Vegas, in what is the largest deal of its kind completed in Las Vegas this year. The new owner is a joint venture created between Asia Pacific Company and Jiangxi Hengmao Real Estate Development Co. According to Infinity’s CEO, Eddy Chao, the purchase will provide opportunity for a value-add cash-flow investment. Chao also noted that the new owner “received very favorable financing from Freddie Mac for a 10-year fixed rate.”