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.
Market Snapshot: San Diego–City of Contradictions
San Diego is a city of ups and downs and quite a number of contradictions that keep investors guessing in some areas.
Office Properties throughout the Los Angeles Market Trade Hands
Over the past couple of weeks, the Los Angeles area office market has seen a large number of transactions, with properties totaling nearly 300,000 square feet of space in the Pasadena, Conejo Valley and Burbank submarkets trading hands.
ACCO Relocates Division to San Mateo; 650 California Street Gets Cushman & Wakefield as Exclusive Leasing Agent
As the San Francisco Bay Area office market continues to hit milestones, recent office leasing news include a company’s decision to move from Redwood Shores to San Mateo and a massive Financial District asset’s hiring of a new exclusive leasing agent.
R&V Management Acquires M-F Asset in Otay Mesa for $150M
San Diego-based R&V Management Corp. recently greatly expanded its San Diego-area apartment portfolio as it completed the purchase of a large residential community in the city’s Otay Mesa submarket. The company acted through partnerships controlled by the local entity in order to acquire the Greenfield Village property for a total of $150 million from seller Otay Greenfield Developers LLC, an entity of Garden Communities Inc. of San Diego. The deal was arranged on behalf of both parties by a team from brokerage company Cushman & Wakefield.
Pacific Design Center Announces New Tenant in Westside Affiliated Holdings as Visit West Hollywood Signs New Agreement
One of the most coveted office assets in the West Hollywood submarket recently gained a brand new tenant and re-signed an existing one. The owner, developer and manager of Pacific Design Center Charles S. Cohen, has announced that two leasing contracts have been signed at one of the property’s three buildings. The tenant that has re-committed to its presence at the Pacific Design Center’s Green Building is Visit West Hollywood, the official visitor-marketing center for the City of West Los Angeles. The new resident at the building is Westside Affiliated Holdings, Inc., a local-based homebuilder, has announced that it is moving operations from its old Beverly Hills location.
The Second Building in the World to Achieve LEED Platinum v4 Certification is One Sansome Street in San Francisco
After the recent LEED Gold certification awarded to one of the city’s best known office towers, namely 75 Hawthorne (more on that here), another major asset has been awarded with a green certificate by the United States Green Building Council. One Sansome Street is now the first building in San Francisco to achieve LEED Platinum v4 certification, the highest level of certification made available by the Council. The building is also only the second property worldwide to be awarded with v4 certification.
The Studios Center for the Performing Arts Set for October Opening in Downtown Seattle
The Seattle arts scene is set to be expanded as a new performing arts center is ready for an upcoming opening. The Studios Center for the Performing Arts is the result of the work carried out by Ryan Waite and Shanna Waite, a Seattle-based couple with an interest in the area. The two are set to open the doors of the brand new facility at 1801 Fifth Avenue in a century-old building next month.
75 Hawthorne Awarded LEED Platinum Certification by the U.S. Green Building Council
It was recently announced that 75 Hawthorne at Hawthorne Plaza was awarded Platinum level certification under the United States Green Building Council’s LEED for Existing Buildings Rating System. Owned John Hancock Life Insurance Company, a division of Manulife Financial Corporation in Canada and managed by previous owner and current property manager Hines, the asset was previously awarded Gold-level certification under the same system back in 2009. Hines sold the property to its current owner in 2011, but it stayed on to carry out property management duties at the asset.
SARES REGIS Acquires M-F Property in Escondido, Plans Makeover
An Escondido apartment community recently traded hands as part of a 300-unit acquisition completed by the SARES REGIS Multifamily Fund. The buyer acquired the Alta Vista residential property in the north San Diego County in a deal that also included the Portland, OR community of Westview Heights. The two deals bring the buyer’s current multifamily portfolio to eight properties and 1,220 apartments in the Western states of California, Oregon, Colorado and Washington. The fund was created last year with $114 million.
Airport Distribution Center in Ontario, CA Acquired by Guthrie Development as Company Expands in Inland Empire
Airport Distribution Center in the City of Ontario, CA was recently snapped up in a deal that industry insiders estimate at around $20 million. The buyer was Guthrie Development Company, who along with a private equity partner acquired the industrial asset from Panattoni Development Company. The seller worked with a team from real estate brokerage firm CBRE during the transaction.