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.
Investment Roundup: Retail, Industrial, Office Properties Command $32M
San Diego’s commercial real estate market recorded a solid week as a host of real estate deals totaling around $32 million in value were recorded over the recent time frame. Two Carlsbad office properties, a number of retail buildings in La Jolla, as well as a retail center in Black Mountain Ranch were all involved in transactions in a high-volume week for the commercial sector.
Officials Delay Vote on Parcel Eyed for Global Business District; Triple Five Markets Site Near Riveria
With the ever-referenced economic comeback of Las Vegas still underway, the city is starting to cover the scars left by the downturn. Recently, massive strands of land caught the investors’ attention as it was revealed that the Las Vegas Convention and Visitors Authority is seeking to acquire an important land parcel near the Las Vegas Convention Center. Meanwhile, one of the largest proposed Strip projects of the past decade is officially history as the owner has rolled out a large amount of land at $16 million an acre.
KB Homes Acquires Land in Sunnyvale, Unveils Latest Residential Project in the Area
Part of an increasingly aggressive development policy in The Bay Area, KB Homes recently announced the purchase of a plot of land in Sunnyvale and its development strategy for the property. The home builder has announced that the site will house a new housing community called Solaire. The company has rolled out its plans for its new location at the heart of Silicon Valley where the entity has planned to build 47 homes that would be added to the area’s housing stock.
Bluetooth’s Home in Kirkland Acquired in $30M Deal
The building that houses Bluetooth’s current headquarters was sold this week in a deal worth approximately $31.5 million. Buyer American Realty Advisors out of Glendale, CA, paid the purchase fee to former owner Talon Private Capital for the Kirkland office building. Known as Waterfront Place, the property claimed a record-breaking per-square-foot price for the area, with the Puget Sound Business Journal reporting a rate of $604 per square foot.
Murdock Plaza Becomes Part of Tishman Speyer’s Office Portfolio
A West Los Angeles office asset recently traded hands as developer, operator and manager Tishman Speyer move to acquire the property known as Murdock Plaza. The new owner is most likely set to carry out a renovation process in order to update the asset located at 10900 Wilshire Boulevard. The financial terms of the transaction were not disclosed but real estate data provider PropertyShark.com has the property valued at approximately $85 million. However, industry estimates place the transaction value at around $120 million. Back in 2007, the property traded for a similar fee, having been acquired for $125 million.
555 Montgomery Street Property Management Contract Awarded to Kennedy Wilson
Kennedy Wilson is the new property manager of a San Francisco office high-rise after the company was awarded the contract for 555 Montgomery Street. KW will now handle property management duties at the property on behalf of owner East West Bank, a Pasadena-based financial entity.
Goodman Logistics Center Welcomes First Tenant as Benjamin Moore & Co. Inks Lease for 1/3 of Available Space
The Goodman Logistics Center in Oakland has announced its first new tenant as Benjamin Moore & Co. inked an agreement to take over more than a third of the available space at the site. The property will serve as the new tenants’ base of operation which will supply paint to Northern California stores. Benjamin Moore & Co. is a unit of Bershire Hathaway, a Warren Buffett controlled entity. The new tenant is moving to Oakland from its current regional distribution center located in Hayward during the following months. Benjamin Moore & Co.’s lease includes 46 dock doors and an office component of 3,500 square feet.
BBL Commercial, Westbook Buy “Mister A.’s Building” in Downtown San Diego
One of the best-known office buildings in downtown San Diego was recently acquired by a partnership of BBL Commercial Real Estate of San Diego and Westbrook Partners. The buyer shelled out $39.25 million for the Fifth Avenue Financial Center. The two parties involved in the acquisition each represented themselves and all leasing activity at the building will henceforth be handled by real estate brokerage Cassidy Turley.
Bascom Group, Oaktree JV Buys New M-F Asset in Henderson
A Henderson multifamily asset recently traded hands when a Bascom Group venture and funds managed by Oaktree Capital Management LP moved on the local market for a new acquisition. The $250 million venture is now the new owner of The Edge at Traverse Point residential community after the deal was officially closed at the end of last month.
Las Vegas in the Mix for Pro Soccer’s Next Expansion
Las Vegas is a city aching to get a major sports franchise for a while now, but it seems that the NFL, NBA, MLB and NHL are currently satisfied with the number of teams that they currently allow. The success of the Las Vegas Summer League has galvanized discussion regarding an expansion franchise to the city, but the league is cycling through a number of potential cities in case of an expansion. One sport that has been gaining notoriety with the American public in recent weeks, mainly due to the monster success of the 2014 FIFA World Cup in Brazil, is soccer.