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.
Hedreen Mega-Hotel Project Clears Another Hurdle
Seattle developer R.C. Hedreen & Co. has been pushing through its initiative of developing a mega hotel project In the city’s downtown. With the Pacific Northwest’s rise to prominence in recent years, the major cities have seen their hospitality stock be reassessed as investors are looking to expand the offering and improve Seattle and Portland’s convention centers, as a means of cashing in on the improving markets. The developer is now one step closer to getting its ambitious hospitality development to light, after the downtown Design Review Board has approved its new designs.
Rialto Capital, Kismat Investments Pay $10M for N. Las Vegas Strip Mall
In mid-January, a retail property in North Las Vegas traded hands when Faris Lee Investments completed a deal between seller TNP SRT Craig Promenade, LLC and new owner RREF II-KI Promenade LLC. The buyer, a joint venture between real estate companies Rialto Capital and Kismat Investments agreed a deal worth $10.1 million. The property that was the object of the transaction is Craig Promenade, a strip retail center occupying a 10.81-acre site in NLV.
Starwood Capital Taps Cassidy Turley To Manage 1 MSF Office Portfolio
Cassidy Turley, a commercial real estate services company, is reaping some of the benefits of the monster office deal completed between Starwood Capital Group Global and Kilroy Realty Corporation. After the deal worth around $327 million was completed earlier this year, the new owner has already made the first change to the portfolio, by awarding the management contract for the 12 office assets to Cassidy Turley. The properties are located in two of San Diego’s best performing submarkets in terms of commercial real estate, four of them in Sorrento Mesa and the other eight in Rancho Bernardo.
Vancouver Apartment Community, Portland Industrial Facility Trades Mark Week
The Pacific Northwest has had a good week as a number of deals perfected across the region continue to indicate the fact that the local real estate market is currently thriving. A recent press statement announced the acquisition of The Villas at Bridge Creek, an apartment complex in Vancouver, WA, by Peak Capital Partners from seller Kingsbury LLC. This week also saw a deal perfected for the Portland Terminal Facility, as CorEnergy Infrastructure Trust, Inc. paid a fee of $40 million for the property.
Perennial RE Holdings, Asia RE Income Fund Buy Office Property in Singapore for $766M
As the curtain was ready to draw on 2013, a number of major commercial real estate transactions were completed to beat the buzzer, one of them Perennial Real Estate Holdings and the Asia Real Estate Income Fund’s purchase of a major office property in Singapore. The pair paid $766 million to Pacific Star Group for the property.
Residential Market’s Strong Finish Points To More Gains in 2014
Las Vegas finally had a full good year in terms of its housing market prices. The end of 2013 marked continued gains for the local market, as data issued by the Greater Las Vegas Association of Realtors indicates. December saw prices rising once again, prepping the new year, which according to industry specialists, will one of steadier gains, and stabilization.
KRE, Dune Acquire 5 M-F Assets for $237M; South Blvd. Apartments Fetches $42M
By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor Las Vegas’ residential market ended 2013 with a flurry of high-profile multi-family transactions. In a $237 million deal, KRE Capital and Dune Real Estate Partners teamed up to acquire five residential properties comprising 1,435 rental and condominium units, VegasINC.com reports. The seller, ST Residential, was […]
Math+Science Complex Completed at San Diego Mesa College
By Alex Girda, Associate Editor Last year ended with the completion of one of San Diego’s largest new educational facilities: the $109 million Math+Science Complex at San Diego Mesa College. Also the college’s largest project to date, the four-story facility will provide classrooms, laboratories, faculty space and administrative support space for science and mathematics students […]
La Kretz Innovation Campus in Cleantech Corridor Secures Final Part of Financing, Set to Open in 2015
An initiative that is set to reignite the tech sector in L.A. recently received the go-ahead as financing for the project is finally in place. Thanks to the U.S. Bank, the La Kretz Innovation Campus is now closer to reality as the last piece of the financial puzzle has been locked in. The banking giant has secured $14 million in New Markets Tax Credit for the La Kretz development project, which when completed will consist of a total investment of around $46 million. The project has received wide support from local officials, especially Los Angeles Mayor, Eric Garcetti.
AEW Buys Renton Shopping Center from Pearlmark Harvest Lakeshore in Blockbuster Deal
A massive retail transaction was recently completed for a large Renton property in a deal worth approximately $165.4 million. A unit of Boston-based investment fund AEW Global purchased the The Landing shopping center from its now former owner and developer Pearlmark Harvest Lakeshore. Following the transaction, management duties for The Landing will continue to be carried out by JSH Properties.