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.
Alvarez & Marsal, Classical Academy Buy Industrial Assets
A series of commercial real estate transactions have taken the center stage in the San Diego market recently with a distribution facility and a research property making industry headlines. The Classical Academy has recently acquired an industrial facility formerly operated by now defunct local newspaper, North County Times. Additionally, El Segundo-based Alvarez & Marsal Capital Real Estate has moved for a Carlsbad R&D property, a deal mediated by Cassidy Turley and Madison Partners.
Anderson Development Details Plans for Mixed-Use Project at Geneva Steel Site
Set to become the new development hotbed for the Salt Lake area, the site of the former Geneva Steel plant has been in the news for a number of times over the past years. After the collapse of the Real Salt Lake stadium project, Anderson Development had recalibrated its sights and decided to get a massive mixed-use community to the 100 acres of land available at the site. Now, a number of retailers and developers have projects lined up, finally populating the Geneva Steel master planned community’s development pipeline.
American Life Acquires Site North of CenturyLink Field
With the current rate of development in Seattle in virtually any of the major sectors being amongst the highest in the entire U.S., it comes as no surprise that developers view every availability as a chance to cash in on the buzz. The latest company to ripple the waters of the Puget Sound is American Life. The real estate company has acquired a parking lot from Daniels Real Estate, just north of CenturyLink Field, in Pioneer Square. According to the Puget Sound Business Journal, the investor paid a fee of $18 million for the property, and has set its sights on developing a new office property at the site.
HFF Ramps UP L.A. Area Activity, Completes Financing Deal, Property Sale
As the local market continues to improve, commercial real estate capital intermediaries Holiday Fenoglio Fowler have ramped up their involvement in Los Angeles and Orange County. The company has recently closed the sale of a Newport Beach office asset to a Goldman Sachs Asset Management-controlled fund, while on the financial front, HFF arranged refinancing for a shopping center located in Burbank, worth a total of $11.24 million. The retail property is under the ownership of a joint venture between GPI and KBS Capital Advisors.
Miracle Mile Refinancing Yields $580M for Tristar Capital, RFR
One of Las Vegas’ signature shopping spots on the Strip is the Miracle Mile Shops, one of the largest and best-known retail facilities in Sin City. The property made headlines recently for a massive refinancing deal completed by HFF on behalf of the owner, a joint venture between Tristar Capital and RFR Holding LLC. The total amount obtained in the refinancing process stands at $580 million. Robert K. Futterman & Associates acted as the joint venture’s project marketing and leasing advisor in the process.
Sprawling Office Development Plan Submitted for San Jose by Local Real Estate Gurus
San Jose, the largest city in the booming region of Silicon Valley is set to receive its most ambitious office project after local development team, Peery Arillaga, submitted plans for a massive development initiative. The large amount of appeal brought to the area by the booming tech market could back up the company’s new proposal. As Apple continues work on its spaceship-like HQ in Cupertino, and Google continues its shopping spree for both office space and housing in Mountain View, and other major Silicon Valley tech names such as Facebook and LinkedIn continue their respective expansions, Peery Arillaga seems to be making the right move.
NoHo Office Property Acquired by Kennedy Wilson Partnership
As the L.A. office market continues its climb from the depths of the recession, some investors are taking every opportunity made available to them. It was recently announced that Kennedy Wilson, an international real estate investment and services firm, acted as a partner in the acquisition of a North Hollywood office asset. The Beverly Hills-based investor provided $7.9 million of equity for the transaction which totaled $45 million. $30 million in financing was secured by the parties involved in the purchase from Pacific Western Bank.
Netflix and Google Continue to Drive Silicon Valley with Plans for Expanded Facilities
Following its massive emergence as the number one film and TV show streaming service in the U.S., Netflix has had to expand in order to manage the growth. Now, according to The Silicon Valley Business Journal, the company has made a new move for space in Los Gatos, where it has leased a large chunk of space. The new Netflix space will be located in a yet-to-be-built campus in the Silicon Valley area.
UDub Debuts New, Improved Husky Stadium During Game Against Boise State
As autumn arrives, it is time to kick-off every collegiate sport imaginable and throw on the war paint of your alma mater. But in order to do that, you need a venue, and the University of Washington has just unveiled its completely re-imagined Husky Stadium. The massive $280 million dollar investment has already hosted its opening game, in a 38-6 thrashing of the Boise State Broncos by the Washington Huskies. The newly re-opened football stadium has received very positive feedback from those participating at the event, The Seattle Times writes.
County’s Economic Index Still Rising, Even as Pace of Job Gains Slows
San Diego’s economy seems to be on a steady uptick with a host of indicators currently seeing slow but steady improvement. The USD Burnham-Moores Center for Real Estate has come out with its latest Index of Leading Economic Inicators for San Diego County, and the 0.7 percent increase the index posted for the month of July is a healthy sign. The positive outlook for 2013 in San Diego County seems to be maintained as the area has seen its 11th consecutive increase for the USD Index.