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.
ASB, Blatteis & Schnur Buy Trio of Gaslamp Retail Properties for $15.3M
A trio of buildings recently traded hands in the city’s famed Gaslamp Quarter after ASB Real Estate Investments shelled out a fee of $15.25 million for the properties. The move is part of the company’s strategy to acquire investment-worthy properties in the country’s best shopping corridor. ASB purchased the three buildings in joint venture with Blatteis & Schnur on behalf of the company’s Allegiance Fund, from Federal Realty Investment Trust. The JV also partners in a number of other Californian properties in Los Angeles and San Francisco.
Kilroy’s Sunset Media Center Holds Major Tenant Nielsen Media Research, Adds FilmL.A. to Roster
L.A.’s office market continues to be driven by the entertainment industry as two companies have signed leases at the soon-to-be-renovated Sunset Media Center in Hollywood. Bought by real estate company Kilroy Realty Corp. at the end of 2012, the office building is set to receive extensive interior improvements as the new owner has from the outset stated its intention to raise the value and profile of one of the area’s largest office buildings. The last major renovation process to be carried out at the facility took place in 1987, 16 years after the building’s completion.
Pinnacle Founder Chases Elusive Finish Line for Henderson Condos
The troubled Vantage Lofts development has had a rocky road to cross over the past few years since its initial stall back in 2007. Since then, it has been flipped from developer to developer, received a number of changes to the initial project, including an idea to turn the condo development into apartment rental units, and still not reached completion.
Fairmont Sonoma Mission Inn & Spa Stake Acquired by Carey Watermark in $100 Million JV Deal
San Francisco has elevated its hospitality market over the past few years to a point where rates and occupancy have been rising and the city is a top market contender. Then the recent big money move by Carey Watermark Investors Incorporated to acquire a joint venture interest in the Fairmont Sonoma Mission Inn & Spa from owner Fairmont Hotels & Resorts. The former owner received a total of $97.1 million and will go on to manage the luxury resort under a long-term management agreement.
Luxury Homes Regain Their Shine as Newton Expands New Estate
As the housing market rebounds in Las Vegas with increases in both the number of sales and median transaction values, the luxury market is not lagging behind as Q1’s figures seem to indicate. The city’s luxury homes are legendary for their sprawling estate-like properties and celebrity-owned compounds, but the market downturn quenched much of the buyer’s thirst for such properties in the area. Now according to VegasINC magazine, the market is finally on the up in terms of number of transactions.
Corporate Park in Kent Fetches $170M, in Northwest’s Largest Industrial Sale
A landmark deal was recently completed after the Pacific Northwest’s largest industrial property finally traded hands for quite the fee. The Northwest Corporate Park in Kent was acquired by an affiliate of New York-based private equity fund manager KTR Capital Partners. The deal cost the buyer a staggering $170 million, a price tag that makes the transaction the largest of its kind in the entire Northwest, and one of the reference points of the West Coast real estate market in 2013.
Las Vegas Valley Land Values On the Rise; Still Short of Pre-Downturn Peak
It has taken quite the amount of time for people to be discussing growth when mentioning the city’s real estate, but it now seems that even the most lagging markets are seeing stabilization, or even signs of improvement. Now data from Applied Analysis quoted by The Las Vegas Review-Journal seems to point out that the Las Vegas Valley’s land market is also on the up. According to the data aggregator, Q1 of 2013 has seen a dramatic increase in the number of land deals in the area, with 809 completed transactions, a massive jump from the 159 purchases recorded in 2012’s first quarter.
San Francisco’s Appeal Slightly Wanes as Market Seeks Stability Over Continued Growth
Data provided by real estate company Marcus & Millichap Real Estate Investment Services indicates that the while rent and sales trends are definitely up, vacancy rates are now finding a safe spot around the 10-11 percent mark. With no major leases completed and no major office projects set for immediate completion, 2013 looks to become a year of calm in what has been a very dramatic decade for real estate in the area.
Investing in Utah’s Historic Sites Pays Big Dividends, Study Contends
Utah’s job market has seen major improvement during the past years but there is a particular sector that has captured the attention of investors across the U.S. A new study regarding the manner in which the state has used its resources to invest in the preservation of historic buildings and sites throughout Utah revealed the economic effect of this “backward”-thinking model. Deseret News recently reported on the study conducted by PlaceEconomics for the Utah Heritage Foundation. Apparently, around seven thousand jobs are created annually by the heritage sector of the state’s tourism industry, directly and indirectly.
Allen Institute for Brain Science Thinks Up New Facility in SLU; Housing Development in Portland Focuses on Social Issues
South Lake Union is a neighborhood that could carry any major city with the amount of real estate development and interest it is currently seeing. The new hotspot is hitting all of the required notes and doing so smartly. If there was any need for confirmation, the Allen Institute for Brain Science is taking over an entire block in SLU for the construction of its new facility.