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.
Cottonwood Heights Plan Heads for Showdown With County Council
The Tavaci Development is once again up for review, now with the Salt Lake County Council after the Salt Lake County Planning Commission only recently rejected the project’s request. The developer in charge of the project, Terry Diehl, is requesting that his company be allowed to turn 43 half-acre residential lots into a multifamily development that would also involve elements of commercial real estate and 100-foot high buildings.
AEG, MGM Resorts Team Up to Build Long-Awaited Arena on the Strip
The long and winding road to a Las Vegas sports arena project seems to be nearing its end after a recent announcement was made that a new joint venture was created specifically for such a development. AEG and MGM Resorts International made the announcement that the formal steps have been taken for a JV that will handle a comprehensive revitalization of the area between the NYC and Monte Carlo resorts. The development will constitute an investment of around $350 million.
Surge in Las Vegas’ Home Prices Outpaces Nation’s
The accelerated growth rate for home prices could spark a new trend as homebuyers will look to acquire property before the phenomenon drives average prices out of their budgets. Developers and home builders will also most likely once again look to the Las Vegas market and try to create as much housing stock as possible, in order to cash in on the growth.
Hyatt Fisherman’s Wharf Acquired by Chesapeake Lodging Trust in $100M Deal
San Francisco’s improving hospitality market has seen another high-profile deal perfected as investors focus their attention on the city’s increasing appeal for both business and tourism. The Chesapeake Lodging Trust recently closed a deal for the Hyatt Fisherman’s Wharf, paying a purchase fee of around $103.5 million for the hotel, to an affiliate of Hyatt Hotels Corporation. The venue will continue to operate under the Hyatt brand, as the new owner has reportedly agreed a management contract with Evolution Hospitality, who will carry out its duties under a franchise agreement with another Hyatt affiliate.
Brazilian Residential Market to Get Major Boost as JV to Build 2,400 Affordable Homes
A joint venture created by Paladin Realty Latin America Investors IV and Constructora Altana recently announced a major investment in Brazil’s housing market.
Hobby Lobby Set for First Oregon Location
A retail giant is setting its sights on new opportunities in the state of Oregon as Hobby Lobby has announced that it is expanding its Pacific Northwest operations with a brand new store in Portland. The retailer has selected the Heritage Mall in Albany, OR to house its first location. Hobby Lobby currently operates another three stores in the Seattle metro area, as well as two other locations in the state of Washington.
Industrial, M-F Properties Trade in El Cajon
On the residential front, Trion Properties moved to acquire a 22-unit apartment complex in the area. The company acquired the value-add property for a fee of $2.35 million, through a team of representatives from Colliers International. Trio is now looking to invest in the property and bring it up to standards, as it had not been proactively managed by its former owners.
Wolff Co. Buys 3,098-Unit M-F Portfolio
With new mega-resort projects coming back to the Strip, and the Downtown Project continuing its shopping spree in the core of the city, Las Vegas is seeing interest from investors and developers finally rise after a few years of uncertainty. In the multifamily sector, a major transaction was just completed for a large multifamily portfolio in the area. The Wolff Company has announced the acquisition of the “Oasis Portfolio” from Sierra Nevada Multifamily Investments LLC.
Mission Bay Strengthens Image as Life Sciences Hub with New Lease
Mission Bay’s reputation as a leading international life science hub is set to be confirmed as yet another company activating in the field announced that it is moving to the area. Represented by Alexandria Real Estate Equities the mid-cap life sciences company has completed a leasing deal at 499 Illinois Street, near the existing UCSF’s research campus and hospital complex. The agreement will keep the company in the area for at least 10 years in an area that produces world-class workforce in the life sciences industry, and provides one of the best work environments in the entire country.
Vulcan Real Estate Taking Denny Triangle by Storm with The Martin
By Alex Girda, Associate Editor
In a press release recently issued by Vulcan Real Estate, the company announced that it has broken ground on a massive residential development. Dubbed The Martin, the 24-story luxury apartment tower will be located in the Denny Triangle area, a part of the city that is the site for Amazon.com’s giant […]