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.
Linq Unveils LED Frontage as High-Rolling Project Nears Home Stretch
The Linq development is slated to become one of the big crowd attractions on a constantly reinventing Strip. The $550 million development will have created around 3,000 construction jobs for the area, while the developer estimated that around 1,500 full-time positions would be created once the entertainment district begins to operate at full potential. An opening date for the Linq is set for Q4 this year.
Apartment Building Trade in Upscale Queen Anne Breaks Record
A growing multifamily market is the result of the city’s booming office sector, and with the end well out of sight for growth in Seattle, records are starting to fall. Recently, the sale of a small apartment building in the city’s upscale Queen Anne neighborhood set a new high for properties with less than 100 residential units. The buyer is 17910 Burbank Limited Liability Co. who paid $14.65 million to developer Zaser & Longston Inc. for the Elliott Bayview Apartments.
Microsoft, Nordstrom Raise Local Profiles With New Stores
By Alex Girda, Associate Editor
Greater Salt Lake City is in for two very different bits of retail news as tech giant Microsoft has just opened its new location in the City Creek development while Nordstrom has recently announced its plan to open a new Nordstrom Rack location in Farmington. Last year’s opening of City Creek most likely helped the area’s retail sector to realize its true potential, and as a result, big name retailers are either expanding existing operations or opening brand new venues in the state of Utah.
New Wood Partners Transit-Oriented Community Breaks Ground in San Mateo
The Peninsula is set to see even more apartments hit the market in the future as developer Wood Partners recently broke ground on a new community in San Mateo. The company is reportedly investing a total of $43.7 million in its new apartment project, one that will be focused on improving the current transit-oriented residential stock for the area between San Jose and San Francisco. With the number of jobs in the tech sector being in constant growth, demand for housing in the San Francisco Bay area is also rising, and Wood Partners is looking to seize the opportunity.
Two Historic Multifamily Properties Trade Hands as 1920s Charm Makes a Comeback
Los Angeles’ residential market saw a recent upswing in interest for smaller multifamily properties as two deals were completed for properties bearing those traits. South Park Lofts in the South Park district and Avondale Apartments in Hollywood were snapped up by investment firms M West Holdings and Avondale Hollywood LLC, respectively. However, the two properties don’t only have their reduced number of units in common. Both South Park Lofts and Avondale Apartments are historic properties.
Forest City Launches $7M Makeover of Galleria at Sunset
One of the area’s largest retail properties is set for a makeover as the Galleria at Sunset in Henderson looks to start its first renovation process. Operations at the property are set to commence this month and last until later this year, with an estimated budget of approximately $7 million being prepped for the makeover. One of only three enclosed non-outlet malls in the Las Vegas Valley not located on the Strip, the Galleria is part of Forest City Enterprises’ portfolio, the company also being responsible for operating the shopping mall.
115 Sansome Street Building Acquired by Harvest Properties, Set for Conversion to Creative Space
Harvest Properties will now carry out extensive renovations that will strip the building of its existing, more traditional tenant improvements. The company will then work with architecture firm Hooks ASD and contractor RN Field to highlight the building’s strong suites through new creative office space. The new owner is betting that such a property in a location like San Francisco’s North Financial District would be a welcome alternative to Class A office space or commodity space.
New Convention Hotel Project Eyed for Seattle’s Downtown
With an opening tentatively set for 2017, the project would feature a six-story podium that will also contain around 40,000 square feet of retail space, the hotel’s lobby and an affordable housing component. The project aims to fill a void of new convention and meeting space, as the developer claims that around 100 conventions backed out of Seattle due to a lack of openings. The property would cash in on that existing demand and provide a space that would also boost the area’s hospitality stats to boot.
Bellevue Gains Brand-New Mixed-Use Project as Area Development Picks Up
Originally thought to be the result of a partnership between SRM and Denver-based Frontier Renewal, the latter eventually announced that it is selling its stake in the project. SRM Development is currently involved in a number of developments in Bellevue, as well as in charge of Google’s campus in nearby Kirkland. The company is certain that the growing number of residential units ready to hit the market in the immediate future is motivated, and has ruled out overdevelopment.
Walnut Creek Apartment Portfolio Trades Hands for $64.3 Million
A multifamily portfolio recently traded hands in the city of Walnut Creek after the completion of a deal made between seller JB Matheson and new owner Interstate Equities Corporation. Arranged by Marcus & Millichap’s multifamily brokerage division of Institutional Property Advisors, the deal includes three different apartment buildings located in Walnut Creek, the main business and entertainment hub of Contra Costa County. The fee that IEC paid for the residential portfolio stood at $64.3 million, according to a press statement issued by IPA.