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.
Capstone Plans Redmond, Portland Developments
Two developments in the Northwest’s largest metro areas are moving forward after developer Capstone Partners cemented its involvement with them only recently. The company acquired a 28-acre development site in Redmond from Group Health Cooperative for a $32.55 million fee. The company plans to develop a mixed-use project on the newly acquired site, mainly to capitalize on Microsoft’s expansion in the area. The other project the company has lined up is a grocery-anchored community in Portland. That announced development would cost the company around $60 million.
Caesars Unveils $185M Makeover for Bill’s Gamblin’ Hall
The city of Las Vegas might look back one day and realize that this post-recession timeframe could represent a defining moment in its history. Reinvention, a new focus on business, art and sport and a new take on the megaresorts of the Strip, as they are now, will determine the city’s success for years to come.That is why there is no surprise that another old Vegas venue has closed its gates, and will only reopen them featuring a new name, ambiance and target audience. Caesars Entertainment-owned Bill’s Gamblin’ Hall & Saloon has been closed for over a month now and it is set to reopen only in 2014, after a $185 million renovation process, as the Gansevoort Las Vegas.
Pleasant Hill Retail Property Trades Hands in $100 Million Deal as Retail Rates Make a Comeback
The Downtown Pleasant Hill retail center offers 345,687 square feet of commercial space in San Francisco’s Pleasant Hill community. The center is the area’s main commercial hub, featuring a 40-strong tenant roster that includes names such as Century Theaters, Lucky Supermarket, Bed Bath & Beyond, Michaels, Ross, Golfsmith, Paul Mitchell the School and Zachary’s Chicago Pizza. Loja Group LLC, a real estate investment management entity controlling Loja Real Estate LLC, has praised the newly offloaded property in a press statement as being a “strong property”. Katherine Burr, Loja Group LLC CEO said that “this was the opportune time to sell and advance other important initiatives at Loja”.
New Hyatt Place to Be Developed Near Angle Lake in SeaTac
Local development company Ariel Development has announced plans to develop a new hospitality facility in the suburban city of SeaTac. The seasoned developer is set to build a new hotel that will operate under the Hyatt Place brand. The investment will have a total value of around $25 million, and will benefit from its placement between the more dense urban areas of Seattle and Tacoma, as well as the nearby Sea–Tac International Airport.
Over-Performing San Francisco Office Market Produces Yet Another Office Deal
San Francisco’s improving office market has produced yet another deal after a joint venture created by Hines and Invesco Real Estate moved to acquire an iconic construction located in the city’s South Financial District. The two real estate companies have completed a deal making their joint venture the new owner of the Rialto Building. While official financial terms for the deal were not disclosed, market specialists place the transaction’s value at around $57 million. The entity selling the Rialto Building was Africa Israel USA, AFI USA.
Iconic Seattle Office Building Changes Hands
By Alex Girda, Associate Editor
Seattle’s office market has been praised repeatedly over the past couple of years for constantly producing major transactions and for the way in which areas such as South Lake Union have defined themselves as the next big tech destinations in the country. The investor response is so positive that even companies previously dealing with residential assets are now looking to cash in on the office rise the Northwest has been experiencing. A case in point would be the recent acquisition of the Dexter Horton building by traditional multifamily developer Gerding Edlen.
IDS, TIAA-CREF Pay $60M For Kearny Mesa Campus
IDS Real Estate Group recently completed the purchase of a San Diego-area tech center. The real estate company operated through an affiliate involved in a joint venture created alongside an institutional partner for the acquisition of the Cabrillo Technology Center in Kearny Mesa. The seller was Cabrillo Properties LLC. Both parties were represented in the transaction by CBRE San Diego through a team consisting of Louay Alsadek, Evan August, Brad Black and Andy Taylor. The financial terms of the agreement were not released to the press.
Former Solyndra Factory Given New Life as Seagate Unveils R&D Facility Plan
The old Solyndra site will be given a complete makeover as it morphs into a $180 million state-of-the-art R&D facility. Located on Kato Road, in Fremont, the 411,000-square foot complex was bought by Seagate earlier this year for a fee of $90 million, San Jose Mercury News writes. The rest of the $180 million-budget will be directed towards acquiring and installing the equipment that will turn the former factory into a Seagate facility that would create up to around 600 jobs in the field. According to Mercury News, Seagate shopped around the Bay Area and Silicon Valley looking at around 40 potential locations to house this new project.
Creative Office Building in Santa Monica Secures Refinancing Deal as Silicon Beach Concept Gains Traction
2700 Pennsylvania Avenue is a 62,000-square foot creative office building that will benefit from its proximity to the upcoming Bergamot Station on the Expo Light Rail line, when it opens in 2015. The building has a 100 percent occupancy rate with its two lease holders being popular names Yahoo! and Jakks Pacific. HFF secured a seven-year, fixed-rate loan through Principal Real Estate Investors on behalf of Welk and The Luzzatto Company through its debt placement team led by Director Chris Vittetoe and Real Estate Analyst Steven Paskhover. Continue reading →
Essex Property Trust Picks up Fox Plaza Residential Component, Commits to Improvement of New Asset
The acquisition deal did not include the lower floors featuring commercial office space. However, an adjacent two-story, 37,800 square-foot commercial building was part of the agreement. The REIT’s interest in this second building is clearly linked with the fact that there is permitting in place for a 250-unit, 11-story apartment development. While Essex maintains that it has no immediate intentions of activating the entitlement, the entity has confirmed that the possibility of developing the tower will be evaluated in the future.