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.
San Jose Power Retail Center Sparks $200 Million Acquisition Deal
The Plant is one of the largest properties of its kind in the entire region, offering a total of 650,500 square feet of retail space in the city of San Jose, only 510,000 of which were included in the actual deal. This is a result of the fact that a number of retailers have acquired the space they inhabit at The Plant. Big names amongst the residents of the power retail center include Best Buy, Home Depot and Target. The facility sports a strong occupancy rate, with only five percent of the available space currently vacant.
Google to Develop New HQ in London’s King’s Cross
Tech giant Google is looking to cement its position in the European market, particularly the hot London business world, by announcing that the company is looking to develop a brand new European HQ.
Woodbridge Capital Partners, Oaktree Capital Management to Redevelop Century Plaza Hotel
The project calls for a two-tower residential complex that will also feature a 100,000 square-foot plaza featuring retail space and dining area. Two acres of land would be transformed into public open space that would feature fountains and courtyards. Pei Cobb Freed’s project designs also include the restoration of Century Plaza Hotel’s iconic arched building, the end result being transformed into a building that would feature 394 hotel rooms and 63 high-end residential units.
Recent Transactions in Bay Area and Silicon Valley Cement Area’s Appeal
The 520,000-square foot building located at 1221 Broadway has served as Clorox’ HQ since 1988 and will continue to be used by the household item manufacturer as per the terms of the sale. The company has opted to sell its 24-story office tower due to an ongoing process of moving a large chunk of its workforce to its new office and research campus in Pleasanton. Clorox will stay on as the building’s anchor tenant, a long-term lease being agreed for around 300,000 square feet of space in the 1976-built highrise.
Rockefeller Group, Sterling Realty Plan Bellevue Office Complex
By Alex Girda, Associate Editor New York-based real estate company The Rockefeller Group is partnering with local entity Sterling Realty Organization on development of a 2.4 million-square-foot mixed-use office-and-retail complex on a 5.5-acre lot owned by Sterling Realty and located in Bellevue’s downtown area. The project will progress in phases, based on demand. Located between […]
Denver Union Station Redevelopment Team Expands with Addition of McWhinney
The redevelopment plan calls for the refurbishing of the Denver Union Station’s upper floors. The companies involved will convert the property into a new 112-key hospitality facility. The finished product would also include a ground floor retail component totaling around 22,000 square feet, Regional Transportation District’s commuter rail to Denver International Airport and an Amtrak station.
Mixed-Use Development Announced for Palms Neighborhood
L.A.’s Palms submarket has seen its fair share of turmoil but important changes are slated for the Westside neighborhood after a recent report announces a new mixed-use development. Frost/Chaddock Developers has announced that work has commenced at its $30 million Palms apartment community that will use the proximity of a planned Expo Line light-rail station as its hook. The Expo Line is a Los Angeles County Metro Rail line between Santa Monica and L.A.’s downtown area. Frost/Chaddock’s new residential complex has a construction deadline set for May 2014.
Essex Property Trust Closes Multifamily Deal with Kauri, Which is Also Set to Begin Construction
Kauri Investments sold the 56-unit residential community, part of a larger project that also includes a Hyatt Place hotel. Kauri did not include the 160-key hospitality property in the deal perfected with Essex. Developed in 2010, the complex is located at 110 Sixth Avenue N., near the Seattle Center. According to PSBJ, the sale was not planned by Kauri but the inquiry by Kidder Matthews representatives Giovanni Napoli and Phillip Assouad, working on behalf of Essex Property Trust eventually got the deal going. According to Kauri’s CEO, Kevin Angier, the multifamily rental property had an occupancy rate of 95 percent at the time the transaction was completed.
Loews Denver Hotel Sold, Set for Renovation and Rebranding This March
Recent reports indicate that the Loews Denver Hotel was recently sold. The hospitality property is set to carry on under its current name until the end of next month, when it will be closed down temporarily and undergo extensive renovations and rebranding executed by the new owner. Although details regarding the transaction have not been disclosed to the press, industry specialists place the transaction total anywhere around $20 million, and speculations peg Hyatt as the new owner.
Sony Auctioning off Tokyo HQ, Part of Global Initiative to Raise Capital
Marking a growing trend among large companies, Sony Corp. is now putting up for sale one of its largest real estate properties.