Anca Gagiuc
Anca Gagiuc brings more than a decade of experience within the real estate industry. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. Contact Anca at anca.gagiuc@cpe-mhn.com
University of the Pacific Wraps SoMa Redevelopment
The completion of a South of Market district redevelopment project was recently announced by the University of the Pacific. The institution is now set to relocate its operations closer to downtown San Francisco. The project cost the developer around $151 million, the program being subsidized through a fundraising campaign, as well as the sale of two Pacific Heights assets owned by the university. The funds were also sourced from commercial lease revenues. The 40-year-old South of Market building had been under the ownership of the University of the Pacific since 2011, when it was acquired for $47 million.
Proposed New Tower to Transform San Antonio Skyline
Weston Urban, Frost Bank, and the City of San Antonio have finally agreed on a complicated land swap that has been on the negotiation table for almost a year. The decision will dramatically change San Antonio’s skyline by bringing to the downtown area the first office tower since 1989.
Microsoft Office Trades Hands as Kilroy Sheds 10 West Coast Assets
Kilroy Realty Corp. recently offloaded a consistent amount of inventory that netted the company approximately $309.2 million in gross proceeds. The real estate investment trust sold ten office properties totaling roughly one million square feet of space with an average occupancy rate of 84 percent.
Dividend Capital Pays $69M for Portfolio
Denver-based real estate investment trust Dividend Capital Diversified Property Fund Inc. has announced the acquisition of an office portfolio for $68.75 million. The subject of the transaction is a collection of four multi-tenant office properties located in the southwest submarket of Austin, at 1122 S. Capital of Texas Highway.
East Span’s Design Wins Fresh Acclaim
The San Francisco – Oakland Bay Bridge East Span was recently given the 2015 Grand Conceptor Award at this year’s Engineering Excellence Awards. The award was announced during the Engineering Excellence Awards Dinner and Gala held in Washington, D.C., an event sponsored by the American Council of Engineering Companies. Attended by around 600 people, the black-tie event was hosted by comedian Rex Havens and acknowledged the accomplishments of around 170 engineering projects across the world.
Rising Multi-Family Rents Lure More Investors
As San Diego rents continued their growth through 2014, and are projected to follow a similar upward trend, investors are looking to establish a presence in the market, or cash in on their existing asset while values rise. At the end of Q1, the average rent rate in San Diego stood at $1,596 per month, according to Marcus & Millichap. Recently, deals worth more than $50 million were completed across San Diego, involving residential assets.
College of Osteopathic Medicine at NMSU Breaks Ground in Las Cruces
Las Cruces recently hosted an event that brought together Governor Susana Martinez, three mayors, the executive chairman, and the presidents of the American Osteopathic Association and New Mexico State University. The attendees celebrated the groundbreaking of the new osteopathic college at NMSU, calling it “pouring the foundation for the future”.
Kennedy Wilson Adds Brokerage Expertise
Kennedy Wilson has announced the hiring of Las Vegas market expert and 30-year industry veteran, Greg St. Martin. The global real estate investment and services firm has added St. Martin on the position of vice president, in order to strengthen the company’s position in the Las Vegas market. St. Martin boasts 14 years of experience in the local market, providing important insight to the intriguing local real estate market.
Silicon Beach Asset in Santa Monica Trades Hands for Highest Per-Square-Foot-Rate in 2015
We’ve previously covered the growing strength of the area of Santa Monica known as Silicon Beach, but the tech-centric submarket seems to finally be hitting its stride. Recently, New York-based real estate investment management firm JOSS Realty Partners acquired a creative office asset in Santa Monica for a total of $23.7 million. The property traded at a per square foot rate of $1,004, the highest rate paid for an asset in the greater Los Angeles area in 2015.
Berkadia Arranges Sale of Capitol Village Apartments in Austin
Austin’s Capitol Village Apartments, a 249-unit multifamily property, has a new owner. The deal was brokered by senior vice president George Deuillet III and vice president Forrest Bass of Berkadia’s Austin office.