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
Seattle’s Booming Office Market Prompts Developers to Dive In Head First
By Alex Girda, Associate Editor
The local office market has seen a number of blockbuster transactions this year, illustrating high interest in what Seattle has to offer. In fact, there doesn’t seem to be enough space to go around, and developers like Skanska USA are currently considering speculative construction, Skanska on its 400 Fairview Ave. N. project.
Jump-Starting Stalled Projects Could Revive Development
Las Vegas is searching far and wide for its development future—including in its recent development past. As VegasINC magazine reported recently, a number of large-scale projects that have been stalled for years by the Great Recession may be getting a new lease on life.
HFF Secures Debt for Holland Partners’ Downtown M-F Project
Holland Partners Group Management Inc. has secured $45 million in construction and permanent financing for a 242-unit apartment complex in Downtown San Diego. Dubbed 15th and Market, the 243,000-square-foot property will include 10,000 square feet of ground-floor retail space.
New Joint Venture to Acquire Burbank Media District Office Campus
Hudson Pacific Properties, Inc. has announced that it has entered a new joint venture, with M. David Paul & Associates/Worthe Real Estate Group, that will move to acquire one of the largest properties in the Burbank Media District. The new JV is set to close on the two-building facility named The Pinnacle, one of the highest-rated office properties in the district. MDP/Worthe is contributing its ownership of the Pinnacle II building to the venture. The joint venture will own the Pinnacle buildings for approximately $342.5 million, subject to $218.6 million of project financing.
The Hilton Portland and Executive Tower Sells as City Contemplates Beefing Up Its Hospitality Figures
A Chicago-based investor has recently acquired The Hilton Portland and Executive Tower, the Portland Business Journal reports. The transaction is speculated to be worth approximately $100 million, which is not a staggering amount, considering the fact that the property is the city’s largest hotel. In fact, the per-room sale price comes in at about $128,000, less than half of what it costs to develop a hotel room in downtown Portland.
Division 13 Will Provide Local Transportation Authority With State-of-the-Art Maintenance Equipment
The Los Angeles County Metropolitan Transportation Authority is now underway with the development of the new Metro Division 13 Bus Maintenance and Operations Facility. The state-of-the-art construction will be located next to Union Station and will be built over the following two years. While the facility will cost around $72 million by the end of the development process, the MTA received a crucial federal grant from the United States Department of Transportation worth $52.5 million. When finished, Division 13 will have 442,000 square feet of utility and office space.
Calida Moves to Revive Stalled $350M Manhattan West Project
By Alex Girda, Associate Editor
Four years after its original developer filed for bankruptcy, the $350 million Manhattan West condominium project may be getting new life. The Calida Group is moving to acquire the stalled 700-unit development on Russell Rd., the Las Vegas Review-Journal reports.
Dispute Over Harmon Tower Reaches Nevada Supreme Court
The legal battle between MGM Resorts International’s CityCenter project and the general contractor on the troubled Harmon tower has reached the Nevada Supreme Court. According to VegasINC, the representatives of the $8.5 billion development have requested that the court overturn a ruling that would delay the demolition of the $275 million, 26-story Harmon tower.
Archstone Acquires Silicon Beach Residential Property Formerly Known as The Frank
The Frank, a Venice, CA multifamily property, was the subject of a recent deal resulting from an Archstone-sponsored partnership. The company is currently on a shopping spree that includes the acquisition of a 205-unit apartment community in Marina del Rey, as well as a 237-unit Washington D.C. residential property. Archstone paid $56.2 million for the property, and has also decided to rename the asset Archstone Venice on Rose.
1201 Third Ave. Tower Nears Deal
1201 Third Ave. is one of four properties that Beacon Capital has put up for sale in the greater Seattle area. The other three have been bundled together as a single deal and include U.S. Bank Plaza, Plaza East and Plaza Center, all in nearby Bellevue. They were acquired by the company in 2007 as part of a 42-building portfolio acquisition. Beacon paid $6.4 billion to Blackstone to secure the massive office portfolio.