DEAL OF THE DAY: Joint Venture Gets On Board With Transit-Oriented Plan
The land deal was completed by a joint venture between Trammell Crow and Multi-Employer Property Trust.
San Diego Hotel Trades for a Premium
San Diego hospitality has had a solid 2015, driving up interest in the city’s properties.
Seattle Project Gets a Head Start on New Affordability Agenda
As Seattle struggles with housing affordability issues, Mayor Murray is striving to put in place legislation.
Santa Clarita Transit-Oriented Community Edges Closer to Reality
A look at JSB Development’s latest Los Angeles County transit-oriented development.
Rising Multifamily 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.
UCSD Awards Big Contract for La Jolla Project
General contractor Rudolph and Sletten Inc. was recently awarded an important preliminary contract for the development of a medical facility for UC San Diego Health Services in La Jolla. The company is now set to start work on an outpatient pavilion, with the contract set at around $78 million, and expected to be booked during Q3 of this year. The facility that Rudolph and Sletten Inc. is set to construct will act as support for the Jacobs Medical Center.
Balfour Beatty Completes Hollywood Mixed-Use Tower for Less than Expected
Balfour Beatty Construction recently announced that it has completed a high-end mixed-use tower in Hollywood at a considerably lower cost than was originally estimated. The company’s Southwest Division finished a project it had been developing for real estate and infrastructure investment firm CIM Group at a total cost of $76.2 million, roughly $12 million less than what was initially committed to the project. The change comes from the use of the contractor’s cast-in-place structures, as well as a re-design of the building’s mechanical, electrical and plumbing systems.
TIAA-CREF Takes Kearny Mesa Office Asset
The Copley Corporate Center in the Kearny Mesa submarket recently traded hands. The Class A office asset was acquired by leading retirement provider TIAA-CREF through affiliate T-C Copley LLC. The investor reportedly paid seller Colony Realty Partners a fee of $43.5 million for the office complex. The deal was arranged by CBRE representatives Louay Alsadek, Kevin Shannon, Rob Merkin, Brad Black and Hunter Rowe on behalf of Colony Realty Partners.
Federal Realty Snaps Up Major Silicon Valley Retail Property
Controlling interest in the San Antonio Shopping Center in Mountain View, CA was recently acquired by a real estate investment company in a deal worth a total of $62.2 million. The buyer is Federal Realty Investment Trust, a Rockvile, MD owner, operator and developer of high-end retail properties. The transaction was completed by using a combination of 58,000 downREIT units, $18 million of cash and the assumption of $18.7 million of fixed rate debt secured by the property.
MGM Resorts Plans $86M Expansion of Mandalay Bay Convention Center
Mandalay Bay Resort and Casino has announced plans to expand its Convention Center in a bid to answer the growing demand for meeting space in the city of Las Vegas. Announced plans for the facility would bring the total amount of available convention space at Mandalay Bay to over two million square feet. The cost of the new developments will cost an estimated $66 million.