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Monthly ArchiveJanuary 2018

San Francisco megaproject developer Forest City Realty in takeover talks with Brookfield

Forest City Realty Trust Inc., one of San Francisco’s largest developers, could potentially be sold to Canadian giant Brookfield Asset Management Inc. (NYSE: BAM), according to Bloomberg News.

Sources told Bloomberg that discussions between the two companies are ongoing. Deal talks could still fall apart since other bidders may also emerge for the Cleveland-based Forest City, Bloomberg said.

Forest City (NYSE: FCE.A) is developing two of the largest projects in San Francisco: The $2 billion Pier…

Source: http://feeds.bizjournals.com/industry_21

Judge to decide on PUD lawsuit for Roland Park apartment project

A Baltimore City Circuit Court judge Tuesday heard arguments in a pair of lawsuits that challenge the legality of a planned unit development, or PUD, for a 148-unit apartment project in Roland Park.

Judge Lawrence P. Fletcher-Hill told the court he would decide on the fate of the PUD in the coming weeks, said John C. Murphy, an attorney who represents some of the residents challenging the project.

A PUD is a city-approved planning process for certain developments.

The Overlook at Roland Park…

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Miami office rents increased, I-sales fell in 2017: report

Downtown Miami skyline (Credit: Wikimedia Commons)

Despite increases in rent and absorption, sales volume fell dramatically for Miami-Dade’s office market in 2017, according to a report from Avison Young.

Sales volume dropped 58 percent from the previous year to more than $816 million. In 2016, investment sales totaled more than $2.3 billion thanks to the $516 million trade of the Southeast Financial Center and the $220 million sale of the Miami Tower, both Class A office towers in downtown Miami. The biggest investment deals last year were the $155 million sale of 1221 Brickell and the $96 million trade of Park Square at Doral.

In 2017, the average asking rent for full-service, Class A space in Miami-Dade County was $45.10 per square foot, up 9 percent from $41.26 per square foot in 2016, the report shows.

Net absorption was negative along the Biscayne corridor, in Miami Beach and in South Dade, but overall vacancy improved slightly, falling to 10.10 percent from nearly 11 percent in 2016, as about 310,000 square feet of space was absorbed in 2017.

The 115,000-square-foot renewal and expansion of Amadeus North America at One Park Square at Doral in the third quarter topped the year’s list of biggest leases. It was followed by the renewal of Merrill Lynch’s nearly 106,000-square-foot lease at the Bank of America Tower in downtown Miami in the fourth quarter. And the third largest deal was a short-term lease for FEMA in Doral, according to the report. The Federal Emergency Management Agency took the 94,000-square-foot building at 2001 Northwest 107th Avenue in Doral to service the Florida Keys post-Irma.

Brightline is also expected to give the tri-county region a boost, especially its office markets. Once the three stations in West Palm Beach, Fort Lauderdale and downtown Miami are up and running, proponents hope tenants and residents will move to the urban cores. Brightline’s MiamiCentral station will be adding 300,000 square feet of Class A office space to the area.

Tighter submarkets like Coconut Grove may also see rents drop as new office buildings are delivered, although that may extend into 2019 and 2020. Last year, the Grove’s office market reported a 96 percent occupancy with 21,000 square feet absorbed. Less than 500 square feet of the vacant 42,000 square feet was Class A space, according to the report. About 75,000 square feet of Class A space is now under construction in the Grove.


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These were the most expensive homes sold in Santa Clara County in 2017

The 10 most expensive homes sold last year in Santa Clara County averaged more than $14 million each.

Source: http://feeds.bizjournals.com/industry_21

Columbus now has more renters than homeowners, new analysis shows

There now are more renters than homeowners in Columbus, which follows a national shift triggered by the Great Recession.

The city is one of 22 of the 100 largest metros to experience a shift from an owner-dominated market from 2006 to 2016, according to the most recent U.S. Census Bureau data, which were analyzed by RentCafe.

The share of renters in the market grew by 17.5 percent in the past decade, and now represents 55.1 percent of area residents. The number of homeowners is 376,953, which…

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Sales leader for Midtown's No. 2 Opus Place tower leaves project

Real estate firm Berkshire Hathaway remains in charge of marketing the planned tower, which is across from the Four Seasons Hotel and would rise on the former symphony center site.

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Former Nets owner Forest City Realty in takeover talks with Brookfield

Forest City Realty Trust Inc. is on the auction block.

The real estate investment trust, which built The New York Times headquarters tower on Eighth Avenue in Manhattan, is in talks with Brookfield Asset Management Inc. (NYSE: BAM).

That’s according to Bloomberg News, which cited sources that claim discussions between the two companies are ongoing.

Forest City (NYSE: FCE.A) also built Beekman Tower, the 76-story, Frank Gehry-designed residential skyscraper on Spruce Street in lower Manhattan.…

Source: http://feeds.bizjournals.com/industry_21

Rechler: Trump infrastructure plan “not a reality”

From left: Mitch Roschelle, Jimmy Kuhn, Greta Guggenheim and Scott Rechler at the Times Center (Credit: Will Parker fior The Real Deal)

On the morning following President Trump’s State of the Union address, RXR Realty chairman Scott Rechler called the president’s $1.5 trillion infrastructure pitch unrealistic.

“It’s not a reality. The trillion-and-a-half dollars isn’t possible,” Rechler said at a panel for the Urban Land Institute Wednesday morning. “The money that we would use for infrastructure was repatriation dollars… has been used for tax reform. Not saying good or bad, but the answer is, there’s no trillion-and-a-half dollars.”

Since the 2016 campaign, Trump has proposed reviving America’s outdated roads, bridges, airports and other infrastructure by leveraging mostly private investment, offering incentives to those willing to take on new projects. Rechler — who advised Trump on the matter during the presidential transition last January and who is a board member of the Metropolitan Transportation Authority — said he is largely supportive of public-private partnerships, but suggested that much of the infrastructure work that needs to be done wouldn’t result in a profit for private firms. He used the potential repair of water systems without a consummate rise in the price of water as an example.

“There’s no revenue stream for the private sector to come in and potentially take advantage of that,” he said. “So I think this concept of we’re going to invest $200 billion dollars and that’s gonna raise a trillion to a trillion-and-half dollars is not realistic.”

Rechler was joined on the panel by TPG Real Estate Finance Trust’s CEO Greta Guggenheim and Jimmy Kuhn, the president of Newmark Knight Frank. The talk was moderated by PwC’s Mitch Roschelle. The participants discussed the outlook of national real estate in 2018 and even swapped some insider gossip about where Amazon’s second headquarters may be likely to land (Rechler’s heard the Washington, D.C., suburbs, but Guggenheim said she’s been hearing Atlanta).

All of the panelists commented that recently enacted federal tax reforms, which will cut effective rates for most real estate investors, was positive for the industry, though some conceded that there may be unintended consequences that will reveal themselves with time. Rising interest rates were also a key topic of the discussion. Guggenheim cited the U.S.’s “interest rate bull market for 30 years” that is now changing, with a still to be determined effect on real estate capital markets.

Rechler previously served on the board of the Port Authority of New York and New Jersey, but left in early 2016, citing frustration with the body’s internal and external political disputes. He is currently the chairman of the Regional Plan Association.


Source: http://feeds.feedburner.com/trdmiami

Louisville home builder files for bankruptcy protection

Both assets and liabilities were listed at $1 million to $10 million.

Source: http://feeds.bizjournals.com/industry_21

Indian Creek lot sells for record $27.5M

9 Indian Creek Drive (Credit: Google Maps)

Miami Beach resident Vladimir Krasavtsev just sold a vacant lot on Indian Creek Island for $27.5 million, marking a new record for waterfront land in the pricey enclave.

Property records show SMM Sunny Holding LLC, a Delaware company, paid about $345 per square foot for the site at 9 Indian Creek Drive. Mirce Curkoski and Albert Justo of One Sotheby’s International Realty represented Krasavtsev, and Irina Artemova of Luxe Living Realty represented the buyer.

The $27.5 million price tag beats a previous land record for Indian Creek when Krasavtsev paid $25.69 million for the 1.8-acre site in 2015. “Originally they were going to build a dream home and things changed and they decided to sell it,” Curkoski said.

An attorney represented the buyer, he said. Artemova could not immediately be reached for comment on the buyer’s identity.

The 80,000-square-foot lot was briefly listed for sale at $31.5 million, but Curkoski said the sale was an off-market deal. “We listed it as we were getting close to [closing] to open it up to potential buyers,” he said.

It has about 200 feet of water frontage.

The exclusive island, with about 40 properties, is home to some of the 500 wealthiest people in the U.S., including activist investor Carl Icahn, car dealership mogul Norman Braman, and developers Jackie Soffer and Jeffrey Soffer.

In July, Julio Iglesias listed an 8-acre assemblage of waterfront land on Indian Creek Island for $150 million. The singer-songwriter is looking to sell lots 4, 5, 6 and 7 in Indian Creek for $18.75 million per acre or $470 per square foot. Each property has 80,000 square feet.

Jackie Soffer listed a waterfront teardown at 26 Indian Creek Island Road for $29.5 million last year as well. Curkoski said it’s the only other similarly sized waterfront lot available for sale on Indian Creek.


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