Redwood City seeks downtown proposals
- Aug, 31 2011
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After a two-month delay, Redwood City officials have formally issued a Request for Proposals for the development of a 2.3-acre plot in the city’s downtown.
On May 23, Redwood City’s council members directed planning staff to craft a Request for Proposals (RFP) for Block 2 and a surface parking lot bordered by Jefferson Avenue, Middlefield Road and Caltrain tracks.
Lured by a development-friendly blueprint and an economy on the mend, several developers have expressed interest in the site, including TMG Partners
, Essex Property Trust
and Hunter/Storm LLC. The Sobrato Organization
of San Jose reportedly is also looking at the property.
The RFP was supposed to go out the week of June 20 but was postponed due to questions over which city entity would actually be selling the property, according to Dan Zack, Redwood City’s downtown development coordinator.
The delay doesn’t seem to have dampened enthusiasm for the site, according to Zack, who said the level of interest from developers “is hot.”
The land was initially supposed to be sold through Redwood City’s redevelopment agency but when the agency’s future recently came into question, officials proposed to amend the city’s charter so that the decision on who would develop the property wouldn’t be based on the highest bid alone.
At that time, Zack said the city wanted to ensure that it could still pick who it would sell the land to based not only the highest bid, “but who can build the best project” for the community.
Last week, the Redwood City Council voted to keep the RDA alive so the land could be sold through the agency if need be. But for now, the city is keeping its options open.
“If the Charter amendment — which would allow the city to sell land based on qualifications rather than highest bidder — passes in November, then we can sell it through the City if that makes more sense,” Zack said. “We don’t need to commit at this stage.”
The Request for Proposal officially went out on August 30. Statement of qualifications will be accepted through October 17.
The city’s plan allows for 12-story buildings but does not dictate specific uses. Housing, office, retail and entertainment will all be considered, although underground parking and specific design criteria are required.
The 90-day RFQ selection process will also include a second available site across the street from Block 2 on Winslow Street. In its RFP, the city described the two parcels as being “directly adjacent to one of the busiest Caltrain stations on the Peninsula.”
Hyatt cuts back on LodgeWorks purchase
- Aug, 31 2011
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Hyatt Hotels Corp.
has scaled back its purchase of several extended-stay hotels from LodgeWorks LP
, including one in Fairfax County, marking another big real estate deal altered due to recent economic jitters, The Wall Street Journal reports.
Hyatt disclosed in a filing made Wednesday with the Securities and Exchange Commission that it has revised its deal with LodgeWorks by reducing the number of hotels involved to 20 from 24 and lowering the overall price to $661 million from $802 million, according to The Journal.
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What’s the impact of Pacific Office Properties’ stock drop?
- Aug, 30 2011
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Janis L. Magin Reporter Email
Pacific Office Properties
’ stock fell again on Tuesday, this time to a new low of 60 cents per share.
The 11-cent drop for one of Honolulu’s largest owners of office properties followed an 18-cent drop on Monday, when it closed at 71 cents.
Just a year ago, Pacific Office Properties traded at $4.65 per share on the AMEX exchange.
The real estate investment trust is based in San Diego, but it’s one of the largest owners of office properties in Honolulu. In fact, five of the six properties the REIT owns 100 percent are in Honolulu. The rest of its holdings are in joint ventures located in Honolulu, Southern California and the Phoenix area.
So what’s going on with the REIT?
Pacific Office Properties (AMEX: PCE) filed a statement Monday with federal regulators saying “its policy is not to comment on unusual market activity.”
But in an interview, Larry Taff, executive vice president of Honolulu operations, told PBN that public shareholders own only about 5 percent of the company, so the investor impact is not as big as it may seem. The majority of shares are owned by the contributing partners, and the largest of those is Jay Shidler, a well-known Honolulu real estate investor whose Shidler Group
holdings formed the basis for the REIT when it was founded in 2008.
“So there’s a very, very little, tiny percentage of the company that’s actually being traded on a daily basis,” Taff said. “No one likes to see their stock price go down, but it’s so much less significant than it would appear on the surface.”
Pacific Office Properties was notified in April by NYSE Amex Equities that it was not in compliance for listings standards because it had a total equity of less than $2 million and had recorded losses for three of the past four fiscal years.
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Reporter Janis Magin can be reached at 808.955.8041 | jmagin@bizjournals.com
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Prologis buys Tolleson warehouse for $10 million
- Aug, 30 2011
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The new Prologis property in Tolleson.
San Francisco-based Prologis Inc
. has purchased its second major property in Phoenix in the past month.
Brokers at Jones Lang LaSalle
report that a 302,600-square-foot warehouse space at 9704 W. Roosevelt Road in Tolleson has sold for $9.95 million in an all-cash transaction. The seller was the Paul and Eleanor Sade Trust in Alamo, Calif., which was represented by Managing Directors Anthony Lydon and Marc Hertzberger with Jones Lang LaSalle. Prologis was represented in-house.
“Prologis is a global leader, so its decision to buy here is a significant stamp of approval,” Lydon said.
He noted that Phoenix is running out of larger industrial buildings with at least 200,000 square feet of contiguous space.
“In the past 18 months, we’ve seen more than six million square feet of net industrial space absorbed by companies like Amazon
, Genco, Sub-Zero and Suntech,” Lydon said.
At the beginning of the month, Business Real Estate Weekly, a local trade publication, reported that Prologis purchased a 250,800-square-foot distribution facility at 2225 S. 43rd Ave. in Phoenix for $9.1 million.
San Francisco-based Prologis Inc
. has purchased its second major property in Phoenix in the past month.
Brokers at Jones Lang LaSalle
report that a 302,600-square-foot warehouse space at 9704 W. Roosevelt Road in Tolleson has sold for $9.95 million in an all-cash transaction. The seller was the Paul and Eleanor Sade Trust in Alamo, Calif., which was represented by Managing Directors Anthony Lydon and Marc Hertzberger with Jones Lang LaSalle. Prologis was represented in-house.
“Prologis is a global leader, so its decision to buy here is a significant stamp of approval,” Lydon said.
He noted that Phoenix is running out of larger industrial buildings with at least 200,000 square feet of contiguous space.
“In the past 18 months, we’ve seen more than six million square feet of net industrial space absorbed by companies like Amazon
, Genco, Sub-Zero and Suntech,” Lydon said.
At the beginning of the month, Business Real Estate Weekly, a local trade publication, reported that Prologis purchased a 250,800-square-foot distribution facility at 2225 S. 43rd Ave. in Phoenix for $9.1 million.
Art Deco Seattle Tower sells for $30.45M
- Aug, 30 2011
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The Art Deco Seattle Tower was built in 1929.
Jeanne Lang Jones
Staff Writer Email
The Art Deco Seattle Tower across from Benaroya Hall in downtown Seattle was sold on Monday to Dallas-based Invesco Realty Advisors
for $30.45 million.
The 27-story historic landmark at 1218 Third Ave. has changed hands four times in the past seven years.
Built in 1929, the tower includes 189,931 square feet of office space and 13,320 square feet of retail space. Occupancy is at 85 percent, according to OfficeSpace.com.
When it was newly built, hundreds of spotlights played over the face of the building to create the effect of an aurora borealis.
The seller, California-based LaeRoc Funds, bought the building in April 2010, paying Legacy Partners Realty Fund II of Foster City, Calif., $20.65 million.
Legacy Partners had paid Bellevue-based Trinity Real Estate and Helix Investment Partners of Chicago just over $36 million for the building in August 2006.
Trinity and Helix paid $19.18 million for the property in November 2004. The building, which was damaged in the Nisqually earthquake in 2001, was undergoing seismic renovation at the time.
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UO adopts aggressive green building, energy plans
- Aug, 30 2011
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Welcome to your Personalized User Bar. Here, you can manage your account, sign up for newsletters, navigate to site sections, and share interesting content on social networks. You also can receive alerts on upcoming events, new products, or subscription/account activities.
Lake Lurna Professional Center changes owners
- Aug, 30 2011
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A three-story, 136,778-square-foot medical office building near the heart of downtown Orlando sold mid-August for $6 million.
The Lake Lurna Professional Center at 1717 S. Orange Ave. is a fully leased building with Orlando Health
and Nemours Children’s Hospital as tenants. Nemours operates its Nemours Children’s Clinic at that site.
The building was sold by Lake Lurna Properties to MDS 1717 S Orange Avenue LLC, which lists Mears Destination Services as its manager, according to records. The site has 89 parking spaces and an elevator, records show.
North Fair Oaks development plan considered
- Aug, 30 2011
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San Mateo County next month will consider a long-term development plan for the North Fair Oaks neighborhood that could result in denser housing and more commercial space, the Palo Alto Daily News reports.
The plan for the unincorporated community of 15,000 residents, located between Menlo Park, Atherton and Redwood City, could help the county meet housing goals without a definite increase in traffic, the report notes.
The $500,000 plan, two years in the making, was funded by grants from the Association of Bay Area Governments and the Metropolitan Transportation Commission.
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Seattle among hottest markets in housing projects
- Aug, 29 2011
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-
Seattle ranked no. 6 in the country in terms of value of new housing projects approved in 2010, with a collective value of more than $1.9 billion.
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Washington, D.C., ranked fifth of U.S. metro areas in terms of new privately owned housing units being authorized in 2010 at $2.1 billion.
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Los Angeles ranked fourth in the nation in value of new housing projects authorized last year, with a collective value of $2.38 billion.
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New York City may be the nation’s largest metropolitan area in terms of population, but it ranked third in residential construction activity, with a collective value of $3.05 billion in projects authorized in 2010.
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Texas is well-represented on the list of top U.S. markets by new residential construction projects authorized in 2010. Dallas ranked no. 2, with a collective value of $3.87 billion.
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The collective value of all private housing projects authorized in the Houston area last year was $4.17 billion, ranking it no. 1 in the country by far.
G. Scott Thomas Email
The Seattle-Tacoma-Bellevue area is among the top markets in the U.S. when it comes to the value of new housing projects, according to the U.S. Census Bureau.
The collective value of all private residential projects authorized in the Seattle-Tacoma-Bellevue last year was more than $1.9 billion. To see where Washington state’s largest metro area ranked compared to other U.S. markets, click here.
The latest numbers for all 366 metros can be found in the database below, reflecting the value of all private residential projects that went through the building-permit process last year. (Earlier editions of On Numbers this week looked at five-year and one-year construction trends.)
Use the tab to isolate the database to a single state, or hit the Search button to see every metro from top to bottom. Click any column header to re-sort the list. Click it a second time to reverse the direction.
The total value of all building permits issued in the 366 metros last year was $88.46 billion. Twenty metros topped $1 billion in residential construction valuation, and another 24 were between $500 million and $1 billion.
RESIDENTIAL CONSTRUCTION VALUATION (2009-2010)
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Pacific Office Properties stock tumbles to 71 cents
- Aug, 29 2011
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Pacific Office Properties
(AMEX: PCE) stock lost 18 cents Monday to close at 71 cents, a historic low for the San Diego-based real estate investment trust and one of the largest owners of office properties in Honolulu.
The stock fell below $1 on Aug. 22, closing at 99 cents. It traded between 87 cents and 99 cents last week before closing at 89 cents Friday.
The company filed a statement with the U.S. Securities and Exchange Commission Monday saying it had been contacted by the stock exchange but that “its policy is not to comment on unusual market activity.”
Pacific Office Properties was notified in April by NYSE Amex Equities that it was not in compliance for listings standards because it had a total equity of less than $2 million and had recorded losses for three of the past four fiscal years.
Two weeks ago, the REIT reported an operating loss of $7.8 million for the second quarter, along with a general accounting loss of $2.7 million.
The company recently formed two joint ventures with New York-based Angelo, Gordon Co.
to own the Pacific Business News Building in Honolulu and the City Square Office Towers in Phoenix.
Pacific Office Properties also is seeking a majority investor for the rest of its Honolulu portfolio, which includes Waterfront Plaza, the Davies Pacific Center and the Bank of …
