- Why two-thirds of real estate investors will spend more in 2016 “In a new report on its 2016 Real Estate Outlook survey, KPMG found that many real estate investors are still confident in the market’s ability to produce returns, though some have found reason to temper that optimism with caution. On the heels of the mortgage crisis, with homes foreclosing in droves, investors found easy investments in a market bound to bounce back. As prices rose, the low-hanging fruit disappeared and many institutional investors – those purchasing at least 10 properties in a calendar year – left with them. In 2014, 9 percent of investors – whom KPMG describe as “more bullish” – predicted the market to “moderately” or “significantly” worsen in 2015. Looking ahead to 2016, that figure has dropped to only 5 percent.” (Chicago Agent Magazine)
- San Francisco Tech Firms See Workers Flee From $4,500 Rents “When automation-software company executive David Nichols and his wife were preparing to start a family last year, he learned that the rent on his San Francisco office was set to jump 50 percent. So he picked up and moved to Portland, Oregon. The technology-jobs boom that’s made San Francisco one of the most expensive places to live in the U.S. is starting to taper off as it becomes too pricey for the workers. That’s led some companies to open offices in places like Seattle, Portland and Los Angeles to draw in-demand software engineers who want a similar quality of life at a lower price.” (Bloomberg)
- U.S. Real Estate Economists Growing More Cautious “Mild caution is evident in the latest ULI survey of U.S. real estate economists. Compared with their analysis six months ago, real estate researchers are predicting slower economic growth, slipping real estate fundamentals, and lower returns from both the public and private markets. As was the case six months ago, no downturn is considered imminent, though global economies and markets remain fragile and volatile.” (Urban Land)
- Columbia Pockets Tidy Sum on Baltimore Office Sale “Complete makeovers don’t happen overnight, so Columbia Property Trust Inc. continues to revamp its portfolio, non-core asset by non-core asset, and the trophy office building at 100 E. Pratt St. in Baltimore is the latest to go. Columbia sold the 653,000-square-foot office destination to Vision Properties, walking away with $187 million.” (Commercial Property Executive)
- Starbucks Opening 20K-SF Roasting Plant in NYC, First One Outside of Seattle “Starbucks Coffee has something big brewing. The global coffee giant announced today it will be opening its first-ever roasting plant in New York City, in a 20,000-square-foot space on the ground and lower levels at 61 Ninth Avenue in the Meatpacking District. The roastery, which will be across the street from Chelsea Market, is slated to open in 2018 and will be similar to the existing one in Seattle. Vornado Realty Trust and Aurora Capital are developing 61 Ninth Avenue between West 15th and West 16th Streets. They acquired the site, formerly home to Prince Lumber, via a 99-year $140 million ground lease in the spring of last year.” (Commercial Observer)
- Inland Real Estate Acquires Two Multifamily Communities Totaling 405-Units in Colorado “Inland Real Estate Acquisitions, Inc. announced that it facilitated the acquisitions of two multifamily properties in March, Miramont Apartments and Pinecone Apartments, located in Fort Collins, Colorado. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transactions on behalf of an Inland affiliate. Located at 4900 E. Boardwalk Drive in Fort Collins, Miramont Apartments consists of 15 buildings containing 45 one-bedroom and 165 two-bedroom units... Pinecone Apartments, located at 2212 Vermont Drive in Fort Collins, is comprised of 13 buildings containing a total of 45 one-bedroom and 150 two-bedroom units.” (Multifamily Biz)
- Chetrit files plans for 300-key hotel on West 34th Street “The Chetrit Group has delivered plans for an assemblage it owns on West 34th Street near Penn Station, filing permit applications for a new 33-story hotel holding 300 rooms on the property, according to documents submitted Tuesday to the Department of Buildings. The mixed-use, 122,400-square-foot hotel development at 255 West 34th Street is set to include retail space on the cellar level and first and second floors.” (The Real Deal)
- Walsh Defends GE Real Estate Plans “Boston Mayor Martin Walsh defended the city’s plans to accommodate General Electric’s new 300,000-square-foot headquarters but said details of the real estate deal remain in flux. At an introductory press conference yesterday, GE CEO Jeffrey Immelt laid out an expansive vision for the company’s future influence on the region’s economy, schools and nonprofits, predicting it could catapult Greater Boston into a Silicon Valley-like crossroads of data-driven applications optimizing manufacturing and health care.” (Banker & Tradesman)
- Blackstone Names Real-Estate Veteran as Asia-Pacific Chairman “Blackstone Group LP named Christopher Heady as chairman of its Asia-Pacific businesses, promoting a 16-year veteran banker who played a key role in expanding the group’s real estate business in the region. Heady will continue leading the firm’s Asia real estate division and be supported by Jan Nielsen, who will serve as chief operating officer for all businesses, the company said in a press release. Nielsen leads private-equity investing in Southeast Asia, Japan and Korea. Daisuke Kitta, who leads Blackstone’s real estate activities in Japan, was named head of Japan.” (Bloomberg)
- JLL acquires French retail real estate consultant Véronique Nocquet “JLL has acquired French retail real estate consultant Véronique Nocquet. The eponymous firm, founded and managed by Véronique Nocquet, has supported both national and international retailers by providing tailored real estate services in retail in Paris and across the regions in France for the past 20 years. Charles Boudet, Managing Director of JLL France commented: ‘This acquisition further strengthens our retail business line and supports our growth targets for the French retail market. It also helps us deliver on our promise of a complete range of services to both retailers and investors. We can now draw on all of the key skills required to help clients face their real estate challenges.’” (The Financial)
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