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05/18/2013

Price of Seattle waterfront building shoots up 374% in less than 3 years

Equity Residential made a huge profit on an old Seattle waterfront building, selling it this week for $32.5 million. Public records show that an entity related to Unico Properties of Seattle bought the six-story, 96,600-square-foot building at 51 University St. The price of the building has been climbing since August 2010, when Goodman Real Estate bought it for $6.85 million. Less than a year later, Goodman sold it to Chicago-based Equity for $11.75 million. Biotech company Immunex occupied the…

05/18/2013

Future for undeveloped property downtown

A piece of undeveloped property next to the U.S. Bank Tower probably won’t stay that way for long now in the face of a new Kings arena a stone’s throw away, said the owner, downtown developer David Taylor. “This will expand opportunities for high rises downtown again,” said Taylor of David S. Taylor Interests, though he added it’s too soon to tell whether the undeveloped lot will become housing, office, a hotel or something else. In terms of the difference in interest now that an arena…

05/18/2013

Bloomingdale’s, Castle foundation show improved perceptions of Hawaii’s economy

Two breaking news stories on Friday underscored the fact that Hawaii’s economy is on an upswing — the swanky New York City department store Bloomingdale’s is coming to Ala Moana Center, and land values have gotten high enough to convince the Castle family to put its commercial real estate portfolio on the block. The new, three-level, 165,000-square-foot Bloomingdale’s store will replace what is now Sears, which is scheduled to close two weeks from Sunday. Bloomingdale’s will anchor a…

05/17/2013

New president, downtown store for LaCrosse

LaCrosse Footwear Inc. on Friday said it plans to open a downtown Portland location. It did not provide details about the store's size or location. The company also named Robert Sasaki president. The Portland-based maker of boots for the outdoor and military markets was acquired for $138 million last year by ABC Mart, a major Japanese footwear retailer. Chief executive Joseph P. Schneider and Chief Financial Officer David P. Carlson resigned after the acquisition. ABC-Mart plans a "larger investment"…

05/17/2013

Sale of Kaneohe Ranch’s Hawaii properties alone could top $1B

The possible sale of Kaneohe Ranch could easily top $1 billion and is similar to what happened when General Growth Properties Inc., the owner of Ala Moana Center, closed on a deal in 2002 to acquire Victoria Ward Ltd. for $250 million. Mitch D’Olier, who was at the helm of Victoria Ward at the time, is the president and CEO of Kaneohe Ranch Management Ltd., as it goes through a possible sale. He said Kaneohe Ranch was exploring options for the Castle family following an updated valuation of the…

NYU MS in Real Estate Development Jones Lang LaSalle