Amazon’s buying up Seattle, and the ACA boosts the value of medical-office space
Feb 3, 2014
Here are the news stories you might have missed last week:
The Wall Street Journal: The health-care law’s real beneficiary
In January, Harrison Street Real Estate Capital LLC purchased 22 medical-office buildings from Washington Real Estate Investment Trust for more than $500 million, equating to $320 per square foot — well above the sector’s average price of $179 per square foot. But this transaction isn’t an anomaly. Similar deals are popping up nationwide as the Affordable Care Act (ACA) continues to reinvigorate the medical-office real estate sector. To read more about the ACA’s impact on the medical commercial real estate landscape, visit WSJ.com.
Puget Sound Business Journal: Amazon pays $52 million for another full block in downtown Seattle
Amazon’s continuing its Seattle takeover, spending more than $52.2 million to purchase a street block in downtown Seattle. The company’s been splurging on downtown real estate for several years in an effort to amass property surrounding its 3.3-million-square-foot campus. Check outBizJournals.com to find out what other Seattle purchases are on Amazon’s radar.
CoStar: Industrial portfolios attracting big spenders
Major industrial portfolios are going like hot cakes as more and more big buyers continue to acquiring these large holdings. American Realty Capital Properties recently agreed to pay Cardinal Industrial nearly $220 million for a six-building distribution center portfolio, and Blackstone agreed to a $550 million deal with GE Capital for the acquisition of a 9.6-million-square-foot industrial portfolio. To read more about these recent purchases, click over to CoStar.com.
GlobeSt.com: REIT expert forecasts major structural change
The United States’ commercial real estate industry has performed better in recent years than many of its international counterparts, become a mecca for current and future foreign investment, at least according to global Portfolio Manager Scott Crowe. Much of the real estate industry’s strength is attributed to the growth of the multifamily sector, which experienced an unprecedented rebound after the financial crisis. For more insights on these industry forecasts, visit GlobeSt.com.
Author: Raymond T. Cirz