Future bright for commercial real estate

The improving economy and rising job market mean the fundamental demand for commercial real estate space will rise over the course of the year and create an even stronger demand that will see rising rents in 2005, according to the National Association of Realtors Commercial Real Estate Quarterly.

David Lereah, NAR's chief economist, said 1.2 million payroll jobs were added to the economy during the first five months of this year.  more...

Washington mall sold through 1031 exchange

Faris Lee Investments recently negotiated the sale of Everett Mall, a 673,000-square-foot shopping mall in Everett, Wash.

The value of the transaction was $56.5 million.

The property was sold by New York-based The Equitable Life Assurance Society of the United States (Equitable), advised by Morgan Stanley, to Steadfast Cos., a development company headquartered in Newport Beach, Calif., as a 1031 exchange. Through its affiliate office in New York, headed by Tim Baydala, David Lee of Faris Lee Investments was the broker representing the transaction.  more...

Joint partnership acquires SoCal apartments

The Wolff Co., a privately owned investment company with apartment communities located nationwide, through a partnership with Lyon Capital Ventures LLC, purchased Villa Venetia, a 224-unit multifamily community in Marina del Rey, Calif. 

The value of the transaction was $34.3 million. 

The improvements and land are on a long-term ground lease with the City of Los Angeles that expires in 2022.   more...