GREAT SMALL INDUSTRIAL OFFICE BUILDING NEAR LAX - On Sale: $759,000

August 31, 2007 on 3:03 pm | In FASCINATING INFORMATION, Investment Opportunities, PROPERTY MAINTENANCE, PROPERTY WISH LIST, Uncategorized | 1 Comment

705 vesta sign edit main small.jpg

705 VESTA ST INGLEWOOD, CA 90302-3316
GREAT SMALL INDUSTRIAL OFFICE BUILDING NEAR LAX
On Sale: $759,000
County: Los Angeles
Property Type: Industrial
Office Showroom
Building Size: 2,796 SF
Lot Size: 4,504 SF
Clear Ceiling Height: 12 Ft.
Grade Level Doors: 1
Occupancy: 100%
Price: $759,000
Price/SF $271
Status: Active
LoopNet ID: 15130420
 

On Sale! It’s two, two, two hard-to-find properties in one. A multipurpose 2,796 sf office building / warehouse on an industrially-zoned 4,504 sf lot.  Warehouse is 38’ @ widest point w/ truck high doors + 12’ ceilings. (Approx. 23’ wide on average.) Spacious 27’x21’ conference room w/ 12’ ceilings. Close to LAX. EZ freeway access. Up and coming neighborhood. Building is clean + functional. Certainly you’ve got great plans for this property…
Thinking about your real estate needs.

Jodi Summers

Sotheby’s International Realty

310. 392.1211

jodis@verizon.net
www.SoCalInvestmentRealEstate.com
www.SantaMonicaLandmarks.com
www.SoCalIndustrialRealEstateBlog.com

SOCAL INDUSTRIAL VACANCY RATES STILL LOW

August 27, 2007 on 6:37 pm | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, FASCINATING INFORMATION, Investment Opportunities, Uncategorized | 2 Comments

SOCAL INDUSTRIAL VACANCY RATES STILL LOW

Good news. 2nd quarter 2007 office and industrial vacancy rates for Southern California are still favorable, according to a recently released report from Grubb & Ellis.

 Information revealed in the report noted that in Los Angeles County, the industrial vacancy rate was 1.8% (on a base of just over one billion square feet), with only 3.7 million square feet under construction.  In “Central Los Angeles,” the rate was an ultra- tight 1.0%.In Orange County, the 2nd quarter 2007 industrial vacancy rate was 3.7%, with nearly 0.7 million square feet of space under construction.

In the Riverside-San Bernardino area, the industrial vacancy rate was 4.8%, with 24.2 million square feet of space under construction.  There is still fairly good demand for space in the area.

 In San Diego County, is where we see more square footage available. The 2nd quarter industrial vacancy rate was 7.2%, and  has been moving higher since the 3rd quarter of 2006.  Just over 2.0 million square feet is under construction in the County. Produced by the Los Angeles County Economic Development Corporation as a public service to the global community.

G&E reports: http://www.grubb-ellis.com/research/reports.aspx

MOVING FORWARD AFTER THE SELLER DIES DURING A REAL ESTATE TRANSACTION

August 25, 2007 on 10:54 am | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, FASCINATING INFORMATION, Legal, Transaction Issues, Uncategorized | 21 Comments

MOVING FORWARD AFTER THE SELLER DIES DURING A REAL ESTATE TRANSACTION

Each real estate transaction comes with its own unique twist that needs to be resolved in order to please all parties and successfully conclude the transaction.

This situation was quite exceptional. Two days after signing off on the purchase agreement, the seller went into the hospital. He passed on the following week.

Buyer is one of two tenants in the building, and has exercised their right of first refusal as per their lease contract. They were paying a precious price for ¾ of an acre of M-1 zoned property with warehouses east of the 110 Freeway. Both parties were represented by the same realtor.

The deceased seller had done his legal work, leaving the property was left in trust to the seller’s children. Escrow was to close in June.

There was no legal reason that the transaction could not go forward, yet the members of the trust were hesitant to proceed. Was the transaction still binding? Could they circumvent the realtor and go directly to the buyer? How could they best profit from the existing scenario. It was not emotional grief; it was more like business indecision. The transaction sat idle for several months. Each time the buyers requested to move forward, the estate asked for more time. The trust has had five months to review documents, and there was no time frame on when they might be ready to move forward.

This scenario was not pleasing to the buyer, who had put is money into the escrow. The estate would not even permit the monies to be transferred into an interest-yielding account while the transaction was in limbo.  They wanted to move forward on this transaction, before the end of the business year.

We needed to determine the best way to move the parties forward to conclude the transaction. We checked in with the California Association of Realtors Legal Department, where attorney Sunny Younglove was gave us insight into how to go forward in such a scenario.

“The buyer has rights as stated in the signed purchase agreement,” she stated succinctly. “The seller’s estate is in breach of contract.”

The solution was to sue the estate for non-performance.

The buyer was instructed to contact a probate attorney, and have the attorney send a letter threatening to sue if the parties do not move forward by a specified date. A suit filed against the property would force the property into probate. A judge would inevitably hold the seller’s estate responsible for their inability to move forward on the transaction and they would incur the legal fees.

This information is being shared with the estate as we write this blog post. We will let you know how it proceeds.

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LOS ANGELES PORT ACTIVITY MIXED

August 22, 2007 on 7:01 pm | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, FASCINATING INFORMATION, Investment Opportunities, New Developments, Uncategorized | 5 Comments

LOS ANGELES PORT ACTIVITY MIXED
We keep growing. Total container activity at the ports of Los Angeles and Long Beach was up by 1.5% over the year to 1.36 million containers (aka TEUs).  Imports inched up by 0.7%, while exports were up by 17.6%.  Long Beach accounted for all the growth during July, with the number of import containers up by 8.9% while exports rose by 33.9%.  At Los Angeles July imports were down by 5.5% while exports were up by 4.4%
 

Port of Long Beach  
  Container Trade in TEUs*  
               
  July   Fiscal Year to Date***
  2007** 2006 % Change   2007** 2006 % Change
LOADED INBOUND 332,402 305,117 8.9%   3,083,979 2,973,596 3.7%
               
LOADED OUTBOUND 135,089 100,861 33.9%   1,195,256 1,072,786 11.4%
               
EMPTIES 179,937 176,947 1.7%   1,770,633 1,830,592 -3.3%
               
TOTAL(T.E.U.) 647,428 582,925 11.1%   6,049,868 5,876,974 2.9%
               
*TEUs: 20-foot equivalent units or 20-foot-long cargo container    
**Preliminary estimate    
The size of cargo containers range from 20 feet long to more than 50 feet long.    
The international measure is the smallest box, the 20-footer or 20-foot-equivalent unit (TEU).
*** Fiscal Year = Oct. 1 through Sep. 30.          

**

Port of Los Angeles  
Container Trade in TEUs*  
 

JULY 2007 2006 Change Percent Change
Loaded Inbound2 382,247.05 404,664.55 (22,417.50) -5.54%
Loaded Outbound3 129,591.75 124,134.25 5,457.50 4.40%
Total Loaded 511,838.80 528,798.80 (16,960.00) -3.21%
Total Empty 204,480.60 232,527.55 (28,046.95) -12.06%
Total 716,319.40 761,326.35 (45,006.95) -5.91%
 
Fiscal Year 20074
(to date)		 716,319.40 761,326.35 (45,006.95) -5.91%
Calendar Year 2007
(to date)		 4,764,476.10 4,629,584.85 134,891.25 2.91%
1TEUs = Twenty-foot equivalent units, a standardized maritime industry measurement
  used when counting cargo containers of varying lengths.
2Inbound = Imported containers. 
3Outbound = Exported containers.
4Fiscal Year = July 1 through June 30.
 
     
     

Port of Long Beach data: http://www.polb.com/about/port_stats/latest_month.asp
Port of LA data: http://www.portoflosangeles.org/factsfigures_Monthly.htm

Info courtesy of Jack Kyser - http://laedc.org/economicinformation/e-edge.html#6
 

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SANTA MONICA SCALING BACK ON INDUSTRIAL DEVELOPMENT

August 20, 2007 on 11:10 pm | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, FASCINATING INFORMATION, Investment Opportunities, New Developments, PROPERTY WISH LIST, Uncategorized | 2 Comments

SANTA MONICA SCALING BACK ON INDUSTRIAL DEVELOPMENT

The Santa Monica City Council is attempting scale down development in the City’s industrial zones, where more than 1,000 small residential units are currently slated to be built.

Participants at a community workshop recently weighed in on the future of the city’s manufacturing and light manufacturing and studio districts, - along Olympic Blvd. It is one of the last areas in Santa Monica slated for development.

Under the City Council’s direction, staff will return with an ordinance that would limit development to 7,500 square feet and 15 units on larger lots, and 7,500 square feet and five units on smaller lots in the manufacturing district.

“The character of these districts could just be changed,” said Council member Pam O’Connor. “These are really critical decisions. . . if we become a bedroom community or remain the city we have been.”

“If this thing gets botched, it will be a real mess for a long time,” said Council member Bobby Shriver. “There’s a tidal wave of money flooding our area.”

Council member Ken Genser urged even tighter building restrictions for the once-thriving thriving industrial area, which in the past two decades has become a Mecca for media companies and high-end offices.

“We want to implement meaningful zoning without hurting small developers,” said Genser, whose motion to limit development to 5,000 square feet and eight units failed.

Before the vote, community activists urged the council to impose a building moratorium until the City finishes updating the Land Use and Circulation Element (LUCE) of the General Plan, which will dictate development for decades

The council’s action comes several months after NMS Properties submitted plans to build some 1,000 single-room units in the industrial corridor, bounded by Centinela Avenue, the 10 Freeway, Lincoln Boulevard and Colorado Avenue.

While the five proposed buildings abide by the letter of a new law to encourage affordable housing, City officials worry they will bypass public and environmental review, are not required to provide much parking and open space and don’t address a critical shortage of affordable family housing.

In April, the council rushed through an emergency ordinance to dramatically slow permitting for the projects, which take advantage of height and density bonuses.

The ordinance — which the developer will likely challenge in court — require that the projects undergo a potentially lengthy and costly public process.

Santa Monica residents urged the council to do everything to halt the housing boom.

“Putting 300 people where there used to be 30 people does not help Santa Monica,” said one member of the public who testified Tuesday. “It’s not Santa Monica. It’s not what the people want.”

 “Whatever goes in there will be there for 50 years or longer,” Council member Bob Holbrook said at the council meeting last week. “So we’ve got to get it right.”

 

**

Information courtesy of By Jorge Casuso + the Friends of Sunset Park

CARSON MANUFACTURING COMPLEX SELLS FOR $11.5m

August 16, 2007 on 4:55 pm | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, FASCINATING INFORMATION, FUNNY...MONEY, LIGHTS…CAMERA…TRANSACTION, New Developments, Uncategorized | 3 Comments

CARSON MANUFACTURING COMPLEX SELLS FOR $11.5m
AMB Property Corp. has acquired a four-building, 129,499-sf manufacturing facility for $11.5 million in a sale-leaseback, in Carson California. AMB bought the facility at 18620 S. Broadway from aerospace component manufacturer AMSI Inc., in a transaction brokered by Colliers.
The four-building complex is situated on a 6.4-acre land parcel near Los Angeles International Airport and Long Beach World Port, with easy access to the 110, 405 and 91 freeways.
“With more than 220 million sf of space and a 2% vacancy rate, the South Bay has one of the strongest industrial real estate markets in the nation,” noted Charles K. Littell, associate vice president with Colliers Private Capital Advisors.  AMB wanted to take advantage of the long-term income and strong future redevelopment potential that this deal offered,” Littell adds.
Information courtesy of Bob Howard @ Globest.com

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CALIFORNIA PORT REPORT

August 2, 2007 on 11:01 am | In FASCINATING INFORMATION, Investment Opportunities, Uncategorized | 3 Comments

CALIFORNIA PORT REPORT

(TEUs) June’07 Y/Y %chg YTD Y/Y %chg
Port of Long Beach 662,219 7.3% 3,521,490 -0.4%
Port of Los Angeles 716,171 -1.5% 4,048,157 4.7%
Port of Oakland 195,431 -4.5% 1,140,361 -3.2%

The contract dispute with the maritime clerks working at the ports of Los Angeles and Long Beach was resolved, averting a strike.  The next labor contract negotiations will come in 2008 as the coast-wide contract with the longshore union expires. 
 At the port of Oakland, the import container count declined by 3.4% over the year to June, while the number of export containers rose by 7.0% over the year.  The number of empties handled during the month fell by 16.0%, yielding a decline in total containers moved during the month, down by 4.5% (the fifth such monthly decline at Oakland in a row) to 195,431 TEUs.
Port of Long Beach data: http://www.polb.com/about/port_stats/latest_month.asp
Port of LA data: http://www.portoflosangeles.org/factsfigures_Monthly.htm
Port of Oakland data: http://www.portofoakland.com/maritime/facts_cargo.asp
Info courtesy of Jack Kyser Los Angeles County Economic Development Corporation - http://laedc.org
 

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