LAX AREA LARGE INDUSTRIAL SELLS AT MARKET HIGH

September 28, 2007 on 11:32 pm | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, FASCINATING INFORMATION, FUNNY...MONEY, Investment Opportunities, LIGHTS…CAMERA…TRANSACTION, New Developments, Uncategorized | 5 Comments

by Jodi Summers

And we have a new record - 5651 W. 96th St. sold at a record $230 per square foot - an all-time market high price per square foot for an industrial building of its size in the Los Angeles International Airport market. The 57,000-sf industrial building sold for $13.1 million.
 

lax.jpg

Industrial buildings in the LAX market in this size range previously sold for $165 and $175 per sf.
The buyer is Avila 8 LLC, a company in the natural gas industry that formerly was based in Santa Monica. They  acquired the property from Cargo Ventures, an industrial investment and development firm based in New York. According to Marcus Gilmour, a vice president at listing brokers Leonard & Ohren,  the deal is another example of the migration of Westside industrial companies into the LAX market.“Our challenge was to introduce this LAX industrial facility to the marketplace as a viable option for Westside companies,” Gilmour reveals.
5651 W. 96th St., a quarter of a mile from LAX and across the street from Neutrogena’s world headquarters.

5651 W. 96th St.,.jpg 

  Info courtesy of Bob Howard of GlobeSt.com http://www.cityfeet.com/News/NewsArticle.aspx?Id=26028

Industrial Market Is Still Strong

September 23, 2007 on 8:08 pm | In CHARTS + STATISTICS, FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, FASCINATING INFORMATION, Investment Opportunities, Uncategorized | 5 Comments

 

Industrial Market Is Still Strong 
Booming trade continues to bolster the demand for warehouse and distribution facilities across the country, with the strongest demand in coastal markets followed by inland ports and distribution hubs - notes the National Association of Realtors recent Commercial Real Estate Outlook.  There is significant construction of build-to-suit industrial projects, while obsolete structures are being converted to other uses in stronger markets.
 

Vacancy rates in the industrial sector are likely to average 9.3 percent by the fourth quarter, slightly below the 9.4 percent rate at the end of 2006.  Annual rent growth should be 3.0 percent by the end of this year, up from a 1.4 percent annual rise in the fourth quarter of 2006.
 

The areas with the lowest industrial vacancies include Los Angeles; Orange County, Calif.; San Francisco; Tampa; Albuquerque; and Portland, Ore., all with vacancy rates of 5.3 percent or less.  Elsewhere, the slowdown in the automotive industry is hurting some markets.
 

Q1 industrial vacancies measured 8.15 percent, versus 8.11 percent during Q4 and 8.51 percent during the year-ago quarter. Warehouse rents increased by 1.9 percent in Q1, after rising by only 0.4 percent during the fourth quarter of 2006. This left rents up 8.5 percent over the year.
 

First quarter absorption was disappointing, with occupied space increasing by just 27.3 million square feet (msf), compared with 36.9 msf in Q4. Industrial absorption totaled 40.0 msf in 1Q 2006.
 

Net absorption of industrial space in 58 markets tracked will probably total 162.9 million square feet in 2007, down from 202.8 million last year.  Industrial transaction volume in the first four months of 2007 was $11.9 billion, down 13 percent from the same period in 2006.
 

**
 

INDUSTRIAL VACANCY RATES
LOCATION                               Q1′07 VACANCY (%)    Q1′06 VACANCY (%) 
 

 Honolulu, HI                             1.9                                2.3
Los Angeles, CA                       3.0                                2.8
Bakersfield, CA                                     3.4                                3.5
Charleston, SC                          3.8                                6.5
Orange County, CA                   4.0                                4.0
Ft. Lauderdale
/Broward County, FL                  4.2                                3.7
Columbia, SC                            4.2                                0.5
Las Vegas, NV                          4.5                                4.2
Miami, FL                                  4.6                                4.4
Tampa, FL                                4.7                                4.6
Riverside/San Bernardino
 - Inland Empire, CA                  4.9                                5.4
 Nashville, TN                           5.0                                5.3
Jacksonville, FL                        5.1                                6.2
West Palm Beach, FL                5.5                                4.1
Oakland, CA                             5.6                                5.4
Orlando, FL                               5.6                                6.7
San Francisco Peninsula
- San Mateo, CA                        5.7                                5.5
 Boise, ID                                 5.8                                5.7
Cincinnati, OH                           6.0                                5.9
Reno, NV                                  6.1                                4.9
Fresno, CA                               6.3                                7.6
St. Louis, MO                            6.3                                6.5
Seattle, WA                               6.4                                6.4
 New Jersey - Northern             6.4                                5.9
Indianapolis, IN                         6.4                                6.3
Louisville, KY                            6.6                                6.7
Denver, CO                               6.7                                7.2
Houston, TX                              7.1                                6.6
New Jersey - Central                 7.5                                7.5
Milwaukee, WI                           7.6                                7.7
 San Diego, CA                        7.8                                6.9
Portland, OR                             7.8                              10.4
Kansas City, MO                       7.9                                8.4
Philadelphia, PA                        8.7                               8.7
Cleveland, OH                           8.7                                8.9
Chicago, IL                               8.9                                9.0
Charlotte, NC                            9.2                                9.7
Washington, DC                        9.5                                9.4
Phoenix, AZ                              9.7                                9.0
San Jose/
Silicon Valley, CA                      9.7                                10.0
Dallas-Ft. Worth, TX                    9.9                                10.0
Minneapolis, MN                        9.9                                10.3
Stockton/
San Joaquin County, CA            10.2                                9.1
Hartford, CT                               10.2                                8.6
Pleasanton/
Walnut Creek, CA                       10.7                                8.6
Columbus, OH                            10.9                              10.5
Atlanta, GA                                11.4                               11.8
Sacramento, CA                         11.8                               11.4
Greenville, SC                            12.6                               12.8
Detroit, MI                                   13.3                               13.5
Memphis, TN                              14.3                               14.1
Raleigh, NC                                15.7                               14.5
Baltimore, MD                             16.9                               15.2
Little Rock, AR                            17.7                                 9.4
Boston, MA                                 22.5                                21.8
 

Info courtesy of Colliers
 

NOTED INDUSTRIAL BROKERAGE DAUM UNITES WITH ONCOR TO EXPAND SERVICE LINE

September 19, 2007 on 7:00 pm | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, Investment Opportunities, LENDERS + VENDORS, LIGHTS…CAMERA…TRANSACTION, New Developments, Uncategorized | 3 Comments

NOTED INDUSTRIAL BROKERAGE DAUM UNITES WITH ONCOR TO EXPAND SERVICE LINE  By Bob Howard of GlobeSt.com 

Daum Commercial Real Estate Services, a regional brokerage that dates back to 1904, has affiliated with the Oncor International network as part of a series of strategic initiatives in which the firm is expanding its service lines. Daum formerly was affiliated with GVA, which is now an affiliate of the locally based Charles Dunn Co.

daum.jpgMichael Nubel, president and chief executive officer of Daum, calls the Oncor affiliation “a core component of Daum’s strategy as we expand to new markets and offer a broader service profile.” Steve Pearson, Daum’s chief strategy officer, tells GlobeSt.com that through the recent rebranding and expansion efforts at Daum, the company continues to build on its heritage as an industrial brokerage but has steadily been expanding in the office arena and is focused on other service areas as well.

For example, Pearson says, “we really want to coordinate and grow our investment brokerage business and also our property management business.” Daum’s property management portfolio stands at about two million sf and the immediate goal is to increase that into the range of four million sf to six million sf.

Part of the expansion into investment and property management will be recruiting new people in those specialties, according to Pearson. “We believe that there are a lot of good growth opportunities on the commercial side throughout all of the areas where we have offices, and we are making sure that we stay focused on talking with quality people because we think we have a platform that will suit them,” Pearson says.

Pearson says that the focus on expanding other service areas while continuing to build on its existing strengths is one of the initiatives the company identified last year in strategy planning sessions focusing on where the company is and where it wants to go. With the new Oncor affiliation, he says, Daum is now part of a group of “good, strong regional companies” that are Oncor affiliates up and down the West Coast.”

Daum has 11 offices throughout Southern California and Arizona, a region where the business available to industrial and office brokerages is likely to continue growing for some time, Pearson observes. He points out that with 16 million shipping containers a year coming into the local ports and with that 16 million predicted to increase to 30 million, the demand for industrial space is bound to remain strong.

Pearson says that having a network affiliation is more important for a regional firm like Daum today than it might have been 20 or 30 years ago because of the changes in how and where the company’s clients do business. “We deal on a daily basis with clients who are right here in our marketplaces, but 20 or 30 years ago they were focused primarily on the regional economy here, the labor base here, the materials sourcing here and suppliers here. The drivers of their businesses were mainly regional.”

Now, however, Daum’s clients are just as likely to be looking nationally and internationally at the economy, labor, materials sourcing and other drivers of their businesses, Pearson points out. “It’s important for us to be able to put them in touch with resources in other areas in order to be a problem-solver and a solution-provider for real estate as an asset category,” he says. 

http://www.cityfeet.com/News/NewsArticle.aspx?Id=25928

More info at: http://www.gvadaum.com/

 

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YOUR CHECK FOR $23,688.000 IS BEING RETURNED TO YOU

September 17, 2007 on 11:25 pm | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, FASCINATING INFORMATION, FUNNY...MONEY, Legal, Transaction Issues, Uncategorized | 3 Comments

YOUR CHECK FOR $23,688.000 IS BEING RETURNED TO YOU

There’s a scam involving people who are trying to lease properties. The prospective tenant writes a check greater than the amount of the rent, says it’s an oversight, and then asks you to immediately wire back the difference – before your bank realizes the check is rubber.

We got to experience this firsthand with a lead that came off of Craig’s List…you’ll appreciate the dialogue, and please recognize it, in case someone tries it on you. It works particularly well if the landlord is in a hurry to rent the property.

the check.jpg

 —–Original Message—–
From: brandbrc12@xxx.com
Subject: $4200 / 2100ft²;  ~  INDUSTRIAL SPACE FOR LEASE ~ Good Location, Good Parking
  I would like to know if your lease property is available, what is your asking price for rent and other expenses.
 
J Packer
 
—–Original Message—–
From: brandbrc12@xxx.com
Subject: Re: New Low Lease Price - Great Location, good visibility…
 I will be paying for 6 months lease, as I will be moving from out of town to set up a new computer hardware supply business. Please get back with your contact address and phone number. The check will be mailed out to you.  I also want to alert you on the fact that you will be receiving an overdraft payment, which will cover the money for the lease and the furnishing of the unit to look more suitable.
 
Regards
J Packer
 

—–Original Message—–

From: J Summers

Subject: Re: Re: New Low Lease Price - Great Location, good visibility…

The details are as follows – it will involve three checks.

You had said you’d like to pay six months rent – That will be a total of $25,2000.

Please make a check out for $23,688 to the owner.

Pleas make a check for $1,512 to our realty company.

The owner would like one month’s security deposit – so that would be an additional check of $4,200 made out to them.

You can send them to me at my office.

I will email you a copy of the lease agreement – will the lease be in your name?

—–Original Message—–
From: brandbrc12@xxx.com  
  I just to let you know that the payment has been sent out to your location and it will get delivered to you tomorrow. Here is the status of the check through UPS (1z517w6y0194489244).
 

—–Original Message—–
From: brandbrc12@xxx.com  
 I think the money draw on J Summers was overdraft you will need to deduct your fund and have the rest sent to my client who will be coming to set some thing up there. Here is where the rest of the funds are to be sent to:
 

Name:Airica Asuquo
City:   Holbrook
Zipcode: 86025
State: AZ
 Get back to me as soon as the money sent today through Western Union so that I can forward the details to my client. Please advise ASAP.
—–Original Message—–

From: J Summers

Hi! J…

I am holding the checks. They will not be distributed for deposit until everyone signs off on the contracts. I can return the check or destroy it – your choice.

To secure the property, two more checks will be required.

1 - Please make a check for $1,512 to our realty company

2- Deposit will be $4,200, check made out to the owner.

Also, the landlord needs a contact address for you, as well as your company name.

We will also need to run a credit check on your tenant.

—–Original Message—–
From: brandbrc12@xxx.com  
 You need to get the money back to me as soon as possible.
 

—–Original Message—–

From: J Summers

Your check is in the mail.

—–Original Message—–
From: brandbrc12@xxx.com  
 Mind you if I didn’t the check back you will be the one to get responsible it.
 

!!!!!!!!!!!!!!!!!!! RED FLAG !!!!!!!!!!!!!!!!!!!!!! RED FLAG!!!!!!!!!!!!!!!!!!
We called the bank who kindly informed us that the account had been closed.
 

 —–Original Message—–

From: J Summers

Good day….

Union Bank of California says this account has been closed.

Your check for $23,688.000 is being returned to you.

How precious is heavy industrial property in the Los Angeles metropolitan area?

September 10, 2007 on 10:28 pm | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, Investment Opportunities, LIGHTS…CAMERA…TRANSACTION, Legal, PROPERTY MAINTENANCE, Transaction Issues, Uncategorized | No Comments

How precious is heavy industrial property in the Los Angeles metropolitan area?
If an acre of M3 land in Wilmington is valued at $1.75m when it’s had positive Phase I + Phase II reports – what’s it worth with oil seepage?
Who has had favorable experience with property clean up?
Which company do you recommend?
Please let us know.

Jodi Summers

Sotheby’s International Realty

310. 260.8269

jodis@verizon.net
 

 

HOLLYWOOD LANDMARKS CHANGE HANDS – GRAUMAN’S CHINESE THEATER IS PURCHASED BY CIM GROUP

September 7, 2007 on 10:01 am | In FASCINATING INFORMATION, FUNNY...MONEY, LENDERS + VENDORS, LIGHTS…CAMERA…TRANSACTION, New Developments, OFFICE FODDER, PROPERTY WISH LIST, Uncategorized | 2 Comments

HOLLYWOOD LANDMARKS CHANGE HANDS –
GRAUMAN’S CHINESE THEATER IS PURCHASED BY CIM GROUP
We like landmarks. Just check out our website at www.santamonicalandmarks.com. So, we thought it was noteworthy, though not entirely relevant news when the historic Grauman’s Chinese Theatre was purchased by local real estate moguls CIM group.
Grauman’s Chinese Theatre is arguably the most famous movie theater in the world. Built in 1927, the Chinese themed theater has been the site of thousands of movie premieres and the destination of millions of tourists. Visitors spend hours identifying celebrity footprints, hand prints and hoof prints on the walkways near and on the theater’s courtyard.
 Graumans Chinese Theatre after 2002 rennovation.jpg

The theater, one of Hollywood’s top tourist attractions, is a high profile addition to a growing portfolio of CIM Group properties in Hollywood. The CIM Group, which purchased the adjacent Hollywood & Highland Center in 2004, has long been interested in acquiring the theater property.
CIM Group acquired Grauman’s from the Damon Runyon Cancer Research Center and Barlow Respiratory Hospital. Built in 1927 by Sid Grauman, the theater has long been a showcase for Hollywood movie premieres. The 1,162-seat, 43,310-sf theater is operated under an existing long-term lease with Mann Theatres and remains one of the top venues for high-profile movie premieres. With more than 200 celebrity hand and foot prints, its Forecourt of the Stars attracts approximately 19 million visitors each year.
CIM calls its new acquisition “one of the most recognizable buildings in the world.” The building is known for its 90-foot pagoda-style entrance and a 30-foot high dragon carved from stone by Chinese artisans that Grauman enlisted to create the statuary for the theater.
CIM noted that the new acquisition is a complementary fit to the company’s adjacent Hollywood & Highland Center and the Renaissance Hollywood Hotel. The Hollywood & Highland Center comprises 387,000 sf of national and local fashion and luxury retailers, along with clubs, restaurants and the 3,400-seat Kodak Theatre.
 

 

Information courtesy of Bob Howard
http://www.globest.com/news/987_987/gsrwest/163833-1.html?type=pf
 

INDUSTRIAL PROPERTY BECOMES LOFTS IN OXNARD

September 4, 2007 on 6:20 pm | In FASCINATING INDUSTRIAL REAL ESTATE INFORMATION, FUNNY...MONEY, Investment Opportunities, LIGHTS…CAMERA…TRANSACTION, New Developments, Uncategorized | 4 Comments

INDUSTRIAL PROPERTY BECOMES LOFTS IN OXNARD
$20M Budgeted to Convert Newspaper Production Building


 Industrial Property in Southern California continues to become an endangered species, as Channel Islands Building & Development Partners of Oxnard acquired an industrial building formerly occupied by the Oxnard Press Courier. The agenda call for the property to be converted to 54 condominium lofts in a $20-million redevelopment.  According to Mark Haworth of Sperry Van Ness in Ventura, the buyer paid nearly $3.2 million for the 53,275-sf former newspaper facility, which is situated on nearly 2.2 acres at 300 W. Ninth St. in Downtown Oxnard.
Built in 1958 and renovated in 1992, the property served as the print facility and editorial offices for the Oxnard Press Courier Newspaper, which ceased operations in 1994.  The 300 W. Ninth St. building is now being leased for general office and warehouse use. The current tenancy will terminate in October 2008. The project schedule anticipates approvals from the City of Oxnard in March 2008 and completion of construction in January 2010.
According to Dave O. White Jr., principal with Channel Islands Building & Development Partners Inc., the renovation plans will maintain the integrity of the existing building. The Press Courier Lofts will include rooftop decks, exposed ceilings and on-site parking, with most of the units to feature separate enclosed two-car garages.
White says that Channel Islands Building & Development has been seeking urban infill projects in the Oxnard area, such as Press Courier Lofts, because the demand for housing in the city’s urban core continues to rise. As in other urban areas where buyers are seeking homes close to jobs, retail, entertainment and transit, White says that the Press Courier Lofts will be designed to provide a “live, work, play” environment.
The City of Oxnard is actively pursuing infill developments within its Downtown commercial business district. The district includes the new Plaza Cinemas 14-screen theater at Centennial Plaza, across the street from historic Plaza Park, the historic town square of Oxnard.
 300 W 9th St Oxnard, CA 93030

300 W 9th St Oxnard, CA 93030
 Info Courtesy of Bob Howard of GlobeSt.com

http://www.globest.com/news/984_984/losangeles/163701-1.html?type=pf

 

 

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