This is a good article published on July 17, 2011 and written by Roger Vincent at the L.A. Times about apartments. http://www.latimes.com/business/la-fi-commre-quarterly-apartments-20110717,0,6536545.story The highlights (Cliff’s notes version) are as follows: 1. Apartments are favored class for commercial real estate buyers and builders. 2. Most active construction is likely an apartment building. 3. The sluggish economy has put homeownership out of favor thereby making apartments a more desirable abode for many. 4. Average rents in L.A. and Orange Counties is more than $1,500 per month with expcted 4% per year increases. 5. Very little influx of new renters from foreclosed homes (interesting?)
The midyear market reports are here!
2Q Office Report: www.westmac.com/files/CoStar_Office_2ndQ_2011_Los_Angeles.pdf
2Q Retail Report: www.westmac.com/files/CoStar_Retail_2ndQ_2011_Los_Angeles.pdf
If you read this week’s Los Angeles Business Journal (LABJ), you will note the “Real Estate Quarterly” focuses on a bright spot within our local economy, technology, and it positive impact on commercial office space. It’s nice to have some good news! Santa Monica has been compared to Silcon Valley with the influx and growth within the tech sector. Recent large leases include Riot Games (2400 Broadway) for 88,000 SF, eHarmony (2400 Broadway) for 60,000 SF, Hooky Interactive (2415 Michigan) for 10,500, Beachmint for 14,000 SF (1411 5th Street) and Google in Venice for 100,000 SF (340 Main). Additionally, the area is home to Yahoo, Demand Media, Edmunds.com, Cornerstone OnDemand, Vevo and Activision Blizzard. Of all the office space submarkets tracked in greater Los Angelesin this week’s LABJ, Santa Monica has the only single digit vacancy of 9.6% compared to the average vacancy rate across all of L.A. at 16.5%. Perhaps Santa Monica has finally ditched its nickname “People’s Republic of Santa Monica” for it’s new nickname, “Silicon Beach”.
This is an excellent opportunity for an investor or user seeking a property in Santa Monica, CA. $3,950,000 ($289/SF building; $206/SF land). Please go to link: http://www.westmac.com/eblasts/smb_2901.htm
Please see new sale listing in Hawthorne: http://www.westmac.com/eblasts/hawthorne_12852.htm
FOR IMMEDIATE RELEASE
COLDWELL BANKER COMMERCIAL WESTMAC ANNOUNCES $10.5 MILLION OFFICE AND RETAIL SALE IN SANTA MONICA
July 5, 2011
SANTA MONICA, CA– A Northern California based owner has sold its portfolio of 16,585 SF in three commercial buildings at 1415-1433 5th Street for $10,500,000 to local investor and developer.
The property comprised of one-story and two story retail and office buildings, was owned by the same family for over 50 years. At one time the property served as the Greyhound bus depot. The property was fully leased at time of sale with Comerica Bank as the anchor tenant.
“There is great buyer demand for core first class locations like Santa Monica.” T.C. Macker said. And he added “There were multiple offers on the property”.
FOR IMMEDIATE RELEASE
COLDWELL BANKER COMMERCIAL WESTMAC ANNOUNCES $2 MILLION RETAIL SALE IN BEVERLY HILLS
May 25, 2011
BEVERLY HILLS, CA – A private owner has sold its 3,800 SF building at 209 South Robertson Boulevard for $2,150,000 to an overseas investor.
The one-story free-standing retail building was built in 1952 and was vacant at time of sale. The building is a former showroom for a classic car reseller.
“There is great buyer demand for street retail in first class locations.” James Stanfill said.
James Stanfill, Patrick Sheekey and T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC represented both Buyer and Seller.
For Immediate Release – March 7, 2011
Owner-User Purchases West Hollywood Property
WEST HOLLYWOOD, CA – A private owner has sold its 3,000 SF building at 8756 Holloway for $1,950,000 to a prominent tanning and skin care company.
The three-level building was built in 1946 and completely renovated in 2009. The building included extraordinary finishes and unparalleled views of the city from the roof top.
“There is great buyer demand for quality owner-user properties” William Althouse said.
T.C. Macker, CCIM and William Althouse of Coldwell Banker Commercial WESTMAC represented the Seller. Daniel Chiprut of Beitler Commercial and Jacques-Henri of Munro Commercial represented the Buyer.
For Immediate Release – February 11, 2011
Production Company Purchases Venice Property
LOS ANGELES – A private owner has sold its 3,600 SF building at 533 Venezia Avenue for $1.8 million to a production company.
The one-story creative office building was built in 1948 and was vacant at time of sale. The building is a former warehouse that has been converted to creative office space.
“There is great buyer demand for creative buildings in Venice” Craig Newlands said.
T.C. Macker, CCIM and Craig Newlands, CCIM of Coldwell Banker Commercial WESTMAC represented the Seller. Steven Rood of Century 21 represented the Buyer.
My real estate transactions include, but are not limited to: