Otto Aumack: A Symbol of L.A. Industrial
Top
Story/Member Profile
(Occasionally a member of the AIR Family resonates in and out of our industry. Otto Aumack of DAUM Commercial Real Estate Services is such an individual on many levels. For that reason, AIRWaves is taking the liberty of featuring an expanded Member Profile on Otto as this issue’s Top Story). |
Otto Aumack’s career in industrial real estate in Southern California could well be a snapshot of the industry’s evolution in this region, at least in the last 62 years. How and when he came into the industry, and the fact that he is arguably the longest active broker in California at age 84 adds to his stature. That his DAUM associate Larry Iles calls him “a decent and ethical gentleman” says even more. |
Aumack is associate vice president in the downtown Los Angeles office of DAUM Commercial Real Estate Services, and is a founding member and past president of AIR. But we must backtrack. |
Drafted into the Army Corps of Engineers at age 18, Aumack served in the Philippines following the taking of Manila in 1945. Later en route to support what was to be the invasion of Japan, Aumack says the war ended. So his unit became part of the occupation of Japan until his discharge in January in 1946. |
That same month, Aumack was hired by W. H. Daum, Sr. at what was then W. H. Daum & Staff. He’s been with DAUM ever since. “At first I worked in the office, did odd jobs, drove for three senior brokers, made property maps and during lunch ran the switchboard,” Aumack said, noting that DAUM had just five people at the time. |
| Aumack became an agent in the late 1940s and joined AIR in 1962. “I did so because AIR was the only viable organization that shared information on listings to the industry,” said Aumack. |
| It was a period of population explosion in the L.A. Metro area fueled largely by the return of military personnel and concurrent business growth. Aumack was right in the thick of it because it was also a time when he guided such nationwide public companies as Triangle Industries to City of Commerce, and sold a truck terminal in San Bernardino County to prominent Leonard Bros. |
In fact, marketing truck terminals and Otto Aumack were virtually synonymous. “I used to drive up Highway 99 through the San Joaquin Valley calling on trucking companies to sell them on securing turnaround trucking terminals in the L.A. area. There were no warehouses in between in the ‘50s for storing fruit and vegetables. I brought in companies like Braswell Freight Lines, selling them property at Telegraph Road and Washington Boulevard (now the site of Commerce Casino),” said Aumack. |
| He notes that trucking and transportation and warehouses dominated industrial real estate in this area for freight movement from 1946-1966, in large part because “the railroads would sell their land for less than market value to anyone who was engaged in transcontinental shipment of goods. Market price might have been $1 per square foot, but the railroad would sell it for $.35-$.40 per square foot. That same property today goes for about $27-$28 per square foot,” he said. Aumack says that in the ‘50s and ‘60s these warehouse facilities could accommodate only 5 to 6 trucks and the largest trucks were 40 foot. Now they’re 60 feet, he notes. |
| Another major trend witnessed by Aumack during his six decade career is the region’s transition from manufacturing to major warehousing. “The loss of manufacturing to foreign soil sparked the occupancy of these buildings and their new counterparts by importers. Now we have a lot more trucks rolling inland from out of the harbor with goods from the Far East to places like Vernon, Commerce and the Inland Empire. Prior to this trucking and manufacturing dominated industrial real estate,” said Aumack, who concentrates on the Central submarket. “The transition from manufacturing meant we often had to figure out how to reconfigure buildings after removing the equipment.” |
Commenting on the brokerage industry during his early years, Aumack said there were about eight large firms. “Today you have many entrepreneurial firms because a lot more individuals have split off to go on their own. AIR has made this possible by making the dissemination of property information readily available.” |
| Aumack said DAUM has been a second family to him, and says “I’ll do brokerage until I’m not here. I like helping people grow their businesses.” |
Aumack and his wife, Kathleen, have been married for 57 years and reside in Playa del Rey. They have two children, Sheryl, 50 and Otto, 46. Lest you believe Aumack is not a resident of the fast lane, know that he still has stock car racing in his blood. He used to race at venues from San Diego to Stockton until “my wife suggested I drop it before we got married. My last race was the week prior, he quipped.” Aumack was born in Los Angeles, where he received his education, including attending Los Angeles High School and UCLA. |
26th Annual ‘AIR Golf Classic’ Set for Sept. 9 at Industry Hills; Student Support the Goal
Member Benefit
As the pre-eminent Southland event blending good works, a great golf experience, and broker cooperation, the 26th Annual “AIR Golf Classic” is announced for September 9 at the Industry Hills Golf Club at Pacific Palms Resort in Industry Hills. |
As such, AIR marks over a quarter century of extending the abiding concern of Jules B. Altemus for the development of education and advancement in commercial real estate. The annual AIR Golf Classic generates funds for the AIR-Jules B. Altemus Scholarship Fund. Each year the Scholarship Fund supports outstanding students at local area Graduate Schools of Business specializing in commercial real estate. This program also funds scholarships and internships for deserving real estate college students at AIR and affiliate firms. |
This year’s golf tourney and festivities begins at 8 a.m. and continues to 8 p.m. Cost is $150 for members; $170 for non-members. Entry fee includes: Green and cart fees, one bucket of balls, BBQ lunch, gift bag, beverages during play, contests during play, cocktail reception and Awards Dinner Banquet. |
Outstanding sponsors have already signed up for this year’s tourney, headed by gracious perennial Grand Patron, Majestic Realty Co. Other generous sponsors are: Title Sponsors, Allen Matkins, Bank of America, California Statewide CDC, Commerce Escrow Company, Master Development, OREXCO 1031 Exchange; Gold Sponsors: U.S. Bank; Silver Sponsors: DPA Insurance Services; Beverage Cart Sponsors: Greenberg Glusker; Golf Cart Sponsor: First American Exchange Corporation; Pre-Tournament Long Drive Contest Sponsor: AMB Property Corporation; Putting Contest Sponsor: Wells Fargo Bank; Closest to the Pin Contest Sponsors: The Altemus Company and Wachovia Small Business Capital, and Straightest Drive Contest Sponsor: The Altemus Company. |
To register for the golf tourney, contact Hayley Ramos at (213) 687-8777, ext. 4314 , hramos@airea.com. For sponsorship opportunities contact Joy De La Cruz at (213) 687-8777, ext. 4305, jcruz@airea.com. |
AIR
Member Deals
Central Region
•
Heger’s Putima Leases S. El Monte Facilities to Medical Supply Firm
Steve Putima, senior vice president with The Heger Company, represented the landlord, South El Monte Industrial Properties, in a long-term lease for a 71,858 square foot industrial building at 1710-1720 Santa Anita Ave. and 1727 N. Tyler Ave. in South El Monte. The tenant, International Medication System, Ltd., distributes and packages pharmaceutical supplies.
South Bay
• Leonard & Ohren Reports Pacesetter Sale!
A 154,169 square foot industrial building at 201 W. Manville Ave., Compton, has sold for $22.6 million in what is the largest single transaction of the year in the South Bay market, according to Britten Shuford, SIOR, co-managing partner of Leonard & Ohren Strategic Advisory and Brokerage. The seller, First Industrial Realty Trust, had purchased the property in 2006 as a repositioning opportunity. The buyer, Carmichael International, is a freight company with headquarters in downtown Los Angeles and a 90,000 square foot distribution facility in Gardena. The company will consolidate its operations. The seller was represented by Shuford, along with Jeffrey Kernochan, SIOR, of Fischer and Company. Maury Gentile and Sean O’Donnell of Grubb & Ellis represented the buyer.
•
$12.9 Million Lease to DHL/Exel Validates First Industrial’s Conversion
First Industrial Realty Trust, Inc, which earlier acquired a vacant 356,000 square foot building in Rancho Dominguez, CA for conversion to a modern logistics facility, has leased the re-configured property to DHL/Exel immediately after recent completion, reports a broker team from The Klabin Company. The re-configured 213,544 square foot building is located on 14.5 acres of land at 3015 Ana St. David Bales, Frank Schulz and Todd Taugner, SIOR, of the Klabin firm represented First Industrial and DHL/Exel. Consideration for the five-year lease was $12.9 million. DHL/Exel designs and implements innovative contract logistics solutions for market-leading companies in a wide range of industries.
Eastern Region
•Larry Kliger Inks $5.3 Million Buy in Industry
Lawrence Kliger of Lawrence Allen & Associates announces his representation of Fu Xiang International in its acquisition of a newly constructed 32,467 square foot concrete tilt up industrial building at 14747 Proctor St. in City of Industry. Purchase price was $5.3 million. Cameron Driscoll of Voit Commercial’s Orange office represented CEG, the builder/seller. Fu Xiang is a cabinet importer/distributor.
Inland Empire
•Kliger Closes Chino Deal Too
In another Kliger deal, he represented the landlord in a 60-month lease of a 104,310 square foot concrete tilt-up industrial building at 13971 North Ave., Chino. Total consideration was approximately $3.2 million. The tenant, Advanced Components Systems, distributes household window coverings. ACS was represented by Cory Lewis of Ashwill Associates.
Southeast Region
•Colliers Network Clicks
Keith T. Graves of the South Bay industrial division of Colliers International reports that BW Enterprises, Inc. has relocated to City of Commerce from Compton following its acquisition of a 30,000 square foot industrial building at 6371 Randolph St., for $3.15 million, or $105 per square foot. Graves said the building was delivered vacant. Philip Norton and Stephen Calhoun of Colliers’ Commerce office represented the seller. Graves and Alex Blecksmith, also of the Commerce office, represented the buyer.
Orange County
• Lee Brokers Close $4.2 Million Industrial Lease
Johnny Eubanks, Chuck Noble and Dave Hunsaker of Lee & Associates – Orange, Inc. represented an undisclosed lessor in its lease of a 55,299 square foot industrial building located at 24855 Corbit Place, Yorba Linda. Value of the lease is approximately $4.26 million. Craig Fitterer and Mark Jerue of Lee & Associates – Irvine, Inc. represented the undisclosed lessee who is relocating from Rancho Santa Margarita.
• Tomaselli, Zehner Guide $2.3 Million Lease
Louis Tomaselli and Mitch Zehner of Voit Commercial Brokerage’s Anaheim office represented the lessor, Walton CWCA Garden Grove 62 LLC, in its lease of a 54,060 square foot industrial facility at 7442 Orangewood Ave. in Garden Grove. Leiner Health Products, LLC, America’s leading maker of store-brand vitamins, minerals and nutritional supplements, signed a five-year lease worth $2.3 million. Hook McCullough of CB Richard Ellis represented the lessee.
Northwest Region
• ‘Team DeGrinis’ Notes ‘Strong’ Sale
“Team DeGrinis”, comprising John DeGrinis and Patrick DuRoss in the Encino office of Colliers International, report their representation of seller Strong Family Revocable Trust in the disposition of a 22,840 square foot industrial building on 56,192 square feet of land at 2220 Shasta Way, Simi Valley. Mike LaRocque, SIOR, of DAUM Commercial Real Estate Services represented the buyer, Seward Road Investments, LLC. Consideration was $2.87 million.
A Quick
Bursts And Coming Events
26th Annual AIR Golf Classic - September 9, Industry Hills Golf Club at the Pacific Palm Resort. Click here for more information.(see Member Benefit)
Broker Networking Event -October 22, Orange County. The Pacific Club, Newport Beach; 5:30 p.m. FREE.
In-House Training - The AIR offers
training for e-MULTIPLE, WinAIR Forms, and AIRMail.
If a group of brokers or staff from your office would
like to have the AIR bring training to you in-house,
contact Martin Vartanian at (213) 687-8777. A number
of firms have already taken advantage of this great
service and been very pleased with the results.
Member Deals and Profiles - As soon as you
close a substantial deal, make sure you give Art Ansoorian
a call. Your deal will be featured in the next issue
of AIRWaves. Also be sure to get your personal bio over
to Art and be a featured member in the newsletter; it's
a great way for everyone to meet fellow members! Call
Art at (805) 653-1648, or email him at artpr@earthlink.net.
We Need Your Photos and Bios –
AIR is in the process of building its database of member
photos and bios. If you would like your photo and bio
to appear on the AIR website at www.airea.com,
please send them via mail or e-mail to Martin,
or if you have questions, call him at (213) 687-8777.
Tech
Tip
WinAIR Forms 2 - Online Demo is available on the AIR Website.
AIR has provided an Online demo featuring some of the major functionality benefits of the WinAIR Forms 2 program. Please click here to view the online demo.
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