Top Ranked Golf Venue, Renovated Site Scene of Septemper 9 "AIR Golf Classic"
Top
Story
A newly-renovated Pacific Palms Resort/Industry Hills Golf Club and its #1 ranked “Ike” course (7211 yards, par 72), according to GOLF DIGEST’s “10 Best Places to Play”, which also called the complex “one of America’s top five new public remodel efforts”, is the singular venue for the 26th Annual “AIR Golf Classic” set for September 9. |
According to AIR COO and event coordinator Joy De La Cruz, the sparkling “new look” venue is already generating intense interest from sponsors and participants alike. Benefiting the AIR-Jules B. Altemus Scholarship Fund supporting outstanding students at local Graduate Schools of Business specializing in commercial real estate, the industry leading golf tourney 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. |
This year’s golf challenge is also a fresh one, said De La Cruz. It features a “Shamble” format, combining elements of a scramble and stroke play. Like scramble, all members of a team tee off and the best ball of the four tee shots is selected. All players move their balls to the spot of the best ball. From this point, the hole is played out at stroke play, with all members of the team playing their own ball into the hole. |
De La Cruz emphasized that tournament participants this year will enjoy a “new look” Pacific Palms Resort that includes the new top floor Red Restaurant & Bar overlooking the San Gabriel Mountains and billed “area’s hottest new restaurant and coolest bar”. Also key to the remodel is the spa at Pacific Palms, termed “the most restorative escape found in Los Angeles." |
Just since our last issue of AIRWaves, an increase of nearly 50% in sponsor support is reported by De La Cruz. Outstanding sponsors to date are: Majestic Realty Co., Grand Patron; Allen Matkins Leck Gamble Mallory & Natsis, LLP, Bank of America, California Statewide CDC, Commerce Escrow Company, Master Development Corporation, OREXCO 1031 Exchange, Title Sponsors; U.S. Bank, Gold Sponsor; DPA Insurance Services, Silver Sponsor; Greenberg Glusker, Beverage Cart; Daum Commercial , Margarita Station Sponsor; First American Exchange Corporation, Golf Cart; AMB Property Corporation, Pre-Tournament Long Drive Contest; Wells Fargo Bank, Putting Contest; The Altemus Company, Rexford Industrial, Wachovia Small Business Capital, Closest to the Pin: The Altemus Company, Old Republic Title, Straightest Drive Contest; Rockefeller Group Development Corporation, Long Drive Contest; Collins Commercial Corporation, Watson Land, SIOR OC/IE Chapter, Hole Sponsors, and GM Properties, Inc., The Quantum Associates, Team Earnhart, and Ansoorian and Associates, Tee Sponsors; Freeman, Freeman & Smiley, Raffle Sponsor. |
| To register for the golf tourney, contact Hayley Ramos at (213) 687-8777, ext. 4314, hramos@airea.com. For sponsorship opportunities contact De La Cruz at (213) 687-8777, ext. 4305, jcruz@airea.com. |
Credit Union Stresses Options in Finances, Lending
Member Benefit
AIRWaves takes this opportunity to introduce Allied Healthcare Federal Credit Union (AHFCU), the Association’s newest “Silver Sponsor” in support of AIR programs. AHFCU has provided financial solutions to real estate, healthcare, and other service-related industries for over half a century. |
AHFCU emphasizes that as commercial and industrial real estate brokers, AIR members are on the forefront of real estate and loan transactions daily. “This means you may be caught up in the turmoil of the banking industry. There is another option to acquiring loans from banking institutions. And that is to take a closer look at the credit union industry as a reliable resource. Credit unions can be a safe harbor during these times,” AHFCU states. |
According to AHFCU, since credit unions avoided the sub-prime debacle by practicing responsible lending, they are healthy and strong. They note that AHFCU is experiencing growth in the business lending field and has combined experience of over 38 years expertise in that arena. “All of this demonstrates why credit unions like AHFCU can stay competitive on dividend rates, loans rates and fees,” AHFCU reports. |
AHFCU has five branches located at: Long Beach Memorial Hospital Medical Center; St. Mary Medical Center in Long Beach; Hoag Hospital in Newport Beach; St. Frances Medical Center in Lynwood, and its corporate office/branch in Newport Beach. The company has ATMs at Orange Coast Medical Center in Fountain Valley, Hoag Hospital, St. Frances Medical Center, and at its headquarters. AHFCU offers a full range of financial products and services, including savings, checking, and business accounts, and a variety of loans.
For information, go to www.ahfcu.org. |
Dresie Named to Head Greenberg Glusker Group
AIRQuality
| AIR Board Legal Advisor Lee A Dresie has been named head of Greenberg Glusker’s Litigation Group, which represents numerous high-profile real estate and celebrity clients. |
| Dresie assumes leadership of the firm’s litigation practice. With Los Angeles-based Greenberg Glusker throughout his 26-year legal career, Dresie plans to expand the firm’s client base and work with its transactional attorneys and litigation attorneys to capitalize the firm’s full-service capabilities, he says. |
| “People in the world outside of law want to be able to know that whatever they have to do in their field – whether it’s green issues, lending issues or development issues – that they can go to one firm and have people handle it,” Dresie recently told GlobeSt.com. |
| Dresie has litigated, arbitrated and negotiated various business disputes, with an emphasis on real estate and business-related matters. He also serves on the firm’s management committee, and has headed its mentorship program. He earned his JD from UCLA Law School in 1982. After graduating with a B.A. Degree in Economics from Haverford (PA) College, Lee coached eight years of NCAA basketball at Claremont McKenna College. |
AIRWaves SPECIAL
| As is our practice, whenever AIR members submit timely and educational information relevant to our industry, AIRWaves is happy to pass it along to readers. The following, offered by Greenberg Glusker, is an excerpt with a link to access the entire article dealing with the purchase of industrial condominiums. |
ASSOCIATIONS, CC&RS, TITLE ENDORSEMENTS – OH MY!
The Major Issues Faced Along the Yellow Brick Road of Purchasing
an Industrial Condominium Unit from the Developer |
| By Jenna Guggenhiem, Greenberg Glusker |
| As we all learned in high school physics, every action has an equal and opposite reaction, and Newton’s law is certainly applicable in real estate. For example, while there has been a recent downturn in the once-hot residential condominium market, there has been a strengthening of another related market: industrial condominium construction and conversion. Developers are finding that business owners like the idea of building equity and maintaining stable operating costs. Landlords are interested in the truly passive income stream that comes with the ownership and leasing of an industrial condominium, and parties with 1031 money are piqued by a property interest that serves to diversify their real estate portfolio as well as provide a price point that may be needed to round out their tax-deferred exchanges. Another big factor is that the availability of small free-standing buildings (for example, in the 5,000 to 10,000 square foot range) is limited and if one is looking to buy a building in that size range, often the best choice is a condominium rather than fee ownership of a small building. |
| Even with the recent interest in industrial condominiums, however, there is often a knee-jerk negative reaction by many potential buyers to owning an industrial condo instead of their own free-standing building. Click here for the entire article. |
Denitz Has an Eye For It
Member Profile
| To David Denitz, the eyes have it. It’s at the heart of a grounded business approach that has stood him in solid stead for over 20 years in commercial real estate. |
| Denitz is a principal of Gateway Business Properties of Gardena and an AIR member since entering the profession in 1981. He launched his career in Long Beach with Industrial Commercial Properties before moving to DAUM Commercial Real Estate Services in the South Bay where he served for 13 years. |
| In 1988 he became a partner of Gateway concurrent with the company’s debut under Mike Hilton. Gateway is a full service real estate company specializing in industrial and commercial properties. |
| Stating that the Gateway association represented an opportunity to provide clients with a unique brand of responsiveness, Denitz carries that to his personal representation. “I’m a face to face guy. I like meeting people and looking them in the eyes. The truth is in the eyes and reflects on how people answer questions, how they run their business, and how they treat their employees. I want to do business with people that I feel comfortable with,” Denitz said. This has translated into numerous successful transactions. Among them was Denitz’s recent representation of The Chan Family Trust in its $4.95 million sale of a 38,000 square foot industrial building at 13400 S. Western Ave. in Gardena. |
| Denitz stresses agility in his personal life as well. He became a standout beach volleyball player and presently coaches a top team on the AVP Tour. He is also a lifetime surfer who has enjoyed the sport all over the world. Having attended UCLA, Denitz and his wife, Maureen (“Mo”) reside in Manhattan Beach. He has two stepdaughters, Lexy, 24, and Molly, 22. Lexy is engaged in the commercial-industrial insurance business; Molly is a model in New York City. |
AIR
Member Deals
Eastern Region
•
CORRECTION: Cameron Merrill is the Man
Due to an inadvertent incorrect transmission of transaction information to AIRWaves, we mis-reported the representation of a seller in our last issue, which should have been stated as Cameron Merrill, senior associate of CBRE. What follows is the corrected transaction:
Cameron Merrill, senior associate of CB Richard Ellis, Commerce, represented CEG, the builder/seller of a newly-constructed 32,467 square foot concrete tilt-up building at 14242 (also corrected) Proctor St. in City of Commerce. Purchase price was $5.3 million. Lawrence Kliger of Lawrence Allen & Associates represented the buyer, Fu Xiang International, a cabinet importer/distributor.
South Bay
• Colliers Trio Completes a Nearly $120 Million Office Lease
Colliers International’s South Bay office has directed the approximate $120 million lease of Continental Tower, a 333,000 square foot, 16-story office building located at 101 Continental Blvd. in El Segundo. “This lease removes a large chunk of space from El Segundo’s 11.2 million square foot office inventory, bringing vacancy to approximately 10 percent, the lowest office vacancy rate El Segundo has experienced since 2000,” said Eric Lastition, senior vice president of Collier’s South Bay office. The lessee of the property, an undisclosed aerospace-related company, inked a 10-year lease for the office building. The project was formerly occupied by Xerox for some 20 years. Lastition, along with Geoff Ludwig, senior vice president, and Greg Walsh, senior associate, also of Colliers, represented the lessor, Barker Pacific Group and Prudential Real Estate Investors. David Kudrave of CB Richard Ellis represented the lessee.
•
Shuford, Ricci Assist AMB, First Industrial in $8.4 Million Deal
Britten Shuford, SIOR, co-managing partner of L&O Strategic Advisory/Brokerage and Pacifica Capital Group, reports that AMB Property Corporation has acquired a modern 45,000 square foot air-freight building in Hawthorne from First Industrial Realty Trust for $8.4 million ($192 per sq. ft.). The multi-tenant building, located near the intersection of El Segundo Blvd. and Yukon Ave., was 100% leased at the time of sale. Shuford and Don Ricci of L&O represented both the buyer and seller.
Northwest Region
•NAI Capital Handles $12 Million Office Investment
Holualoa Realty Advisors has sold a 61,000 square foot office building on over two acres of land at 28720 Roadside Dr. in Agoura Hills to Shamrock Plaza LP. The investment was valued at approximately $12 million. Bruce Frasco, SIOR, executive vice president with NAI Capital’s Westlake office represented the seller along with Tom Specker of Lee & Associates. Frasco also represented the buyer, Shamrock Plaza LP.
Orange County
•Aliso Viejo Industrial Snagged for $13.2 Million
Astronic Inc., a full-service electronic manufacturing service provider for military, medical and commercial clients, has acquired a 73,742 square foot industrial property in Aliso Viejo for $13.2 million to expand its Southern California operations. Jeff Mitchell of Voit Commercial Brokerage’s Irvine office represented Astronic, Inc. in its purchase of the new corporate headquarters property located at 2 Orion St. Gary Allen of Grubb & Ellis represented the seller, Tamiya America.
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 Top Story).
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 CDX, 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 2.0 - How
can I email a PDF version of the form?
Once you have
the form open, click on the printer icon above and
select the check box PDF and click OK. It will ask you
to name the file and save it. Once you click on save
Proccessing PDF message will appear, as soon as the
message disappears the PDF file will be generated.
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