‘Must Do’ AIR Annual Market Review, Forecast More Vital than Ever
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Story
Long regarded as a “must do” educational event in commercial real estate circles, AIR’s “Annual Real Estate Market Review & Forecast Dinner” takes on even more vital significance in today’s economic environment with the announcement that the 16th annual edition of the classic event will be held Wednesday, January 28, 2009. Once again, the elegant Jonathan Town Club at 545 S. Figueroa St. in downtown Los Angeles will be the distinctive venue. The evening begins at 5 p.m. with cocktails and registration. Dinner and program follow at 6:00 p.m. Cost for AIR members is $90; $110 for non-members. |
As always, leading figures in the commercial real estate industry will chronicle the outstanding events of 2008, while checking off what to look for in the New Year. Yet, what truly distinguishes AIR’s singular presentation is the fact that outstanding broker speakers will comprise the blue ribbon panel for the evening, each commenting on their focused submarket. |
Leading brokers set to speak this year are David Harding, CB Richard Ellis, Universal City (addressing the Valley/Valencia region); Milo Lipson, Grubb & Ellis, Ontario (Inland Empire); Clyde F. Stauff, SIOR, Colliers International, Irvine ( Orange County); Lynn Knox, CB Richard Ellis, Commerce (East Side); Jim Kruse, CB Richard Ellis, Los Angeles (West Side); Dwight Hotchkiss, SIOR, Cushman & Wakefield, Los Angeles (Central); Jerry Evans, Lee & Associates, Gardena (South Bay); Stephen C. Calhoun, SIOR, Colliers International, Torrance ( Mid Cities), and Bram White, SIOR, DAUM Commercial Real Estate Services, Camarillo (Ventura County). |
Testifying to the industry impact of AIR’s Annual Market Review & Forecast, Association officials report that leading corporate entities have already committed to be sponsors. They area Allen Matkins, Bank of America, California Statewide, Commerce Escrow Company, Master Development Corporation, and OREXCO (Old Republic Exchange Company). For registration information, visit www.airea.com or call (213) 687-8777. |
Government Affairs Committee Reports on Key Bills
Member Benefit
Constantly vigilant on behalf of AIR’s membership in monitoring statewide legislative activity impacting the real estate industry, AIR’s Government Affairs Committee, under the direction of chairperson and past Association President Becky Blair, is reporting on key industry related bills that were recently signed into law by Governor Arnold Schwarzenegger. |
| Blair signals out two bills in particular which she says have “most importance to our industry”. They are: |
| SB 1461 (Negrete McLeod) Real Estate Licensees-R.E. License number must be displayed on purchase agreements and other materials. SB 1461 requires a real estate licensee to display his or her license number on real property purchase agreements and “consumer first contact materials” which include: business cards, stationery, advertising fliers, and other materials designed to solicit a professional relationship; however, the bill does not apply to classified rental advertisements. This bill will become effective on July 1, 2009. C.A.R. amendments exempted “for sale” signs and advertisements that appear either in print or electronic media from the definition of “consumer first contact materials.” |
SB 1103 (Saldana) – Electric and gas utilities must benchmark data consumption and ratings. Effective January 1, 2010 non-residential building owners must disclose Energy Star Portfolio Manager benchmarking data and ratings, for the most recent 12-month period, to prospective buyers, lessees or lenders. After the benchmarking data and ratings are disclosed, the property owner, operator, or his or her agent would not be required to provide additional information regarding the benchmarking data and ratings. The information disclosed would be considered adequate to inform the prospective buyer, lessee of the entire building, or lender that would finance the entire building of the benchmarking data and rating for the building. |
Blair added that the following bill died in committee but will likely be brought back to the legislature in 2009 and is, therefore, “Legislation to Watch”. |
AB 2678 (Nunez) – Point-of-Sale Energy Audits. AB 2678 would have required the California Energy Commission to develop a program requiring ALL homes and commercial properties in California to have an energy audit and mandatory energy efficiency upgrades when properties were sold. C.A.R. obtained amendments that removed the point-of-sale requirement for energy audits and added language to ensure that the audits or improvements were not required as a condition of sale. With these amendments, C.A.R. removed its opposition and supported AB 2678 because it would have created a comprehensive statewide campaign of flexible cost-effective energy efficiency improvements for existing buildings. Ultimately, AB 2678 was abandoned and died in committee but is likely to be re-introduced next year, Blair said. |
Morrison Markets Specialization
Member Profile
Everybody has to eat! You could say these are the watchwords by which Bill Morrison has carved a consistently successful real estate career. But, you’d be understating the matter big time. |
Morrison is senior vice president in the Los Angeles office of The Heger Company, having launched his career with the firm 26 years ago. Significantly, he got his start working with Union Pacific Railroad which owned the 7th Street Market at the time.
“This gave me my entrée and connection to the produce industry and established my commercial real estate market niche for the next 25 years. In commercial real estate today, I believe you need to specialize. When people know you specialize in produce facilities and related railroad land acquisitions, it gets around,” Morrison said. |
Yet, just because everybody needs to eat doesn’t automatically spell success, as Morrison suggests. “Produce is a challenging industry because you’re dealing with perishables and you need to know what the client requires in terms of temperatures and related issues such as loading and clear heights. There are also health department issues,” he says. Adds Morrison, who primarily works the downtown, Commerce and Vernon submarkets, though the produce market is stable, “it’s more difficult because of the specialized requirements and thus is more time consuming.” |
Morrison’s sector specialization has translated into significant transactions. Recently he represented Cal-O Vegetable, a produce exchange company, in its lease of a 45,000 square foot refrigerated distribution building at 791 Mission Rd. in the downtown area. The 10-year deal was valued at $6 million. |
Bolstering his industry focus, Morrison, who joined AIR in 1995, believes customer service, namely face-to-face contact, is essential. “I see me clients every day. It gets you business,” Morrison declared. |
Morrison and his wife, Bobbi Sue, who happens to be senior vice president and general manager of The Heger Company, reside in Temple City. He has three grown children and seven grandchildren. Morrison, who ran a health club in Arcadia for 20 years, enjoys hunting and fishing in his leisure. |
AIR
Member Deals
West Region
• Shuford Reports Culver City Office Deals Exceeding $13 million
Britten Shuford, SIOR, co-managing partner of L&O Strategic Advisory/Brokers and Pacifica Capital Group, reports that PS Business Parks (AMEX: PSB), the landlord of the largest business park in Culver City-Fox Hills, leased 45,000 square feet of office space in two separate transactions. He said First Federal Bank (NYSE: FED) and Watchdog Wireless were secured as tenants for PS Business Park. The aggregate lease values exceeded $13.1 million. First Federal Bank, with assets exceeding $7 billion, leased 37,295 square feet for a 12-year term. Wireless Watchdogs, a technology consulting company previously located in West Los Angeles, leased 7,695 square feet on a five-year term. Shuford represented the landlord in both transactions.
Orange County
•
Voit Commercial Directs $12 million Tustin Investment
15771 Red Hill, LLC, a group of private investors, has acquired a 79,756 square foot industrial property in Tustin for $12 million, reports Voit Commercial Brokerage. The building is situated on six acres of land at 15771 Red Hill Ave., and comprises 36,000 square feet of new office space and is 50 percent leased by a single tenant. Michael Hartel of Voit represented the buyer. Gregg Haly and Kelly Kayl of CB Richard Ellis represented the seller, SK Red Hill Properties, LLC.
• Lee’s Seal Seals Anaheim Sale
Lee & Associates has closed a $2.9 million sale transaction for a 26,200 square foot industrial building located at 119 Osprey in Anaheim. Scott Seal of Lee & Associates-Orange, Inc. represented both the seller, David & Susan Leal Trust, and the buyer, Simpletricity, LLC.
South Bay
•Goodglick’s Apitz Covers Shelter Lease
Juan Apitz, senior associate with the Goodglick Company, reports that Shelter Digital, USA has signed a Redondo Beach lease for its first full U.S. production facility. Shelter Digital, USA, is a joint venture between Shelter Digital, a film and digital production and post production company headquartered in Rome, Italy and South Bay Sound Co., a Manhattan Beach based post production and sound effects dubbing company. Shelter Digital, USA leased a 12,000 square foot, single story industrial building in the 178,000 West Way Business Park on Manhattan Beach Blvd. The lease, which has an initial value of approximately $600,000, is for five years with two five-year options.
•Klabin Duo Don’t Take Fall
Principals of FallTech, a full-line manufacturer of personal fall arrest products, have paid $6.89 million for a 51,675 square foot “Class A” warehouse/distribution facility in Compton for relocation and expansion of its headquarters and production facility within that community, announce Matt Stringfellow and Courtney Bell in The Klabin Company’s Torrance office. They report that 1306 S. Alameda Street, LLC acquired the building located on approximately two acres of land at 1306 S. Alameda St. FallTech schedules a December occupancy. Stringfellow and Bell represented the buyers. James Min and Lary Carlton of Colliers International’s Torrance office represented Bixby Village Golf, LLC, the seller.
Inland Empire
•Lee Quartet Sweeps Up Ontario Lease
Lee & Associates has completed a five-year lease for a 45,907 square foot industrial building located at 2810 Philadelphia in Ontario. Lease value is approximately $1.4 million. Dave Hunsaker and Chuck Noble of Lee & Associates-Orange Inc., and Jeff Smith and John Seonne of Lee & Associates-Ontario, Inc. represented the landlord, Lampson Beach Properties, and the tenant, Allianx Sweeper, as represented by the Lee-Ontario office.
•DAUM Bridges ‘Green River’
DAUM Commercial Real Estate Services announces its representation of Lawrence and Vicki Jackson in the sale of an 8,204-square foot office building in Corona for $1.9 million. Mike Barreiro of DAUM’s Newport Beach office represented the sellers. The free standing, two-story Class-A office building is located at 4190 Green River in Corona. The buyer will occupy half of the building and the seller will lease back half in the user/investment deal. Scott Frazier of Feinberg Group represented the buyer, USA Connect.
A Quick
Bursts And Coming Events
16th Annual “Market Review and Forecast”- January 28, 2009, Jonathan Club, downtown Los Angeles, 545 S. Figueroa St.; cocktails and reception, 5 p.m.; dinner and program 6:00 p.m. $90 for AIR members; $110 for non-members.
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 - 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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