Senior Vice Presidents John Bosko and Bob Bush, with NAI Capital represented the seller, Trinity Properties & Investments, in the investment sale of a 73,875 square foot warehouse/distribution facility in Corona, Calif. The buyer was LBA Realty. The sale price was $9,200,000 or $124.53 per square foot. The reported cap rate was 5.27%.
575 Alcoa Circle is a freestanding state-of-the-art, multi-tenant warehouse/distribution building, located within the Alcoa Business Park. Built in 2002, this concrete-tilt-up building provides 30’ clear height, 6 dock high loading doors, a 3,500 square foot office, and a great corner location at Alcoa Circle and W Rincon Street between the 91 and 15 freeways. The property was fully leased at the time of the sale.
Bosko said, “Through an aggressive marketing campaign, we were able to identify multiple offers for our client. This investment property offered tremendous potential for an investor looking for a long term hold. The property is leased out to a very credit worthy tenant with eight years remaining on their lease.”
“The property received tremendous interest from buyers when it came to market and generated multiple offers. Our client is extremely pleased with the outcome of the sale,” said Bush.
NAI Capital Executive Vice President R. Scott Martin Receives SIOR Award for Largest Dollar Volume Transaction, Alternative Assets In 2016
Executive Vice President R. Scott Martin, SIOR with NAI Capital was recently recognized by the Society of Industrial and Office Realtors® (SIOR) for his achievements in real estate transactions. Martin won the award for Largest Dollar Volume Transaction in alternative assets for his efforts in the sale of a 171, 000 square feet retail center for $24,880,000. The SIOR Transaction Awards honor SIOR members who have completed significant transactions in several categories within the award year.
Nearly, 650 SIORs reported SIOR Transactions in 2016, with a total dollar volume of USD $12.9 billion for all reported transactions. That sum is just a fraction of the total business done by SIOR members around the world. Twenty-one SIOR members were honored individually for their accomplishments in the following 14 different transactions award categories.
Martin said, “This is probably the most meaningful award that I have received as a professional. The SIOR competition and standards are so high that I’m very honored by this.”
“From start to finish we closed this deal in less than 80 days. That was the amazing part of the entire transaction. We had a very tight time frame to market and solicit the property, vet the purchasers, weave through City Council process, work through due diligence, execute the sale and all with City Council approvals along the way. We accomplished this and yielded a 15% higher value than we initially set out to achieve,” Martin added.
Martin serves as executive vice president with NAI Capital’s Pasadena office. He has 29 years of experience as a licensed industrial real estate professional and has been a member of SIOR since 2000. He specializes in user and investment sales in the West San Gabriel Valley, Burbank and Glendale markets of Southern California. Martin has closed over $1.2B in transaction volume. He prides himself on his vast local market knowledge and keen eye for value, which he has created for his clients.
Vice President Myron Sokolsky with NAI Capital secured a lease for Room & Board at Westfield University Towne Center. -San Diego Business Journal.
Scott Martin, Executive Vice President, NAI Capital to moderate a panel discussion, “Debt Financing in a Dynamic Market Environment”, at the InterFace Net Lease West conference on March 7th, 2017.
Senior Vice President Izzy Sanchez with NAI Capital’s Multifamily Services Group completed the sale of a 22-unit multifamily investment property in Bellflower, Calif. Sanchez represented the seller Pendo Investments. The buyer was a private investor Jose Torreblanca. The sale price totaled $4.6 million or $209,091 per unit representing a 4.49% cap rate.
The property is located at 9040 Ramona Street in the city of Bellflower. The two-story building was built in 1961 as a large open garden style apartment building with spacious 1 and 2 bedroom units. The property is well maintained and features a gated entrance, swimming pool, laundry facility, with extra parking for tenants and guests.
Sanchez said, “The seller owned this property for a long time. In place rents were below market, providing a tremendous rental upside for buyer. We generated multiple offers for the property, and seller worked to increase the rents in escrow, which allowed the buyer to obtain the necessary financing to close the transaction. It was a win-win for the buyer and seller.”
Congratulations to Executive Managing Director Yair Haimoff and his team, Andrew Ghassemi and Sarkis Ghazaryan! They were honored Tuesday at the Los Angeles Business Journal 2017 Commercial Real Estate Awards in Downtown Los Angeles.
Senior Vice President Izzy Sanchez with NAI Capital’s Multifamily Services Group completed the sale of a 28-unit multifamily investment portfolio sale consisting of three properties in Santa Ana, Calif. Sanchez represented the buyer Shakti P and Sangeeta Bhatia Trust. The seller was a private individual. The sale price totaled $6.81 million or approximately $243,000 per unit.
The three properties are located at 413-421 S Susan Street, 431-435 S Susan Street, and 3309 Camille W Camille Street in the city of Santa Ana. The portfolio is mainly made up of 3 and 4 bedroom units, mostly single story buildings, and included 52 single car garages. The combined rentable area of the portfolio is 31,800 square feet on 2.3 acres of land.
“After an exhaustive search for a 1031 exchange property, we identified this portfolio for purchase. The properties had non-conforming uses, including various city violations. We worked closely with the lender and the city of Santa Ana to correct the issues to close escrow. The buyer is extremely pleased with the outcome, projecting a 50% positive cash flow increase in the first year of ownership,” said Sanchez.
NAI Capital Completes the Sale of a New, State-of-the-Art $4.1 million Manufacturing/Distribution Facility in Jurupa Valley, CA
Senior Vice President Nicholas Chang, CCIM, Senior Vice President Richard Lee and Senior Associate, Justin Kuehn with NAI Capital’s Ontario office completed the sale of a 32,898 square foot manufacturing/distribution facility in Jurupa Valley, Calif. The transaction totaled $4,128,699 or approximately $126 per square foot. Nicholas, Richard and Justin represented the buyer, Star Holdings LLC. The seller was Chase Troy LLC.
The property is located at 4758 Troy Court, Building D. It is a free standing state-of-the-art, concrete-tilt-up warehouse/distribution facility with 28’ ceiling height, an ESFR sprinkler system, 4 dock high loading positions and a large concrete truck court. The building was completed in January of 2017 and is a part of the Galena Business Park. It sits on 68,389 square feet of land about, 2 miles south of the 60 freeway.
Chang said, “Through an aggressive and proactive site selection process, we were able to identify multiple options for our buyer. This new property offered a tremendous long term hold potential for our buyer and we were able to enter into escrow on the property while it was still under construction. At this time, the project is now completely sold out.”
“The Inland Empire is one of the most dynamic industrial markets in the nation due to low available inventory, increasing demand, low vacancy rates, and high level of space absorption. This property is in a prime in-fill location and fit well into what our buyer was looking for,” Lee Added.
“Our buyer imports metal to make tubing and then distributes it out. So this property, which is zoned for manufacturing, for his business it was a perfect fit,” said Kuehn.
Senior Vice President Steve Heri, CCIM and Vice President Steve Gim with NAI Capital, along with James Lampman, completed the sale of Triangle Terrace a 75-unit senior living apartment building located at 555 S. Shaffer in Orange, Calif. They both represented the buyer Reiner Communities and seller Orange Senior Housing, Inc. in the transaction. The sale price totaled $13.5 million or $180,000 per unit.
Built in 1985, Triangle Terrace is a 2 story, 75-unit multifamily housing complex. The building is located on 3.4 acres of beautiful grounds with lots of trees and green grass that present a peaceful and quiet setting. Hart Park located next to the property provides hiking trails, picnic tables, and beautiful scenery. The common areas include a lobby, community room with a big screen TV and resident computers, as well as laundry facilities. Triangle Terrace is a fully gated community with controlled entry access in the evening and the large parking lot provides ample parking for the residents.
“Triangle Terrace had not been updated in over 30 years. It is currently undergoing a complete renovation and had a 3 year waiting list from prospective tenants at the time of the sale,” Heri said.
Armen currently is in three buildings totaling about 40,000 square feet in Sun Valley and wanted a newer, more efficient distribution facility and newer headquarters site to accommodate growth, said NAI Executive Vice Presidents David Young and Chad Gahr. The team brokered the deal on behalf of the building’s owner, 12800 Wentworth.
Article written by Carol Lawrence. Read more at SFVBJ.
Industrial brokerage team Executive Vice Presidents David Young, SIOR and Chad Gahr, SIOR both with NAI Capital’s Encino office represented Gruma Corporation dba Mission Foods, in the lease of a 50,689 square foot distribution building located at 14400 Arminta Street, Van Nuys, Calif.
14400 Arminta Street, built in 2007, is a concrete-tilt-up distribution facility, with 37’ ceiling height, an ESFR sprinkler system, and 8 truck high dock positions with a large truck court. The building is equipped with 9,769 square feet of office space and provides for 150 parking spaces. It is ideally located near the intersection of Van Nuys Boulevard and Roscoe, with immediate access to the 405, 5, 118 and 210 freeway.
“Following an exhaustive search, it took more than a year to identify a building in the right location with all of the technical specifications that Mission Foods required. This new building will be used for distribution purposes and is located one block to the west of their current 200,000 square foot processing plant,” said Young.
“This expansion represented a one-time opportunity for Mission Foods to secure additional square footage in close proximity to one of their major regional processing facilities,” said Gahr.
Headquartered in Irving, Texas, Mission Foods, a subsidiary of Gruma Corporation, is the #1 tortilla company in the U.S. and manufactures a variety of authentic Mexican products that are distributed worldwide.
Executive Vice Presidents Chad Gahr and David Young represented tortilla maker Mission Foods in leasing 51,000 square feet of distribution space in Van Nuys.
Following an exhaustive search, it took more than a year to identify a building in the right location with all of the technical specifications that Mission Foods required.
Read the full article at San Fernando Valley Business Journal.
Senior Vice Presidents Dan Bacani and Dave Maron with NAI Capital’s Pasadena office negotiated the sale of a 15,114 square foot office building in Eagle Rock, a neighborhood of Northeast Los Angeles County. The transaction totaled $4,200,000 or $277.89 per square foot. Bacani and Maron represented the seller, Khaled Tawansy, M.D., Inc. The buyer was Paka Propertiers, LLC.
The office building is located at 7462 North Figueroa Street. It was designed by architect Harlan Pedersen. The two-story building was built in 1966 and completely remodeled in 2009 to accentuate its mid-century modern post and beam design. The property sits on approximately 19,730 square feet of land in a serene campus setting. With proximity to the 134 Freeway, it is in a central location to Pasadena, Downtown Los Angeles, Glendale and Burbank. The property was 100% occupied at the time of the sale.
Bacani said, “A key to our success in selling this asset for the seller was not only thoroughly understanding the unique Southern California Edison easement and the other idiosyncrasies associated with the property, but our ability to interface with a number of principal advisors including attorneys, CPA’s and title officers for close to a year.”
“The property offered the new owner a unique opportunity to acquire a newly renovated, creatively designed, multi-tenant investment with stable cash flow,” added Maron.