NAI Capital | Southern California Commercial Real Estate Blog » Investment

NAI Capital Represents the Sale of Caliente Springs RV & Self Storage in Desert Hot Springs for $3.1 Million

NAI Capital — Fri, 09 Nov 2012 21:43:21 +0000

DESERT HOT SPRINGS, CA – Stephen Grossman with NAI Capital’s Orange County office in cooperation with C-III Realty Services, LLC represented an undisclosed Seller and Buyer in the sale and purchase of Caliente Springs RV & Self Storage a 139,033 sq. ft. self-storage property located at 15305 Little Morongo Road, Desert Hot Springs, CA. The value of the sales transaction was $3,100,000.

“This REO deal was a desirable acquisition for the buyer due to its close proximity to their other storage properties in San Bernardino and their regional administrative office located nearby in Indian Wells. The buyer will be upgrading the self-storage facility with modern amenities along with the 279 space RV storage section of the asset “said Grossman.

The property, built in 1994, is comprised of 88,600 rentable square feet of storage space demised into 637 units and over 50,000 sq. ft. of RV storage space demised into 279 spaces. The property is situated on 19 acres of land. Features include high traffic street visibility, all metal construction, steel doors, onsite residence, key-pad gated entry, video surveillance and both covered and open RV storage.

About NAI Capital

NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a premier real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com. NAI Capital Brokerage DRE #00806840

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NAI Capital Sells Retail Strip Center in Anaheim, CA for $1.6M

NAI Capital — Tue, 09 Oct 2012 20:28:24 +0000

IRVINE, CA – Tom Nguyen with NAI Capital’s Orange County office represented the Seller, Susan Pham, in the sale of a 9,050 Sq. Ft. mixed-use retail/ apartment property located at 2922 W. Lincoln Avenue to the Buyer, Cedar Mountain LLC. The outside brokerage was RE E Broker, and the value of the sale transaction was over $1.6 million.

“With an aggressive marketing campaign in place I was able to attract a number of investors interested in the building and eventually multiple offers to purchase. They were drawn to the property’s unique mixed-use blend of 5 retail suites and 3 apartments on-site. In the end, an all cash, quick close buyer was chosen to accommodate the Seller’s needs”, said Nguyen.

This mixed-use income property, built in 1957, is located in a high traffic retail strip mall on a well-established and densely populated area of Anaheim. The property includes 5 retail suites – all fully occupied and with stable tenants, and 3 100% leased apartment units in a separate building in the rear. With large signage visible on Lincoln Boulevard and an over 34,416 sq. ft. lot, this property serves as an excellent investment now with possible expansion in the future.

The property is located in West Anaheim just off of Beach Blvd and Lincoln Ave. Easy access to 91, 22, and 5 freeways.

About NAI Capital

NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a premier real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage DRE #00806840

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NAI Capital Sells Prime Echo Park Development Site on Sunset Boulevard.

NAI Capital — Fri, 24 Aug 2012 20:40:03 +0000

Echo Park, CA — NAI Capital’s Tim Steuernol and Rob Zaharia with the West L.A. office represented the Seller, Sunset Landmark LLC, and the Buyer, Sunset Space Provisions LLC, in the sale and purchase of a 10,542 SF piece of entitled vacant land located at 1315 W. Sunset Blvd. for $820,000. Then next door at 1313 W. Sunset Blvd., they represented the Seller, Joe & Martha Anguiano, and the same Buyer in the sale and purchase of a two unit multifamily property on 7,144 SF of land for $445,000. The value of the combined transactions was over $1.2M. The new owners are architects and developers who plan to utilize both properties to build a 27 unit multifamily apartment building.

“After initially listing 1315 W Sunset Blvd, a 10,542 SF development site, we were able to create additional value and marketability by listing and adding the adjacent property at 1313 W Sunset Blvd, a 7,144 SF parcel with an existing duplex. 1315 W. Sunset Blvd had previously been on the market with other firms for several years without being sold. Marketing the combined parcels increased the lot size and created excellent frontage on Sunset Blvd which allowed for a more substantial multifamily project to be built. The location is directly in the path of progress and sits along one of the last pockets on Sunset Blvd in Echo Park that is seeing revitalization. The site benefits from its close proximity to Dodger Stadium. The immediate area is experiencing a tremendous uptick in new and planned construction, and it is a hotbed for commercial investments in Los Angeles. The assets closed within 45 days, all cash, to one buyer. A prime example of brokers finding a way to get a deal done,” Tim Steuernol.

The property is located in the Echo Park Neighborhood of Los Angeles. It’s strategically located on Sunset Blvd which is a highly trafficked corridor with over 60,000 cars per day. The property is within walking distance to restaurants, parks, bus stops, and markets. Dodger Stadium is directly to the east, Downtown Los Angeles is less than two miles to the south, Echo Park Lake is less than a mile to the west, and Atwater Village is to the North. The 101, 110 & 5 freeways are all within a short distance to the property. Currently there are several new construction projects in the area.

About NAI Capital

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NAI Capital Moves Capitol Self-Storage in Tucson, AZ for $1.7M

NAI Capital — Tue, 21 Aug 2012 23:41:38 +0000

Tucson, AZ – Stephen Grossman with NAI Capital’s Orange County office represented the Seller, Capitol Storage Properties LLC, and the Buyer, AMERCO Real Estate Company, the parent company of U-Haul, in the sale and purchase of a 36,000 sq. ft. self-storage property located at 6755 East Golf Links Road, Tucson, AZ. The value of the sales transaction was $1.7M. U-Haul is adding this site to their extensive list of owned and operated self-storage properties in Arizona.

“This deal was a desirable acquisition for U-Haul due to its close proximity to Davis-Monthan Air Force Base and the high demand for self-storage and truck rental services. U-Haul will be upgrading the existing self-storage facility and operating the property without on-site personnel from a remote location,” said Grossman.

The property, built in 1987, is comprised of 36,000 rentable square feet of storage space demised into 444 units situated on 2.3 acres. Features include high traffic street visibility on Golf Links Road, all metal construction, steel doors, onsite residence, key-pad gated entry and video surveillance.

About NAI Capital

NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a premier real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage DRE #00806840

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NAI Capital’s Kate Rust and Dwight Capitani Sell Large Parcel for Date Farm Expansion in Coachella, CA

NAI Capital — Thu, 26 Apr 2012 22:32:55 +0000

COACHELLA, CA – Dwight Capitani and Kate Rust of NAI Capital’s Palm Desert office represented the Seller, AW Properties, in the $635,000 sale of 39 acres of vacant land to a local date farmer. The Buyer, Kirkjan Farms, was represented by Gary Funtas of Peter Murray and Associates.

“Kate and I have sold and closed more than 200 acres of land for AW Properties just this year,” said Capitani. “Easily developable land is becoming scarce, so we are always looking for more prime properties to sell” continues Capitani.

“It is refreshing to see investors, developers, and agricultural users returning to our market. Dwight’s and my recent sale activity is a sure sign of recovery,” added Rust.

Known as the “City of Eternal Sunshine”, Coachella is largely an agricultural, family-oriented community in the desert and one of the state’s fastest growing cities. Located on Avenue 53 at Van Buren, the property is surrounded by mountain views, new development, equestrian ranches, and polo clubs. It’s currently zoned AG and located near the Vista Santa Rosa Community, which is South of Indio and to the East of La Quinta.

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NAI Capital Sells 45 Unit Historic Newberry Lofts in Los Angeles

NAI Capital — Mon, 12 Mar 2012 22:25:46 +0000

LOS ANGELES – Roman Ciuni and Kurt Hediger of NAI Capital’s Newport Beach office have sold the historic 45-unit 61,425 sq. ft. Newberry Lofts residential building located at 900 E 1^st Street in downtown Los Angeles. The buyer, M West Holdings, will take over the ongoing renovation of the property. The team represented both buyer and seller. The property was not listed and the transaction closed off-market.“This was a strong value added opportunity where the buyer will benefit from rent growth and the ongoing gentrification of the Arts District. The Newberry Lofts stands out as a unique residential building because of its architecture and historical significance as one of the four early buildings to be built in District.”

M West will immediately renovate the extra-large loft units by adding high-end kitchens and bathrooms consistent with Class-A condos in the submarket. The property features ample surface parking for residents. M West will rebrand 900 East 1st Street as “The Newberry Lofts” invoking the historical significance of the Newbury Company in the Los Angeles area. Karl Slovin, President of M West states, “We are very excited to acquire one of Los Angeles’ original warehouse buildings. By rebranding 900 East 1st Street as ‘The Newberry Lofts,’ we hope to evoke the property’s rich past and historical context. We believe that this property has the potential to command the some of the highest rents within its submarket and will continue to benefit from the area’s continued population growth, and solid long-term economic drivers.”

The loft building at 900 E. 1st Street was originally called the J. R. Newberry Company Building. Located on the south side of 1st Street at the intersection of Vignes Street in the former warehouse district of Los Angeles. It served as the primary warehouse for J. R. Newberry Company, a Los Angeles grocery store chain, and it housed a candy store, blacksmith shop, and restaurant. In the 1980’s the building was converted to loft rental housing in what is now designated “The Arts District.” Historical Information was provided by Jonathan Jerald, from research into records of the National Historic, and the Office of Historic Preservation.

For information regarding this transaction contact Kurt Hediger Khediger@naicapital.com or Roman Ciuni Rciuni@naicapital.com at NAI Capital’s Newport Beach office at (949) 854-6600.

About NAI Capital

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NAI Capital Closes Two Noteworthy Transactions in Los Angeles

NAI Capital — Tue, 17 Jan 2012 16:56:20 +0000

LOS ANGELES, CA – The team of Tim Steuernol and Rob Zaharia, both Vice Presidents with NAI Capital’s West Los Angeles office recently closed two transactions consisting of an eight-unit apartment building at 1181 N. Virgil Avenue and a 10,000 square foot office building at 560 S. St. Louis Avenue. The value of the transactions totaled $2,120,000.00.

Zaharia and Steuernol were selected by a private trust to list the Virgil Avenue property. The commercially zoned apartment building is situated on a corner lot within the Vermont/Western Station neighborhood plan area. “The zoning and plan area allowed for a number of uses, both commercial and residential and there was ample parking on-site,” noted Steuernol. “We sold the vacant building to a non-profit that plans to completely reposition the property and utilize it as a shelter for homeless families.”

The sale closed at 95% of list price and was a record for the area in 2011 selling at over $140,000 per unit and $200 per square foot for a 1920’s rent controlled property. The buyer was represented by an outside broker.

In a separate transaction that garnered multiple offers from qualified investors and operators, 560 S. St. Louis in Boyle Heights was a foreclosed property listed with the team through a special servicer. The three-story office building had several violations and was 100% vacant at the time of sale.

“Fortunately, Boyle Heights is a supply constrained area for office space, making it a sought after location for investors and tenants,” said Zaharia. “A number of local community based businesses approached us to lease the space and we were able to create an ideal match between the new owner and tenant during escrow.” Zaharia also noted that the property is located across from a large-scale approved mixed-use redevelopment project, as well as a city park. “The property will benefit from revitalization for years to come.” The transaction closed at over an 11% cap rate.

For more information regarding these transactions or available properties, contact Tim Steuernol or Rob Zaharia at www.multifamilyla.com.

Determining Risk Tolerance: Interview with Cathy Scullin – Part Four

NAI Capital — Wed, 16 Mar 2011 17:11:31 +0000

NAI Capital Senior Vice President, Cathy Scullin continues her discussion on the commercial real estate industry in Part FOUR of this five part interview with Ken Himmler of KTLK 1550 AM Money Talk.

In this fourth portion of the interview Cathy talks about how to identify the appropriate investment avenue for your client and the importance of determining a client’s risk tolerance.

NAI Capital Represents $16M Apartment Sale in Norwalk

NAI Capital — Wed, 16 Feb 2011 22:33:55 +0000

NORWALK, CA – Tom Papoulias with NAI Capital’s Commerce office represented both parties in the sale and purchase of a 120-unit multifamily complex in Norwalk. The buyer, Cirrus Asset Management, based out of Calabasas, California purchased Capistrano Garden Apartment Homes from CRE 12, LLC for a transaction value of $16,000,000.00.

The newly updated complex has a total of 101,596 rentable square feet and is situated on a 125,123 square foot lot at 13811 Shoemaker Drive. Papoulias noted the apartments are located in a very desirable area and neighborhood of Norwalk, California. At the time of closing, there were only 10 vacancies.

Built in 1968, features of the gated community include a courtyard and golf course views in a resort style atmosphere. The units consist of 52 one bedroom, one bath 750 square foot units, 48 two bedroom one bath 900 square foot units and 20 three bedroom, two bath 1,100 square foot units.

Interior features of the units include upgraded kitchen features with new appliance packages including gas stove, microwave, disposals, stainless steel kitchen sinks; ceiling fans in dining rooms, wood grain flooring in entryways, kitchen and bath; air conditioning / heating, new bathroom fixtures, mirrored wardrobe closets, and private patios / balconies in select units.

“Cirrus was very familiar with the property having managed the building about 8 years ago,” said Papoulias. “We had it listed and 30 days later we had it under contract with Cirrus.”

Papoulias recently represented both parties in one of NAI Capital’s largest transactions in 2010, with the sale and purchase of a 320-unit apartment complex in Mesa, Arizona. Papoulias’ latest deal represents NAI Capital’s largest transaction to date.

For more information regarding this transaction contact Tom Papoulias at (323) 201-3604.

Encino Multi-Family Building Fetches $5.5 Million

NAI Capital — Wed, 26 Jan 2011 20:56:24 +0000

ENCINO, CA – Bella Vista Court, LLC has purchased a 38-Unit apartment building at 17938 Burbank Boulevard from the Nagler Family trust for a transaction value of $5.5 million.

Rod Delson with NAI Capital’s Westlake Village office represented both parties in the transaction.

Built in 1962, the 37,213 square foot complex is located in a prime section of Encino. Property amenities include a pool, parking, gated building, open courtyard, and on-site laundry. According to Delson, the building was 95% occupied at the time of the sale.

For more information, contact Rod Delson with NAI Capital’s Westlake Village office at 805-277-4017.

About NAI Capital

NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a worldwide real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com.

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