Message from Jay Olshonsky, President of NAI Global:
I am thrilled to announce industry giant, Henry R. Silverman, will provide a compelling address at the upcoming NAI Global Convention. As you will notice from the highlight of Mr. Silverman’s experience he is steeped in our industry and has celebrated success throughout his career including milestone accomplishments while serving as Chairman and CEO of Cendant Corporation and its predecessor, HRS and its successor, Realogy. His relevant insights will be beneficial to us all. We look forward to having him with us. (The session will not be recorded so please plan to attend.)
About Henry R. Silverman
Mr. Silverman is Global Head of Real Estate and Infrastructure at Guggenheim Partners, a global financial services firm, since 2012.
From 2007 through 2011, Mr. Silverman was Chief Operating Officer, a director, Vice Chairman of the Board and a member of the Executive Committee of Apollo Global Management, an alternative asset manager. More >
LONG BEACH, CA – Mario Gandara and Kevin Kawaoka with the West L.A. office represented the Buyer, a private investor, in the purchase of a 6 unit multifamily property located at 444 Ohio Avenue in Long Beach from the Seller, Larry Guesno Jr. The value of the sale transaction was $1.1 Mil. More >
As of July 1, 2011, California landlords and homeowners, including sellers of residential property, must comply with the Carbon Monoxide Poisoning Prevention Act of 2010 (Ca. Health and Safety Code §§ 13260 and following; and §§ 17926 and following). This law addresses the problem of carbon monoxide poisoning, which is the leading cause of accidental deaths in the United States. Carbon monoxide is an odorless gas produced whenever any fuel is burned. It can enter the home from sources as seemingly innocent as a gas stove, furnace, or woodstove, usually due to leakage, backdrafting, or poor venting.
The new California law requires the installation of a carbon monoxide (CO) alarm (or a CO alarm combined with a smoke detector) that emits an alarm and has been tested and certified in accordance with standards developed by the American National Standards Institute (ANSI) and Underwriters Laboratories Inc. (UL).
Detectors must be installed in all dwelling units that contain a fossil fuel burning heater, appliance, or fireplace; or that have an attached garage. (A fossil fuel is coal, kerosene, oil, wood, fuel gases, and other petroleum or hydrocarbon products that emit carbon monoxide as a byproduct of combustion). Heres the installation schedule:
- July 1, 2011: all single-family homes
- January 1, 2013: all other dwelling units (such as multi-family residences)
Landlords’ and Tenants’ Responsibilities
Landlords are charged with installing and maintaining the detectors, and may enter the rental for the purposes of installing, repairing, and testing. Tenants are responsible for notifying the landlord if the device becomes inoperable.
Currently, the law requires sellers of residential real estate containing one to four living units to complete disclosure forms as part of the sales process. Sellers of single-family homes must give buyers written notice of compliance with laws concerning smoke detectors. Sellers of any real property containing a water heater must certify to any buyer that the heater complies with safety requirements.
The new law amends these duties, by changing the disclosure forms so that the seller will certify that the property complies with the requirements for smoke detectors and water heaters. The new seller disclosure forms also now include a section for carbon monoxide devices, and say that installation is not a precondition, or requirement, for sale or transfer. However, sellers should not be surprised if buyers insist that such detectors be installed as a condition of closing.
If you’re a home buyer, your inspector should tell you whether the house does, in fact, contain adequate CO detectors. If not, you can either ask for them as part of your negotiations, or simply plan to buy them yourself. The cost is usually between $20 and $90 per detector. The Consumer Product Safety Commission recommends installing a CO alarm in the hallway near every separate sleeping area of the home.
ROSEMEAD, CA — NAI Capital industrial specialists Howard Lee, Richard Horn, and Philip T. Attalla, from the Commerce office, represented the Seller, the Carson Family Trust, in the sale of a 53,768 sq. ft. industrial building located at 9056 Garvey Avenue, Rosemead, CA to the Buyer, Ms. Wei Yu. The value of the sales transaction was $4.4 Mil. More >
NAI Capital is pleased to announce the following recent transactions…
OXNARD, CA – Bill Kiefer with the Ventura County office represented the Tenant, Chicago Title Company, in the lease of a 5,189 SF office property located at the City National Bank Tower at 500 Esplanade Drive, suites 102,104,106 in Oxnard from the Landlord, Topa Financial Company. The value of the lease transaction was $575,439. More >
TEMPE, AZ – Tom Papoulias, Executive Vice President with the Commerce office, represented the Seller, Clancy International, in the sale of a 91 unit multifamily property located at 1224 & 1222 Lemon Avenue in Tempe, Arizona, to the Buyer, Jonathan Schoene. The value of the sales transaction was over $3.6 million dollars. More >
MESA, AZ – Tom Papoulias, Executive Vice President with the Commerce office, represented the Seller, Trails East LLC, in the sale of a 209 unit multifamily property located at 1653 Harris Drive in Mesa, Arizona, to the Buyer, Insite Properties LLC. The value of the sales transaction was over $8.5 million dollars. More >
PASADENA, CA – John T. Martin and R. Scott Martin, SIOR both with NAI Capital’s Pasadena office, represented the Seller, Warmside Rentals, LLC, in the sale of two buildings located at 2260-2270 Colorado Boulevard in Pasadena to the Buyer, Pasadena Family Dentistry. The value of the sales transaction was over $1.6 million. More >
Jay Olshonsky has been named president of NAI Global. He replaces Jeffrey Finn as the senior executive at the firm.
Jay Olshonsky previously served as executive vice president and chief operating officer of NAI Global New York City. He brings 25 years experience and industry knowledge to the firm.
Before joining NAI Global, Olshonsky served as managing director for CBRE for 15 years, running the Washington D.C. office.
“I am very pleased to have the opportunity to take the baton from Jeff and continue to develop and implement the next phase of NAI Global’s growth strategy,” said Olshonsky. “Our employees and network members are NAI Global’s most precious assets and they have been the cornerstone of our company’s long-term success. I am confident that together we will continue to enhance and expand NAI Global’s platform and extend our leadership position in the industry.” More >
LOS ANGELES, CA – NAI Capital is pleased to present the listing for the Scottish Rite Masonic Temple. The eight statues that stand guard outside the Scottish Rite Masonic Temple have made it a distinctive part of Wilshire Boulevard for more than 30 years. This iconic Los Angeles landmark, designed by the late architect and artist Millard Sheets, offers a rare opportunity to own a linear city block between the signalized intersections of Plymouth Ave & Lucerne Ave, with approximately 400 linear feet of Wilshire Blvd frontage.
“Although the Sellers earnestly consider all offers from qualified buyers, the sellers of the Scottish Rite Cathedral of Los Angeles are particularly interested in a buyer who will appreciate the rich history of the building and offer a use that instills an added sense of pride from the local community,” notes Dan Bacani. More >
NAI Capital is pleased to announce the following recent transactions…
WEST COVINA, CA – Barry Blake with the Temecula Valley office represented the Tenant, HGL Restaurant Group, LLC, in the lease of a 2,144 SF retail property located at The Curve at 143 N. Barranca Street in West Covina from the Landlord, Kendrew Development. The value of the lease transaction was $418,080.
TORRANCE, CA – Alejandra Valenzuela with the Commerce office represented the Buyer, Madrona Pars Property, in the purchase of a 1,127 SF medical property located at the Madrona Medical Plaza at 332 Sepulveda Blvd., unit 107 and 108 from the Seller, Madrona Medical Plaza. The value of the sales transaction was not disclosed. More >
Kent, WA — NAI Capital industrial specialists’ Philip T. Attalla and Richard Horn with the Commerce office represented the Buyer, Sweetener Products, Inc., in the purchase of a 101,890 sq. ft. industrial building located at 8030 South 194th Street, Kent, Washington from the Seller, Prologis. The value of the sales transaction was $7.5 million. More >
NAI Capital Represents the Seller, Bausman & Company, in the $4.3 million sale to John Nelson Antiques in West Hollywood
WEST HOLLYWOOD, CA – Douglas Golden with the Orange County office represented the Seller, an affiliate of Bausman & Company, in the sale of a 6,273 SF retail property located at 921 N. La Cienega Blvd in Los Angeles to the Buyer, an affiliate of John Nelson Antiques. The value of the sale transaction was over $4.3 million. More >
LONG BEACH, CA – Mario Gandara and Kevin Kawaoka with the West L.A. office represented a private investor in the purchase of an 8 unit multifamily property located at 1021 Temple Avenue in Long Beach. The transaction was valued at $1,450,000 million. More >