Calendar of CRE Events in Greater L.A. for June 2013
6/3/13-6/5/13: ULI – Real Estate Finance I – Marina Del Rey, CA
Location: Marina Del Rey Marriott
Marina Del Rey, CA
6/3/13-6/5/13: ULI – Real Estate Development Process: Part I – Marina Del Rey, CA
Location: Marina Del Rey Marriott
Marina Del Rey, CA More >
NORTH CAROLINA, – Deborah K. Luedy with NAI Capital’s Pasadena office and Dave Stolte and John Alstrom with the Orange County office represented the Buyer, Forest Pointe Apartments, LLC, in the purchase of a multi-unit independent senior living community comprised of over 150 units located in North Carolina from the Seller, Statesman Group of Companies. The value of the sales transaction was undisclosed. More >
TORRANCE, CA – Sheri Messerlian, Senior Vice President with NAI Capital’s South Bay office represented the Buyer, Beverly Hills Ferrari Maserati, in the purchase of a 28,500 sq. ft. commercial parcel of land located at 23305 Hawthorne Boulevard in Torrance from the Seller, Vivial Markham Trust. The value of the sales transaction was $2.3 Mil. More >
Last year, the California legislature enacted a new law (Civil Code Section 1938 if you are keeping score at home) requiring ALL commercial leases of commercial property signed after January 1, 2013 to disclose whether the leased premises have ever been inspected by a Certified Access Specialist and if so what the results of the inspection revealed. A “Certified Access Specialist” is a professional licensed by the State of California for the specific purpose of inspecting buildings to determine whether the building meets ADA standards. This profession was created as part of the legislature’s attempt to rein in small business shakedowns brought by professional ADA lawsuit plaintiffs alleging technical ADA violations like misplaced paper towel or toilet tissue dispensers. The Legislature did not say what would happen if the lease did not contain this newly required provision. However, if a lease does not contain the required language and a claim arises, the effect of not having that language may include shifting all of the liability to the landlord regardless of other lease language, such as that contained in the AIR forms that try to put that liability on the tenant. Thus, it would be better to be safe than sorry and include this as an addendum in any AIR form leases. More >
DRIPPING SPRINGS, TX – Michael B. Rubin with NAI Capital’s Westlake Village office represented the Buyer, Verdugo South, LLC, in the purchase of a 13,903 sq. ft./ two-acre retail center Shops at the Springs located at 333 Hwy 290 East in Dripping Springs, Texas from CVC DS, LP, the Seller. The value of the sales transaction was approximately $3.9 million. More >
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LONG BEACH, CA – Doug Wubbena Senior Vice President with NAI Capital’s Orange County office and Randy Matusoff CCIM, SIOR, and Vice President with NAI Capital’s South Bay office represented the Landlord in the lease of a 12,029 SF office property located at 1600 Forbes Way in Long Beach to the Tenant, Special Olympics of Southern California. Wubbena and Matusoff collaborated with Bill Townsend of Inco Commercial Real Estate to introduce SOSC to the new Long Beach location. Wubbena and Matusoff were the listing brokers, and Bill Townsend was the procuring broker in this transaction. More >
GARDEN GROVE, CA – Tom Nguyen with NAI Capital’s Orange County office represented the Buyer, N. D. Dinh Tran Trust, in the purchase of the Saigon Plaza, a 33,074 sq. ft. retail center on 2.41 acres of land located at 10320 Westminister Avenue in Garden Grove, CA from the Seller, Westgrove Plaza. The value of the sales transaction was $8.5 million. More >