Posts tagged Commercial Real Estate
Legislative Alert – New Requirement for Commercial Leases – May 2013
May 15th
Legislative Alert – New Requirement for Commercial Leases
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 >
NOW AVAILABLE: 2013 1st Quarter Market Report
May 15th
NOW AVAILABLE: 2013 1st Quarter Market Report
PDF’s of the 2013 1st Quarter Market Report are now available…click on the links to access your electronic copy today!
To send this page electronically please cut and paste the following link into your Internet Explorer bar http://www.naicapital.com/reis/index.html go to “File”, “Send” and “Page by email”, type in your personal email and send.
NAI Capital Closes $8.5 Mil Retail Deal in Garden Grove, CA
May 3rd
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 >
NAI Capital Closes $3 Mil Industrial Deal in the Valley
May 2nd
CHATSWORTH, CA – Timothy P. Foutz with NAI Capital’s Encino office represented the Seller, LEC Properties, LLC, and the Buyer, Nordhoff SSA, LLC in the sale and purchase of a 24,150 sq. ft. industrial property located at 20433-20439 Nordhoff Street in Chatsworth, CA. The value of the sales transaction was slightly over $3 million. More >
NAI Capital Calendar of Events: May 2013
Apr 30th
5/1/13: ULI, YLG Leading the Way Breakfast Series
7:30am-9:00am
Location: Raines Feldman LLP
9720 Wilshire Boulevard, 5th Floor
Beverly Hills, CA
5/2/13: CoreNet Global – Hollywood Project Update
5:30pm-7:30pm *$50.00 members or $100.00 for non-members
Location: Paramount Pictures
5555 Melrose Avenue
Los Angeles, CA 90038
5/7/13: ULI Los Angeles – Luminaries Reception with John Kilroy
4:30pm-6:30pm
Location: Craft Restaurant
10100 Constellation Blvd
Los Angeles, CA
5/10/13: UCLA Extension Course – Representing Tenantes in Commercial Leasing
10:00am-4:00pm *$175.00
Location: Westood Center
1010 Westwood Center Suite 413
Westwood, CA
http://www.uclaextension.edu/pages/Course.aspx?reg=Z0304&qe=true
5/13/13: BIA – 46th Annual Golf Tournament
10:30am-7:30pm
Location: Aliso Viejo County Club
33 Santa Barbara
Aliso Viejo, CA 92656
https://builderfusion.biasc.org
5/14/13: SCDF – Hospitality
7:00am-9:00am *$45.00 members or $65.00 for non-members
Location: Luxe Summit
1020 South Figueroa Street
Los Angeles, CA 90071
Contact: info@scdf.org
5/15/13: LACBA, Financing Your Public-Private Deal in 2013 & Beyond
5:30pm-8:30pm *$45.00
Location: LA County Bar Association
1055 West 7th Street, 27th Floor
Los Angeles, CA 90017
5/16/13: NAIOP – Night at the Fights 2013
5:30pm – 1:00am *$650.00
Location: Hyatt Regency Irvine
17900 Jamboree Boulevard
Irvine, CA
5/16/13: AOA – How to Avoid Fair Housing & Discrimination Lawsuits
10:00am-12:00pm *$39.00
Location: Ayres Hotel
14400 Hindry Avenue
Hawthorne, CA
5/19-5/21/13: ICSC – RECon Global Shopping Center Convention
3 Day Show *$355.00
Location: Las Vegas Convention Center
Las Vegas, NV
NAI Capital Closes Deal on 25 Unit Apt. Building in Van Nuys for $4.1 Mil
Apr 26th
VAN NUYS, CA – Ziv Kozaski and Michael Dixon with the Encino office represented the Seller, Vose, LLC and C.F. Saticoy, and the Buyer, Vose Regency Apartment, LLC, in the sale and purchase of Vose Manor, a 25 unit multi-family property located at 15329 Vose Street in Van Nuys, CA. The value of the sales transaction was $4.1 Mil. More >
NAI Capital Recent Transactions: March 15th –April 23rd
Apr 24th
The following criteria were considered for the “Recent Transactions”: FOR SALE: Purchase price of $500,000 and above. FOR LEASE: Lease value of $100,000 and 1,000 SF or above.
NAI Capital is pleased to announce the following recent transactions…
LOS ANGELES, CA – Collin Brashears, Tim Steuernol, and Rob Zaharia with the West L.A. office represented the Seller, Shepard and Diusca Smith, and the Buyer, Herssel Rahimian, in the sale and purchase of 10 unit multifamily property located at 805 N. Poinsettia Place in Los Angeles, CA. The value of the sales transaction was $1.5 Mil. More >
NAI Capital Represents Sky Zone Indoor Trampoline Park in Third Lease
Apr 15th
VAN NUYS, CA – Charles Carmichael with NAI Capital’s Encino office represented the Tenant, Sky Zone Van Nuys Capital Partners LLC, in the second consecutive lease for the franchise (and the third for NAI Capital). The 39,000 sq. ft. industrial property is located at 7741 Hayvenhurst Avenue in Van Nuys, CA and leased from the Landlord, 777 Heaven LLC. The value of the lease transaction was over 3 Mil.
Carmichael’s first lease for Sky Zone Indoor Trampoline Park was a 25,608 sq. ft. property located in Covina Town Center at 1314 N Azusa Ave, Covina CA, and it opened for business in Nov 2012. The second 37,560 sq. ft. lease was brokered by Lynn Coker from NAI Capital’s Palm Desert office and was located at 4031 Flat Rock Drive in Riverside, CA and opened in June 2012. More >
NAI Capital Closes 90 Unit Senior Housing Deal for $10.5 Million
Apr 2nd
WILMINGTON, CA – Tim Steuernol with NAI Capital’s West L.A. office represented the Buyers, Preservation Partners and Clifford Beers Housing, in the purchase of a 90 Unit Affordable Housing Complex for Seniors located at 1100 N. Banning Boulevard in Wilmington, CA 90744 from the Seller, VPP Banning Villas Apartments VP. The Seller was represented by Kanna and Ramu Sunkara of Sunkara Investments, Inc. The value of the sales transactions was 10.5 Mil.
The property, built in 1976, consists of 90 one bedroom units with wood frame and stucco construction. Property amenities include a large courtyard, a clubhouse and carports for each unit. Plans are in the works to completely renovate the complex with a new roof, kitchens, bathrooms, and appliances throughout. More >
Recent Transactions: March 1st – March 15th
Mar 18th
The following criteria were considered for the “Recent Transactions”: FOR SALE: Purchase price of $500,000 and above. FOR LEASE: Lease value of $100,000 and 1,000 SF or above.
NAI Capital is pleased to announce the following recent transactions…
LOS ANGELES, CA – J. Richard Leyner, Shlomo Shabtay, and Michael Sharon with the Encino office represented the Landlord, Esther Klotz Trustee, in the lease of a 9,307 SF industrial property located at 1317 South Olive Street in Los Angeles to the Tenant, SOHO Fashion, Inc. The value of the lease transaction was $532,230. More >