North Orange County Commercial Real Estate

Chapman makes an move for Chrystal Cathedral

2011-07-05T14:38:00.000-07:00

Gov. Brown wipes out Redevelopment

2011-06-30T13:11:00.000-07:00

Gov. Brown wipes out Redevelopment: "Gov. Brown wipes out Redevelopment"

Fullerton - Vanguard Inks deal with Wachovia Commercial to handle REO's

2010-04-27T11:03:00.000-07:00

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) April 26, 2010 --
Vanguard Commercial will be handling the management and sales of commercial property owned by North Carolina based Wachovia. These Commercial REO (Real Estate Owned) properties are located in various cities in Southern California. Vanguard's president Cameron Irons said that Vanguard has created a simple package for lenders were Vanguard provides the brokerage of the property and 6 months of asset and property management for a fixed percentage fee. Vanguard can take over the day to day operations of the property, evict any occupants and secure the property for sale. Vanguard can arrange for repairs or improvements and many times will negotiate a short term lease of the property to keep it occupied during the marketing period. Vanguard is perfectly suited for this since it is a small fully integrated commercial Real Estate Company with Asset and Property Management division as well as Brokerage. They also have a team of architects and contractors as well as contacts inside local governement ot streamline permitting processes. Vanguards Location in North Orange County lies in the Center of Southern California with easy access to LA, Orange, Riverside and San Bernardino Counties.

Fullerton CA -Vanguard Commercial Real Estate Inks deal with Wachovia Commercial Lending to service Southern California REO portfolio

Irons says that the system they created for Wachovia is available to other lenders. "We created it so that it could be expanded" "The next year or two is going to see a lot of commercial REO's; we are just seeing the beginning" "Our package of management and sales just makes sense since the manager and broker need to communicate so closely, especially when properties are tenant occupied."

###

For more information contact Cameron Irons, President Vanguard Commercial 714.446.0100 x111 or email cirons@vanguardproperty.com

Big Investment Tax Increase Coming

2010-04-14T13:09:00.000-07:00

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TAX INCREASE #1 - 20 PERCENT CAPITAL GAIN TAX IN 2011

On January 1, 2011, the capital gain tax reduction that was signed into law by President Bush under the Tax Increase Prevention and Reconciliation Act will ?sunset.? The tax rate will revert from the current 15 percent rate back to the former 20 percent capital gain tax rate that was in effect prior to 2003.

TAX INCREASE #2 - 3.8 PERCENT MEDICARE TAX IN 2013

Beginning in 2013, the national health care reform legislation that became law in March, 2010, imposes a new 3.8 percent tax on certain investment income. The new tax will apply to single filers with incomes over $200,000 and married taxpayers with incomes over $250,000. Under the law, the investment tax provisions in Chapter 2A of the Internal Revenue Code are placed under the heading ?Unearned Income Medicare Contribution.? In general, this new Medicare tax will apply to investment income that is subject to income tax, which includes capital gains. Pursuant to IRC Section 1402 (C)(1)(A)(iii), the investment income to which this new tax applies includes ?net gain? (to the extent taken into account in computing taxable income) attributed to the disposition of property that qualifies as a capital asset under Section 1221 (capital gains), as well as gains on other property that are considered part of ordinary income. Also of relevance for rental property owners, this new tax applies to a real estate investor?s rental income if they have income above the $200,000/$250,000 income thresholds.

The net effect of both capital gain tax increases is a new 23.8 percent tax rate for higher earners?the highest rate for long-term capital gains since 1997. The Joint Committee on Taxation estimates the new Medicare tax on investments will cost taxpayers over $30 billion annually. Additionally, the modified adjusted gross income threshold at which this Medicare tax will apply will not be indexed for inflation, which means an increasing number of taxpayers will be snared by this tax provision.

Overall, the economic impact of these tax increases will be felt by the very investors who help promote long-term economic growth. In 2007, taxpayers with incomes greater than $200,000 reported 47 percent of all interest income, 60 percent of all dividends and an amazing 84 percent of all capital gains.

THE COMING TAX INCREASES - A COMPARISON

	Current	January 2013
Conventional Short-Term	35.0%	43.4%
Conventional Long-Term	15.0%	23.8%
AMT Short-Term	28.0%	31.8%
AMT Long-Term	15.0%	23.8%

A SOLUTION AND WAY TO DEFER TAXES - 1031 EXCHANGES

Since 1921, 1031 tax deferred exchanges have been a proven tax saving strategy that helps real estate investors improve their investment position through the ability to not recognize Federal or state capital gain taxes. Contact the 1031 experts at API to learn more!

IRS Audits For Wealthy On The Rise

According to an article in InvestmentNews.com, Uncle Sam ? specifically the Internal Revenue Service ? wants your clients' money. The IRS increased its audits of taxpayers earning between $1 million and $5 million by about 45% last year to 18,585, from 12,746 in 2008, according to data released last month. The agency also performed 17% more audits of taxpayers who earned between $5 million and $10 million last year (2,090 versus 1,784) and 9% more among those earning $10 million or more (1,473 versus 1,347). Click here to read the full article on Investment News.

Kathy Biewenga
Division Manager

Asset Preservation, Inc.
A wholly owned subsidiary
of Stewart Title

2010-03-22T16:18:00.001-07:00

Dojpptadg

2010-03-18T16:47:00.003-07:00

2010-03-18T16:47:00.002-07:00

2010-03-18T16:47:00.001-07:00

2010-03-18T16:47:00.000-07:00

2010-03-18T16:46:00.001-07:00

2010-03-18T16:46:00.000-07:00

More Grind Photos

2010-03-18T16:45:00.000-07:00

Fullerton Apartments Sell for $16million

2010-03-03T11:13:00.001-08:00

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Fullerton CA -Grind Foodcourt almost ready

2010-03-02T17:10:00.000-08:00

NEW Downtown Fullerton Clothing Store

2009-07-06T16:18:00.000-07:00

The emergence of the NOCO Fashion Destrict in Downtown Fullerton continues with the leasing of the former dresser space at 223 N. Harbor to Designers Closet out of Costa Mesa. They specialize in designer jeans etc. at discount prices. Check the reviews at http://www.yelp.com/biz/designer-closet-costa-mesa.

Interesting contractor's property in Anaheim. Check the big yard

2009-06-22T14:18:00.001-07:00

2009-06-12T13:44:00.000-07:00

5 Reasons to Start a Business in a Recession

Kimberly Palmer
On Tuesday June 9, 2009, 1:52 pm ED

Does becoming your own boss sound especially tempting now, with jobs less secure and benefits being cut? If it does, you're hardly the only one: Research by Federal Reserve economist Ellen Rissman finds that men are almost twice as likely to become self-employed when they are already unemployed. Working for themselves is temporary, however: Within one year, about 2 in 10 workers return to paid employment.

That doesn't mean the recession is leading to huge upticks in those who call themselves self-employed. Overall, the self-employment rate has dipped a bit during the current recession, although it still remains close to 11 percent, where it has hovered for most of the past decade. Steven Hipple, economist at the Bureau of Labor Statistics, says that while some people are drawn to self-employment as a way to avoid unemployment, there are also many self-employed businesses, for example in retail or construction, that are going under during the recession. That's why the net effect appears to be a slight decline in self-employment, explains Hipple.

But don't let those numbers discourage you. Going against the tide and starting your own business in a recession not only lets you escape from the corporate grind, but it also can be easier than it would be during boom times. Here are five reasons to consider going solo now:

Extra protection from dreaded pink slips. In 2004, when Susie Fougerousse was a stay-at-home mother of two, she realized that she loved decorating her children's rooms and she thought she could make a business out of it. She noticed that it was hard to find pieces she liked in the stores near her, so she launched an online business that sells upscale furniture and décor. While the $10,000 in start-up costs was scary at first, she says starting a business is what ended up saving her family financially.

The company, Rosenberry Rooms, is now a multimillion-dollar company, while her husband's former industry, textiles, has all but dried up. "It's a huge blessing," says Fougerousse, 34, who lives in Cary, N.Ca. "He would have lost his job with how things went in that industry. You think you're on the safe track [by working at a big company], but that turned out to be the most risky," she says. Her husband now works full time on Rosenberry Rooms as well.

[For more, read, Kathy Davis on Flourishing Amid Recession.]

"It feels very beneficial to have multiple income streams right now," says Michelle Goodman, author of My So-Called Freelance Life: How to Survive and Thrive as a Creative Professional for Hire, who has worked as a freelancer for almost two decades. Goodman has four to five writing gigs a month, including work for ABC News and the Seattle Times. "With a full-time job, if you get laid off, that's the whole thing. But if I got laid off from one of mine, I could still have 50 percent of my income left," she says.

But just because earning money on your own provides income doesn't mean you should ditch your day job just yet. Pamela Skillings, author of Escape From Corporate America and a career coach, recommends moonlighting on the side to test the waters before becoming self-employed full time. She says that approach lets you find out, "Is it something you want to do full time? Does it have market potential?"

You set your own income. If you're working for the man, you have little control over your salary--all you can do is request a raise, which can be turned down. But Skillings says that as someone who is self-employed, "I have full control to shift and come up with a great idea or find a new client. I could double my income with one good idea or connection."

Your start-up costs are lower. "The cost of failure right now to start a company or start something entrepreneurial is very low," says Tim Ferriss, entrepreneur and author of The 4-Hour Workweek. Since the economic situation is so tough, no one would think less of someone who started a company and failed, since so many are failing, he says. He also points out that networking sites Facebook and LinkedIn were both started during the "dot-com depression" of 2000 to 2001. Plus, he adds, advertising and service providers are cheaper because everything is on sale.

Not only does the recession make it easier to find discounts on the capital needed to start a new business, but ithas also brought the old-fashioned practice of bartering back into style. Trading services is a great way to take advantage of the bad economy, says Kimberly Seals-Allers, author of The Mocha Manual to Turning Your Passion Into Profit and creator of MochaManual.com, especially if you're starting a new business and need help with website design or accounting, for example. "You'll have a large number of highly qualified individuals [offering their services] who you couldn't have afforded before. It's an opportunity to find talent and negotiate things," she says.

To find a willing partner, visit sites such as JoeBarter.com and Craigslist.com. You can post what you're looking for and what you have to offer and then wait for responses.

[For more, read, Creative Ways to Combine Work and Family.]

It's easier to find partners. Fougerousse inspired her younger brother and his wife, Tim Bradley and Anne Morrison Bradley of Ferndale, Mich., to start The Premium Pet, an online pet décor store that launches in August. As they form relationships with vendors, whose products they will sell through their website, they've found that the recession has made vendors more willing to give them a chance. "When things are going well, they're more selective, so for us, it's an advantage right now because we can get more products right off the bat," says Tim Bradley.

It's gratifying. This one is just as true during boom times as during a recession, but becoming self-employed provides a sense of satisfaction that's hard to come by when working for someone else. "The whole construct of going into an office and working 9 to 5 felt too rigid," says Goodman. "I got bored with the monotony of projects."

Skillings says that even though she's working harder than she did in the corporate world, she finds more value and satisfaction in what she does. She says, "In my corporate job, it didn't feel meaningful. It wasn't something that resonated with me."

Orange Office all Abbey.

2009-06-09T11:42:00.000-07:00

Maguire Sells City Parkway Towers to Abbey Co.

By MARK MUELLER

Orange County Business Journal Staff

Abbey Co., a Long Beach-based real estate investor, is buying the City Parkway office towers in Orange from Maguire Properties Inc., the Los Angeles-based landlord said on Tuesday.

Terms of the deal, one of the largest office sales seen so far this year, weren't disclosed.

Maguire said the sale was done in a deal with the property’s lender. The real estate investment trust incurred $2 million in costs in connection with the sale, and it said the transaction resulted in a non-cash impairment charge of about $40 million.

City Parkway had been one of Maguire’s more troubled assets in Central County.

Occupancy at the three-building, 457,000-square-foot property stood at about 30% at the end of the first quarter. A few years ago the buildings had been leased to the parent of subprime lender Ameriquest Mortgage Co., which went out of business.

In March, Maguire said it was in talks with its lender about the property.

The sale allowed Maguire to eliminate the project-level debt that was scheduled to mature in 2010 and eliminate a master lease obligation with a potential exposure of up to $12 million, the company said.

Abbey owns more than 50 properties, including about 10 in Orange County, according to the company’s Web site. The company moved from Garden Grove to Long Beach around 2002.

W Hotel building owner punts to the bank

2009-06-09T10:32:00.000-07:00

Posted date: 6/8/2009

Sunstone Turning Over W Hotel in San Diego

By MICHAEL LYSTER

Orange County Business Journal Staff

NOTE: Sunstone owns the building - Starwood operates the W Hotel Chain

San Clemente-based Sunstone Hotel Investors Inc. is set to turn over the W Hotel in San Diego rather than continue paying interest on the building after failing to rework terms of its loan.

Sunstone, which owns all or part of 43 hotels, bought the 258-room W for $96 million in 2006 from a group led by developer Gatehouse Capital Corp.

Starwood Hotels & Resorts Worldwide Inc. operates the hotel and likely will continue to do so after it reverts to the lender.

Sunstone owes $65 million on the W with $4 million in payments due this year. The loan carries an interest rate of 6.14%.

The company said it would rather forfeit the hotel than continue making payments on a mortgage that’s now worth more than the hotel itself.

“While the company maintains more than adequate liquidity to support or repay this mortgage, we believe a conveyance of this hotel in settlement of the debt would be in the best interest of our stockholders," Chief Financial Officer Ken Cruse said in a statement.

The mortgage is handled by New York-based Centerline Capital Group, which has a special servicing unit for loans that are in trouble.

Sunstone said it could walk away from other mortgaged hotels, but declined to identify any that might be in danger of default.

The company is dealing with the worst hotel downturn in recent memory.

Last month, Sunstone announced plans to sell about $100 million worth of shares to pay off credit lines and to fund the buying back of a $123.5 million worth of debt due in 2027.

The company’s shares are down about 70% in the past 12 months as it struggles with declining revenue and profits as occupancy at its hotels weakens.

Sunstone has a market value of about $315 million.

Good Q&A about Residential Loan Modification

2009-06-04T14:53:00.000-07:00

Double-dipping the loan-mod pool

Q: About a year ago, I obtained a loan modification from WaMu that dropped my interest rate about 1.25 points, turned my adjustable-rate mortgage into a fixed-rate loan, and reduced my monthly payment by about $100 per month. I would like to see if I can get the payment down even further under the stimulus plan. Is there any reason I can't go back and request a second modification?
A: All loan modification agreements are different, so first things first -- read your entire agreement from the modification you got last year to see what, if anything, it says on the matter. It's rare for one loan modification to expressly prohibit another modification in print; what's not quite as rare is that some lenders have a company policy of allowing only one modification in a 12-month period of time.
Even if your lender has such a policy, it does sound like you're close to the one-year mark, so that shouldn't stop you from trying to get a Home Affordable modification, which is what we'll call modifications made under the provisions of the Home Affordability and Stability Plan (http://www.makinghomeaffordable.gov/).

For entire article from Inman News - Tara Nicholle Nelson

http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/double-dipping-loan-mod-pool

High End Office Lofts in Downtown Fullerton

2009-05-18T17:20:00.001-07:00

The first high end urban office lofts are coming to Downtown Fullerton. Only 2 available above the Starbucks and Kinkos at Chapman and Harbor. They are not on the market yet, but we can take a reservation. Rents are not set yet, but get your name on the list.
1. +- 500sf
2. +- 2000sf

The Ostrich has landed

2009-05-18T11:16:00.001-07:00

The Ostrich likes to discuss issues important to North Orange County.

Trader Joes to Long's location in Sunny Hills????

2009-05-18T10:09:00.000-07:00

No, we have found out direct from TJ's Corporate office that they are not interested in opening a store at the old Long's location (or anywhere nearby). However, if you direct the letters and calls to Sprouts, Henry's and Fresh and Easy those are still possibilities.

The property is controlled by Long's (CVS) who is attempting to Sublease it.

Check out this unnofficial TJ's commercial - http://www.youtube.com/watch?v=OdB7GDZY3Pk

Vanguard Commercial is on Twitter

2009-05-13T14:56:00.000-07:00

You can know follow Vanguard Commercial at http://twitter.com/vanguardcomre

BANKRUPTCY LEGISLATION UPDATE

2009-03-16T10:33:00.000-07:00

Congress told bankruptcy change won’t help retailers
Retail landlords representing ICSC told Congress last week that revising the U.S. bankruptcy code would be no help to struggling retailers. Daniel B. Hurwitz, president and COO of Developers Diversified Realty Corp., said his firm’s experience with electronics giant Circuit City demonstrates that landlords do try to help struggling tenants stay afloat. But, lengthening the lease-rejection period, he said, contributes nothing.

“My experience with multiple retail bankruptcies in recent years plainly shows that the 210-day period for assuming or rejecting leases has not been a factor in the fate of retailers who file Chapter 11,” Hurwitz testified. “The cause of recent job losses and business liquidations is quite simply the poor economy and tight credit. Troubled retailers will only be able to reorganize successfully when these negative market conditions change.”

Developers Diversified offered to extend Circuit City’s lease-rejection deadline, Hurwitz said, and even to postpone collecting some $25 million in unpaid rent to help the chain after its bankruptcy protection filing in November. In the end, insufficient liquidity killed the chain anyway, he said. “In Circuit City’s case, as we have seen, the deadline was irrelevant; even without landlord consent, the 210-day period would not expire until June 2009, and the liquidation of the company is already nearly complete as of early March.”

It is the debtor-in-possession financing process that has done the most harm in recent retail bankruptcies, Hurwitz said. “Lenders are generally willing to provide only enough financing to position a debtor for a liquidation in the first few months of the case, and then [they] impose restrictive conditions in post-petition financing agreements that either direct an immediate liquidation of the company or include covenants or borrowing-reserve rights that effectively allow the lender to pull the plug on the retailer only a few months into the case.” Hurwitz said few retailers have survived such conditions.

Congress is under pressure to change the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which gave bankrupt retailers 120 days, plus one 90-day extension, to reject a lease. Tenants can get more time if the landlord agrees, but in general, a tenant that fails to act after 210 days is presumed to have rejected the lease and so must vacate. Before this, retailers theoretically had 60 days, but extensions were so routinely granted that there was in effect no limit to how long a retailer could take.

Proponents of revisiting the code say the stricter time limit, in combination with other changes, makes it too tough for retailers to consider reorganization. But Hurwitz argued that the credit freeze and the recession are responsible for driving retailers to liquidation.

“Shopping center owners want retailers to succeed,” Hurwitz said. “But repealing or revising the 210-day deadline will not help struggling retailers; it will only harm other retailers and shopping center owners.”

SHOPPING CENTER OWNERS BEWARE

2009-03-11T13:29:00.000-07:00

Malls to Fight Bankruptcy Law Changes at U.S. Hearing (Update1)

By Lauren Coleman-Lochner

March 11 (Bloomberg) -- U.S. shopping centers and malls plan to fight a proposal that would give retailers in bankruptcy more time to decide which stores they will keep.

The International Council of Shopping Centers, a New York- based trade group, wants to retain a 210-day deadline for retailers in bankruptcy to decide which stores to shut, saying it gives landlords flexibility in filling vacancies. U.S. Representative Jerrold Nadler, a New York Democrat, will introduce a plan to lift the limit as early as this week.

The deadline, added to the bankruptcy code in 2005, is “a firewall to keep one retail bankruptcy from harming shopping center owners and other retailers,” said Betsy Laird, a Washington-based senior vice president of the ICSC’s global policy office. “The provisions in 2005 were the result of seven or eight years of negotiations.”

Those in favor of reversing the 2005 changes say the current law prevents bankrupt retailers from restructuring because creditors mindful of the deadline press for quicker sales of companies and assets, making liquidation more likely if a going- concern buyer can’t be found.

A representative for the ICSC and Harvey Miller, a partner at Weil, Gotshal & Manges LLP, will speak today at the U.S. House Judiciary Committee’s hearing titled “Circuit City Unplugged: Why Did Chapter 11 Fail to Save 34,000 Jobs?” Circuit City Stores Inc. decided in January to liquidate after negotiations with prospective buyers failed.

Lawmakers also will examine other 2005 changes to the code, including deadlines for filing reorganization plans and for payments to suppliers.

Empty Stores?

The current law is “self-defeating” for landlords “because they’re going to have a lot of shopping centers that are not going to have a tenant,” Miller said in a March 9 interview.

Weil, Gotshal & Manges has handled multibillion-dollar restructurings from Lehman Brothers Holdings Inc., which filed for bankruptcy with $639 billion in assets, and Enron Corp. to WorldCom Inc.

The 2005 changes had “unintended consequences” for retailers, said Cory Lipoff, an executive vice president at Hilco Merchant Resources LLC in Northbrook, Illinois. In the past, chains in bankruptcy typically made a first round of store closings, kept the rest open through the holiday season as a test, then made adjustments, Lipoff said. The limit doesn’t allow that, he said in an interview yesterday.

Before 2005, “we were able to work with the landlords to come up with reasonable solutions,” said Lipoff, whose firm advises retailers that are closing stores.

Securing Extensions

Under the current law, tenants can still work with landlords to secure extensions for determining which leases to drop, said Garo Kholamian, president of GK Development, Inc., a Barrington, Illinois-based mall operator. Removing the deadline would hinder landlords’ ability to manage vacancies, he said.

“When you take it away, we have no say,” Kholamian said in an interview yesterday. “I’d rather have the space back than this getting dragged out forever.”

To contact the reporter on this story: Lauren Coleman-Lochner in New York at llochner@bloomberg.net

Last Updated: March 11, 2009 13:00 EDT

County Clerk Recorder to open in Downtown Fullerton

2008-08-14T11:08:00.000-07:00

Tuesday, August 12, 2008
County recorder to open Fullerton office
Downtown location will save North Orange County residents time and gas money.
By BARBARA GIASONE
The Orange County Register
Comments 0 Recommend 0
FULLERTON — Engaged couples in North Orange County won't have to trek to Santa Ana after December for a civil wedding ceremony.
And there won't be a need for others to spend gas money to pick up official copies of birth, marriage and death records.
County Clerk/Recorder Tom Daly announced Tuesday his department will open a satellite operation in downtown Fullerton the first of December with many of the same services as the main Santa Ana office.
The first outside office, which opened in 2006 in Laguna Hills, services an average 30,000 customers per year, Daly said. He expects a similar number of customers in Fullerton, once word gets around.
The two offices will reduce the number of requests at the downtown Santa Ana location where about 75,000 customers annually make requests.
The Fullerton office will employ four people in the 2,500-square-foot space formerly leased by Worldview Travel at 201 N. Harbor Blvd.
"To be in the historic downtown district will be a perfect fit for my department," Daly said. "I've talked to the downtown merchants, and couples getting married could celebrate in one of the many nearby restaurants."
Parking will be free in nearby lots.
Cameron Irons of Vanguard Commercial Realty handled the lease arrangements.
ADVERTISEMENT

Historic Elephant Packing House Available

2008-07-22T11:40:00.000-07:00

The historic Elephant Packing house is available for lease. 25,000SF for only $12,500 per month. Use part of it and rent out the rest for a profit. Great architecture and feel.

Check Fullerton Community News

2008-07-22T11:31:00.000-07:00

Fullerton, California Community Information and Events

County Clerk-Recorder Moves to Fullerton

2008-07-17T16:28:00.000-07:00

The Orange County Clerk-Recorder will open a new satellite office at 201 N. Harbor Blvd. in Fullerton. Built in 1901 as the first Masonic Temple in Fullerton, this building
was the earliest meeting hall for lodges in the city. Beneath the stucco coating some of
the detailing of this semi-classical brick building can still be seen. The Masons used
the second floor for their meetings until they moved to their new location in 1919.
This building was also the site of the post office, the Harris Drug Store, and Sully’s
Lunch Counter.

The Clerk-Recorder will provide it's much needed services to North Orange County residents without the necessity of a trip to Downtown Santa Ana thus saving gas and further solidifying Downtown Fullerton as the real "Capital of North Orange County".

Emerging Vintage Clothing Scene

2008-07-17T14:56:00.000-07:00

Lookout Melrose. Downtown Fullerton is emerging as the Vintage / Discount / Retro Clothing Hub of North Orange County. Recently National Retailer Buffalo Exchange joined the exisiting ranks of Otto and Out of Vouge (among others) and now newest to the scene is the largest of the group, American Vintage out of Huntington Beach. For those lucky retailers who pick up space early congratulations. The phones are ringing with retailers looking for shop space!

High gas prices effect on Commercial Real Estate

2008-07-10T14:33:00.000-07:00

FROM COSTAR
July 9, 2008
E-mail this article Print this article
Written by Mark Heschmeyer
High Gas Prices Driving Real Estate in New Directions
Impact of Rising Energy Prices Compelling Practical, Psychological Changes to Real Estate Decisions
The $4-plus/gallon of gas threshold hit this summer has pushed the real estate industry in unforeseen ways -- fundamentally altering how it behaves and its understanding of markets. It is changing the way brokers market property, how brokerages charge clients, how managers budget improvements, how tenants decide where to locate, how local governments are approaching development and transportation issues, how consumers decide where to spend money, how logistics firms manage their distribution centers, how landlords calculate their expense pass-throughs, and how lenders fund construction projects and acquisitions. It has investors adjusting their acquisition criteria and has asset managers recalculating cash flows. And these are just a few of the ways. CoStar Advisor surveyed readers across the country this week to gauge if and how high gas and diesel prices are impacting commercial real estate. As a measure of how pervasive the topic is in their typical workday, we received more responses to the question than to any other we have previously asked. The impact has been both practical and psychological -- showing up across the board. It's most obvious at the micro level where everyone has felt the pinch of $1 more a gallon over last summer's prices. It's commonplace now for the cost of a tank of gas to top $100 and it's not uncommon to go through that every two or three days. "Gas prices are killing me," said Charles Paxton, president of Carolina Homes & Land Realty in Harrisburg, NC. "I spent $600 last month and barely left town. I must travel to see the site and meet the clients but I am now forced to transact as much as possible over the phone. I am now telling buyers to pay me an advance towards earned commission if they want more than I can provide over the phone. This is not going over well but I can't continue to go broke on a sale that may never take place."
(Editor's Note: Now for a shameless CoStar products promotion. Save the gas, do your searching online. Get detailed information on every last inch of the market so you can evaluate and pursue the best opportunities before you get in your car. Whether you are looking for valuable commercial property comps, for-lease or for-sale listings or analyzing markets, call 877-7COSTAR (877-726-7827).)
But the high gas prices are also menacing at the macroeconomics level. "Oil prices (more so than gas alone) are impacting world economies and financial markets in dramatic fashion," said Carl Trotto, vice president of acquisitions for Esplanade Capital in New York. Trotto joined the company this year from Cushman & Wakefield where as a capital markets professional he structured and executed commercial real estate transactions. Energy prices "are exacerbating the present concern in the financial markets," Trotto explained. "This negatively impacts real estate valuations as it does valuations of all assets. In fact, the impact on real estate is arguably more dire than for other asset classes because of the leverage (and tax incentive of leverage) associated with real estate finance. "At the microeconomic level, oil prices (and higher inflation to be sure) are causing firms in a variety of industries to forestall expansion and/or retrench existing operations. Both of these impacts have obvious repercussions for the buying, selling, and leasing of real estate," Trotto added. In short, said Edward L. Miller, managing director and principal of Colliers Arnold Commercial Real Estate Services in Tampa, FL, "high gas prices suppress the optimism essential to investor confidence."
Geographically UndesirableOn the housing front, the rising cost of gas is wiping out any of the savings that homeowners found in the outlying areas of cities across the country. "Gas prices have killed the tertiary new home market as the "drive until you qualify" buyer is no longer in existence," said Dave Miller, vice president/national accounts and commercial sales manager for Chicago Title in Phoenix. "As the price of gas continues to rise the affordability differential of living in suburbs and bedroom communities is diminished," said Michael Beach a director at Captec Financial Group in Southern California. "We see population growth stronger nearer the city center and, if prices continue to rise, a likely drastic reduction in urban sprawl. Likewise, we expect reduced traffic at regional malls and outlet centers in markets where there are alternative places to shop." "It's viewed as a big negative for the outlying markets here in Phoenix," said Jason Weber, director of acquisition for Cole Cos., which is focused on land acquisition and commercial development. "Many of the areas that boomed two to three years ago are 40 to 50 miles from downtown Phoenix. The cost of gas will definitely negatively affect demand for housing in these areas, because the cost of people's commute has essentially doubled."
Journey to the CenterThe dynamic of gas price cost to distance is turning residential investors' attention toward closer in markets. "Savvy multifamily investors are looking for deals nearby -- or preferably next to -- bus stops or other public transit locales," said Alex J. Beachum with Income Property Organization in Bloomfield Hills, MI. "Their logic is that as prices continue to climb, more and more tenants will turn to this form of transportation to alleviate the burden of gas prices. And a complex with immediate access to such transportation will be alluring to these conservation-minded tenants." "From a land development and building perspective, the price of gas absolutely is affecting the market," said Richard MacDonough, vice president of Fraser Forbes Land Sales in McLean, VA. "I am seeing profound interest in core area development projects - inside the Beltway in both Baltimore and [Washington] DC. That is particularly the case with sites near Metro stations and major transit hubs where commuters can share transportation. "Denser sites close in create efficiencies for builders, reduce construction costs, allowing the developers to have a profitable deal but keeping home prices within reach of most buyers," MacDonough added. "A lot of our developer clients are creating new ways to reach out to this market, and I see government looking for ways to make projects like this work."
DensityWe heard from several others that municipalities across the country, which have seemingly dragged their feet on addressing development and transportation issues, are now being forced into action. "In our town (Fairfield, CT), the Plan and Zoning Commission is already looking at implementing aspects of the model "smart code" (higher densities and pedestrian-friendly mandates). This would have never happened a few years ago as NIMBY or "just say no to development" activists would have shot it down," said Stuart Baldwin, principal of American Capital LLC. "The long-range effect will favor close-in redevelopment, particularly around existing or planned public transportation," said Mark Squires, a realtor with Coldwell Banker Commercial NRT in Maitland, FL. "Transit Oriented Development (TOD) is big and getting bigger. TOD needs the various cities and counties to loosen their development codes in the areas of height, density, FAR, etc., and in many cases we're seeing that here in Florida despite some citizen opposition. "The trend here is really against massive outlying sprawl and new subdivisions, strip centers, etc., and toward close-in population concentrations, where people can work, play, live, shop, etc. in a small, dense area, but with required parks and green space. This trend, of course, has been existing for several years, but the high gas prices are accelerating it," Squires added.
End of Drive BysEven the broker tenant relationship is changing as both sides deal with the rising price of commuting across metropolitan areas and as they alter their expectations and needs. "In my daily routine, the price of gas only comes up when discussing properties to visit that require a drive to get to. I find investors are using brokers, attorneys, accountants, etc. to gather more information before making a site visit. I have even had potential buyers make offers without visiting the property," said Stephen Fuerst of Centrus Group Inc. in Akron, OH. From a brokerage standpoint, Graig Griffin, principal of Coldwell Banker Commercial KGA in St. George, UT, is seeing some definite trends. "Agents are being much more judicious about showing property in peripheral areas, doing a better job of prequalification before getting in the car with clients. This is even more true of residential agents and most will not tour a buyer without an exclusive representation agreement," Griffin said. "Agents are carpooling more for market tours and site visits. In my office, it is now common to here "I am headed to X area - does anyone else need to head that direction?"
PositioningGriffin also is seeing a host of changes from the tenant. "Market positioning is becoming much more crucial with delivery-based firms exploring traffic modeling/drive time analysis," he said. "As typical, businesses are willing to pay more for locations that service their client base better, shoring up in-fill prices for land and occupancy for space. And companies with a high cost of product or raw material transportation are seeking rail-served property more often." Brian S. Brennan, director, real estate acquisitions for Allianz of America in Westport, CT, is seeing the same phenomenon. "When comparing rail cost versus truck cost, the distance traveled by the goods via rail is shrinking for the rail option to be preferable to truck," Brennan said. "The rule of thumb used to be 400 miles or longer made rail a viable option. Now with the cost of diesel, the cost competitive distance for rail may be as low as 200 miles." It is also impacting where overseas goods are unloaded, Brennan noted. "Container ships now take "all water" routes to the East Coast of the U.S. rather than offload on the West Coast and truck the containers on land," he said. "Eastern seaports are seeing container volume rise while Western seaports are seeing volume shrink." Hence industrial tenants, particularly logistics firms, are rethinking where their distribution points should be. "Super regional distribution centers (800,000 square feet to 2 million square feet) built in rural locations are now less cost effective and some logistics are being re-engineered to put product in smaller buildings closer to population centers, Brennan said. Mark Killough, senior vice president of Hartz Mountain Industries Inc. in Secaucus, NJ, noted the same trend. "I believe that if gas prices stay at the current level, companies will have to reexamine their logistics models," Killough said "The large distribution center servicing a 500-mile radius may not be as efficient with the increase in trucking costs. It may warrant having smaller and more distribution centers to service the same territory." "The price of gas affects the distribution businesses and the contracting service businesses," said Michael E. Nelson, senior associate of CB Richard Ellis in Stamford, CT. "The distribution businesses located in large warehouses with multiple loading docks in heavy industrial zones usually cannot make a move to improve their location closer to the markets they serve. However, the smaller contractors, like cablevision trucks or home audio businesses that need to reach into large residential zones can move closer to these markets if they watch the opportunities closely. Up until now it hasn't been a factor, but it may surface in the next two quarters."
Passing on CostsAnother area where the price of gas affects real estate decisions is related to raw material prices that are oil-based derivatives, CoStar Advisor readers told us. "Prices for asphalt roof tiles and other asphalt applications in construction projects are rising at an unbelievable pace," said Tyson Strauser an investment analyst with Longhorn Capital in Dallas. "Though concrete prices have also risen, asphalt is up nearly 50% since January because it is an oil-based product." "Construction costs are skyrocketing," said Jennifer Britt Starbuck, an asset manager for Pitcairn Properties in Jenkintown, PA. "We've received notices from suppliers for steel, drywall, carpeting indicating 10% to 30% price increases in the next 90 days. Some of this is the result of transportation cost increases (everything is shipped by truck). Some is the result of increased manufacturing costs for petroleum-based products (carpeting). Another example of the latter is asphalt - we've been getting pricing in for asphalt repairs at nearly 40% higher than the same scope last year." The result of these increased construction costs is that landlords will see lower returns, Starbuck added. "A typical standard tenant build-out is generally the landlord's responsibility in most markets, regardless of cost. In many of the markets we operate in, spaces that could be retrofitted for $25.00/square foot last year are running $30/square foot this year. And projects that can be deferred (like sealcoating or asphalt repairs) may be pushed off in the hopes of increased supply in 2009 driving prices back down." It is also driving up building expenses. "The issue that is affecting our decisions is not gas but heating oil," said Neal Lorberbaum, principal of Peryn Realty LLC in Westport, CT. "The price of oil has almost doubled in the last 12 months. Since it is a large component of the operating expense here in the Northeast, the increase in cost is amplified when considering the value of an asset depending on the prevailing cap rates."
Smaller LoansThe rising property costs are not going un-noticed by lenders either. "A few months ago I would have been able to get larger loan amounts and higher loan to values for restaurant startups," said Daniel Cabrera, senior account executive of Empire Commercial Funding Group LLC in Albuquerque, NM. "Now besides both of those being lower today, more collateral is required to back the loan because of higher default rates. All these are directly related to the cost of fuel." "Lenders have stated that as a direct result of gas prices being higher, they are experiencing more defaults," Cabrera said. "For the obvious reasons: Revenues are down and costs are up. The cost of supplies i.e. food etc to make the meals is higher. Prices for meals have to be raised. However the amount of disposable income of the consumer is lower because they're spending more of it on fuel etc. Additionally costs such as getting to the restaurant have to be factored in now when before it would have been ignored. Therefore the restaurateurs are being hit on both sides." "I was discussing lending criteria as it relates to property value and gas prices," Corey Schwartz, president of Serinova Financial LLC in Phoenix said. "We concluded that the cost of gas is probably not coming down and that property values in the outlying areas of the city are going to be adversely impacted by the cost of gas. Our lending criteria have been adjusted to reflect this."

4,500 Retail store closings and counting....

2008-07-10T14:28:00.000-07:00

From COSTAR
July 10, 2008
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Written by Sasha M Pardy
Updated: Nearly 4,500 Store Closings ... And Counting ...
Market Conditions Continue to Force Bankruptcy, Store Closures and Shopping Center Vacancy
With six consecutive months of employment contraction confirmed, gas prices at the highest level ever, most retailers producing negative comparable store sales, and consumers' expectations for the future at the lowest point ever, CoStar is taking a half-year look at how consumers' tightened pockets are rubbing off on the retail real estate sector in the form of store closings and increased shopping center vacancy. Each Monday, CoStar religiously informs readers of store closings announced in the weekly Retail News Roundup column. From tallying those store closings announcements we covered back to the start of 2008, CoStar estimates that 4,491 closings have been announced so far this year (1,949 in first quarter and 2,542 in second quarter). The International Council of Shopping Centers (ICSC) tracks this data as well and counted 2,122 store closing announcements during first quarter in an April Business Conditions report where it also predicted 6,500 store closing announcements by the end of 2008. We talked to ICSC earlier this week, and while it's not ready to release its half-year figures until Friday, the organization did say a revised full-year estimate would likely be included. Based on a comparison to ICSC's historical store closing figures, CoStar expects at least another 2,600 store closings to be announced in the latter half of this year. The number of store closings already recorded during the first half of the year exceeds all year's past (ICSC shows records back to 2001), so the number of store closings recorded in 2008 will likely exceed ICSC's highest annual figure -- 7,041 store closings announced in 2001. If you are having trouble viewing this chart on your screen, follow this link to view it in full size. Two retailers on the brink of collapse with strong potential to announce major store closings over the next six months include Steve & Barry's (Update: Steve & Barry's filed bankruptcy after close of business Weds. May 8 and said it will likely liquidate assets), which operates 276 stores, and Circuit City, which operates 696 U.S. stores. Add to this the likelihood that Linens 'N Things will liquidate the remainder of its store fleet (382 stores, as it already announced 120 closings in May and another 87 this week) and Whitehall Jewelers, which just filed bankruptcy, will liquidate its 373 stores, and there is already another 1,721 possible closing announcements over the next six months. Ivan Friedman, president and CEO of RCS Real Estate, a company that specializes in helping retailers evaluate their real estate portfolios and facilitate store dispositions, told CoStar he expects to see "a lot more bankruptcies through the rest of this year" and also expects that companies will continue to close unprofitable stores - whether it's healthy retailers "retrenching" or hurting retailers being forced to close. Specifically, Friedman expects another 1,500 store closings to be announced during third quarter and another 1,000 in the fourth quarter -- he added that he "wouldn't be surprised" if we witness more store closing announcements this year than ICSC's 2001 high. He explained that fewer store-closing announcements are made in fourth quarter because retailers who are able to make it through the third usually stick it out through the holiday selling season. And if so many retailers will do their best to hold on during the holiday selling season, what's in store for first quarter 2009? "It won't be pretty," said Friedman. Todd Manning with the retail investment services division of Marcus & Millichap's National Retail Group gave his store closure expectations. "Compared to last year, it seems that this year there are more ‘high-profile’ store closures and more bankruptcies causing store closures. The mounting job losses and steep oil price increases are increasingly hurting retail sales and will make it hard for some retailers to hang on to stores in tertiary and even secondary locations. I don’t think we are yet halfway through all the announced store closures to come this year. On the flip side, with every store that closes a portion of sales are redirected to those retailers that remain, thus the industry strengthens itself as it pares down." The chart above pairs the store closing announcement trend with U.S. shopping center quarterly vacancy figures over the last five years. (A query in CoStar Property Professional of shopping centers 20,000 square feet or larger produced the vacancy rate statistics. For more fundamental statistics on the retail real estate industry, CoStar's Mid-Year National Retail Report is now available to subscribers on the CoStar home page.) Consistent with all commercial property types, shopping center vacancy has been consistently on the rise. However, it's a little more disconcerting when we factor in the significant lag time that exists between a store closing announcement being made and that store becoming vacant. Michael Niemira, ICSC's vice president, chief economist and director of research, softened the connection a bit by saying to CoStar in an email, "Vacancies rise as store closures go up and the number of new stores opening slows -- a clear function of the economy; but even with all the store closures, the percentage of existing retail establishments is quite small." In a report, ICSC reiterated the point, saying "Even if the number of store closing announcements reaches a high not seen since 2001, the share of store closings remains less than 1% of the existing number of establishments. Perspective is important." It is also important to point out that while the shopping center vacancy rate has increased to 7.4%, that figure is still very strong -- anything over 92% occupancy in the current market conditions is considered favorable.
Want to share your thoughts on this topic? Email senior editor, Sasha Pardy at spardy@CoStar.com. We'll post pertinent comments as updated to this story.
Market ConditionsIn a July 3 report, ICSC said, "Few doubt it now. Recession is here. With the June U.S. employment report now in hand, the U.S. Bureau of Labor Statistics confirms six consecutive months of decline for payroll employment ... one of the criterion for recession has been met." And in a note proving how store closings and retailers making cutbacks has affected those employed in the shopping center industry, ICSC said, "ICSC’s benchmark for the U.S. shopping center industry’s employment puts job loss at 3,000 jobs in June -- the seventh consecutive monthly job contraction for a cumulative industry employment loss of 159,000 jobs in 2008. The cumulative shopping center industry job drop is equivalent to about a third of the total U.S. employment contraction this year." Add to this job loss the fact that wage growth isn't very strong -- ICSC said, "As of June, the year-over-year pace of average hourly earnings rose by 3.4% - its slowest gain since January 2006 (+3.3%) and wage gains are likely to slow even further ahead" -- and we've got just another factor to combine with increased gas and food prices (According to the U.S Energy Information Administration, the average national price for a gallon of regular-grade gasoline at the pump rose by 1.9 cents over this past week to a record $4.114 on July 7, which is up 38% over the same week last year) that is keeping consumers from spending their money at shopping centers. The Conference Board’s June Consumer Confidence Index came in at 50.4, down quite a bit over May, a stark comparison to confidence of over 95 in October 2007, and the fifth lowest index reading ever. In addition, consumer's perception of the future - the Expectations Index -- declined to 41.0 in June, a significant decline over May. "Looking ahead, consumers' economic outlook is so bleak that the Expectations Index has reached a new all-time low," said Lynn Franco, director of The Conference Board's Research Center. While these factors have been reflected in retailer's sales results, the impact doesn't seem to be drastic yet. April and May retail sales were good -- at least for those retailers offering deep discounts. ICSC's monthly chain store sales index showed a 3% increase on a year-over-year, same-store sales basis. "May came in better than expected; but, it is very clear that consumers are spending in a conservative manner as the lift largely came from an increase in sales in the wholesale, drug store and discount sectors," said Niemira. Niemira said he hopes to see a 2.5% to 3% increase for June as consumers are expected to spend their federal stimulus checks.
Want to share your thoughts on this topic? Email senior editor, Sasha Pardy at spardy@CoStar.com. We'll post pertinent comments as updated to this story.
The Direct EffectBut how directly tied are these fundamentals to the health of the retail real estate industry? In Marcus & Millichap's mid year local market retail reports, the brokerage company said "a soft economy will pressure property fundamentals in the months ahead by reducing consumer spending, thereby trimming demand for space." Todd Manning with the retail investment services division of Marcus & Millichap's National Retail Group said, "Gas prices are having a significant effect on real estate decisions. The topic comes up in nearly every conversation I have with both private and institutional investors and many have serious concerns about how deep this ‘consumer recession’ can get. The health of the consumer is paramount to the success of retailers and right now the consumer is getting battered by possibly their most quantifiable and non-elastic expense - gas prices." "As opposed to the housing downturn, which was already dragging down the consumer, gas prices are a much more ‘real’ expense and affect even more people - homeowners and renters alike. The money these consumers would have spent at the local sub shop or nail salon is instead going to the oil company. Many franchisees and mom-and-pop retailers were already seeing huge sales drops before the dramatic rise in gas prices," he added. "The decrease in consumer spending has a direct correlation to the increase in vacancies. Most retailers, particularly small franchisees, need sales growth to keep up with their rising costs - rent, supplies, food, energy, and labor. One franchisee that I talked to last week, located on one of Las Vegas’ busiest streets, has seen sales drop more than 30% and is now asking their landlord for a corresponding rent adjustment to stay afloat," said Manning. About the impact on the retail investment brokerage business, Manning said, "The increased weakness in retail fundamentals is causing potential buyers to significantly re-price retail properties - requiring higher returns to compensate for higher risk. Investors should be cautious about top-of-the-market rents and be conservative in their underwriting, paying particular attention to the time it will take to re-lease space and the rates and terms they will need to offer to compete for tenants. Regardless of the tenant mix, investors should be looking at several possible scenarios if tenants vacate and see if the current rents pose an upside or downside to the property." Nancy Yates, vice president at ICORR Properties International in Sarasota, a company focused on retail investment, told CoStar how gas prices are affecting its strategy, "We are considering a change in the way new tenants look at locations. We believe they will want demographics that are within the 1-3 mile radius versus 3-5 mile radius, due to the gas situation." Matthew Falconer, head of Falcon Development, which specializes in developing retail space adjacent to Super Wal-Marts said, "I’ve stopped developing as of Oct. 2007. Above $3 per gallon our current growth does not work. Too much of the consumer income goes to energy for home and auto. Until we dip below $3 per gallon, I am on hold."
Want to share your thoughts on this topic? Email senior editor, Sasha Pardy at spardy@CoStar.com. We'll post pertinent comments as updated to this story.
Friedman pointed out that market conditions aren't the only factors that have lead to "the percentage of closures this year being far in excess of the last three years." He explained that the change in bankruptcy law passed in 2005 putting a time limit of 210 days for retailers to make store-closing decisions has had. "Usually, lenders say you have 90 days to find someone to buy you or liquidate you, because then that leaves 120 days to liquidate the inventories, and you need the stores to accomplish that," explained Friedman. While one would think times are pretty good for RCS right now, being that the company is in the store closing business and has won several store disposition listings lately. Friedman commented, "Sure, our revenues are up in the 40% to 50% range; but that's not good. It's not like it's kind of bad and that's good for us. I'm really feeling a very dire effect right now." But RCS is having trouble disposing of these leases. "You've got nobody to sell to. It's not like in the housing market where there are people buying mortgages and underpriced houses because there's capital there. Retailers just don't want to open stores. And those that are pick the best stores in the best malls in the best locations, getting the best prices now opportunistically. Other than those most wanted locations, nobody is leasing them." To reiterate, Friedman gave an example of a recent conversation with one of the country's largest retail landlords that he went to about a bankrupt retailer RCS is disposing of stores for. "I tell him I have people interested in buying the leases, but they don't conform to his use clause, and the landlord says - 'please bring me a warm body'. That tells you how bad it is," said Friedman. RCS also serves as an outsourced real estate department for some retailers. Friedman said he’s playing hardball with landlords. "We have a 1,000-store retailer that has 250 leases coming up for renewal. I'm not being gentle on hitting these landlords up for cheap rent. If I leave, they can't replace me. So even those that are renewing are taking advantage of reducing rents to get them in line, or else they're going to leave the malls and that's the last thing landlords need is more people leaving."
(Editor's Note: To keep up on happenings and trends in retail real estate, subscribe to CoStar's Retail News Roundup, a weekly column covering retailer expansions and new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales. new shopping centers, personnel changes, and sustainability. Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup for free via email by requesting to be added to the distribution list by contacting senior editor, Sasha Pardy at spardy@CoStar.com Also, click hereto subscribe to CoStar's dedicated Retail RSS Feed.

Downtown Fullerton Retail - LEASED!!!!

2008-03-25T18:32:00.000-07:00

Property Description:(UPDATE)LEASED TO COUNTY CLERK RECORDER FOR NEW SATTELITE OFFICE)Inline street retail in a historic building on the major thoroughfare of Harbor Blvd in Downtown Fullerton. Signage on Harbor with free public parking in the rear. Excellent visibility from street traffic. Heavy foot traffic. Close proximity to schools, restaurants, a major hospital and professional buildings.

Location Description:Downtown FullertonNW corner of Harbor Blvd. & AmerigeNORTH of CommonwealthSOUTH of ChapmanClose to 91, 5 & 57 Fwys

Check out the listing on Loopnet at http://listing.loopnet.com/15335417

Downtown Fullerton Alcohol Ordinance Passed

2008-03-25T18:10:00.001-07:00

After a longer than expected moratorium period, The City council has passed the most progressive restaurant and bar ordinance in the state. Many thought that this ordinance was originally written to be very unfriendly to the business community. After many hours and meetings with the local business leaders (including us) an ordinance has been crafted that will allow legitimate restaurants to open with little restriction. HOWEVER, the wild west days of "say your a restaurant and fire up the DJ" are over. Look for some exciting new concepts Downtown. Now they really have to serve food.

Side note: The new ordinance does allow Nightclubs and Bars but only after an exhaustive CUP process. Call us if you are interested, we can help with the navigation.

Read more at:

http://www.ocregister.com/news/council-city-bar-1992675-nightclubs-restaurants

Downtown Fullerton Retail

2008-03-25T18:03:00.000-07:00

Property Description:In line street retail on major thoroughfare near the corner of N. Harbor and Wilshire. Signage on Harbor with free public parking in rear. Excellent visibility from street traffic. Tenant vacating is a long term Tenant who has had great success with their clothes retail business. Great restaurant location. Property is in the restauarnt overlay district which gives added benefits to restaurant tenants.Please do not disturb Tenant. Call Broker for an appointment.

Location Description:Southwest corner of Harbor and Wilshire. NORTH of CommonwealthSOUTH of ChampmanWEST (street side) of N. Harbor Blvd.

Check out the listing on Loopnet at http://listing.loopnet.com/15101938

FOR LEASE Medical Office by St. Jude

2008-03-25T17:30:00.000-07:00

Medical/Dental suite for lease in a prime Fullerton location, only one block from highly regarded St. Jude Medical Center. Well-maintained building with ample parking and highly visible street signage available.
Location Description:Just west of the high-traffic intersection of Harbor Boulevard and Bastanchury Road.

Check out Listing on Loopnet at http://listing.loopnet.com/15588382

Beckman Moving to Brea

2008-03-25T17:15:00.000-07:00

What seemed at first to be a big blow to Fullerton Business may have an upside. Beckman's property may yield an upside if properly redeveloped. It could actually increase Fullerton's Tax Base and the employees are working in close by Brea so we are not losing the jobs. The Fullerton General plan is being amended at this time. Make sure to attend meetings and workshops to have your say over the future of this valuable peice of real estate.

1800-4500 SF of Automotive Related Retail Space

2008-03-25T17:11:00.000-07:00

FOR LEASE (AFFORDABLE)- Automotive Retail Space Store front is 1800 with an additional roll up door repair shop in the rear. Great low rent of $1.25 PSF Modified Gross. Located at 537 W. Valencia (Close to the DMV). Call Travis (714)446-0100x123

Check out the listing on Loopnet at http://listing.loopnet.com/15597337

Fullerton Chiropractic Office

2007-11-08T12:19:00.000-08:00

The Chapman Wellness Center is an image office building in Downtown Fullerton. Within a few minutes drive down Harbor Blvd is St. Jude Medical Center. The property offers excellent parking, signage and visibility from Fullerton's major thoroughfare, Harbor Blvd. The Chapman Wellness Center ground floor is a highly improved Medical Office with numerous upgrades that would allow a Tenant to occupy immediately. Offers: 10 treatment rooms, all with plumbing; Bathrooms; Laundry; Office; Reception.Second floor office space also available, 461sf. Can be used for uses other than medical office space. Consists of 2 offices, front reception area and a bathroom.
Location Description:This free-standing builing is located 500 ft from the northwest corner of Harbor Boulevard and Chapman Avenue. Harbor Blvd is Fullerton's major thoroughfare and provides high visibility to this location. Business professionals enjoy walking to nearby shopping, dining and entertainment venues. Close proximity and easy access to the 91, 57 and 5 freeways

Check out the Listing on Loopnet at http://listing.loopnet.com/15408719