Browse Tag: los angeles

Five Googie Architecture Properties (And Nearby Available Listings) In Los Angeles

The mid-century commercial architecture style called Googie was named for the 1949 Los Angeles coffee shop bearing the same name.  Originated by Frank Lloyd Wright assistant John Lautner, the Googie style is iconic for its ultra-modern, space-age look.  The commercial construction craze for cantilevered roofs and eccentric curves took off nationally from coffee shop roots on the L.A. corner of Crescent Heights and Sunset, spreading an aesthetic reflecting two huge phenomena of the 1950s: the automobile and the service industry that grew along with it.

Surviving Googie buildings evoke the past while looking to a former future. Beloved by many, their proximity can make the difference for a site selection client faced with a choice among candidate properties with no comparable “face”. One thing Googie buildings do is project — after all they seem to be rocketing into that imagined future — and having one nearby can easily be a bright spot for tenants, a distinction that serves that part of commerce that numbers alone can’t quite capture.

Let’s take a look around Los Angeles for opportunities around some of these iconic Googie properties:

New Moapa Solar Plant Outside Of Las Vegas: Sold

View of Moapa Peak from near the Carp-Elgin ex...
Moapa Valley, NV

Demonstrating a state of the art in pollution- and water-free, photovoltaic (PV) energy generation is a new fully operational solar plant 30 miles north of Las Vegas. The Moapa Southern Paiute Solar Project will generate enough voltage to power well over 100K homes, but Las Vegas isn’t the target of all that juice — every watt will be sent 270 miles away to serve Los Angeles. What’s more, the project was sold after an impressively brief ten days of operation, in a deal to private asset manager Capital Dynamics. Terms of the Moapa Solar deal were not disclosed.

Free Report: Moapa Solar’s light industrial neighborhood shows low rents, high construction

The Moapa Solar Project takes advantage of the Las Vegas market’s northeast Clark County area. The site is located in the Moapa Valley, where the market quadrant offers the Las Vegas industrial market’s second lowest rents. The most recent Las Vegas industrial market report (4Q16) from Xceligent spots the northeast area ‘s weighted average asking rents at $0.46 per square foot (on a triple net basis).

The NE Clark County area also offers the market’s biggest volume in new construction by a significant margin. At over 2M square feet of new construction, the area nearly doubles the second place market (Henderson). Vacancy rates for the overall market are improving — year-over-year totals have dropped from 6.1% to 5.4%. Flex properties have had the most significant positive change in vacancy with rates improving from 10.1% to 7.4%. If you’re interested in obtaining a free copy of Xceligent’s latest Las Vegas Industrial Market Report, drop us a line here.

Live Query: Moapa Valley land and industrial properties listed on

To check out a live query at CommercialSearch of land and industrial properties in the Moapa Valley northeast of Las Vegas, click here now.

(Photo credit: Wikipedia)

Build Better L.A.: Los Angeles Votes In New Requirements For Developers, Affordable Housing

Los Angeles is the second largest city in the ...

A significant initiative with commercial real estate effects was passed on last week’s ballot in Los Angeles. Expected to take effect this month, the measure changes, almost overnight, the labor and affordable housing requirements for developers building in the city, affecting multifamily projects with ten or more units, as well as other projects.

Measure JJJ, also known as the Build Better L.A. initiative, was sent to the voters in the general election of Nov. 8.  In Los Angeles City, JJJ passed with 64% of the vote at over 461,000 votes and according to JDSupra law blog, takes effect within ten days of the certification of vote results, or, on November 19, 2016.

Affecting projects that ask for a zoning exemption, a plan amendment, a height change or a authorization of residential use of land where previously not permitted, JJJ requires developers of projects with ten residential units or above to provide a percentage of affordable housing units on-site. Depending on the exemption sought, the percentage will fall between 5% and 40% affordable units.

Some alternatives to compliance are available.  Per JDSupra:

[T]he Initiative offers alternatives to compliance, including providing affordable housing units off-site, acquisition of “at-risk” affordable housing properties and converting the units into non-profit or other similar type of housing, or payment of an in‑lieu fee into the City’s new Affordable Housing Trust Fund. The in-lieu fee will be determined by a formula using an “Affordability Gap” multiplier as defined in the Initiative.  Additionally, projects that opt to provide off-site housing will be required to provide additional affordable units based on a formula that increases the number of required units based on the distance from the primary project.

Further, the Initiative requires that residential housing projects seeking discretionary approval be constructed by licensed contractors, with good faith effort to ensure that 30% of whom are permanent Los Angeles residents and at least 10% of whom are “transitional workers”—single parents, veterans, on public assistance, or chronically unemployed—whose primary place of residence is within a 5‑mile radius of the project.  Projects subject to the Initiative will be required to pay “prevailing wage”—an average of area wages based on a formula created by the state government—to all construction workers on the project.

(Photo credit: Wikipedia)

Los Angeles Buildings Targeted For Earthquake Refit

English: Los Angeles skyline and San Gabriel m...

Brokers, property managers and landlords of Los Angeles: be aware that an updated list from the Los Angeles Department of Building and Safety (DBS) has arrived. The list identifies thousands of buildings that may potentially require earthquake retrofitting, including those sporting “tuck-under parking” designs and other popular constructions that are especially susceptible to collapse in earthquake conditions. The list contains over 23,000 addresses.

Buildings that are most vulnerable have been identified with the following criteria:

  • Consist of 2 or more stories wood frame construction
  • Built under building code standards enacted before January 1, 1978
  • Contains ground floor parking or other similar open floor space

How Do I Get The List?

You can get to the list in two ways. The Los Angeles Times has published a searchable website that you can use after the link.  You can also obtain the entire list by request to the DBS by contacting the LADBS Custodian of Records at (213) 482-6770, or email [email protected].

Soft Story Construction Targeted

In October 2015, Los Angeles passed an ordinance requiring retrofitting for “non-ductile concrete and soft-story wood frame” buildings. According to law blog JD Supra, inclusion on the list does not mandate retrofitting; it requires only that building owners within one year of receipt of formal notice from DBS prepare a structural analysis showing whether their buildings meet the earthquake standards promulgated in the ordinance. Further, appearance on the list does not constitute notice, says the JDSupra piece penned by Tetlo Emmen and Alfred Fraijo.

Photo credit: Wikipedia

Anatomy Of A 90% LTV Office Deal

Logo der Fernsehserie Leverage

I think it’s fair to characterize the following transaction as a symbol of our current national office market boom. Gone, gone, gone are the days when lenders’ hands were tied and 30-40% minimum cash on the barrelhead was a necessity to get a deal done for an office building in a primary market. Today, leverage is back in a big way — at least in one such deal in Los Angeles reported by Globe St’s Kelsi Maree Borland.

In “Office Property Lands 90% LTV Financing”, we learn of a $21.6 million deal for an eight-story office building and parking garage financed with a mix of SBA 504 guarantee and very favorable underwriting from another lender at a rate of 200 basis points over treasuries at 90% leverage. The unnamed owner-user and their team at Sequoia Commercial Lending have put together a deal emblematic of a Los Angeles office market not only in recovery, but in bona fide expansion.

“Typically banks will only provide this type of leverage for SBA deals, therefore we approached the SBA about a 504 loan, and secured a pre-approval allowing for 85% leverage,” Christopher Farlow, a partner at Sequoia Commercial Lending, tells “We then leveraged the SBA’s pre-approval with two banks, who were willing to provide more than 75% LTV on a conventional basis. Both of the banks have SBA divisions, so if they couldn’t do the deals conventionally at 85%, we still had the SBA 504 as a backup. Once the final underwriting was done, one of the lenders came back and asked what would win the deal. We requested 90% leverage, with a rate that was 2% over the 10-year UST, and a 0.00% loan fee from the bank. The bank agreed and allowed us to lock the rate without a deposit fee.” Farlow and his colleague Brett Twente, a partner at Sequoia Commercial, secured the financing on behalf of the borrower, and declined to name the lender for confidentiality purposes.

The loan has a 25-year amortization period with a step-down prepayment schedule. Farlow has worked with this lender in the past, and has seen them provide leverage has high as 85%; however, he was even surprised by their willingness to reach 90% leverage. When asked if leveraging a loan this high was dangerous, Farlow says, “Yes, there is obviously danger in providing this type of leverage. However, the borrowers provided personal guarantees. Their business is going to occupy the majority of the building, and the businesses are guarantors. The EBITDAR from the businesses covers the proposed debt service several times over and once the building is leased up, the value should increase by more than 25%.”

That said, deal principal and Sequoia partner Christopher Farlow caution that high leverage isn’t a trend across the capital markets, and that 90% LTV are more “one-off” deals.

It’s just that such deals seemed unthinkable not terribly long ago.

Read the entire Globe St. article here.

Commercial Real Estate News Roundup For July 30, 2014

Nighttime view of Downtown Los Angeles and the...

Commercial real estate comes to reality TV, a rush to get across town in Los Angeles, and brick-and-mortar’s resilience – it’s all here in the Commercial Real Estate News Roundup For July 30, 2014.


California is building once again, according to commercial real estate survey –  Imperial Valley News, July 27, 2014 – The Golden State’s newest building surge reminds us that the world’s fifth largest economy has much to teach the world about sustained economic growth.  And much to teach the doomsayers of the past 15 years about how to eat crow.

New Lenders Enter Property Market and Think Small, WSJ, July 22, 2014 – Bigger isn’t always better, and the small businesses of the nation once again have the attention of lenders.

Vermont commercial real estate market continues to show strength at mid-year, New England Real Estate Journal, July 24, 2014 – Led by suburban Burlington office offerings, Vermont’s commercial property picture looks as sweet as a pint of Ben & Jerry’s.

Lights, Camera, Sell: Harrison Man Films Real Estate Reality Show Pilot, Harrison Daily Voice, July 25, 2014 – It finally happened: commercial real estate is getting the reality TV treatment.  Sadly, nobody in Hollywood has yet picked up my script for a show based on dairy farm land sales. I call it Moo Diligence.




Office real estate market finally catches up, Minneapolis Star Tribune, July 24, 2014 – Downtown Minneapolis hasn’t seen this much action since Prince filmed Purple Rain.

L.A. County office market improves as new leases edge out renewals, LA Times, July 24, 2014 – Renewals are falling behind new leases in L.A. as companies flush with cash seek new window views.

Washington’s biggest real estate battle is beginning to look like a blowout, Washington Post, July 22, 2014 – They’ve got a real “case of the Mondays” in DC.  Monday Properties, that is.

Designing a Better Office Space, Entrepreneur, July 26, 2014 – It’s happening in even the stodgiest firms: color, open space and shiny stuff is taking over the white collar landscape.




La. leads nation in industrial construction value, The Advocate, July 26, 2014 –  $4.9 billion in industrial projects have put Louisiana on top of the construction spending pile.

Illinois: Driven by logistics, DC Velocity, July 28, 2014 – The transportation and fulfillment explosion spurred by e-commerce is yet another reason the traditional crossroads of the USA – Illinois –  has a rosy future in industrial development.

Liberty Property Trust makes plans for new warehouse park in Durham, Triangle Business Journal, July 25, 2014 – Concrete tilt walls and industrial grade construction are the path to profits in Durham.




Silver Line a draw for some new retailers, Washington Post, July 28, 2014 – Passengers and shoppers continue their overlap in DC.

Outlet mall’s opening a sign of shifting retail landscape in Charlotte region, Charlotte Observer, July 27, 2014 – The outlet mall, once the exclusive feature of off-location areas is remaking what it means to go shopping in Charlotte.

One Reason Retail Agents Should Celebrate, GlobeSt., July 28, 2014 – Study: most consumers prefer brick and mortar.

The Hidden Oil Wells Of Los Angeles

During a recent trip to LA, while driving I spotted something I don’t usually see: a building in an urban setting that I absolutely couldn’t identify.  It was slender, tall, tapered and seemed to be covered in what amounted to a gigantic tea cozy.  It looked like this:

Set in a fully urbanized area – abutting Beverly Hills High School, in and among a mixed residential and office-use area in West LA, this odd structure had me wondering what it could possibly be.  It was too narrow for occupancy, and too distant from industry to be functional.  It was too…festive-looking to be a smokestack – and even it if was, what could be the source of the fumes?  The chemistry class bunsen burners of Beverly Hills High?

Later, this midwestern born-and-bred blogger came to find out the amazing truth.  What I had seen was a Los Angeles oil well. An active, productive, yet entirely urban oil well, one of hundreds across the city remarkably well-integrated into the bustling landscape.  These structures are actively drilling into the ground beneath LA, extracting black gold quietly, with no apparent neighbor impact, and one presumes, profitably.

I left town thinking I had seen something rare, but the fact is, LA is a very active oil producer and these wells and production facilities are just another type of commercial property.  Why no noise?  Why no smell?  How are the spills and hazards normally associated with oil drilling handled?  How do NIMBYs cope?  As it turns out, Los Angeles has California’s legendary regulatory tendency to thank for the apparent harmony.  Which is not to say there aren’t concerns about the tight integration of industrial production and residential areas, it’s just that if there’s any state with a long track record of balancing these conflicts, it’s California.

An incredible video by VBS TV was produced that takes a look at this most unusual commercial real estate phenomenon.  We see oil wells in the back of shopping malls, oil wells situated inside five-story faux-office buildings, oil drilling technology allowing horizontal drilling, and a discussion, of course, of the mineral rights attached to real property in California (and just about all 49 of the other states.)  Fascinating stuff!

Watch the VBS Clip “Uneven Terrain” at LA.Curbed.Com

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