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Vice President, Brian Jacks, of East West Commercial Real Estate was interviewed in by Sacramento Business Journal’s staff wri
ter, Mark Anderson, in his exclusive article, “Galleria refinance hints at easing market.” Anderson writes, “The recent $275 million refinancing of the Westfield Galleria at Roseville not only demonstrates the mall’s economic strength — it also is a sign, some say, that the capital markets are finally beginning to free up.”
Article contributed by Brian Jacks
Brian Jacks is a Sacramento commercial real estate broker (since 1996) specializing in commercial leasing and investment sale transactions for retail, shopping centers, multifamily, apartments, senior housing, office, industrial, mixed-use, and special purpose properties. Having spent over 20 years with Wells Fargo, he personally facilitated the underwriting, approval and funding of approximately 250 loans totaling over $1 billion in loan proceeds.
Jacks is a Regional Vice President for EAST WEST Commercial Real Estate, a full service commercial real estate brokerage advisor based in Orange County. In addition to serving the Sacramento marketplace, he is also responsible for the company’s current expansion into the San Francisco Bay Area. For more information, contact Brian Jacks at (916) 837-3456 or Brian.Jacks@EastWestCommercial.com.
About EAST WEST Commercial Real Estate
EAST WEST Commercial Real Estate is a full service commercial real estate brokerage advisor specializing in investment sales, commercial leasing and finance for retail, office, industrial multifamily, senior housing, self-storage, mixed-use and special purpose properties throughout California and Arizona. The firm is headquartered in Orange County, CA. Brokerage offices include Sacramento, San Francisco, Walnut Creek, San Jose, Oakland, Los Angeles, San Diego, Orange County, Riverside, San Bernardino and Phoenix. Other services include bank REOs, 1031 exchanges, nationwide commercial Business Opinions of Value (BOV’s) and Broker Price Opinions (BPO’s), mortgage brokerage, lender services, and asset management.
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Visit Our Websites
http://www.Sacramento-Commercial-RealEstate.com
http://www.EastWestCommercial.com
http://www.EastWestCaptialAdvisors.com
http://www.CommercialBrokerPriceOpinion.com
Less than two months ago, I received a call from a San Jose based apartment investor who had become disenfranchised with the continued rise in commercial real estate prices throughout the Bay Area. A simple comparison of apartments for sale in both Sacramento and San Jose (within specific parameters) resulted in an average difference in cap rate (annual yield) of 3%. The San Jose apartments we considered offered an average cap rate of 5.7%, while the Sacramento apartments offered 8.7%. It doesn’t take a genius to realize that a higher yield on a commercial real estate investment means more cash in the investor pocket. Naturally, the investor decided it made more sense to invest in commercial real estate (apartments) here in Sacramento, which is once again becoming quite a predictable phenomenon, as discussed in this 1st Quarter 2012 Multifamily Investor Newsletter.
East West Commercial Real Estate is pleased to announce Hank Hardison as its new Los Angeles / San Fernando Valley commercial real estate broker associate. With over 20 years’ experience in the commercial real estate industry and being a licensed salesperson with the State of California since 1990, Hank will be a tremendous asset to the East West Commercial Real Estate Team.
After years of experience with the general public and honing his skills as a real estate professional, including commercial sales, property management as well as lending. He has the experience and knowledge needed with all aspects of retail-office leasing & sales that gives him the added edge to get the job done.
When the opportunity presented itself to join East West Commercial Real Estate, he knew his past work experience would fit the niche of East West Commercial Real Estate.
Hank Hardison now specializes in seeking out qualified tenants/buyers for all the properties the firm has available, in addition to the properties available that fit his client’s needs for the sale and lease of retail stores and shopping centers in Chatsworth, Simi Valley, Burbank, San Fernando Valley, Thousand Oaks and the communities of greater Los Angeles.
Given Hank’s unique set of experiences, coupled with his strong analytical skills and proven ability to serve clients, he is a solid team member and dedicated professional for commercial real estate owners, investors, tenants and landlords throughout the entire Los Angeles / San Fernando Valley area.
Hank Hardison is a Los Angeles / San Fernando Valley commercial real estate associate specializing in lease and investment transactions for retail, shopping centers, multi-family and mixed-use properties. He is part of the firm East West Commercial Real Estate, a full service commercial real estate services company with offices throughout California including, Los Angeles, San Francisco, San Diego, San Jose, Orange County, San Jose, Sacramento, Oakland, and Walnut Creek. East West Commercial Real Estate provides brokerage and asset management services for retail, shopping centers, office, industrial, apartments, medical office, self storage, senior housing, and hospitality. For more information, contact Hank Hardison at 805-340-9672 or Hank.Hardison@EastWestCommercial.com or http://www.eastwestcommercial.com.
Downtown Riverside Apartment building for sale. 7 unit building with a single family home in the front of the property and multi-family units in the back. Great investment opportunity! Motivated seller! BPO / BOV.
Contact Information:
Michael Duhs- Managing Broker
Direct (949) 939-8352
30262 Crown Valley Parkway, Suite B518
Laguna Niguel, CA 92677
Twitter | Facebook | LinkedIn | YouTube
Motivated Seller BOV / BPO
Located in Beamont – Riverside County. 12 Unit multi-family building for sale. Mostly 2 BD / 1 BA. Great investment opportunity. Well maintained building; good neighborhood.
Contact Information:
Michael Duhs- Managing Broker
Direct (949) 939-8352
30262 Crown Valley Parkway, Suite B518
Laguna Niguel, CA 92677
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Remember years ago when homeowners were selling high priced homes in the San Francisco Bay Area and moving in droves to the Sacramento region? Well, get ready for the next way!
A recent Bloomberg article suggests that San Francisco is currently the hottest office market in the country, as indicated by the pending sale of a 10-story office building for $800 per square foot in SOMA (South of Market Area), a submarket where rents are up 22% over the past year. This would be the City’s highest selling price for an office building since the commercial real estate market peaked in 2007.
Follow my logic here… Bay Area jobs are coming back in a big way, led by robust increases in the technology industry. Most of these young workers, in their 20’s and 30’s, are seeking multifamily rental housing. As a result, rental demand for apartments in cities like San Francisco and San Jose is going through the roof with 2012 forecasted vacancy rates of +/- 3%. Not surprisingly, Marcus & Millichap reports that San Jose and San Francisco have taken the # 1 and # 2 spots in the National Apartments Index, behind # 3 New York.
What follows next? Well, multifamily property values are on the rise in the Bay Area with compressing investor yields (cap rates), suggesting investors will soon be looking to nearby markets for better investment returns. Given the Sacramento area was hit so hard with housing foreclosures, many people have been forced to rent apartments, which is driving region-wide multifamily vacancies below 5% in 2012.
The number of new multifamily listings for apartments in the greater Sacramento is most certainly on the rise. Here on the ground, it feels like we may have it bottom late last year in terms of apartments sale price per unit. Demand should increase from here, along with upward pressure on both rents and sale prices.
To give you an idea… an 11 unit REO apartment complex sold in South Sacramento on 6/30/11 for $34,000 per unit to a value add investor at 9.9% cap rate. The property was 91% vacant at the time and in terrible physical condition. Over the next six months, the investor rehabbed units, replaced patio decks, painted the entire property, and leased up the 10 vacant units at market rents.
After a turnaround period of only six months, this property is now back on the market with an asking price of $67,000 per unit (8.1% cap rate). Notice this cap rate is even stronger than a recent sale just two blocks away, which closed on 11/1/11, where East West Commercial Real Estate brokered the sale of a stabilized 14-unit apartment property to a foreign investor at 8.5% cap rate ($62,500 per unit). See video.
All signs are positive that Sacramento has entered a period of slow steady growth with support from nearby Bay Area influences. Now is a great time to consider investing in multifamily housing and apartments for sale while prices are still attractive.
For more information, contact Brian Jacks (916) 837-3456, Vice President and Northern California Regional Director for East West Commercial. Brian specializes in investment sales for multifamily housing and apartments throughout the greater Sacramento area. He is also proud to announce the addition of several new commercial real estate agents in the Bay Area, serving commercial and multifamily investors, landlords and tenants in the cities of San Francisco, Walnut Creek and San Jose.
Social Media Links:
Twitter – http://www.Twitter.com/SacCommercialRE
Google Plus – http://www.GPlus.to/SacCommercialRE
Facebook – http://www.Facebook.com/SacCommercialRE
YouTube – http://www.YouTube.com/SacCommercialRE
LinkedIn – http://www.LinkedIn/In/bjacks
Email – Brian.Jacks@EastWestCommercial.com
East West Commercial – Professional commercial real estate expertise with offices in Sacramento, San Francisco, San Jose, Walnut Creek, Los Angeles, San Diego, Orange County, Riverside, and San Bernardino — commercial real estate, investment property, apartments for sale, office for sale, industrial for sale, retail shopping center for sale, 1031 exchange, commercial real estate REO’s, nationwide commercial BOV’s, nationwide commercial broker price opinion BPO’s, lender services, nationwide commercial BPO’s, asset management.
Visit our websites at:
http://www.EastWestCommercial.com
http://www.CommercialBrokerPriceOpinion.com
http://www.EastWestCaptialAdvisors.com
Sacramento, CA – As one of the hardest hit regions in the country, due the housing meltdown, Sacramento area apartment owners have been welcoming displaced homeowners in droves. Apartment communities have long been the safest commercial real estate investment class, since people always need a place to live no matter how bad the economy…. but consider this next fact for even more emphasis. As of 3Q11, Sacramento metro vacancies were reported at 12.4% (retail), 12.9% (industrial), and 19.8% (office). On the other hand, Sacramento metro apartments were reported at only 5.4% vacancy during the same period… after falling from 7.1% a year prior (3Q10). Plus, due to the compressing vacancy rates, apartment owners have been able to increase rents an average of 2.2% over the past year. With all this positive news, which asset class would you prefer to own right now?
Article contributed by Brian Jacks http://www.linkedin.com/
Data Source: Marcus & Millichap 3Q11 market update http://www.marcusmillichap.com/
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Asset Management / REO Brokerage Services
For more than two decades we have provided extraordinary service to assist our clients in disposing of and purchasing real estate assets in the California marketplace. East West Commercial Real Estate specializes in assisting lenders sell their special assets / ORE across multiple asset classes: apartments, retail, office and industrial.
East West Commercial Real Estate is pleased to announce that Ryan Misaresh, LEED AP represented LD Entertainment in the lease of Class A office at Mani Brothers’ 9000 Sunset building in West Hollywood. LD leased 6,878 square feet, in a four year deal, which represents nearly a full floor of the building. After undergoing a recent full remodel, 9000 Sunset is positioned as one of the premier entertainment office buildings in the “Entertainment Capital of the World.” Possessing a strong understanding of LD Entertainment’s needs and dynamic business model was essential in finding the proper fit for this rapidly growing production and distribution company, whose recent releases include the blockbuster action film “The Grey” with Liam Neeson, as well as “Biutiful,” “I Love You Philip Morris,” and “The Collector.”
This top rate space with sweeping 270 degree views of the Los Angeles basin was a match made in heaven between LD’s rise to prominence which now warrants a top rate office environment, and a landlord in a position to provide it, with minimal TI’s, in the heart of the creative capitol of the world.
Built in 1963 and featuring 144,802 square feet, 9000 Sunset is owned and managed by Mani Brothers and was represented by Greg Camacho of Camacho Commercial.
Ryan Misaresh is a Los Angeles commercial real estate broker specializing in lease and investment transactions for retail, shopping centers, multi-family and mixed use properties. Mr. Misaresh is part of the firm East West Commercial Real Estate, a commercial real estate services company with offices throughout California including, Los Angeles, San Francisco, San Diego, San Jose, Orange County, San Jose, Sacramento, Oakland, and Walnut Creek. East West Commercial Real Estate provides brokerage and asset management services for retail, shopping centers, office, industrial, apartments, medical office, self storage, senior housing, and hospitality. For more information, contact Ryan Misaresh at 213-309-3279 or Ryan.Misaresh@EastWestCommercial.com or http://www.eastwestcommercial.com/
The US industrial market has been helped out by improvements in manufacturing, capital goods shipments, and business and consumer spending. Overall vacancy is declining in the sector and a recovery is underway for many cities. As a result, the portion of US industrial stock in recovery is expected to surge over the next 15 months.
The barometer shows that the best-performing sector in the industry is the US multifamily market, which is dominated by the recovery phase of the real estate cycle and is segueing more and more into the expansion phase annually through 2014. In fact, not one of the 81 multifamily metro areas included in the barometer will be in recession over the next four years.
Information about subscribing to the PwC Real Estate Investor Survey can be found at www.pwc.com/us/realestatesurvey. Members of the media can obtain an electronic copy of the full report by contacting Scott Cianciulli at (212) 986-6667 or cianciulli@braincomm.com.
About the PwC Real Estate Investor SurveyTM
The PwC Real Estate Investor Survey, now in its 24th year of publication, is one of the industry’s longest continuously produced quarterly surveys. The current report provides overviews of 31 separate markets, including ten national markets — regional mall, power center, strip shopping center, CBD office, suburban office, flex/R&D, warehouse, apartment, net lease, and medical office buildings. The report also includes a review of 18 major US office markets including Atlanta, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Manhattan, Northern Virginia, Pacific Northwest, Philadelphia, Phoenix, San Diego, San Francisco, Southeast Florida, Suburban Maryland, and Washington, DC. In addition, the report covers three regional apartment markets – – Mid-Atlantic, Pacific, and Southeast.
The second quarter 2011 report also features up-to-date information relating to forecast periods, structural vacancy replacement reserves, forecast values, tenant improvement allowances, and vacancy assumptions. In addition, each issue of the Survey contains over ten tables of market data focusing on value expectations, tenant improvement allowances, forecast periods, structural vacancy, and growth rates. Also in this issue is the semiannual National Development Land Market.
About the PwC Network
PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information.
© 2011 PwC. All rights reserved. “PwC” and “PwC US” refer to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. This document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
Scott Cianciulli / Ray Yeung
Brainerd Communicators
Tel: +1 (212) 986 6667
cianciulli@braincomm.com
yeung@braincomm.com
This article comes from Hotel News Resource
http://www.hotelnewsresource.com
The URL for this story is:
http://www.hotelnewsresource.com/article55931.html
Apartment and Commercial Real Estate Investors in San Diego demand will outstrip the supply of marketed apartment and commercial real estate properties this year. Class C assets in these areas will steady in the mid-7 percent range and demand for top-tier apartment properties to the mid-6 percent range.
2011 Market Outlook
· 2011 NAI Rank: 6, Down 4 Places. San Diego will retain a top 10 ranking in the NAI.
· Employment Forecast: A 1.9% increase.
· Vacancy Forecast: 3.6%
For investment sales information with commercial real estate in Los Angeles, San Diego, Orange County, Riverside, San Bernardino — Apartments for Sale, investment property, commercial REO’s, commercial bpo’s, commercial bov’s, and commercial broker price opinions, please contact Michael Duhs, Managing Director of East West Commercial at www.EastWestCommercial.com or (949) 939-8352.
As Reported by Marcus & Millichap in the 2011 Annual Report.