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Sacramento Business Journal reports on East West Commercial Real Estate (Sacramento) recent activity in filling the Land Park office building.
As reported byBen van der Meer Staff Writer- Sacramento Business Journal.
“A Land Park office building has come a long way from six months ago, when it was about 80 percent vacant. And part of the reason why, said the commercial real estate broker who’s helped fill it, is because it’s not acting like an office building.
With the pending arrival of Streamline Church, the building at 1250 Sutterville Road will be 80 percent full, and the way it has filled up is more reminiscent of a retail property, said Brian Jacks of East West Commercial Real Estate.
When he began looking for tenants earlier this year for the two-story building, a gym seemed like a natural tenant because there weren’t any other workout places nearby. Fitness System, which moved this spring into 17,000 square feet of the building on two floors, was the answer.
But what happened next was unusual, Jacks said. “You have consumers who are attracted to the property, and so it’s attracting tenants who feed off the consumers,” he said. Office tenants aren’t as likely to attract other office tenants based on the amount of traffic they’re getting from customers, but retail tenants are.
While there are still office-based businesses in the building, Streamline Church’s pastors, who’d previously had services at various schools in Sacramento, saw the gym and realized being there could attract potential members to the flock, according to Jacks. Pending city of Sacramento approval for a change of use permit, Streamline will have a five-year lease to occupy 7,600 square feet on the building’s first floor.
“I wasn’t necessarily expecting this to happen,” Jacks said.
There’s still space for it to happen again. At 80 percent leased, the building has about 8,000 available square feet, in spaces ranging from 670 to 2,441 square feet, or with re-configuration, up to 3,500 square feet.”
Brian Jacks is a Sacramento commercial real estate broker (since 1996) specializing in commercial leasing and investment sale transactions for retail, office, industrial, multifamily, senior housing, mixed-use, and special purpose properties. Having spent over 20 years with Wells Fargo, he personally facilitated the underwriting, approval and funding of more than 225 commercial real estate loans totaling over $1 billion in 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@EastWestCommercial.com
Cell (916) 837-3456 | eFax (916) 313-3778
915 L Street, Suite C440, Sacramento, CA 95814
BRE Broker Lic. #01217349
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, Nevada, Arizona, Texas and Florida. The firm is headquartered in Orange County, CA.
Click Here for Marketing Brochure
Price: $849,000
This 1.25 acre site was a previous furniture manufacturing company with 2 metal buildings, covered storage units, trailer parking, and 2 large parking lots. Located in the Agua Mansa Enterprise Zone giving owner employee hiring tax credits, low interest revolving loan fund, business expense deduction, and other tax benefits. Click here to learn more about the Agua Mansa Enterprise Zone benefits!
For more information on this listing or other investment opportunities, contact Michael Duhs at (949) 939-8352 or Michael.Duhs@EastWestCommercial.com or Brittany Duhs at (949) 573-3105 or Brittany.Duhs@EastWestCommercial.com.
This 1.25 acre site was a previous furniture manufacturing company with 2 metal buildings, covered storage units, trailer parking, and 2 large parking lots. Property is on 2 parcels and can accommodate two separate businesses. Rail crossing at adjacent property. Offices plus large warehouse space. Multiple roll-up doors. Property is fenced. Motivated seller!
Close proximity to the 10, 15, and 215 Freeways. Main cross streets are N. La Cadera and W Valley Blvd.
The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it. Buyer to conduct its own due diligence.
by Brittany & Michael Duhs of East West Commercial Real Estate; San Bernardino Commercial Real Estate for Sale, San Bernardino Commercial Real Estate for Sale, Commercial Real Estate Broker
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, Phoenix, Flagstaff, and Reno. 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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http://www.EastWestCommercial.com
http://www.EastWestCaptialAdvisors.com
http://www.CommercialBrokerPriceOpinion.com
It’s always nice when a plan comes together. East West Commercial Real Estate of Sacramento helped Jackson Sports Academy (JSA) relocate into a 72,000 sf building at McClellan Park in December 2012. As a result, JSA’s non-profit arm, Jackson Sports For Athletes, has been able to expand its scholarship program to include recipient Hannah Heckman
, whose story was recently shared in a feature article by The North Sac News.
In addition to providing assistance for individual players, JSA’s community outreach regularly provides sport court facilities for local charter school students, enabling them to accumulate physical education credits. One such beneficiary of this program is Community Collaborative Charter Schools (CCCS), who practically shares a parking lot with JSA at McClellan Park, creating much improved access to the program.
Other related programs offered through JSA include Harold Pressley’s Treat’em Like A King (TLK Foundation). Pressley is a former Sacramento King, who partners with JSA to host basketball camps, which introduce at-risk and disadvantaged youth to sporting opportunities that would otherwise not be available to them.
JSA is a true partner in the community and is to be commended for its excellence and dedication to fostering opportunities for local youth to achieve their dreams.
Our RVP, Brian Jacks, of East West Commercial Sacramento writes, “One of our leasing partners, Ken Giannotti of McClellan Park, was featured in the Sacramento Business Journal for renewed leasing progress on the site of the former air force base. Glad we could help contribute with a 72,000 sf lease for Jackson Sports Academy last year… with expansion to come in 2013.” Check out the article in the Sacramento Business Journal by clicking here.
About 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 almost 250 commercial loans totaling over $1 billion in 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@EastWestCommercial.com
Cell (916) 837-3456 | eFax (916) 313-3778
915 L Street, Suite C440, Sacramento, CA 95814
Broker Lic. #01217349
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.
McClellan Park recognizes Brian Jacks of East West Commercial Real Estate in the December 21, 2012 issue of Sacramento Business Journal for signing a 10 year lease for 72,021 sf with Jackson Sports Academy. Click here for the press release.
Augie Chavez shares a new Inland Empire Chino industrial property. 25,000 SF Industrial / Warehouse space for lease in Chino California. Check it out below:
East West Commercial Real Estate is pleased to announce Augie Chavez as its new Inland Empire, California commercial real estate associate. Specializing in the sale and lease of industrial space for lease and industrial buildings for sale in the Inland Empire and being a licensed salesperson with the State of California, Augie will be a tremendous asset to the East West Commercial Real Estate team.
With over twenty years of experience in real estate, logistics, and construction, Augie brings a diverse and unique set of talents and skills to the commercial real estate arena which only serves to benefit clients in regards to how their assets are marketed and serviced.
As a contractor, he marketed to and worked with developers, architects, and general contractors on commercial, entry-level and semi-custom tract homes, multi-residential, and large scale development projects such as Butterfield Ranch in Chino Hills, CA. His impressive real estate experience includes working with distressed properties and the sales and marketing of several multi-million dollar communities, some of which included an affordable housing component with diverse financing options.
Augie also has a proven track record in the logistics field. As a warehouse/operations manager for a large importer, he turned around a faltering distribution system consisting of multiple warehouses shipping to thousands of dealers throughout the US. With a BA in Transportation and Logistics Management from American Public/Military University, his expertise extends beyond his hands-on experience with the unique ability to look at how logistics influences all functions of an organization and understands how strategic placement of points of distribution impacts the flow and efficiency of their supply chain network. Augie offers this level of service and experience to those seeking industrial property for lease in the inland empire as well as industrial property for sale in the inland empire.
Augie Chavez is an Inland Empire, California commercial real estate associate and salesperson specializing in lease and investment transactions for industrial properties. Mr. Chavez oversees industrial properties for sale and industrial space for lease in Chino, Ontario, San Bernardino, and Riverside for East West Commercial Real Estate.
Augie Chavez is part of the firm East West Commercial Real Estate, a full service commercial real estate services company with offices throughout Arizona, California, Nevada, and New Mexico including, Phoenix, Tucson, Los Angeles, San Francisco, San Diego, San Jose, Orange County, Inland Empire (Riverside and San Bernardino), San Jose, Sacramento, Oakland, Walnut Creek, Las Vegas, Reno, and Albuquerque. 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 Augie Chavez at (909) 732-9423 or Augie.Chavez@EastWestCommercial.com or http://www.eastwestcommercial.com.
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.
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.
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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