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East West Commercial Real Estate is a boutique brokerage firm based in Orange County with over twenty agents in five states. After leaving a long commercial real estate lending career with Wells Fargo, Brian Jacks (Northern California Regional Vice President of East West Commercial) launched the company’s Sacramento office in November 2011. Considering the local economy is still weak, there has been sufficient activity to keep busy with several high profile commercial and non-profit lease transactions, such as Drewski’s Hot Rod Kitchen, Hacker Lab, Jackson Sports Academy, Fitness System, Curves, Streamline Church and Cornerstone Christian School.
East West Commercial Real Estate – Sacramento area lease transactions
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.
On Sutterville Road in Land Park is a two story office building located right in between the Sacramento Zoo, La Bou Café and Sprouts Market. Until recently, this 40,000 square foot building had become almost entirely devoid of tenants and business activity due to the severe recession. However, it’s not the first time this particular property has succumbed to the pressures of a deteriorating local economy.
Land Park office building becomes focal point of community once again
It’s still a tenant’s market out there… and its been that way for quite some time here in the Sacramento area. Commercial property owners know all to well that savvy tenant’s have the upper hand when it comes to negotiating new or renewal leases. However, not being armed with the right information (and trying to go it alone) can lead to less than stellar results.
Photo by the Sacramento Business Journal
The Sacramento Business Journal discussed in a recent article how Rob Fauble, owner of The Beat (a record store in Midtown Sacramento), lost his commercial property lease after 19 years in business at 1700 J Street. Although Rob make the right decision to hire a local Sacramento commercial real estate broker, he was still unsuccessful in cutting a deal with the landlord to let him stay. Occasionally, a commercial property owner has the opportunity to upgrade a tenant with a national company, who can pay more rent and create value for the property… such as the case with The Beat’s former location.
More often that not, however, in this current market, tenant’s hold the necessary leverage to negotiate highly favorable lease terms for commercial property throughout the greater Sacramento area. Click Here to continue reading for a list of do’s and dont’s to learn how tenants can best prepare for this important task.
China’s growing appetite for foreign goods is staggering and California is racing to meet the challenge. Fueled by Governor Brown’s whirlwind trip to six Chinese cities last April, a follow up trip took place in May by the California Asian Pacific Chamber of Commerce (CalAsian Chamber) and officials within the City of Sacramento.
Having the privilege of participating with the CalAsian Chamber delegation, I joined Pat Fong Kushida (President of CalAsian Chamber) and Margaret Wong (President of McWong International), along with elected officials and many other business leaders on our first stop in Shanghai. Here, we visited the brand new California-China Office of Trade and Investment, which is operated by the Bay Area Council. It is the first foreign trade office California has re-opened since all were shut down in 2003.
Shanghai Tower (left) – second tallest building in the world, 2073 feet tall, 121 stories, 4 million SF
Living in Sacramento, its easy to take for granted that we actually reside in the State Capitol of California, which represents the 9th largest economy in the entire world. At times, a healthy reminder is in order to draw attention to this remarkable privilege that we all share. Important matters are considered and decided every day inside the venerable halls of the State Capitol. We are certainly fortunate to now have our very own local correspondent, Christopher Arns (Sacramento Business Journal), who has already written over 40 stories covering legislative activities surrounding the State Capitol since January.
It is incumbent upon citizens to communicate with legislators to ensure their voices are heard. It is within this context I participated last week in the 4th Annual Legislative Summit at the State Capitol, hosted by the California Asian Chamber of Commerce. Pat Fong Kushida (President & CEO of the CalAsian Chamber) led four teams who met with over 40 legislative offices to discuss pro-business issues including workforce development, taxation, economic development, and regulatory reform. It was a terrific day with open dialogue and a distinct willingness to come together.
California State Senator Jim Nielsen (third from left) with CalAsian Chamber lobby team
One such meeting took place with Senator Jim Nielsen (see picture above), where team representatives connected on a personal level, sharing concerns and ideas for improvement in various areas. This scene repeated itself many times throughout the day as we walked the halls, transitioning from one meeting to the next. In a fitting culmination of events, the CalAsian Chamber lobby teams capped off the evening with a tasteful reception with dozens of legislators and staffers, along with community and business leaders.
The CalAsian Chamber’s mission is to grow and empower the Asian Pacific Islander (API) business community throughout California. It represents the interests of nearly 600,000 API owned businesses in the State of California. Within the Sacramento region, there exists a significant API concentration in the Little Saigon area along Stockton Blvd, which is a two-mile stretch bounded by Fruitridge Road (on the north) and 65th Street (on the south). Two business and community leaders, who have invested heavily in this area, include Terre Johnson (Executive Director / Stockton Blvd Partnership) and Mai Nguyen (President / Greater Sacramento Vietnamese American Chamber of Commerce). Both of these effective leaders are dedicated to improving the economic vitality of the API community within South Sacramento. Johnson has even hosted local meetings with potential investors from the city of Anhui, China, who have considered potential projects along the Stockton Blvd corridor.
On a related note, the CalAsian Chamber is hosting a delegation of 20 business and community leaders, including some legislators for the 2013 China International Trade Mission & Expo next month to the cities of Shanghai, Kunshan, and Beijing. A few of those attending are identified in the picture to the right and include Andy Wong (Board Chair, CalAsian Chamber / Business Banking President, Northern California Division, Wells Fargo Bank), Gordon Hinkle (Director of Public Policy & Communications, CalAsian Chamber), and Brian Jacks (Regional Vice President, East West Commercial Real Estate). It’s certain to be a terrific opportunity to connect with future business opportunities both home and abroad. However, closer to home, the Little Saigon area of Sacramento is already starting to see some signs of revival, if even only in the form of small bamboo shoots. For example, an automotive / smog shop (former Jiffy Lube) located at 5736 Stockton Blvd (just south of Fruitridge Road) finally sold last week through short sale after a full year long process. This API business owner / investor intends to re-open quickly and become a vital part of the local business community.
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 almost 250 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
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, 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, Reno, Phoenix and Flagstaff. 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.