Santa Monica / Los Angeles / Columbus Triple Net Retail For Sale

Hello everyone. We’re in the peak season of the hottest commercial real estate market we’ve had in over ten years. I’ve had a number of calls lately from buyers new to the market or small multiunit residential or triple net leased retail owners wanting to 1031 exchange out of their property into Columbus or Los Angeles commercial net leased property for sale.  The interest has primarily been in national credit, single tenant, triple net retail leased properties in Columbus or Santa Monica / Los Angeles. I’m licensed in both California and Ohio, but can function through affiliates in other states to get just about anything done anywhere.

My Columbus commercial real estate buyers have wanted to stay local to Central Ohio, but my Los Angeles commercial real estate buyers have been willing or have desired to buy outside of California in secondary or tertiary markets where cap rates are higher.  It’s not a problem because we can handle both.

Since many of the callers are new to the net leased retail market, many questions come up with regards to basic net lease retail terminology.  I think it would be beneficial to review some of the basic lease terminology.

The commercial real estate flavor du jour is a triple net retail, single tenant, single parcel with national credit – meaning S&P BBB or the Moody’s equivalent, Baa3 or higher, long, triple net (NNN) lease. What they are really asking for is an absolute net or bond lease where there are no landlord or day to day responsibilities.

But what do these acronyms really mean – NN, double net, NNN, triple net, bond lease, absolute net, modified gross and etc.? Regardless of what the seller or listing agent labels the lease, it is imperative to read the lease thoroughly at the earliest opportunity and have a real estate attorney licensed in the state where the property is located, review the lease. Remember, the devil’s in the details. Also keep in mind that the perfect opportunity or perfect lease doesn’t exist.

Back to the flavor du jour that I mentioned in the fourth paragraph – approach the analysis of a triple net leased investment with the idea that the buyer is purchasing the lease rather than the building and land.

Because definition of triple net leases differs, be sure you understand what’s in and what’s not in the lease. Get your hands on the lease as early in the process as possible to save time and money later. If you can get it prior to making the offer or in the offer counter offer stage, that’s even better. Best to find that one paragraph that knocks the property out of contention before you start spending money on due diligence such as inspections, surveys and appraisals.

A net lease generally refers to an arrangement where the tenant pays all or almost all of the property’s operating costs in addition to rent. There are a number of gradations of a net lease so I’ll cover the broad categories from strongest to weakest.

Bond or Absolute Net Lease. The tenant is responsible for everything – all operating expenses, maintenance, repairs and replacements for the building and site without limitation without limitation.

Triple Net (NNN) Lease. These leases follow the above except that capital expenditures, especially toward the end of the lease, are the landlord’s responsibility. You commonly will see leases that are labeled triple net are in fact double net in that the landlord is responsible for roof and structure. As I’ve said above a few times, read the lease and have a real estate attorney licensed in the state where the property is located review the lease.

Double Net (NN) Lease. Follows the above except that landlord is generally responsible for structural components of the building such as roof and load bearing walls, but also could include parking lot, plumbing and electrical.

Modified Gross Lease. The tenant pays its own utilities, interior maintenance, janitorial, small repairs and insurance and the landlord pays everything else.

Anyway, this is going to be all for now. I’ll get into some common pitfalls later.

If you have any questions, please feel free to contact your Santa Monica / Los Angeles commercial realtor, Scott Harris, at 310-473-4789.

 

Triple Net Retail Property For Sale – 1031 Exchange Basic Rules

It’s the season when we see many new single tenant, net leased / triple net retail assets for sale come on the market. These are perfect for sellers and buyers in a 1031 exchange because many or most of these opportunities require no active hands-on management on the part of the buyer.

This means location can be less of an issue, whether it’s a triple net sale leaseback of a newly built Tim Hortons in the Central Ohio / Columbus area or a net leased CVS or Walgreens in Santa Monica or Los Angeles. Even a Tractor Supply in Dallas or Omaha could be a great long term investment.

I’m seeing strong new inventory of NNN leased, national credit tenant properties for sale over the last week or so.

Since most of the interest in the above type of single tenant, triple net retail property for sale is buyer looking for a 1031 upleg, it’s a good time to review the four basic rules of a 1031.  There are a number of other rules that must be followed, but the very basic follows

Four Basic 1031 Exchange Rules

Rule # 1 Both the relinquished property and replacement property must be held for investment purposes or used in a business and be ‘like kind’.

Rule # 2 The IRS requires the investor to identify the replacement property or properties within the 45 day ‘identification period’. The identification period begins the day of closing of the relinquished property. The replacement properties much be properly identified by the Exchanger.

There are many other rules such as the exchanger (buyer) may identify up to three replacement properties regardless of market value (Three Property Rule). Or they may identify unlimited number of properties provided that the total value not exceed 200% of the relinquished property (200% Rule. The minimum requirement is 95% of the value of the relinquished property

Rule #3 You must close on the replacement property the earliest of within 180 days of the closing of the relinquished property or the due date of the tax return or file an extension. And this is 180 calendar days … no time off for weekends or holidays.

Rule #4 On a delayed exchange, you must work with an IRS approved Qualified Intermediary.

For more detail

Four Basic Rules of a 1031 Exchange

I’m licensed in California and Ohio so I’m the ‘go to’ source for a Santa Monica and Los Angeles and Columbus Ohio commercial realtor agent, but through the many affiliates, work all over the United States.

If there is any way that I can help, please feel free to contact me, Scott Harris at 310-473-4789 or 614-905-6614.

Victorian Village Commission Approvals for Short North Mixed Use retail, Restaurant, Office and Residential

Victorian Village Commission approved two major new developments with conditions. Final approvals to granted Later.

The 12 story proposed Pizzuti project on West First to replace the Grandview Mercantile building morphed into a two building project with a four story office and a six story residential building.

Additionally, the Kaufman Development project proposed to replace part of the IBEW building at West Second and Price Avenue made it through the first part of the approval project. The overall layout and massing have been approved, which will allow Kaufman to start work on the project, but will have to return to the commission for final approval on the details. Kaufman plans to begin construction late this year (2017) or early next, but presale of the condos and leasing of the retail and office space will begin this summer.

As always, if you’re interested in some of the net lease retail / restaurant or gross lease office space, please contact me, Scott Harris, Columbus commercial real estate agent and Realtor at 614-905-6614.

Frank Gehry to Build and Open New Co-Work, Incubator, Accelerator Space in El Segundo

World renowned architect, Frank Gehry, is getting on the bandwagon with the hottest product type sweeping the nation with his new 80,000 square foot building named Ascend in the six building Utah Avenue Campus office park in El Segundo.

Co work / incubator / accelerator space is going in existing warehouse and manufacturing space all over West Los Angeles, Santa Monica, Venice and Culver City. The big difference with this one is that it’s a new build, and will be built on top of parking instead of an island in a sea of parking as these existing properties are typically repurposed.

Another major difference is that this one will have plenty of windows with glass panel walls and skylights and 16,000 square feet of outdoor collaboration space.  All of this is much easier to do as a new build.

This and similar will also mean new Los Angeles, Santa Monica, Venice and El Segundo triple net retail and restaurant space repurposed or newly built for lease and that makes Los Angeles commercial real estate agents and brokers quite happy.  If this Los Angeles commercial Realtor can be of any help locating the perfect property for you, please call, Scott Harris Realtor at 310-473-4789

Thanks to Curbed LA for the alert that this one is moving forward.

http://la.curbed.com/2017/3/17/14961384/frank-gehry-el-segundo-office-ascend

Mixed Use Mega Development for Scioto Peninsula on its Way

Finally, after a century of evaluating plans, something appears to be about to happen with what is considered to be one of the best development opportunities in the country, and that is the Scioto Peninsula.

The Columbus Downtown Development Corporation (CDDC) released its plans and vision to develop 21 acres with calls to major developers all over the country to submit proposals.

According to Guy Worley, President and CEO of the Columbus Downtown Development Corporation, this is the biggest development ever in Columbus.

CDDC has already started marketing the site to approximately 200 local and national developers for detailed proposals and then plans to narrow this list to five or so developers by early summer.   CDDC wants to have a developer choosing by early summer so they can submit the proposal to Franklin County and Columbus for final approval.  Construction is slated for early 2018.

Plans are for seven office buildings of 10-12 stories each totally 840,000 square feet of office space plus two large residential towers of 30 stories or more with at least one being for sale condos. Plus five or more mid-rise residential buildings, each eight to 12 stories tall to also include apartments for a total of 1,500 units or more.  The residential will be self parked and the office space will be served by two large garages.  It will be a novel concept in Columbus to have office space with parking available.

Also planned is 180,000 square feet of ground floor retail and restaurant space in almost all of the buildings.

A pedestrian bridge is planned from the development over to the Arena District, which is a great idea.

Assuming everything concerning the approval process goes smoothly with Franklin County and City of Columbus, construction could begin next spring.  This is likely a decade long construction process so it will be a while before the dust settles.

It’s way too early to look at leasing, but keep me in mind for around this time next years. If you have any needs that I can help you with, call me, Scott Harris at 614-905-6614.

More Construction Activity in Los Angeles Downtown Than at Any Period in the Last 100 Years

Downtown Los Angeles has been going crazy with triple net retail, restaurant, office and multiunit residential development unlike any time in the last 100 years. Plus, it shows no sign of slowing, although rent growth is unlikely to be as robust as it’s been due to the huge new inventory coming online. LA Needs some rent relief.

Three massive mixed use projects are in various stages of construction with the closest to being complete, the 1,100′ Wilshire Grand, set to be completed in a few months with 900 hotel rooms plus office space.

At 899 Francisco Street, developer Greenland Group is constructing the Metropolis with 1,910 hotel rooms and condos in four high rise towers. Ground floor los Angeles triple net retail for lease will be part of it. It’s still too early to talk about the net leased retail space until the end of this year. This new inventory couldn’t make Los Angeles commercial realtors, brokers and agents any happier.

With the next few blocks are five new towers with 1,152 high end residential apartments, 184 hotel rooms and a combined 214,000 square feet of net leased retail and restaurant space.

According to LA Times, 42 projects of at least 50,000 square feet have been built with 37 large projects under construction in downtown Los Angeles.

I addition Greenland Group’s Metropolis is their $1 billion Oceanwide Plaza, being built across from Staples with another 504 condos, 184 hotel rooms with 166,000 square feet of Los Angeles net lease retail and restaurant space to be completed in 2019

Across the street will be a joint project of Jamison Services and Hankey Investments for two 35 story towers with 648 luxury apartments and 48,000 square feet of triple net retail and restaurant space for DTLA, downtown Los Angeles.

There are many other major developments in downtown LA, South park and the Arts District.

For prospective commercial tenants, get ready as much of the new space is available now so call your favorite Los Angeles commercial real estate agent and get a lease in place and open for business.

If you’re not working with anyone, I’m of course available for your Los Angeles leasing needs. Call me, Scott Harris Realtor, at 310-473-4789.

Urban Triple Net Retail / Restaurant / Office and Multiunit Development in Columbus for 2017 and Beyond

I read a very interesting piece in Columbus Underground the other day regarding the massive number of construction projects in the pipeline or proposed in the Columbus downtown and surrounding area. It’s a healthy mix of Columbus triple net retail, restaurant and office with about a third of it multiunit residential.

I’m not going to go into too much detail because that’s what the links to Columbus Underground are for.

http://www.columbusunderground.com/32-urban-development-projects-completed-in-2016-bw1

Most of the activity was in downtown, which is the best way, IMO, to grow this city. If you don’t have a strong healthy urban core, you won’t have much else.

The renovation of the Leveque Tower is almost complete with the hotel to open shortly and apartments by the end of the year.

Main library opened this year along with the Parsons branch.

The renovated Lazarus building on the Scioto Peninsula reopened as office.

Next was the Short North with many new projects complete and opened, but this is dwarfed by the projects in the pipeline for 2017 and beyond.  Some of the highlights are  the Diplomat at Buttles and High and the Jerome on Dennison Avenue. on Burwell Court, 25 Jeffrey Park.  Also Westminster Thurber completed a major addition to their senior community in Victorian Village.

More exciting is what’s under construction now for 2017 or early 2018 from the new Veterans Memorial to Two25. Much more Columbus Retail / restaurant space is on the way for all of those who have been calling, but with no space for them.  Finally we’re going to have some supply.  This couldn’t make Columbus commercial realtors and brokers any happier.  Columbus commercial real estate agents can get started leasing this space up now..

http://www.columbusunderground.com/55-urban-development-projects-under-construction-in-2016-bw1

Some of the highlights for 2017 are:

http://www.columbusunderground.com/two25-commons-bw1 ,

expansion and renovation of the Columbus Convention Center.

Madison mixed-use redevelopment,  National Veterans Memorial and Museum.  See the Columbus Underground article for the remainder and it’s an impressive list.

Even with the above, the best is yet to come with what is currently proposed, from Millennial Tower to the 35 story tower proposed for North Market and the great project for 2nd and High in the Short North.

http://www.columbusunderground.com/65-urban-development-projects-announced-in-2016-bw1

Millenial Tower and proposal for the North Market parking lot are two of the many many high profile, triple net retail, mixed use projects proposed for 2017 and beyond.

As always, if anyone is interested in any of these opportunities, please feel free to contact this Columbus commercial real estate agent, Scott Harris Realtor, 614-905-6614.

35 Story Wood Schiff Project One of Three Finalists Chosen for the Columbus North Market

As 2016 wraps up I have to say that my favorite commercial real estate proposal for the year in the Columbus and Central Ohio market is the Wood / Schiff 35 story North Market proposal. Of the three finalist proposals, this is clearly my favorite. https://media.bizj.us/view/img/10284225/north-market-woodschiff.pdf

Finally some height and density with Columbus triple net retail, restaurant, office and some more residential with 180+ new units for rent. This will make Columbus commercial real estate agents very happy to have some more net lease retail and restaurant space for lease in the Arena and Short North Districts.

Spruce Street will also be re-imagined from a street that’s occasionally closed for special events to one that’s an outdoor venue occasionally open to vehicular traffic.

Market Tower. 35 Stories of Columbus Residential Office and Retail Commercial Real Estate for Lease.

Project features retention of the current North Market building and adds a Grand Atrium to connect the market with the tower. There will also be a 5,000+ square feet expansion of net lease food services retail space for the market within the Grand Atrium.

Developers Wood / Schiff describes the ground floor of Market Tower as open and porous with as few interior walls as practical and possible to opens views across the floor. To reinforce this they’ve designed a second floor that’s also as open as possible and overlooks the Grand Atrium and East Wing.

The second floor will also include several polished casual net lease restaurant spaces plus co work incubator spaces for food related startups and possibly a cooking mixology school. Arts and crafts vendor spaces are also a possibility.

The third floor will be one of two parking levels with the other being underground.

Fourth floor is set in fifteen feet from the lower floors creating a outdoor terrace all the way around the building. This floor and the fifth will be designed as a multi-tenant office floor with all office suites having access to the outdoor terrace.

Sixth floor will be half office and half restaurant with a large outdoor terrace. At this level the view will clear the Vine Street parking garage providing an unobstructed view of downtown.

Seventh floor will be a private terrace, health club, spa, pool, etc., for the Market Tower residents.

Hopefully, NIMBY protests won’t reduce this proposal to six or seven stories as is often the case. This is a mega cool proposal in my opinion and needs to get built. Out of the seven proposals, Columbus choose this one as one of the three finalists so it has a chance. The finalist will be chosen in February 2017.

columbus downtown restaurant space for lease

 

City of Los Angeles Approval for Sunset Strip Frank Gehry Mixed Use Retail Restaurant Apartment Development

Los Angeles City Council gave unanimous final approval to the rather large Frank Gehry designed mixed use project at 8150 Sunset. This was after several concessions by the developer, Townscape Partners, including reducing the overall height from 234 feet to 178.  Townscape also agree to spend $2 million to keep traffic from getting worse in the area.

The project will include a complex of five building to house 229 residential units and 60,000 square feet of Los Angeles net lease retail commercial space at the corner of Crescent Heights to replace a strip mall and a 1960s era bank building.

In fact, the 60s era bank building was another bone of contention as Los Angeles’ Cultural Heritage Commission wanted it designated a city landmark. Gehry is going to tear it down anyway.  It’s a 60s design that hasn’t aged well.  I presume the Mc Donalds is also coming down?

As always, NIMBYs are threatening to revolt and sue. Nothing new about that as it happens on almost all big projects.

New Los Angeles triple net retail restaurant space available

Keep in mind though that there will be 60,000 square feet of new Los Angeles, Sunset Strip retail / restaurant space and possibly some office space.  Nothing has been announced regarding office space at this time.

As always, if you have any interest in the commercial space, I’ll do what I can to facilitate your needs. Give me a call, Scott Harris Realtor at 310-473-4789.

The Auto Parts Segment as a Net Leased Investment Strategy

At this point in the economic cycle it’s good to look for more recession proof businesses as your tenant in a net lease investment. Specifically, with regards to the auto parts segment, the last recession took a huge bite out of new car sales and the next one will do the same.

Typically, the economic cycles run 12 -14 years peak to peak and trough to trough so we’re about due for another downturn. I don’t think the next one will be anywhere close to the viciousness of the last mostly because credit markets have been restrained throughout this recovery.

High unemployment and stringent credit markets decimated new car sales during the recession. As a result, the average vehicle age increased year after year. Older vehicles need parts replaced, and with limited income most car owners are forced to buy the part and replace it themselves.

There are four major and one smaller players in the segment. First is Advance Auto, founded in 1929. Second is Auto Zone.  Third is NAPA, founded in 1928.  Fourth is O’Reilly’s, founded in 1957.  And the fifth slightly smaller player is Pep Boys.

The players in this segment of triple net retail investments have targeted a more low to middle income, working class, blue collar type areas and neighborhoods. Also population growth will increase the number of cars on the road and continue to drive demand for auto parts

Net lease assets such as these fill a highly desired price range, generally trading between $1.0M – $2.0M. Additionally, the typical big four Auto parts store lends itself to a wide array of reuses in the unlikely event of a vacancy as these are a big rectangular box on one to two acres of land. Pep Boys tend to be even larger and with service bays which allows so advantages concerning depreciation with cost segregation.

Whether it is a Columbus Ohio triple net retail opportunity, Santa Monica triple net retail or anywhere in between, It’s time once again to take a serious look at this segment.

For triple net retail, nnn, net lease commercial real estate for sale for 1031 exchange or purchase

If you’re in a 1031, these are relatively easy to locate on short notice (within the 1031 exchange 45 day identification period). If you’re interested in pursuing this segment as a NNN net lease buying opportunity, I would be happy to help.  Contact Scott Harris Realtor at 614-905-6614

Mixed Use 11 Story Retail & Apartments Replacement for the Swan Cleaners Building in Downtown Columbus

New 11-story mixed user with net leased retail and restaurant space for lease completes Columbus’ River South

Another terrific concept from local developer Brent Crawford. This time to replace the three story Swan Cleaners building in downtown Columbus at the intersection of Cherry and High St.

The building is proposed as an 11 story with 120 units and ground floor triple net retail for River South in Downtown Columbus. I have no idea how much Columbus net leased retail or restaurant space there will be.  Whatever it is, it will make us Columbus commercial real estate agents and brokers happy to have some new inventory.

The project goes before the Downtown Commission next week on September 20th. At least with the Downtown Commission the project isn’t likely to come back with the top four or five stories missing as would be the case with a few area commissions just to the north.   I suspect this one will be left intact.  To have population growth in the Columbus central business district, we need density.  In order to do that, we need to build taller.

The local architectural firm, Design group created the design. The rendering faces northwest with the two partially completed LC properties just to the north.  With this property, River South is just about complete.  That’s start to finish in eight years.

Given how tight the local commercial real estate market in High Street corridor has been over the last many years, new retail developments are leasing up before construction begins. If you have any interest, feel free to contact me, Scott Harris Realtor, at 614-905-6614.

Short North, Clintonville or OSU? Retail or Restaurant Space for Lease – Columbus Ohio

Looking For Triple Net (NNN) Lease Retail or Restaurant Space in Short North, OSU or Clintonville?

Over the last few years it’s been just about impossible to find net lease retail or restaurant space available in the High Street Corridor from downtown Columbus through the Short North, OSU campus and Clintonville.

That’s about to change as we get into 2017 and 2018 with many new-build and repurposed projects coming on line. True, we’re finally going to have some supply or triple net space here in these highly desired areas of Columbus, but it’s still best to get in line now so you can reserve the best locations when these Short North, Clintonville, OSU spaces are ready for occupancy.  If you wait, the space is likely to be gone.

Some of these projects will have office space available if you’re considering a master lease of co work, incubator or accelerator space.

New OSU Retail Development For Retail or Restaurant Leasing Up Fast

OSU is getting more development than it’s seen in decades, but regarding the Lane and High and 15th and High projects, almost all of the ground floor NNN retail space is already leased.   If you want to be on campus, it’s time to get moving now.

I’m familiar with and in contact with regards to all of the projects so I would be happy to assist in your search for Columbus Ohio commercial property for sale or lease. So feel free to contact me, Scott Harris Realtor, 614-905-6614.

New Mega Development for Los Angeles In South LA

It wouldn’t be a new day without another announcement of a large new mixed use project in Los Angeles, and this project won approval already from the City of Los Angeles Planning Commission. This one is a little different given that it’s slated for South LA, just south of the 10 bordered by Washington Blvd on the north, 21st on the south, Main on the east, and Hill St on the west. South Broadway runs through the middle of the project.

The project, West Block and East Block, will encompass two full city blocks that are now mostly surface parking lots.

The West Block will keep the existing structure named the Reef, which is a 12 story building that serves as a creative space for artists and entrepreneurs. Next to it will be a new 20 story hotel with 208 rooms with typical amenities.  Also a nine story structure with 100 apartments will be built.  The West Block will have a public paseo named “The Exchange” running between Broadway and Hill with triple net Los Angeles restaurants and net lease retail space for lease.

The East Block will feature two medium rise structures with a 32 story building with 428 condos and 14 live / work spaces. The taller of the two buildings, a 35 story tower, will feature 453 apartments.  The block will also have a paseo named “The Strand” stretching from Main to Hill.

Net lease Los Angeles retail shop space for lease plus cafe and restaurant space will line Broadway, Washington, Hill and 21st.

It’s just one more amazing project for the City of Los Angeles with plenty of retail and restaurant space for lease to keep local Los Angeles commercial real estate agencies happy. So potential tenants or buyers, if you’re interested in Los Angeles commercial property for sale or lease, give me a call, Scott Harris Realtor, 310-473-4789 and we’ll see what we can do.

http://la.curbed.com/2016/8/11/12441568/the-reef-south-la-development-planning-commission

Kaufman Ten Story Mixed Use Project in Short North at 2nd and High

This is amazing, and exactly where we need to be heading with architecture in Columbus. In my opinion, this is the overall best looking building, proposed or under construction in Columbus.   And congrats to Brian Kent Jones Architects.

We’ll soon see if the design can survive what the Victorian Village Commission will attempt to do to it. Maybe they should have started with 15 stories so that they compromise on ten.  And it’s really a shame that this won’t be facing High Street.  Today, August 11, is the day for its first review by the Victorian Village Commission so we’ll know much more by tomorrow morning.

Anyway, for a few other details: 155,000 square feet of for sale condos.  30,700 Square feet of office space.  Carve up around 7,000 – 10,000 square feet to create a stellar co-work / accelerator / incubator space.   Anyone up for it?   I also hold a California license and we’re doing a bunch of it out there in the Venice area.  Who is going to step up to the table to do the same here?

And last, but not least, 5,000 square feet of ground floor net lease retail space here in the Short North district of Columbus Ohio.

Also included will be 28,000 square feet of rooftop terrace and third floor pool terrace plus a 250 space parking garage.

Preliminary lease up of the office and retail space will begin as soon as they’re sure it will eventually get approved.  As always, if you’re interested, contact me, Scott Harris Realtor at 614-905-6614.

Los Angeles Exposition Park Mixed User – Retail Hotel and Apartments

I think I’ve started hundreds of posts with ‘large Los Angeles retail mixed use’ because I probably have. Well, here’s another one.

Across the street from the future Exposition Park soccer stadium will be a new mixed use complex named the Fig, that will include 55,000 square feet of triple net Los Angeles retail and restaurant space, 20,000 square feet of incubator / accelerator / co work space. Also planned will be a 21 story hotel and two seven story structures, one with 222 student apartments and the other with 186 mixed income apartments. 82 of the units will be moderate income.

The 21 story hotel would include 298 rooms. I haven’t heard anything yet on branding.

Developer, Spectrum Group Real Estate plans to tear down eight multiunit residential buildings on the 4 1/2 acre site.

This will be a great addition to the south side of the USC campus in Los Angeles and the newly available net lease retail / restaurant space with make Los Angeles commercial real estate agents very happy.

It’s probably a little early for lease up, but if you’re interested, feel free to contact me, Scott Harris Realtor at 310-473-4789, and I’ll see what i can do.

Los Angeles Commercial Properties for Sale or Lease

Columbus Short North UDF Site to be Rebuilt With Four Story Mixed User

Planned is a four story 42,000 square foot building to replace the UDF at 1st and High and the parking lot just to the south.

Elford Development has submitted plans to the Italian Village Review Board for a conceptual review for the project tonight, the 19th. No vote will be taken at this point.

The plans call for about half of the 42,000 square feet to used for office space. Net lease retail is slated for the ground floor. It’s likely to include a replacement for the UDF. The neighborhood frankly needs something like this. I don’t know about the classical music though. Maybe it will also survive.

The ground floor triple net retail will be on the southern end of the building. On the northern end will be two floors of restaurants facing the intersection of 1st and High.

There will be a small parking lot off of Pearl Street behind the building for 24 cars.

There are architectural renderings that look about like everything else that’s being built. Hopefully the Italian Village Commission will encourage Elford to spice the design up a bit.

Kaufman Doing Funky Franklinton Five Story Retail office Mixed User

Franklinton Five Story Retail office

Finally, there’s a bunch of action pending for Franklinton including this one. Planned by Brett Kaufman is 241 apartments with 50,000 square feet  of office space plus 30,000 square feet of Columbus nnn retail and restaurant  space. Plus, fitness space, both indoor and outdoor, public art, dog park, food truck court, co-working space. Also planned is a 560 space parking garage on the northwest corner of the site.

The Kaufman development will replace the one story National Office Warehouse at 500 W. Broad and replace it with the five story building designed by the architectural firm NBBJ that’s more contemporary than Kaufman’s buildings downtown . The proposal , to go before the Franklinton Area Commission tomorrow the 21st, reveals a funky and eclectic design sure to be a hit with the artistic and creative communities.

Kaufman plans numerous features that will mix public and private use of space creating a unique live / work experience for residents and office users similar to another area I work with regularly, Venice, California. This development, including the funky architecture, is very similar to the hot new and repurposed live / work space I see in the Venice Beach area for $1,000 to $3,000 per square foot and rents up around $70 per foot.

I expect this to be a catalyst that moves Franklinton long much faster than Short North. Lots of potential here.

If someone wants to take a crack at master leasing a bunch of space to create incubator / accelerator / co working space, this would be an excellent building to do it.

As always, if you’re interested in any of the retail or office space, feel free to contact me, Scott Harris Realtor, at 614-905-6614.

Pacific Palisades’ New Retail and Office Grove Ready To Groove

New Retail and Office Grove

Rick Caruso, developer of the Grove and Americana at Brand received final approval yesterday from Los Angeles City Council to start immediately on the rebirth of downtown Pacific Palisades to be named Palisades Village. And what I mean by immediately is that they’re starting on relocating storm drains on the 27th of this month, June 2016.

There’s no question that the retail restaurant section of downtown Pacific Palisades is looking pretty bad so according to the Palisades News support is running about 9 to 1 in favor.  Generally NIMBYs are automatically opposed to something this.  No question that the current Pacific Palisades has lost its mid century charm and need a reboot and refresh.

The Project with Sunset on the south and then Monument, Albright and Via de La Paz on the east north and west will encompass three acres.

Included will be eight new buildings and a park, net leased retail, restaurants, offices, community room, specialty grocery, bank, plus restoration of the Bay Theater. There will be three levels of underground parking with 560 spaces.

This is a hugely useful and needed project and I expect a great result given who is the developer. If you’re a retailer or restaurateur and interested in triple net retail or restaurant space, give me a call, Scott Harris Realtor at 310-473-4789

New Los Angeles Rams Stadium Spurring Major New Los Angeles Triple Net Retail and Residential Development

New Los Angeles Triple Net Retail and Residential Development

The new Rams stadium at Hollywood Park in Inglewood is stimulating massive new development such as 3,000 new residential units and 620,000 square feet of new nnn retail and net leased Los Angeles restaurant space.

Talk about a way to keep Los Angeles commercial real estate agents happy! It’s nice to have addition new net leased retail and restaurant space available.

The Los Angeles area hasn’t had a NFL team for 20 years, but the new Rams arena is isn’t all that’s happening at the old Hollywood Park site. The residential and retail component of the development has been in the planning stages for over a decade.  Like most projects, it was delayed by the great recession due to the lack of construction financing.

The 238 acre Hollywood Park site was acquired by developers Wilson Meany and Stockridge back in 2005, but construction didn’t begin until 2014. The Rams arena is the newest addition to the project.  The project is expected to be completed in 2023 with a possible Super Bowl in 2020.

The development and arena will be mighty cool when flying into LA at night if you’re on one of those 1,500 flight coming into LAX daily, especially the giant billboard on top of the arena. The developers are doing everything they can to see that this will be a very special welcome into Los Angeles.

It’s likely a little early to be looking for Los Angeles net lease restaurant or retail space in the development, but if you’re interested, I’ll do what I can to get the process moving. Call me, Scott Harris Realtor, 310-473-4789 for more information.

Commercial Real Estate Agent – Santa Monica, California

What’s Going to Happen to the Old Ikea Retail Site in Burbank

Big plans are underway for the old site now that the new 458,000 Square feet Ikea retail store is under construction. The new store will be the largest in the United States.  They will leave the old site at the net lease retail site at Burbank Town Center at about this time in 2017. So what’s underway for the old site?

Developer, Crown Realty and Development and CAPREF LLC have big plans: http://www.iheartburbank.com/  .  The plans are to add 765 apartments at 600 N San Fernando Blvd. and 70 condos for sale at 800 N San Fernando Blvd to the Burbank net lease retail center.  The center will also feature an open air plaza and 40,000 square feet of net retail space for lease for fresh retail tenants and maybe a farmer’s market.

No new Burbank residential multiunit housing has been permitted or built in the last 15 years, which added to the housing availability crisis. Not that it’s not the same all over Southern California.  I’ll wager that all of these new apartment and condo units will be sold or rented long before the construction is complete.

Looks like another solid project and we sure need the housing and new Burbank triple net retail space. The new net leased reatil space will sure make Los Angeles commercial real estate agents and brokers happy.

We’re still a ways off, but if you’re looking for nnn retail or restaurant space for lease, I’ll do my best to help.  Contact me, Scott Harris Realtor at 310-473-4789