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 Three Story Mixed User

Planned is a 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.

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

Searching For a Single Tenant, Triple Net Retail, Credit Tenant 1031 Upleg?

There is a real bumper crop of new opportunities on the market right now for net leased retail 1031 uplegs. These are all new opportunities that have come on market in the last week.

It’s not unusual to see many triple net retail single tenant properties come on the market at this time of the year, but this year it’s unusually strong. Plus, it’s very high quality net lease properties as we’re talking Walmart, Walgreens, CVS, all credit tenants, S&P BBB or above.

Are you in your 45 day identification period? Have you closed your down leg yet?  If you have a 1031 downleg about to close and you need a replacement property, now is a great time.

If you have any questions, you can reach me, Scott Harris, at 310-473-4789 or 614-905-6614

Clintonville / Old North New Development to Replace Patrick Js and White Castle Site

Columbus Clintonville commercial real estateThe Patrick J’s property at 2711 N High Street has been purchased by Borror Properties a couple of weeks ago. Patrick Js also closed at that time. The developer, Borror Properties, plans to combine the Patricks Js parcel with the old White Castle property to the north at 2725 N High for a larger development.

Doug Borror, at this time isn’t quite sure what he’s going to do with it, but when they do decide, the parcels present some unique challenges.

Working with one group of NIMBYs is difficult enough, but in this instance there will be two. The old White Castle property will be the Clintonville Area Commission and the old Patrick Js will be University Area Commission.

I’m sure it will be another mixed use project like everything else is, with ground floor retail and upper level apartments or condos.  In that ground floor retail, maybe we’ll get a couple restaurant spaces as that would make all of us Columbus commercial real estate agents and brokers very happy.   We sure need the restaurant lease space.

Good luck Doug

Name and Design Change for Clintonville Mixed Use Project

The Clintonville project on Indianola formerly known as The Olympic has a new name, The Deco.

From what I understand, an early NIMBY opposed to the project ratted them out to the USOC who then notified the developer that the change of use invalidated their grandfathered status to continue to use the name Olympic.

Now, after a minor redesign to fit the new name the project is scheduled to break ground this week. They’ll still have 114 one and two bedroom apartments and 5,000 sq feet of retail.

And speaking of that 5,000 sq feet of Clintonville net leased retail space, I understand that they want a sit down type polished casual restaurant and a coffee shop so Columbus commercial real estate agents will be happy to have just a little additional inventory in Clintonville.

If you’re looking for space, maybe I can help. Call me, Scott Harris, Realtor at 614-905-6614

1031 Buyer Requirement – Triple Net Retail or Absolute Net Retail, National Credit, Single Tenant – $1.3 to $2.6 Million

California exchanger in day 4 of 45 day identification period looking for triple net retail properties for sale or absolute net retail investment.  $1.3 mil needs to be replaced to $2.6 mil under the 200% 1031 rule.

Must be credit tenant, preferably single tenant, NNN, triple net leased retail with at least seven years unexpired left on net lease.   Corporate net leased retail properties for sale such as single tenant 7 Eleven, Circle K, Get Go, Turkey Hill, KFC, Chipotle, Panera Bread, Taco Bell, Walgreen, CVS, Tractor Supply, Auto Zone, NAPA, Advanced Auto, etc. is fine.  Fast food and fast casual fine if corporate lease.

Again, relinquished property closed four days ago the clock is running and will have 41 days left in the 1031 45 day identification period.

California, Los Angeles or Santa Monica commercial real estate agent  / broker /principal with property  that meets above requirement call me, Scott Harris at 310-473-4789, 614-905-6614 or better yet, email to scottharrisrealtor@gmail.com.

Retail Lease Basics

I get questions from both proprietors starting a new concept and looking for a new space to lease and investment buyers looking for net leased retail properties to purchase so I thought it would be a good time to review the basic lease types. I’m certain that most Columbus commercial real estate agents get the same exact questions

The corporate backed, investment grade, single tenant, triple net retail lease has been one of the hottest segments of the market over the last four or five years. So hot in fact that cap rates have plummeted to record lows in just about every market in the country.   Los Angeles commercial real estate agents, buyers and tenants have seen cap rate plummet to sub 4%.   Columbus commercial real estate agents in what little we have to sell here that’s newer, single tenant, net leased, credit tenant are seeing asking caps in low to mid 5% range.

First, what does investment grade or national credit really mean when coupled with single tenant, triple net ? The commercial real estate flavor du jour is a 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 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 lease doesn’t exist.

Back to the flavor du jour that I mentioned in the third 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 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.

Big Retail and Apartment Development for Hollywood’s Donut Time District

Developer, AvalonBay, spent $100 million to buy six acres of land around Santa Monica and Las Palmas for a huge 695 unit apartment complex complete with another 25,000 square feet of ground floor net leased retail space according to Los Angeles Business Journal.

Los Angeles commercial real estate agents will be pleased to have some new triple net retail and restaurant space coming on market.

Expect the choice of tenants to create a bit of a self-contained community with the selection of retail and restaurant tenants. Plus a development this size should spur the gentrification of the Highland and Santa Monica area. It could use it.

Colliers International will be the landlord leasing agent for the triple net retail and restaurant space.

The project will be built on the site of two old Hollywood Nightclubs, Arena and Circus Disco. The owner, Gene La Pietra tried to develop the property himself, but couldn’t get the financing necessary to put it all together. I talked to him about this ten plus years ago. He did get the city approvals though so that will hugely reduce the amount of time it will take AvalonBay to get permits and start construction.

No one that I’m aware of has seen any architectural renderings yet, but I have little doubt that this will be a great project. Expect completion sometime in 2017.

Columbus – The Next Hot Spot For Millennials?

I missed this when the article was published a couple of months ago, although I’ll admit that I don’t read Mother Jones all that much.

Columbus: Where the cost of living is more living than cost, reads one ad.  Given where our rents have gone over the last few years, that’s not nearly as true as it once was.   If one wants to live in one of the hot spots in Columbus such as the Short North, our class A rentals are getting close to $2.00 per foot and West LA for example is around $2.80 – $3.00 per foot.   I’ll get into more detail regarding Columbus rents in an upcoming post.

Given the 110,000 college students, state capital, first in the country in wage growth, unemployment rate south of 4%, a very compelling case can be made for Columbus, and many are making it.

Columbus has also become a foodie city with huge growth in niche restaurant players and very tight retail / restaurant rental market with which to lease to them.

Huge growth is predicted as Columbus adds 500,000 to the 820,000 by 2050.  That means dense infill and big net leased retail, multiunit residential and office growth for investors.   The national economy will rise and fall at about 12-14 years peak to peak and trough to trough, but Columbus and Central Ohio remain pretty stable through it all.  Sounds like a great place to park your investment dollars

http://www.motherjones.com/media/2015/05/columbus-ohio-millennials-brooklyn

Clintonville – Olympic Swim Club Mixed Use Project Approved

The slightly downsized project for the old Olympic Swim Club site at 3450 Indianola finally got its final zoning approval by Columbus City Council.

Initially, the project was slated for 152 apartments and 18,000 square feet of retail and restaurant, but that brought quite a bit of resistance from local residents concerned about traffic as these kind of projects always do.

The 3450 Indianola project was finally reduced to  114 apartments and 5,000 square feet of net leased retail or restaurant space.   Construction should begin in November, presumably, this year and will be named The Olympic.

The developer, Kyle Katz of Katz Development LLC and Crawford Hoying Development Partners LLC hope to find a polished casual restaurant and a coffee shop for the retail space.

I’ll say it again, for my readers who are still looking for Clintonville restaurant space, don’t wait too long.  Contact me, Scott Harris at 614-905-6614, and let’s get rolling on this if you’re interested.

The Short North White Castle Project Gets an Update

Columbus Short North retail and officeAs was just reported by Walker Evens of Columbus Underground, and just about everyone else, Borror Properties revealed its latest design update for the 11 story proposed replacement for the old pre WWII White Castle located at second and HN High Street.

After feedback from the Victorian Village Commission in April, Borror made some very visible design changes and some not so visible.

The commissioners asked Borror to break up the facade so it would look like several buildings instead one huge facade facing High Street.

The changes were to setback the building a bit more from the sidewalk and to tier the north end of the building so it blends better with the three story existing buildings to the north. Then, in my opinion, the building was modernized substantially to provide a nice contrast between all of the surrounding historic buildings and this one.

Then, not as visible, going from 11 stories with 150 apartments and 10,000 square feet of badly needed net leased Columbus retail and restaurant space plus the obligatory White Castle on the corner to 140 units with third floor office for a combined total of 24,000 square feet of office .  Still though, with the White Castle on the corner.

If you compare what I have pictured, rendering by Berradi+Partners, versus last month, you’ll see that the design was changed substantially, and in my opinion, now looks much better.

We certainly need more net leased restaurant and retail space in the Short North, but also need some new office space as the supply has gotten really tight.  This helps plus looks a bit better than the old White Castle.

Anyone for 11 story sliders?

Another huge project for Los Angeles’ South Park

shenzhen%201This is just amazing. Another mega project for LA’s south Park with a newly announced multi tower project with high rises up to 42 stories to be located at Olympic and Figueroa all the way to Eleventh and Flower.

China’s developer, Shenzhen Hazens Real Estate Groupis currently in the ntotlement process on the Gensler designed project, which they estimate will take a year to 18 months.

The first phase of the project will be the 30 story, 250 room hotel, plus another 30 story condo building. They anticipate that construction should begin in 2017.

The second phase will start immediately after with a 42 story condo tower plus an 80,000 square foot shopping plaza complete with Los Angeles net leased high end retail boutique shops.

Total cost of the project is expected to be in the range of $700mil.

Although it’s probably a little early to inquire about leasing some of the retail space, feel free to contact me, Scott Harris Realtor at 310-473-4789 with any questions.

 

 

 

 

Delaware County’s Tanger Outlet Mall Approved

Delaware County commissioners have approved the $17.6 mil worth of roads that well soon serve the route 36/37 net leased retail 350,000 square feet Tanger Outlet Malls.

Preliminary site work has already begun, but a date for the official ground breaking hasn’t been announced yet, but it expected to be very soon.

The project includes widening Wilson Road and extending down to the development site plus creating a new road to access AD Farrow. Additionally, widening the I-71 northbound off ramp to two lanes from one is included. Work can’t begin on t he retail mall until these roadway improvements are completed according to ODOT.

Berkshire Township previously approved a tax increment financing district that will levy a charge of .50 to 1% on all retail sales to repave the developer for its work on the road improvements.

If you have any questions or interest in a net leased retail space in the development, please call me, Scott Harris at 614-905-6614.

Los Angeles’ South Park New Developments in Progress

In my 30 years in LA, never did I think I would see something like the following happening.

South Park, roughly defined as southwest of the Arts District, south of downtown Los Angeles, east of the 110 and north of the 10, has 28 new developments in progress.

Historically, what is now known as South Park got its start after the opening of Staples Arena 15 years ago at Figueroa and Eleventh, but most of the this got started less than five years ago.

This is remarkable in what used to be parking lots and run down 80 year old warehouses.  Take a look at the following link:

http://la.curbed.com/archives/2015/04/south_park_development_map.php

And remember, any questions regarding leasing some of that ground floor retail space, please call, Scott Harris Realtor at 310-473-4789.

 

Los Angeles Gets 40 Story Mixed User in Historic Core

Los Angeles net lease retailHellen’s 525 S Spring Street will get a big high rise designed by Steinberg Architects with TSK Architects and seen here http://urbanize.la/post/new-design-and-rendering-stationers-tower-project-historic-core.

Plus, this will include the renovation of three historic theaters on Broadway, LA’s Broadway, the Roxie, Cameo, and Arcade to further the very successful revitalization of the theater district.  http://la.curbed.com/archives/2015/02/stunning_looks_inside_7_of_broadways_rarely_opened_theaters.php

This is the third attempt at building something on this site that started off as a twelve story apartment building in 2012 and morphed into a high rise by 2013 and now this, the third design.

Planned are 9.400 square feet of net lease retail space on the ground floor with six stories of parking on floors two through seven with 360 one through three bedroom apartments on top.  These will be built to condo quality and I presume condo mapped, but initially will be apartments.

Clintonville – North Broadway and High Street Development

Northstar Realty and Mark Ford of Ford and Associates AIA presented a preview of preliminary plans they will eventually take to the Clintonville Area Commission for approval.  The meeting was hosted by Positively Clintonville https://www.facebook.com/pages/Positively-Clintonville/1401958676717564 to allow the developer to get feedback from the community before the plans were submitted for approval from the city.

The proposal shown at the meeting last night is for a five story building with 18,000 square feet of ground floor retail space with 60 apartments above. Additionally, a total of 160 parking spaces with 57 on a ground level lot and 103 in a second floor garage, all accessed from the alley.

Northstar Realty purchased seven of the eight parcels between North Broadway and Brighton Road. The owner of the old Clintonville Electric refused to sell at any price.

Given that I have the listing a few blocks north at 3645 N. High Street, I’m very interested in this project as I could fill ten buildings just like it with net lease retail tenants.

Any questions or interest in retail or office space in the community, feel free to contact me, Scott Harris at 614-905-6614

 

Latest Approved Bridge Park Plans for Dublin Ohio

Bridge ParkThe city of Dublin, Ohio approved the basic development plan for the Massive Bridge Park Development.

Once completed The Bridge Park Development is expected to be over one million square feet of residential, 222,000 square feet of office, 120,000 square feet of retail, 136,000 of conference and hotel, 92,000 square feet of restaurant plus a 25,000 square foot fitness center.

The overall Bridge Street corridor plan is to include developments by Edwards, Casto and Crawford Hoying with about 80% of the total to be Crawford Hoying

Last week the city council approved the plan presented by Crawford Hoying to include in the first phase, construction of eight mixed use buildings ranging in height from five to six stories that will house 371 housing units, 170,000 square feet of office, 87,000 square feet of restaurant and retail space and 1,866 garage and on-street parking spaces.

The above will be on the west side of the site along Riverside Drive. Further phases will be constructed north, south and east of phase one.

Basic description of the eight buildings are:

B1 – six story 157,833 square feet with ground floor restaurant, retail and second floor office. Residential units will be floors three through six.

B2 – six story 91,081 square feet and will follow the same format with ground floor retail and restaurant, second floor office with residential on floors three through six.

B3 – Six story 83,961 square feet with ground floor restaurant and retail and residential on floors two through six.

B4 – Five story 280,409 square feet with six floors of parking and five floors of residential.

C1 – Five story 88,557 square feet with ground floor restaurant and retail and residential on floors two through five

C2 – Five story 94,440 square feet and same as above

C3 – Six story 89,173 square feet with ground floor restaurant and retail, second floor office and residential on floors three through six

C4 – Five story335,086 sqaure feet building with six floors of parking and five of residential units.

http://www.crawfordhoying.com/development/bridge-park-dublin/

The Casto and Edwards developments are detailed in the following links:

 324-unit residential project from Edwards Communities and a 392-unit residential project from Casto.

Anyone who is interested in the retail, restaurant or office component of the development can contact me, Scott Harris at 614-905-6614 for additional information on leasing. It’s not too early to reserve your space.

Developers Chosen For Old Columbus Municipal Power Plant On Nationwide Blvd

The City of Columbus announced that they have chosen Brad DeHays and Schiff Capital to redevelop the three buildings that comprise the long closed Columbus Municipal Power Plant property at 555 West Nationwide Blvd.

The three buildings mentioned above are all on the north side of Nationwide Blvd.

The plan is to add retail, office and multifamily residential and turn this area into an extension of the Arena District. They’re looking at as much as 33,000 square feet of office space in addition to an auction house and event space.

On the south side of the street is the Columbus Central Outpost Center that will be moving to a new McKinley Ave. facility. This 5 1/2 acres will be developed by Borror Properties with a 60,000 square foot office building with multi unit residential on the north side of the office building.

Nationwide Realty controls the 25 acres that sits between the Central Outpost and the railroad tracks. At this time it hasn’t be determined exactly what will happen to this parcel, but I would expect more of the same with net leased retail, office and multiunit residential.

Completion is expected to be late 2017. If you have interest or questions, feel free to contact me, Scott Harris at 614-905-6614.