Daum Commercial Negotiates 82,000-SF Lease of Santa Monica, CA Industrial and Office Building to Electric Vehicle Company

DONE DEAL: 82,000-sf industrial warehouse
and office property leased to an electric
 vehicle company on a 121,200-SF lot
in Los Angeles County submarket
of Santa Monica, CA

 SANTA MONICA, CA – DAUM Commercial Real Estate Services has successfully negotiated the lease of an 82,000 square-foot industrial warehouse and office property on a 121,200 square-foot lot in the Los Angeles County submarket of Santa Monica, California, to an electric vehicle company.

The total consideration of the lease is approximately $12 million, according to Michael Collins, Vice Chairman at DAUM Commercial, who represented the lessor alongside DAUM Executive Vice President David Freitag.

 Michael Collins

“Our Client, a private owner with whom DAUM has a long-standing relationship, had a rare commercial property available for lease in the tight Santa Monica submarket,” explains Collins.

“The building is situated on a corner adjacent to heavily trafficked Interstate 10. By strategically marketing the property and leveraging its prime location, we were able to attract significant interest and several offers, ultimately securing a long-term lease to a top automotive business.”

Collins notes that the lessor also owns a neighboring 50,000 square-foot property, which is currently fully leased to Mercedes-Benz, driving up the appeal of the newly leased asset and presenting future expansion opportunities. Additional high-profile neighbors include Lexus, Amazon, HBO, and Universal Music.

David Freitag

Freitag adds: “This lease transaction was a true win-win for both parties. The lessee will be situated in a highly visible location near several prominent creative, entertainment, distribution, and service companies, as well as retail amenities, while our Client benefits from a quality, established tenant.”

The property, which is also in close proximity to the Santa Monica Airport, Los Angeles International Airport, and 17^th Street/SMC light rail station, features 18’ clear height, 2,000 amps of power, warehouse restrooms, and a wrought-iron fenced yard.

The asset is located at 1100 Colorado Avenue in Santa Monica, California.

www.daumcommercial.com. 

CONTACTS:

Katie Haga / Elisabeth Manville  
Brower Group  
(949) 438-6262 
khaga@brower-group.com 

http://www.raamconstruction.com/

 

RAAM Construction Breaks Ground on $33 Million Affordable Multifamily Housing Development in Palmdale, CA

Rendering  of planned Juniper Grove 
affordable multifamily housing development
in Palmdale, CA

 Palmdale, CA – RAAM Construction, a general building construction firm specializing in multifamily and historic preservation projects throughout California, has broken ground on the construction of an affordable multifamily housing development in Palmdale, California.

 The 123,410 square-foot property, Juniper Grove, will consist of 101 apartment units in a three-story wood-frame building in Palmdale, a low-income area where budget-friendly housing for families is scarce, according to Richard Lara, President and CEO of RAAM Construction.

 Richard Lara

 

Juniper Grove is expected to be completed in June 2022. The development is located at 150 East Avenue R in Palmdale, CA.

 “The need for affordable multifamily housing continues to grow significantly, especially now due to the COVID-19 pandemic,” says Lara.

  “This demand for affordable housing is extremely prevalent in Palmdale, as occupied housing units currently sit at 92.4 percent. Juniper Grove will greatly serve the local community by providing families with brand-new, beautifully designed residential units that fit within their budgets.”

 RAAM is working closely with Meta Housing Corporation, a developer of affordable housing communities for families and seniors, to deliver the new residences for qualified low-income families in the Palmdale market. 

 Valued at $33,342,717, the project is being developed with the help of a construction loan from the City of Palmdale, Pacific Western Bank and the Los Angeles County Development Authority.

 “This new affordable housing project is demonstrative of our continued commitment, along with our long-time partner Meta Housing, to provide budget-friendly housing in regions throughout California where it is needed most,” says Lara.

 “RAAM has a long history of working with development partners that are committed to delivering high-quality affordable housing in areas of need.”

 Lara continues: When construction is completed, Juniper Grove will contain 49 one-bedroom apartments, 27 two-bedroom apartments and 25 three-bedroom apartments that are fully furnished.

 The three-story wood frame building will be built to LEED standards and will have solar panels. The development will also include common-area amenities such as a community room, office area and an art studio, which will be occupied by a full-time art staff offering art lessons.

The development is situated in close proximity to the Antelope Valley Freeway, which offers access to the border of the city of Santa Clarita to the north and the Los Angeles neighborhoods of Granada Hills and Sylmar to the south.

 Additionally, the development is located near restaurants including In-N-Out Burger, McDonalds and Jack-in-the-Box; two schools including Palm Tree Elementary School and Yucca Elementary School.

 CONTACTS:

Katie Haga / Alex Caswell
Brower Group  
(949) 438-6262 
khaga@brower-group.com 

http://www.raamconstruction.com/

 

Stos Partners Sells 70,224-SF Industrial Property for $13 Million in an Off-Market Deal in Carlsbad, CA

 

             SOLD: This 70,224 square-foot industrial property 

             in the San Diego County submarket of Carlsbad, CA 

            for $13 million in an off-market transaction.

 

SAN DIEGO, CA – Stos Partners, a privately held commercial real estate investment firm, has sold a 70,224 square-foot industrial property in the San Diego County submarket of Carlsbad, California for $13 million in an off-market transaction.

CJ Stos

The firm acquired the asset for $9.7 million in August 2019, according to CJ Stos, Principal of Stos Partners. 

  “After purchasing this cash-flowing asset with an in-place lease at an attractive basis, our initial business plan was to hold the property long term and explore future repositioning opportunities,” explains Stos.

  “Ultimately, we were approached by an institutional-grade buyer after just over a year of ownership, who presented us with a strong offer that we could not turn down.”

 According to Jason Richards, Partner at Stos Partners, this transaction reflects the firm’s ability to remain nimble: “As one of the most active commercial real estate investors in Southern California, we are in tune with the market and can quickly evaluate and strategically act on opportunities like these.” 

 Jason Richards

 The property is located in Carlsbad’s Industrial Corridor. Currently fully leased to a go-kart racing tenant, the building is well-suited to a range of light industrial uses.

Jay Boyle, Executive Vice President at Stos Partners, adds: 

“The fact that we were able to sell this asset for 34% more than our purchase price, after just over 18 months and implementing only very minor landscaping upgrades, speaks to the strength of our close relationships within the market and the continued high demand and growth trajectory of the industrial sector, despite the uncertainty of this past year.”

 Stos Partners initially purchased the asset in a joint venture with Boston-based private equity firm Long Wharf Capital. Situated in close proximity to Carlsbad’s McClellan-Palomar Airport, the property is located at 6212 Corte Del Abeto in Carlsbad, California.

Jay Boyle

 About Stos Partners

Stos Partners is a privately held commercial real estate investment and management firm that invests in real estate directly and in partnership with high net worth and institutional investors. 

With a track record spanning approximately one billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through opportunistic acquisitions, strategic redevelopment and ground-up development of both institutional and small-to-mid-cap commercial properties.

Headquartered in San Diego, California with an office in Orange County, California and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships translate into the ability to source, fund and close transactions quickly and profitably.

 

 CONTACTS:

Katie Haga / Elisabeth Manville  
Brower Group  
(949) 438-6262 
khaga@brower-group.com 

www.stospartners.com

www.longwharf.com

 

 

Daum Commercial Completes Sale of 10-Acre Parcel in Deer Valley, Phoenix, AZ

           SOLD: Pinnacle Peak, a speculative,
three-building, 136,000-SF industrial business
park in the Deer Valley submarket of Phoenix, AZ

 

PHOENIX, AZ – DAUM Commercial Real Estate Services has completed the sale of a 10-acre land parcel located at the Southwest corner of 15th Avenue and Pinnacle Peak Road in the Deer Valley submarket of Phoenix, Arizona, for $6.4 million.

Robert Lundstedt

Robert Lundstedt, First Vice President at DAUM Commercial, represented the seller and procured the buyer, Wadsworth Development Group, in the transaction.

 At the site, Wadsworth is developing a speculative 136,000 square-foot industrial business park consisting of three buildings, which is being exclusively marketed by Lundstedt, DAUM Executive Vice President Skip Corley, Jr. and DAUM Associate Chase Heinemann.

 “As there continues to be an influx of tenants looking to expand or relocate the Phoenix area, which is located within a 17-hour drive of anywhere in the Southwest, developers are hungry to bring competitive industrial facilities to the market to capitalize on this high demand,” says Lundstedt.

Skip Corley, Jr.

 “The Deer Valley submarket in particular, which saw vacancy rates compress to under 5% in Q4, is well positioned for further growth.”

 “The industrial sector continued to perform exceptionally well throughout the past year,” explains Lundstedt. “Based on our close relationships and knowledge of activity in the local market, we anticipate a quick lease-up of the new development to quality tenants.”

 The development, which is slated to be complete in August 2021, is located approximately 20 miles north of Downtown Phoenix, less than 2 miles from Interstate 17 and Loop 101, and within close proximity to Loop 303, which offers direct access to West Coast ports. 

Chase Heinemann

 The facilities at the new project will feature 28’-32’ clear height, grade level loading, 227/480-volt power and above market parking ratio.

 In addition to the sale of the 15th Avenue/Pinnacle Peak Road land parcel, Lundstedt has directed nine other land transactions in Deer Valley within the last 12 months, totaling $38.4 million, and is currently maintaining 15 land listings, all in the Deer Valley submarket.

 

CONTACTS:

Katie Haga / Elisabeth Manville  
Brower Group  
(949) 438-6262 
khaga@brower-group.com 

www.daumcommercial.com.

 

 

Lee & Associates Expands into Nashville, TN with New Satellite Office

 Jeffrey Rinkov

 

NASHVILLE, TN – Lee & Associates, a leader in commercial real estate services throughout North America, announces the opening of a new satellite office in Nashville, Tennessee. 

Dave Howard

The office will specialize in industrial, office, investment, and land brokerage, with plans to strategically recruit teams that will grow their capabilities in the market. 

The Lee & Associates Nashville team of professionals currently includes William Sisk, Brett Wallach, and Chad Matthews.

Sisk and Wallach, both current Lee & Associates professionals, have relocated to Nashville from Ontario, CA and Newport Beach, CA respectively. 

William Sisk

Our Lee & Associates Atlanta office will provide resources and assistance to ensure that the new Nashville office is well-supported during its initial start-up period, until it transitions to a freestanding office with local leadership and resources. 

 

"We are incredibly enthusiastic about the market in Nashville. It has been on our strategic expansion roadmap and allows us to continue growing our presence in the Southeast.

 

"The first-class support provided by our Atlanta office will allow us to aggressively recruit seasoned agents in the market who are attracted to our principal/ownership-led structure," said Lee & Associates CEO, Jeffrey Rinkov. 

Brett Wallach

"We are excited about the Nashville satellite office opening, as well as Lee & Associates' continuing growth and expanded presence in the Southeast.

 "Many of our clients in Atlanta have needs in Nashville, and now we can deliver services to them in that market as well," said Lee & Associates Atlanta President, Dave Howard. 

 CONTACT:

 Pamela Murphy

Lee & Associates
(832) 315-0219
pmurphy@lee-associates.com