Voit Real Estate Services and Lee & Associates Direct the $7.78 Million Lease of a 156,694-SF Industrial Building in Redlands, CA

156,694-SF industrial building, Redlands, CA

Redlands, CA, Nov. 4, 2019 – Voit Real Estate Services is proud to announce that Walt Chenoweth, Executive Vice President & Partner, in the Voit Ontario office and Herrick Johnson, Senior Vice President with Lee & Associates in Riverside, successfully directed the $7,780,288 lease of a 156,694 square-foot industrial building in Redlands, on behalf of the Owner, Cabot Properties, based out of Boston, MA.

Walt Chenoweth

The Tenant, TrakMotive, based out of Redlands, will use this property to expand their automotive parts business, according to Chenoweth.  

“Walt and I worked hard to bring forth a lease opportunity for our client prior to the completion of the building’s construction,” according to Johnson.  “We are pleased we were able to accomplish this task approximately 30 days prior to completion for our client Cabot Properties.”

The property is located at 1675 W. Park Avenue in Redlands.

About Voit Real Estate Services

Voit Real Estate Services is a privately held, broker owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients' needs.
 

Herrick Johnson

Throughout its 45+ year history, the firm has developed, managed and acquired more than 64 million square feet, managed $1.4 billion in construction projects and completed in excess of $50 billion in brokerage transactions encompassing more than 47,500 brokerage deals. 

Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enable the firm to provide clients with forward looking strategies that create value for a wide range of assets and portfolios.

 Further information is available at www.voitco.com.  

 Contacts:

Walt Chenoweth

Voit Real Estate Services
909-545-8007
wchenoweth@voitco.com

Jessamyn J. Wilkinson | Director of Marketing

Voit Real Estate Services

2020 Main Street, Suite 100 | Irvine, CA 92614

T (949) 263-5314 | C (949) 929-7147

jwilkinson@voitco.com | www.voitco.com

Voit Real Estate Services, Broker License # 01991785

Historic California Home Is Also America’s Most Expensive on the Block in Bel Air for $225 Million

                                   

This 40,000-SF, 60-room Bel Air, CA Mansion is listed for $225 Million, believed to be the most expensive property of its kind currently in the United States, according to TopTenRealEstateDeals.com

                                Photo credit: Simon Berlyn

Source: www.hiltonhyland.com

BEL AIR, LOS ANGELES, CA -- The most expensive home currently for sale in the United States was built in 1936 in a then-new Los Angeles suburb developed by a local tennis-player-turned-developer, Alphonzo Bell, intended for his rich clients and friends. 

Alphonzo Bell Sr.

In 1923, Bell had paid $6 million for the 22,000 acres that became Bel Air. He thought that Bel Air’s hills and views would be a selling point for the expensive lots that would sell for up to $30,000. Bell envisioned something similar to Beverly Hills for his new neighborhood, but without the Hollywood celebrities, and named it as an anagram for his own name.

Hilda Boldt Weber
(Photo by Michael Gross)

The home was originally constructed for Hilda Boldt Weber, an heiress to the Charles Boldt Glass Company. By the time it was built, Hilda was already a widow and thought owning the massive mansion would be her entre into Los Angeles’ high society. 
To her surprise and disappointment, instead she was shunned. Though not the first to try and buy their way into society, she lacked the sense and financial management skills to retain her wealth and instead managed to gamble it away until she could no longer maintain the mansion. 

Conrad Hilton Sr.

In 1950, hotelier Conrad Hilton bought the home from Weber for $235,000. Since then, the estate has undergone extensive changes, additions and improvements by the Hiltons and its current owner, investor and philanthropist Gary Winnick, who purchased it in 2000 for $94 million. 

Nineteen years later and with a total redo by designer Peter Marino, it is once again on the market priced at $225 million, or one one-thousandth of the price Hilton paid in 1950.

Sited on a promontory of 8.4 acres insulated from neighbors and with stunning views, the 40,000-square-foot, 60-room mansion was created by James Dolena and the interiors and furniture were done by T. H. Robsjohn-Gibbings - two of the 1930’s-era top designers to the stars.

Gary Winnick

 In recent years, Marino and his team of 250 craftsmen have been restoring the mansion to what has been called a museum-quality restoration. 

The gated grounds include a long drive through lush landscaping and entry into a grand hall with 18-foot ceilings that opens into a large reception room branching off into formal living and dining areas, a grand ballroom and piano room.

Peter Marino

The second floor has private and guest living accommodations and no shortage of rooms devoted to entertaining or for housing guests. 

The grounds contain a pool house with professional screening room and formal bar, lighted tennis courts, separate basketball court, a full guest house along with multiple greenhouses, and koi ponds.

Shawn Elliott

Located next to the Bel-Air Country Club, which was also built by Alphonzo Bell, it is currently the most expensive home in the United States at $225 million. 

The home is listed by Jeff Hyland and Rick Hilton (grandson of Conrad Hilton) of Hilton & Hyland, Beverly Hills and Shawn Elliott of Elite Real Estate Marketing.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

KBS announces the transition of certain funds to focus solely on core assets

Charles J. (Chuck) Schreiber Jr.

NEWPORT BEACH, CA  – KBS, one of the largest owners of prime commercial real estate in the nation, has announced the transfer of the management of “Strategic Opportunity REIT I, Strategic Opportunity REIT II and Keppel Pacific Oak US REIT,” three real estate investment trusts (REITs) comprising 40 investments to Pacific Oak Capital Advisors LLC.

The decision allows KBS to focus on its core asset portfolios, while Pacific Oak focuses primarily on the opportunistic portfolios, according to KBS CEO Chuck J. Schreiber, Jr.

“When we launched the first opportunistic REIT in 2009, there was a clear and distinct opportunity to capitalize on the dislocation, lack of liquidity, and government intervention that existed in the commercial real estate markets at the time,” says Schreiber. 

“The Strategic Opportunity REIT continues to execute on its business plan focusing on opportunistic investments and adding value for its shareholders.”

KBS invests and manages commercial real estate assets on behalf of large institutions, such as public and private pension plans, sovereign wealth funds and public non-traded investment trusts. KBS also serves as the US asset manager for Singapore-based Prime US REIT.

“KBS’ strategy focuses on investments in urban markets that are attracting tech and creative users and have a wide range of amenities that help companies attract today’s top-tier talent. These include markets with good public transportation as well as entertainment, housing and dining amenities,” says Schreiber.

KBS is working closely with Pacific Oak Capital Advisors LLC to ensure a smooth transition of advisory services for Strategic Opportunity REIT I, Strategic Opportunity REIT II and the Keppel Pacific Oak US REIT effective October 31, 2019.  

The asset management team that manages the opportunistic portfolios will transition to Pacific Oak Capital Advisors LLC and continue to manage the same portfolios. 

KBS Media Contacts:

Jenn Quader or Lexi Astfalk

Brower Group

949-438-6262

jquader@brower-group.com

Ginny Walker

KBS Public Relations Manager

949-417-6535

gwalker@kbs.com

 www.kbs.com.

JLL brokers Phoenix market entry for Power Home Remodeling

Keith Lammersen

TEMPE, AZ – On behalf of Philadelphia-based Power Home Remodeling (Power) the Phoenix office of JLL has completed a full building acquisition that marks Power’s official entry into the Phoenix market.

 The location will generate approximately 200 new local jobs from the leading remodeling company, recognized as one of Fortune’s 100 Best Companies to Work For in 2019.

JLL Executive Vice President Keith Lammersen and Managing Director Brad Crosley represented Power Home Remodeling in the building acquisition. Bob Kling of Lee & Associates represented the building seller, Rankin LLC.

“Arizona is the perfect location for Power to continue to grow and expand into the western parts of the United States,” said Power Home Remodeling Co-Founder Adam Kaliner. 

“Where we go next is ultimately up to our employees, as they drive our expansion strategy. They are thrilled to be able to relocate to this new city, build relationships with the community and introduce Power to homeowners.”

Brad Crosley

The new Power location totals 35,665 square feet at 8240 S. Hardy Dr. in Tempe, Arizona, near Elliot and Priest roads and within the Warner Crossing business complex. 

The company is expected to move into its new space in the first quarter of 2020, establishing its 17^th U.S. sales and support territory.

“Power Home Remodeling is making a notable, long-term investment in Arizona,” said Lammersen. 

“They’ve picked a location with the configuration, parking and employment demographics to support their growth plans and to continue to thrive in our market. It was a pleasure to assist them with that process.”

Bob Kling 

The new Power building is less than two miles from Interstate 10 and minutes from the Loop 101, Loop 202, US 60 Superstition Freeway and Sky Harbor International Airport. 

It is also surrounded by major retail and restaurant amenities, globally recognized corporate neighbors and abundant residential and multifamily housing.

For information on open positions at the Power Home Remodeling Phoenix location, visit workatpower.com.

About Power Home Remodeling:

Power Home Remodeling is a dream realization company — believing its purpose is to create positive change in everything the company touches — from customers’ homes to employees’ lives to the communities they live and work in. 

Power realizes this purpose by being people-first. Its employees and customers come before profit and their well-being factors into every business decision. 

Adam Kaliner

Established in 1992, Power is the nation’s largest, full-service, exterior home remodeler with more than 2,700 employees, 500,000 customers and $700 million in annual revenue. 

Headquartered in the Philadelphia region, Power’s primary product line includes windows, siding, roofing, doors, solar roofing panels, and attic insulation, providing energy-saving solutions to residents across its operating territories.

Those territories include Colorado, Connecticut, Delaware, Florida, Georgia, Indiana, Illinois, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington D.C. and Wisconsin.

Contact: 

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

Iwww.jll.com

NAI Realvest Completes New Leases for a Café and Event Hall Opening in Kissimmee, FL Near Osceola County Courthouse in Q1 of 2020

Veronica Malolos

ORLANDO, FL  – NAI Realvest recently negotiated two new lease agreements on behalf of Landlord Osceola County for retail storefront space in the building at 522-532 Emmett St. near the county courthouse in Kissimmee.

Senior Vice President Jeff Bloom, CCIM and Veronica Malolos, CCIM Osceola County Broker for NAI Realvest negotiated both transactions. 

 Ma’Belle Events, LLC, an Orlando-based event hall, leased 3,119 square feet in Suites 522 and 528.    Si O Si Restaurants, Inc. leased 1,613 square feet in Suites 530 and 532 to open a café similar to their cafés in Puerto Rico .   

Associate Manuel Berrios of NAI Realvest represented the restaurant. 

Jeff Bloom

Both new tenants plan to be in business at the location by March 1, 2020 when their leasehold improvements are anticipated to be complete.

About NAI Realvest 

NAI Realvest, serving all of Central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

Manuel Berrios

 NAI Global is an international commercial real estate network with over 400 offices spanning the globe.  Since 1978, clients have built businesses on the power of NAI Global’s expanding network. 

Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. 

To learn more, visit www.NAIRealvest.com.

CONTACTS:

Veronica Malolos, CCIM, Broker/Osceola County

 407-875-9989 Vmalolos@realvest.com 

or Jeff Bloom, CCIM, Senior Vice President, NAI Realvest 

407-875-9989 Jbloom@realvest.com

Patrick Mahoney, President / CEO, NAI Realvest 

407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications 

407-644-4142 or 407-461-3781 beth@larryvershel.com  

Bing Crosby’s Nevada Get-Away Ranch Sale Asking $7 Million

Bing Crosby's Lawson Ranch near Elko, NV

Photo credit: California Outdoor PropertiesSource: www.californiaoutdoorproperties.com

ELKO, NV -- A city boy from Spokane, Washington, Bing Crosby loved the outdoors. At the height of his singing-and-acting career in the mid-1940s, Bing started buying land around Elko, Nevada owning as many as seven ranches in the area including Lawson Ranch, according to
TopTenRealEstateDeals.com.

 As often as he could, he would escape to the ranch for fishing and hunting and became such a fixture around town that they made him honorary mayor in 1948.

After his first wife, Dixie, died in 1952, he started selling the ranches with the last sold in 1958. He died in 1977 at the age of 76. Lawson Ranch is now for sale, priced at $7.28 million.

Bing Crosby

Crosby’s mellow, crooning singing voice catapulted him to the top with hits that became classics such as his rendition of White Christmas, just as popular today as it was during World War II. 

He was also a good actor, winning an Academy Award for his 1944 hit-film Going My Way. Many of his songs are in the Grammy Hall of Fame including Pennies from Heaven, Swinging on a Star and, of course, White Christmas. 

Crosby was also famous for his television Christmas shows. His last Christmas show was filmed in London in 1977 just before his death when he sang a duet with David Bowie, Little Drummer Boy. It later became #3 on the charts in the United Kingdom and has now become a staple Christmas song there and in the United States.

Dixie Lee Crosby

Originally an 1860’s pioneer homestead with some of the oldest water rights in Nevada, Lawson Ranch, just under 3,000 deeded acres, has evolved into a 21st-century working cattle ranch with its own aircraft hanger and airstrip.

With more than enough high-quality, irrigated hay fields to bale for the winter months and grasslands that can comfortably accommodate 600 cow-calf pairs, it has six center-drive hay pivots ensuring beautiful emerald green meadows.

David Bowie

Lawson Ranch is now for sale, priced at $7.28 million.

The ranch structures include a 5,000-square-foot, five-bedroom, five-bath main residence currently set up as a bed & breakfast, three separate houses for guests or employees and two enclosed barns available for hay storage.

There are multiple ponds with a scenic, tree-shaded pond next to the house, seasonal wild flowers, snow-capped mountain views and is adjacent to a national forest. Foreman Creek runs through the property.

Todd Renfrew 

Elko, Nevada has some unusual points of interest and its residents, considered the capital of the Nevada gold belt. The National Cowboy Poetry Gathering is held there every January with a week-long celebration of western life.

Other draws for tourism are the numerous casinos, the National Basque Festival, and the Western Folklife Center.

 The listing agent is Todd Renfrew of California Outdoor Properties, Vacaville, California.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

RECI Notes Wall Street and private capital players expand market share as The Fed cuts its benchmark rate for third time this year

John Oharenko

Chicago, IL, Nov. 1, 2019 – The Real Estate Capital Institute® (RECI) notes The Fed cut its benchmark rate a quarter point just before the end of October, the third such drop this year.  

As agency lenders and other traditional sources reach their mortgage lending limits, Wall Street and private capital players expand market share.  Other important trends to watch include:

Slowing Global Economy:  The domestic economy maintains steady and favorable growth patterns other markets around the world witness some fatigue.  

Japan continues to stagnate, while Australia dropped its lending rates to the lowest levels in history.  The Eurozone demonstrates slower industrial output

Lastly, the US/China trade war provides further pressure for low growth.  As such, global demand should continue for US treasuries as safe-haven investments, translating to favorable long-term mortgage rates in the foreseeable future.

Diversified Funding Sources:  The Real Estate Investment Trust (“REIT”) lending format, in particular, is now an important source of providing liquidity for housing, since Freddie Mac and Fannie Mae’s role become more limited. 

 These lenders are issuing more private label mortgage bonds that include blended agency debt.  Expect other private, public and institutional investors to offer more programs based on changing risk/yield profiles.

Pricing Uniformity:  Most floating and fixed-rate debt offerings are priced within the 3%-to-4.5% range, indicating lenders are highly competitive, yet need to maintain minimum yields. 

 Few borrowers make realty debt decisions solely based on pricing.  Other terms such as interest-only payments, extended amortization, reduced (or eliminated) recourse provisions, leverage and prepayment flexibility dominate negotiations.

Regulatory Environment:  Since the Great Recession, various federal banking regulations tamed aggressive underwriting practices for construction and conduit loans.  

More typical leverage is 65% of value, as banks focus on credit quality over other underwriting benchmarks such as leverage.  As banks take a more active roles in leading conduit debt offerings, less risky loans prevail. 

 Lastly, construction loans are more carefully structured as select markets show signs of supply/demand imbalance for new developments.  

On the other end of the regulatory spectrum, FHA/HUD underwriting requirements are being streamlined to help provide more competitive terms.

John Oharenko, executive director of Real Estate Capital Institute’s®, recommends, "More diverse funding sources entering the market help maintain a healthy balance and overall better liquidity.  

"That said, traditional sources such as agencies, life companies and banks still capture their share of lending volume.”

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

Contact:

John Oharenko

Executive Director

director@reci.com 

 www.reci.com