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Equity Office Daily Brief: November 23, 2016

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Daily Brief

November 23, 2016

  EquilityOffice

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Lots of Interest in Lots

The Wall Street Journal

 

Driverless cars may be ubiquitous in a couple of decades, but until then scarce parking in urban hot spots is prompting some investors to snap up parking facilities. Los Angeles-based real-estate investment firm Stockdale Capital Partners has joined with San Diego-based parking...

 


Lawsuit seeks to reverse approval of CenterCal Redondo Beach waterfront redevelopment

Daily Breeze

 

Redondo Beach slow-growth activist Jim Light is suing the city and the developer behind a $400 million overhaul of its waterfront — an expected step in a three-pronged strategy to undo the contentious project’s approval. The lawsuit, filed last week in Los...

 


Lincoln Property, Rockwood Team Up on SoCal Office Project

Commercial Property Executive

 

Lincoln Property Co. and an affiliate of Rockwood Capital LLC have partnered together on the purchase and multi-million dollar repositioning of a 355,000-square-foot office and retail campus to creative offices in the region’s fast-growing “Silicon Beach” area. The firms bought Gateway El...

 



BLOG & ONLINE NEWS

 

M. Dean Vincent: R.E Poised for Transformation as Millennials Rise

The Signal

 

Demographic shifts are poised to transform the real estate industry now that millennials have taken over baby boomers as the largest generation. As a growing share of millennials enter their mid-30s, an increasing number of them will be getting married and eventually...

 


CBRE Global Investment Partners Takes Stake in $1.5B West Coast Shopping Center Portfolio

CoStar.com

 

CBRE Global Investment Partners (GIP) has acquired a 45% interest in a nearly 7 million-square-foot portfolio of retail properties in 12 West Coast markets from majority owner Merlone Geier Partners (MGP), a privately held real estate investment company.  The $1.5 billion portfolio...

 

FULL TEXT


Lots of Interest in Lots

The Wall Street Journal

 

Driverless cars may be ubiquitous in a couple of decades, but until then scarce parking in urban hot spots is prompting some investors to snap up parking facilities.

Los Angeles-based real-estate investment firm Stockdale Capital Partners has joined with San Diego-based parking operator Ace Parking Management to buy and manage parking structures and surface lots across the Southwest, aiming to acquire around $200 million worth of assets in the coming years. London-based Grosvenor Group is also investing an unspecified amount in the venture.

“You drive by these things all the time but you never pay attention to them. There’s value hidden in them,” said Steven Yari, managing principal at Stockdale Capital.

Car sales are still strong and occupancy for parking assets is at all-time highs, Mr. Yari said, adding that returns are expected in the “high teens.”

-Esther Fung

Lawsuit seeks to reverse approval of CenterCal Redondo Beach waterfront redevelopment

Daily Breeze

 

Redondo Beach slow-growth activist Jim Light is suing the city and the developer behind a $400 million overhaul of its waterfront — an expected step in a three-pronged strategy to undo the contentious project’s approval.

The lawsuit, filed last week in Los Angeles Superior Court on behalf of Light and his nonprofit, Building a Better Redondo, alleges violations of the California Environmental Quality Act. It calls the project a “525,000-square-foot shopping and entertainment mall” that “prioritizes high-priced, commercial facilities and office space while eliminating or discouraging low- and no-cost water-oriented, coastal-dependent recreational facilities that cannot be readily provided elsewhere.”

 

 

The 36-page civil complaint was filed by Frank Angel, the same land use attorney who represented Light and BBR in 2010 when they successfully sued over the right to vote on harbor development.

The new lawsuit aims to invalidate the project’s approval, order the city to study a long list of issues raised by Light and other critics, and recirculate the EIR. It also seeks attorneys’ fees and court costs.

BBR won a $313,000 judgment from the city in the previous lawsuit. CenterCal Properties, the El Segundo developer selected to revitalize the 36-acre harbor and pier area, had to agree to indemnify the city against a legal challenge as part of the project approvals.

The company unveiled plans one year ago for a “harbor village” with a boutique hotel, movie theater, public market, creative office space, new parking structures and plans to reconnect Torrance Boulevard and Harbor Drive and open Seaside Lagoon to the ocean.

A massive draft EIR was released shortly thereafter, intensifying a long-running division between critics who say the project it too dense and commercial, and supporters who hail it as a compromise that will bring new life to a dated area comprised largely of surface parking lots.

 

 

After the project won the approval of the Harbor Commission in August, Light and other opponents filed an appeal to the City Council, which was denied last month.

They then announced plans to sue at a fundraiser, calling litigation an “insurance policy” in case an appeal to the California Coastal Commission and a March ballot measure that would further tighten development limits fail.

The lawsuit outlines many of the same issues Light raised in his appeal, focusing on water quality and public safety in Seaside Lagoon, the loss of public views, parking and traffic impacts, greenhouse gas emissions and “the replacement of long-standing community businesses with luxury businesses.

Angel also argues the city’s CEQA ordinance “imposes arbitrary and burdensome procedural requirements” on citizens challenging commission decisions to the City Council.

Redondo Beach City Attorney Mike Webb declined to comment on the lawsuit Tuesday, saying the city has not yet received it.

A spokesman for CenterCal said the company wants to finish reviewing the complaint before making any comment, but “is confident that the city’s actions in approving the project were in full compliance with all applicable state laws and local ordinances.”

Next week, the City Council will review a report on the economic viability of a smaller project under the guidelines of the ballot measure, the King Harbor CARE Act. It also will hear an appeal Light filed challenging the location of a boat launch ramp on Mole B near Moonstone Park.

The Coastal Commission appeal was filed earlier this month, Light said. The project is expected to go before that panel early next year.

Light said his previous lawsuit and the new one are both important to the future of the waterfront, though they are different.

“This is a much broader and more nebulous lawsuit,” he said, calling it “a make or break on what happens in the harbor.”

“We were all hopeful it wouldn’t come to this,” Light said. “I think it’s a real shame that neither the city nor CenterCal came up with meaningful compromise that would prioritize and balance the impacts to the coastal-dependant uses.”

The City Council has until Dec. 9 to place the CARE Act on the March 7 ballot. If the measure passes, a legal fight could unfold over whether zoning changes would apply to the CenterCal project.

-Megan Barnes

Lincoln Property, Rockwood Team Up on SoCal Office Project

Commercial Property Executive

 

Lincoln Property Co. and an affiliate of Rockwood Capital LLC have partnered together on the purchase and multi-million dollar repositioning of a 355,000-square-foot office and retail campus to creative offices in the region’s fast-growing “Silicon Beach” area.

The firms bought Gateway El Segundo, which has three three-story Class B office buildings and two single-story retail buildings, for a reported $120 million from DivcoWest. Lincoln Property and the Rockwood affiliate didn’t release the price, only saying they plan a “multi-million renovation” to create a top-tier creative campus by late 2017. DivcoWest had owned the property located in the heart of El Segundo’s commercial district at Sepulveda Boulevard and East Grand Avenue since April 2014, when it reportedly paid $75 million for it.

El Segundo, touted one of the “most business-friendly cities” by the Los Angeles County Economic Development Corp., has seen a surge in demand for creative office space by technology, media and entertainment companies as the region’s Silicon Beach expands beyond Santa Monica and Venice into communities like El Segundo.

“Gateway El Segundo provides an exciting opportunity to take advantage of the great Southern California weather and design both an indoor and outdoor space that is perfect for the needs of innovating technology and creative companies,” David Binswanger, Lincoln executive president, said in a prepared statement. “We see this as a chance to contribute to the phenomenal growth of the tech industry in Silicon Beach.”

The Gateway El Segundo repositioning will join more than 3 million square feet of redevelopment projects that have been completed or are underway in El Segundo, totaling more than $1 billion worth of development within two square miles, according to the new owners.

The office buildings are currently 52 percent leased so repositioning should provide good upside. The retail space is fully leaded to six fast casual and quick-service restaurant tenants.

Upgrades will include improving the central courtyard to create spaces for employees to work and meet; modernizing lobbies, restrooms and fitness center; and building suites for smaller creative tenants seeking move-in ready spaces. The property already has large floor plates, open space, ample parking and walkable amenities, which are all attractive to tech and creative industry tenants.

“El Segundo is transforming into a diversified market for leading-edge tech and new media companies,” Rob Kane, Lincoln senior vice president, said in prepared remarks. “We see Gateway El Segundo as a way to capitalize on this enormous growth and contribute to it by creating a dynamic, vibrant space to attract new job-creating tenants.”

In March, Lincoln and Rockwood partnered on another Los Angeles-area property – the acquisition of a 22-story office building at 915 Wilshire in downtown L.A. that it had previously sold in 2007. They also plan to give this property a makeover to appeal to creative tenants.

Last year, Lincoln bought another El Segundo office property, paying $51.6 million for the nearly 200,000-square-foot asset at 101 N. Sepulveda Blvd., according to the Los Angeles Business Journal.

-Gail Kalinoski

M. Dean Vincent: R.E Poised for Transformation as Millennials Rise

The Signal

 

Demographic shifts are poised to transform the real estate industry now that millennials have taken over baby boomers as the largest generation.

As a growing share of millennials enter their mid-30s, an increasing number of them will be getting married and eventually having children. This points to strengthening demand for buying a home.

Meanwhile, baby boomers’ tendency to age in place creates opportunities for commercial real estate in the form of medical and assisted living facilities development.

Those opinions and trends emerged at a recent gathering in Florida of Realtors from across the nation.

Two speakers with leadership roles in the Counselors of Real Estate, Scott Muldavin, 2017 chair, and Burley, chair of the group’s external affairs committee, participated in a forum reviewing trends impacting residential and commercial real estate.

For the past five years, the committee has identified and released a top 10 list of the issues that are likely to define real estate in the upcoming year. Here are the top issues likely to arise in 2017 according to the Counselors of Real Estate:

The changing global economy

Debt capital market retrenchment

Demographic shifts

Densification/urbanization

The political environment

Housing affordability and credit constraints

The disappearing middle class

Energy

The sharing and virtual economy

The rise of experiential retail

 

Since consumers decide to buy or sell a home based on what they believe the future holds, Realtors need to be well versed on emerging trends.

Burley said the lack of new supply coming onto the market has made purchasing a home more expensive.

Furthermore, younger and older buyers are competing over the minimal inventory in many of the same places.

Adding more pressure is that while apartment construction has ramped up in some regions, rents still outpace incomes in many communities.

This only adds to the pressure of aspiring homebuyers trying to save enough money for a down payment.

“Home prices have outstripped incomes and it makes it very challenging for millennials looking to buy,” Burley said. “As a result, rental demand is expected to remain very strong.”

Cities, like Los Angeles, are growing with people preferring to live in or near urban areas.

Those living in the suburbs still want to be within close proximity of walkable areas that offer a plethora of activities and unique experiences. This has resulted in the suburbs striving to become more urban-like with mixed-used developments and office space.

In the commercial real estate retail sector the rapid rise in online shopping has led to major retailers closing stores and shrinking their store footprints.

One emerging trend in the industry is smaller “showroom” space with an online component where consumers can buy at the store and have the item shipped to their home within a few days.

Another shift is that many new commercial construction projects are mixed-use developments with a variety of retail, food and housing.

-Dean Vincent is President of the Santa Clarita Valley Division of the 9,500-member Southland Regional Association of Realtors. David Walker, of Walker Associates, co-authors articles for SRAR. The column represents SRAR’s views and not necessarily those of The Signal. The column contains general information about the real estate market and is not intended to replace advice from your Realtor or other realty related professionals.

CBRE Global Investment Partners Takes Stake in $1.5B West Coast Shopping Center Portfolio

CoStar.com

 

CBRE Global Investment Partners (GIP) has acquired a 45% interest in a nearly 7 million-square-foot portfolio of retail properties in 12 West Coast markets from majority owner Merlone Geier Partners (MGP), a privately held real estate investment company. 

The $1.5 billion portfolio of 55 neighborhood, community and power centers is concentrated in the Southern California, Seattle and Sacramento markets, with additional properties in the San Francisco Bay Area and Portland. 

The properties are primarily located in neighborhoods enjoying strong demographics in markets fueled by rising consumer confidence and gains in the technology sector. Additionally, most of the assets benefit from the limited availability of quality retail space and high barriers to entry for developers. 

CoStar analysts say tenant demand has shifted to neighborhood centers amid a growing shortage of competitive retail space. 

Such income-generating centers “have historically exhibited strong performance across market cycles and are expected be more insulated from competition by e-commerce,” CBRE GIP noted in a release. 

MPG, with main offices in San Francisco and San Diego, assembled the collection of centers anchored chiefly by grocery stores and other needs-based retailers through five of its discretionary commingled funds. CBRE Global Investment Partners, which made the investment on behalf of its flagship Global Alpha Fund and various separate clients, said the portfolio is an attractive mix of income-generating properties and assets with value-add potential through repositioning and lease up. 

Last week, Regency Centers Corp. and Equity One, Inc. agreed to combine to form one of the largest shopping center REITs in the country with a portfolio of primarily grocery-anchored properties. 

Ian Gleeson, CIO for CBRE Global Investment Partners, said the venture is a rare opportunity to acquire a large, diverse portfolio of high-quality retail centers that would be challenging to acquire in scale. Eastdil Secured advised MGP on this transaction. 

-Randyl Drummer

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