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Equity Office Daily Brief: January 16, 2017

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Daily Brief

January 16, 2017

  EquilityOffice

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Dachser USA Expands in Los Angeles

American Journal of Transportation

 

Dachser USA Air & Sea Logistics has recently moved and expanded its Los Angeles office in California. The move to a larger space close to the Los Angeles International airport will allow Dachser to best serve its customers and meet the increasing...

 


Property Buyer Makes Inroads on Sunset Strip

Los Angeles Business Journal

 

Kilroy Realty Corp. has plunged into the fray on the Sunset Strip with a multimillion-dollar acquisition: a 179,000-square-foot mixed-used development it bought for $210 million. The property, known as the Sunset, sits on the Strip between Sunset Plaza Drive and Alta...

 



BLOG & ONLINE NEWS

 

Ludeman Takes on Additional Role as Head of US Office Sales for CBRE

CoStar.com

 

Determined to increase its share of major office property sales assignments from large institutional investors, CBRE has turned to longtime company insider and experienced real estate executive Christopher Ludeman to take on the additional role as leader of its US office...

 


24 Hour Fitness Leases New Space at Del Amo Crossing in Torrance

RENTV.com

 

24 Hour Fitness has agreed to lease a freestanding, 44.7k sf fitness facility yet to be constructed at Del Amo Crossing, mixed-use complex at the busy intersection of Hawthorne and Del Amo Boulevards in Torrance. The center is owned by The...

 


With radar deal, FAA OKs Rams stadium in Inglewood

MyNewsLA.com

 

On the day the team introduced its new head coach, the Rams Friday reached an agreement with the Federal Aviation Administration formally approving the construction of its $2.6 billion stadium in Inglewood. The FAA had initially expressed concerns about the height of...

 


Mark and Arman Gabay buy El Monte building for $26M

The Real Deal

 

Brothers Mark and Arman Gabay, who own the development firm Charles Company, purchased an office and industrial property in the San Gabriel Valley for $26 million in an off-market deal that closed Thursday, The Real Deal has learned. The buyers paid...

 


Chinese foreign investment to drop: report

The Real Deal

 

Chinese overseas investment — a boon to Los Angeles real estate in recent years — is poised to drop for the first time in about 15 years, according to a new report by a government think tank. Total direct investments are expected...

 


CRE execs are optimistic about these three sectors

Bisnow

 

Industrial, multifamily and infrastructure — those are the areas within commercial real estate tht execs expect to outperform in 2017. That’s according to Altus Group’s 2017 Real Confidence Executive Index, which asked senior execs how they would invest a theoretical $1B...

 

FULL TEXT


Dachser USA Expands in Los Angeles

American Journal of Transportation

 

Dachser USA Air & Sea Logistics has recently moved and expanded its Los Angeles office in California.

The move to a larger space close to the Los Angeles International airport will allow Dachser to best serve its customers and meet the increasing demand for air and sea freight services. This expansion complements the offering of a new weekly Dachser LCL service to Shanghai, targeting customers who need reliable and efficient access to Asian markets.

“The increased demand for access to the Asian markets has led to an expansion of our West Coast office,” said Frank Guenzerodt, President & CEO of Dachser USA. “In 2017 and beyond, Dachser plans to continue to expand in various areas of the US.”

The office will host 28 employees led by Harry Pattas, who is the West Coast Director at Dachser USA. Pattas is responsible for both the Los Angeles and Phoenix offices, with reach to border activities further South. He brings almost 30 years of supply chain management experience to Dachser, and has helped the LA office grow for the past 3 years.

The new facility is located at 5220 Pacific Concourse Drive, Suite 360, Los Angeles, CA 90045. The office can be reached at (310) 645-0088.

-Staff

Property Buyer Makes Inroads on Sunset Strip

Los Angeles Business Journal

 

Kilroy Realty Corp. has plunged into the fray on the Sunset Strip with a multimillion-dollar acquisition: a 179,000-square-foot mixed-used development it bought for $210 million. The property, known as the Sunset, sits on the Strip between Sunset Plaza Drive and Alta Loma Road and consists of a 10-story office tower, three retail buildings, a 930-space parking garage as well as three billboards.

The seller was Palo Alto’s Broadreach Capital Partners, which purchased the 2.2-acre site for $105 million in 2006, said Andrew Harper, a managing director at Holliday Fenoglio Fowler who represented Broadreach.

Broadreach decided to cash in after making improvements to the property and bringing in new retailers, Harper added. The site is home to SoulCycle, H&M, Oliver Peoples, and one of the highest-performing Equinox gyms in the region. The new developments under construction on surrounding blocks – slated to add more than 758 hotel rooms and 254 residences on Sunset Boulevard – will likely drive foot-traffic to the stores, boosting the value of their locations.

“That will be a significant uplift to the retail portion of the project,” Harper said.

In another sign of the Sunset Strip’s growing shopping power, high-end retailer Fred Segal recently signed a deal for 22,000 square feet at CIM Group’s forthcoming Sunset La Cienega hotel and residential project.

The area’s office market is also performing well. Monthly rents on the Strip jumped 25 percent in the past couple of years to hit between $6 and $7 a square foot – one of the highs in all of Los Angeles.

Harper was assisted on the transaction by HFF’s Ryan Gallagher, Michael Leggett, Bryan Ley, and Tim Geiman.

Driving Leases

Trion Properties renovated the Eleanor, a 90-year-old apartment building in MacArthur Park, with modern amenities and an art deco motif in May. The only thing that couldn’t be improved was the parking – because there is none.

Trion Managing Partner Max Sharkansky knew, from the start, that this failing could make it a bit harder to attract tenants.

“L.A. is a driving town, no matter what happens,” he said. “We had to work around our issue.”

So he turned to Uber, offering tenants rideshare credits worth $100 a month when they signed a one-year lease. Within a few months, the building hit occupancy rates between 93 and 95 percent, according to Sharkansky. Now that the place has filled up, he has toned down the offer, giving away $250 of Uber credits to new tenants in a one-time deal.

He thinks the trend will catch on as other landlords in parking-challenged neighborhoods seek to attract tenants.

“This will probably become more of a popular marketing tactic, especially as people stop driving and use Uber more as a form of public transportation,” he said.

He’s prepared to swallow a bit of an extra expense, categorizing it as a marketing cost, the same way he allocates resources for listings on Apartments.com.

Creative Spin

Another lackluster office is about to get a trendy update. A 14,200-square-foot office on Jefferson Boulevard in Culver City recently sold to Luzzatto Co. Inc. in Santa Monica, which plans to renovate the lobby, patio, façade, windows, and interior workspaces. Luzzatto paid $6 million for the former industrial building constructed in 1982. The site last sold for $1.9 million in 2003 to James and Kathleen Rodgers.

Luzzatto Managing Director Ron Harari said his firm found the property off-market, a result of paying close attention to Westside office markets and looking for buildings that would lend themselves to creative conversions.

“There’s not much supply left,” he said. “The ability to get it when it’s raw and put your stamp on it is always appealing.”

Tibor Lody of Lee & Associates West Los Angeles represented the seller; Aleks Trifunovic and Keith Fielding of the same brokerage represented Luzzatto.

-Staff reporter Daina Beth Solomon can be reached at (323) 556-8337 or dsolomon@labusinessjournal.com.

Ludeman Takes on Additional Role as Head of US Office Sales for CBRE

CoStar.com

 

Determined to increase its share of major office property sales assignments from large institutional investors, CBRE has turned to longtime company insider and experienced real estate executive Christopher Ludeman to take on the additional role as leader of its US office sales group.

Ludeman will lead the firm's nearly 200 US institutional office brokers in addition to his responsibilities as Global President of Capital Markets. CBRE reportedly turned to Ludeman following a two-year search that did not turn up a suitable match for the position. The longtime CBRE executive's new role was first reported by Real Estate Alert and confirmed by a CBRE spokesman.

Ludeman, who began his career with CBRE as a sales broker trainee in 1980, oversees the company’s investor advisory business, including equity sales, debt and structured finance and real estate investment banking. In 2014, the company was the intermediary for more than $220 billion in capital markets engagements. He also is a member of the firm's Global Operating Committee and its Operations Management Board for the Americas.

During his 36-year career with CBRE, Ludeman has held a number of senior management roles, having at various times served as president of the firm's Brokerage, Transaction Management and Global Corporate Services business lines. Before moving into senior management roles, Ludeman served in several regional and local market leadership positions.

The new role will see Ludeman return to playing an active role in competing for the top office sales assignments from big property owners.

"It's like a general joining the troops on the front lines," as one CBRE office sales specialist in the firm's Washington DC office described the move. "It's energized the whole team."

Due to their high profile in the industry, competition for plum office sales assignments is extremely fierce. And for full-service real estate firms like CBRE, successful sales transactions can often lead to more business by serving as a conduit for leasing and property management assignments from the new owner.

In addition, after steadily increasing each year since 2009, total office sales in the US peaked in 2015. While too soon to call it a trend, the lower office sales total in 2016 likely means more competition for fewer deals in 2017.

CBRE, which competes with the likes of Cushman & Wakefield, JLL, HFF and especially Eastdil Secured for the top core office sales assignments, refocused on its office sales business following the departure in early 2016 of former West Coast sales leader Kevin Shannon and his team for upstart Newmark Grubb Knight Frank, which has pursued a particularly aggressive recruiting strategy to break into the top ranks of firms handling major property sales.

-Tim Trainor

24 Hour Fitness Leases New Space at Del Amo Crossing in Torrance

RENTV.com

 

24 Hour Fitness has agreed to lease a freestanding, 44.7k sf fitness facility yet to be constructed at Del Amo Crossing, mixed-use complex at the busy intersection of Hawthorne and Del Amo Boulevards in Torrance. The center is owned by The Muller Company, who has initiated a major remodel of the property that will include numerous upgrades along with the creation of additional retail and restaurant space.

Del Amo Crossing also currently houses a 12-story, Class A office tower featuring key tenant California Bank & Trust plus an 85k sf, five-story medical center. The project is convenient to I-405 and within striking distance of downtown Los Angeles and LAX. The location is also an easy commute from several nearby residential communities. Equally convenient is its proximity to the Del Amo Fashion Center— one of the nation’s largest shopping destinations for retail, dining and entertainment. Chris Sinfield, Tom Sheets, Leslie Mayer, Patty Kemmerer and Quint Carroll with Cushman & Wakefield represented the landlord in the transaction. Per the company’s web site, 24 Hour Fitness operates two other current locations in the city of Torrance at 4240 Redondo Beach Blvd and also 2685 Pacific Coast Hwy.

-Staff

With radar deal, FAA OKs Rams stadium in Inglewood

MyNewsLA.com

 

On the day the team introduced its new head coach, the Rams Friday reached an agreement with the Federal Aviation Administration formally approving the construction of its $2.6 billion stadium in Inglewood.

The FAA had initially expressed concerns about the height of the stadium — which will be shared by the Rams and Chargers — and the chance the structure might interfere with radar systems at Los Angeles International Airport to the west.

Under the agreement announced by the FAA Friday, the Rams will “pay $29 million to install a secondary aircraft tracking system that will augment the existing LAX radar system.”

“As a result of the agreement, the FAA is able to issue a determination that the stadium will not pose a hazard to navigable airspace or affect the flow of aircraft into LAX,” according to the FAA.

The agency noted that it is still reviewing the cranes that are expected to be used during stadium construction.

The stadium, with an estimated capacity of about 80,000 but expandable up to 100,000, is expected to be completed in time for the 2019 NFL season. The building will be the centerpiece of a sports and entertainment district that will include retail and office space, residential units, parks and possibly a hotel.

— City News Service

Mark and Arman Gabay buy El Monte building for $26M

The Real Deal

 

Brothers Mark and Arman Gabay, who own the development firm Charles Company, purchased an office and industrial property in the San Gabriel Valley for $26 million in an off-market deal that closed Thursday, The Real Deal has learned.

The buyers paid just over $100 a square foot for the 247,000-square-foot building at 9320 Telstar Avenue in El Monte to the sellers, a partnership between Kennedy Wilson Properties and Fairfax Financial Holdings, according to CoStar.

The property appears to have been sold at a loss. Kennedy Wilson purchased the building in 2011 from Jamison Properties for $33.3 million, according to CoStar. It’s not the first loss, either: Jamison acquired the building for $45 million in 2007.

Andrew Levant of Kennedy Wilson represented the sellers. John Carroll of Giltner Realty repped the buyer.

The sale price, which comes out to little more than $105 per square foot, is below the average going rate for office property in El Monte, which is $126 per square foot, according to CoStar.

The building is fully leased, with Los Angeles County Health Services as its anchor tenant, according to CoStar. About 68,000 square feet of the remaining space is leased to an apparel company, Vibes Base Enterprise, that uses it for storage and distribution. The tenants have more than two years left on their leases and do not yet have plans to move, said a source close to the deal.

The Gabay brothers’ Charles Company owns a range existing and ground-up development properties in Los Angeles, from retail centers to mixed-use projects to restaurants. It is planning a $500 million remodel of its Hawthorne Plaza mall, which would include 600 residential units and offices.

The Gabays, who could not be immediately reached for comment, have been the target of criticism over their campaign contributions in areas where they have proposed developments. Arman Gabay, for example, donated about $50,000 through his companies to the 2011 campaign of former Hawthorne Mayor Danny Juarez, the Daily Breeze reported.

Mark Gabay recently purchased the Hannah Carter Japanese Garden garden and adjacent residence in Bel Air from UCLA for $12.5 million, raising some neighborhood concerns about whether it would be maintained “in perpetuity” as Carter’s heirs had wished.

-Laurie Dove

Chinese foreign investment to drop: report

The Real Deal

 

Chinese overseas investment — a boon to Los Angeles real estate in recent years — is poised to drop for the first time in about 15 years, according to a new report by a government think tank.

Total direct investments are expected to be around $118 billion, a level seen in 2015, according to economists at the Chinese Academy of Social Sciences, who pointed to greater scrutiny of deals by Chinese officials and potentially tougher trade measures in the U.S.

In recent years, Chinese overseas direct investment has been growing at a clip of 35 percent a year since 2013. China’s top economic planning official recently estimated that direct investment would hit $170 billion in 2016, according to the Wall Street Journal.

Chinese investment in Los Angeles has bankrolled massive deals in recent years, with companies such as Greenland USA building one of the biggest projects in Downtown L.A.

“We’re still seeing strong desire by companies to invest in foreign markets,” Zhang Ming, a member of the think tank team that analyzed China’s foreign investment, told the Journal. “But a combination of tighter domestic policies and heightened political risks overseas mean outbound investments for 2017 would be lower than the level in 2016.”

China’s own economy has been lagging, and outbound investment has been fueled by the country’s weak currency. But Chinese officials imposed new measures in November in an effort to slow outbound investment. At the time, officials said there was concern that companies were faking deals in an effort to move money out of the country.

-Catherine Clark

CRE execs are optimistic about these three sectors

Bisnow

 

Industrial, multifamily and infrastructure — those are the areas within commercial real estate tht execs expect to outperform in 2017. That’s according to Altus Group’s 2017 Real Confidence Executive Index, which asked senior execs how they would invest a theoretical $1B in real estate to make the highest returns this year, NAREIT reports. Industrial real estate took first place, with a 40% year-over-year increase among private equity selections and a 61% jump with REITs. Multifamily came in second, with little change in REIT allocations but a 27% jump for private equity. Last was infrastructure, with allocations growing 216% from last year’s survey, likely spurred by President-elect Donald Trump’s infrastructure plans.

 

-Erik Dolan-Del Vecchio

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