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Equity Office Daily Brief: April 14, 2017

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Daily Brief

April 14, 2017

  EquilityOffice

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Young Talent Drives Office Users to New Downtowns

National Real Estate Investor

 

Tech held onto its place as the urban office sector’s dominant industry, capturing 24.2 percent of leasing volume during the first quarter of 2017, according to the latest office report from real estate services firm JLL. By comparison, the second largest...

 


Typically a Turtle, Industrial Could Be Real Estate's New Hare

Commercial Property Executive

 

Often deemed a relatively unexciting sector marked by incremental growth, the asset category is arguably the hottest in real estate, thanks to changing consumer and lifestyle trends. Traditionally seen as unexciting and featuring incremental growth, industrial has become arguably the hottest sector...

 


Mysterious developer in negotiations over future of Tres Hermanos Ranch near North Orange County

Orange County Register

 

A newly formed water and power company managed by a San Diego housing developer is negotiating behind the scenes with the City of Industry on the future of 2,500 acres of undeveloped rolling hills near the borders of Los Angeles, Orange...

 


Avison Young Taps LA County Research Manager

Commercial Property Executive

 

Arty Maharajh joins from Cushman & Wakefield and brings 16 years of commercial real estate research experience. Arty Maharajh joined Avison Young as Research Manager for Los Angeles County. In his new role, Maharajh will maintain data and analytics and produce local...

 


Neighborhood Spotlight: Chinatown again rolls with the punches, capitalizing on change

Los Angeles Times

 

The long, storied history of the Chinese in Los Angeles began in 1850, when the census recorded two Chinese residents of the city. They were part of a wave of Chinese immigrants drawn to California by the twin siren calls of the...

 



BLOG & ONLINE NEWS

 

Upload LA Officially Opens as a Hub for Multi-Discipline VR/AR Innovation

Upload

 

Today, Upload, Inc. is officially opening the doors of its newest VR/AR co-working space in Los Angeles,CA. Upload LA will be the second location following the launch of Upload SF in 2016. The space is designed to be a 20,000 square...

 


Drug Testing Firm Buys Northridge Industrial Property

RenTV.com

 

A 16k sf industrial building in the San Fernando Valley community of Northridge has been acquired by principals of Drug Tests In Bulk (DTIB) for $3 mil ($188/sf). The buyers will use the property as the firm’s corporate headquarters. The...

 


Stos Partners Completes Three SoCal Deals

RenTV.com

 

Stos Partners has completed three commercial property transactions in Southern California, including the sale of a multi-tenant industrial asset in Rowland Heights, the acquisition of a single-story office building in Encinitas, and the acquisition of a two-story office building in San...

 

FULL TEXT


Young Talent Drives Office Users to New Downtowns

National Real Estate Investor

 

Tech held onto its place as the urban office sector’s dominant industry, capturing 24.2 percent of leasing volume during the first quarter of 2017, according to the latest office report from real estate services firm JLL. By comparison, the second largest occupiers in the sector are insurance and finance firms, which represented 14.2 percent of leasing volume during the first quarter.

The trend of office users “right-sizing” their space for cost efficiency, which emerged during the recession, has continued, says JLL National Research Director Julia Georgules. She notes that office users are renewing their leases, but many are downsizing, shedding excess space or allocating less square footage per employee than previously to deal with rising rents in urban markets.

The biggest shift during the current real estate cycle has been the movement of companies back into cities to access new talent, Georgules adds, since young professionals today prefer a city lifestyle. “Influenced by the sharing economy and the reduced desire for ownership, Millennials moved back into urban areas where they are renting, taking public transit and accessing the multitude of amenities available in a dense, vibrant city.”

Early in the cycle it was San Francisco and New York that drove most of that activity. More recently, however, the trend has expanded into other big cities, including Boston, Seattle and Chicago. But as tenant demand increased in these core urban markets, it pushed up rents and reduced the supply of available office space.

As a result, growing companies in search of young talent have had to look to new markets to access those talent pools and take advantage of better economics, like lower salaries and real estate costs. Meanwhile, young professionals are also opting to make a home in some of these smaller markets, due to a high quality of life and lower housing costs.

Many urban markets, including San Francisco and Seattle, have surpassed previous peak rents. For instance, San Francisco’s overall office rent, according to a JLL’s fourth quarter 2016 report, was $73.65 per sq. ft., up from the peak 2007 asking rent of $42.12 per sq. ft.

The rent advantage in secondary urban markets is notable, though office rents in those markets are on the rise. “Smaller markets were slower to recover, so there’s more momentum in rent growth now at the later part of the cycle,” according to Georgules.

This is good news for investors, Georgules adds, as there are still some markets on the upswing that can provide higher yields. She points to Columbus, Ohio, Richmond, Va. and Miami as some of these markets.

“From an investor standpoint, assets in gateway cities are getting pretty pricey at this stage in the cycle and yields are contracting so much, investors are looking at secondary urban or suburban markets,” says Scott Lathan, vice chairman and co-lead of the New York capital markets group with real estate services firm Colliers International. He notes that the trend includes foreign investors, which view U.S. urban markets as more opportunistic and stable than markets at home.

Columbus is good example of these trends. With overall asking rent of $18.96 per sq. ft., according to a mid-year 2016 JLL report, it still has room for rent growth. A number of Fortune 500 companies are headquartered in the city, and a significant talent pool can be found in the Short North neighborhood, which is located just north of downtown, south of the Ohio State University campus and a short walk away from the Nationwide Arena district office market.

The neighborhood began gentrifying in the 1980s and now attracts hip, young professionals. With buildings dating back to the 1920s, it is heavily populated with storefronts along High Street, which include art galleries, specialty shops, pubs, nightclubs and coffee houses. The commercial area is surrounded by old apartment buildings, row houses and newer condominium projects.

With tech and creative tenants preferring urban markets, older buildings in these areas are being re-positioned for modern office users, Georgules points out. “This is mostly happening in B buildings, but if a class-C building has good architectural elements and good structure, we’re seeing redevelopment plays there too, but these companies still need a good canvas to start with.”

Class-B buildings in urban markets often have the architectural features that tech and media companies want, according to Latham. He adds, however, that while there has always been demand for such properties, the current price points might be getting too high, with rents going from $30 per sq. ft. to $50. For the time being, however, this isn’t discouraging users.

Chicago’s 1K Fulton, a former cold storage facility in the city’s Fulton Market sub-market that was redeveloped and leased to Google, is probably the best example of this, says Georgules.  Another example is the former Sears building in Uptown Oakland, Calif., which Uber purchased for its headquarters. “This put that sub-market on the map from a demand perspective,” she notes.

The redevelopment of the former Ford Factory in the Los Angeles Arts District is another interesting play, and the first major project to land a tenant in that sub-market, capturing Warner Music. Georgules also notes that in downtown Durham, N.C. several former tobacco factories have been renovated to accommodate office tenants. She cites the American Tobacco campus, which is home to more than 200 start-ups, as a good example.

Many of these revitalized neighborhoods started by offering a mix of uses with retail and multifamily, but their popularity has given way to new office projects as demand spilled over, Georgules says. And it’s not just technology and media companies that find these sub-markets appealing. It’s also “traditional companies that appeal to a younger workforce. Many companies are thinking about these neighborhoods as a competitive advantage… and attracting the right kind of talent they need to take them into the future.”

For investors in office assets, finding the right property has become a question of which neighborhood and street to look at, rather than which market.

“You can’t look from the bottom down any more, you need to look from the center out. That’s where you’re going to see what’s in demand and what’s not,” Georgules says, noting that fringe markets are a natural expansion of the central business districts (CBDs). 

-Patricia Kirk

Typically a Turtle, Industrial Could Be Real Estate's New Hare

Commercial Property Executive

 

Often deemed a relatively unexciting sector marked by incremental growth, the asset category is arguably the hottest in real estate, thanks to changing consumer and lifestyle trends.

Traditionally seen as unexciting and featuring incremental growth, industrial has become arguably the hottest sector in real estate because of changing consumer and lifestyle trends.

Although the sector’s growth has myriad reasons, the chief force behind the burgeoning demand for industrial space is e-commerce. Demand is measured not only in square feet, but also new facilities with modern technology and in locations closer to population centers. That has led to robust development and atypical growth in rents and property values.

The impact of e-commerce on industrial is in its early stages, says James Bohnaker, a senior economist for CBRE. “The structural tailwinds are all very strong and pointing in the right direction,” he said.

Industrial property values are rising fast. According to research and analytics firm MSCI, U.S. industrial properties returned 11.7 percent, the highest of any property segment in 2016, and well above the 7.7 percent all-property average. MSCI found that double-digit returns were widespread in metros across the country. As might be expected, industrial property returns were highest in rapidly growing western and southern metros that are attracting jobs and population growth, including: San Francisco (17.2 percent), Seattle (16.4 percent), Austin (16.2 percent), Orlando (15.8 percent), Portland (14.8 percent), San Jose (14.1 percent) and San Diego (14.0 percent). However, returns also were solid in markets where overall property value growth was less robust, including: New York (13.5 percent), Philadelphia (13.8 percent), Boston (12.7 percent) and Chicago (8.9 percent).

Whether investor and tenant demand can continue at above-trend levels is an open question, and there are concerns about whether the sector’s bull run will be curtailed by issues such as overdevelopment, a cooling economy or protectionist trade policy.

Slow, Steady Growth Sector

Industrial has long been a relatively unexciting segment of commercial real estate. Warehouses and processing centers are functional and anonymous, mostly situated away from trendy locations, and rent growth historically has been slow-moving. It’s hard to make a quick profit or flip industrial properties, which rules out some types of capital sources, and owners need some operational expertise, which rules out others.

Dynamics of the industrial sector are changing for many reasons, particularly the growth in e-commerce, foreign trade and technology. The old model for warehouses was to cluster them near ports or out-of-the-way spots, where products would be stored and shipped to retail locations. But that has changed as today’s consumers want to buy products online and have them delivered almost immediately. U.S. consumers purchased nearly $400 billion of goods online in 2016, and E-commerce sales have been growing by about 15 percent per year.

The new retail model requires distribution centers that are compatible with online purchases—equipped with state-of-the-art technology and high ceilings and located near population centers. Growing demand for those types of facilities has supported development of new space to support retailers such as Amazon and Walmart. That has put industrial in the unusual position of competing for land with property types in higher-cost locations.

“The focus in the past was where to find the cheapest labor,” said Jay Pelosky, principal at consulting firm Pelosky Global Strategies, speaking at last week’s MSCI Real Estate Investment Conference in New York. “Now we’re talking about how to get close to the customer.”

E-commerce isn’t the only driver of warehouse demand, though. The rise of sustainable energy production, legalization of marijuana in some states and growing global trade has also played a role in the increased use of distribution and warehouse space. The demand is broad-based, some near ports in metros such as Inland Empire, Seattle and Central New Jersey or in states such as Colorado where marijuana is sold legally.

With so much absorption, occupancies of industrial space have crept higher as the economy recovered from the last recession. Since the beginning of 2013, 1.1 billion of space has been absorbed. After peaking at 14.2 percent in 2Q10, industrial vacancy rates steadily declined to 7.9 percent in 4Q16 before rising by 10 bps in the first quarter of 2017 (CBRE).

Like all commercial asset classes, development was stalled in the wake of the Great Recession, but now construction is on the rise. Since 1Q13, about 600 million square feet of space has been developed, compared to about 200 million square feet between 2009 and 2012 (CBRE). Some 187 million square feet was added to inventory in 2016, up 19.3 percent year-over-year and the most since 2008 (CBRE).

With occupancy rates at or near all-time highs in most markets, supply might not be an issue. The question is whether new development will continue and eventually overshoot, dragging down occupancy rates and slowing or even flattening rent growth.

Capital Trends

Industrial property sales in the U.S. totaled $59 billion in 2016, down from the sector’s peak volume of $78 billion in 2015, according to Real Capital Analytics. The decline reflects the fact that several large portfolio trades and mergers and acquisitions closed in 2015, and a lack of motivated sellers, not any shortage of capital.

In fact, many institutions would like to grow their industrial holdings but find it difficult to break into the sector. For one thing, individual property values are relatively low, and there are no trophy assets, so institutional investors with large pots of money to invest can only get into the market by buying large portfolios. That produces a “portfolio effect,” where institutional buyers must pay up for large portfolios with lower acquisition yields.

“It’s a hard sector to get into,” said Jacques Gordon, global head of research and strategy at LaSalle Investment Management, speaking at the MSCI conference. “It’s hard to buy and there’s not a lot of it.”

Questions About Global Trade

Since global trade is one of the big drivers of industrial use, the direction of U.S. trade policy could have a major impact on future demand, not only the amount of space needed, but the location. During his campaign, President Donald Trump said he wanted to impose steep tariffs on goods imported from countries such as China and Mexico, and rewrite trade agreements that he said had negative effects on manufacturing communities in the U.S. Republicans in Congress have also proposed reforming the tax code to include a “border adjustment tax,” which would have the effect of increasing taxes on businesses that import goods and lowering them on exporters.

To date, no proposals for tariffs or taxes have been introduced. While it is unclear what will be proposed and what can make it through Congress, it’s safe to say that the administration has a view of trade that differs from all recent predecessors, regardless of party. U.S. policy has been about open borders and increasing trade, while Trump’s view is nationalist.

Trade agreements such as the North American Free Trade Agreement (NAFTA) have been about coordinating among countries in a region the mismatch between labor, resources, capital and consumers. For example, in NAFTA (simply put), Mexico has low-cost manufacturing, Canada has resources and the U.S. has consumers and capital, Pelosky said. While there are inevitable downsides, trade agreements give businesses access to markets and resources that boosts growth in all countries.

Pelosky noted that although Trump’s policies are not yet formed, and he has yet to nominate candidates to positions in the federal bureaucracy who would form and implement trade policy, that the new president is likely to soften his campaign stances once he realizes the benefits of cooperation between countries. Trump’s nationalistic rhetoric “comes from a good place, he realizes the need to work,” Pelosky said. “How to address it is the question.”

-Paul Fiorilla

Mysterious developer in negotiations over future of Tres Hermanos Ranch near North Orange County

Orange County Register

 

A newly formed water and power company managed by a San Diego housing developer is negotiating behind the scenes with the City of Industry on the future of 2,500 acres of undeveloped rolling hills near the borders of Los Angeles, Orange and San Bernardino counties.

The business-centric City of Industry has been aggressively trying to regain control of the historic Tres Hermanos Ranch in Diamond Bar and Chino Hills, one of the largest remaining pieces of vacant private land in the region. The city lost access to the land during the demise of local redevelopment agencies five years ago.

Officials in the wealthy San Gabriel Valley city of about 200 residents claim they want to preserve the land for a public purpose. But the city’s unwillingness to elaborate on what that purpose would be has raised suspicions among local leaders and environmentalists that the property could be turned into housing tracts or a power-generating facility.

The tract of cow pastures surrounded by hills lies more than three miles outside of Industry’s city limits. The land is divided between Diamond Bar in the north and Chino Hills in the south.

Industry offered $100 million for Tres Hermanos earlier this year, but a county-appointed oversight board postponed voting on the sale in January after members demanded to know how the city plans to use the land. City officials have scoffed at the request, saying state law doesn’t require them to share anything.

QUESTIONS RAISED

A closed session meeting on Thursday has provided new insights — and questions — about what those plans might be.

Industry’s City Council is negotiating “price and term of payment” for Tres Hermanos with a limited liability corporation formed roughly a year ago. The company, San Gabriel Valley Water and Power LLC, is managed by Ambient Communities, a San Diego-based residential and commercial developer, public records showed.

Ambient has built hundreds of homes in Temecula and San Luis Obispo in recent years, according to its website.

Conservationists with Save the Tres Hermanos Ranch have said they would support any plan that preserves most of the land for open space, but the inclusion of a housing developer has them concerned they’re being misled, according to Jim Gallagher, a member of the group.

Wade Hall, principal at Ambient and a project manager for San Gabriel Valley Water and Power, said housing is not part of the city’s plans for Tres Hermanos.

“Even though we’re housing and commercial guys, there’s no intention to do that,” said Wade Hall, a principal at Ambient and a project manager for San Gabriel Valley Water and Power. “The reason we’re managers of that entity is because we’re used to managing entitlement, large projects and large budgets and working with consultants and financing.”

He would not provide any details about what has been discussed, but added the name of the LLC “implies what thoughts are being considered.”

For decades, Industry officials have contemplated various public utility projects for Tres Hermanos, most recently a proposal that would have flooded the plains and hills for a series of reservoirs stretching south to Brea. Other proposals have included a hydroelectric facility and solar farms. Last year, Industry’s City Council moved to investigate expanding their utility to meet the needs of the thousands of businesses within the city limits.

The Cordoba Corp., a consultant hired to run the public utility, is also being paid to investigate uses for Tres Hermanos.

WHO’S BEHIND SAN GABRIEL VALLEY WATER AND POWER?

Hall would not disclose the members of the LLC, saying only they are “potential investors” who brought Ambient in to manage the LLC last year.

“I don’t think that’s public knowledge, or will be,” he said.

Industry City Manager Paul Philips refused to comment on the San Gabriel Valley Water and Power LLC, its formation or the negotiations.

“Obviously, we have an obligation to figure out what we’re doing,” he said.

NEIGHBORS, OFFICIALS FRUSTRATED

Industry’s secretive nature has become frustrating for neighboring communities. Chino Hills City Manager Konradt Bartlam said he has never heard of Ambient or San Gabriel Valley Water and Power. Industry’s council agenda abbreviated the LLC to “SGVWP LLC” instead of using the full legal name and provided only parcel numbers for Tres Hermanos, making it harder for an individual to know what the closed session item was about.

“They don’t own the property … so how can they negotiate with these entities,” Bartlam said, adding that he feels Chino Hills is being kept in the dark. A large portion of Tres Hermanos is within Chino Hill’s city limits.Bartlam isn’t the only one frustrated.

Bartlam isn’t the only one frustrated.

Santos Kreimann, the chair of the oversight board tasked with selling Tres Hermanos, was unaware of the negotiations between Industry and the Ambient-managed company. He said his responsibility continues to be to find the “highest and best use” for the land.

“The concern I have is that the Successor Agency staff and the city have not been forthcoming with any information,” Kreimann said.

The interest from these outside investors and a previous $101 million offer by a real estate developer could make three potential bidders for the property, Kreimann said. That may mean the oversight board should consider putting the land on the public market to bring in the highest value, he said.

If that happened, the land would almost certainly become housing, as developers would pay much more than what Industry is offering.

“I certainly think it is an option we have to consider as a group,” Kreimann said.

ABOUT TRES HERMANOS

Industry’s redevelopment agency first purchased the 2,500-acre Tres Hermanos Ranch for $12.1 million in 1978. Among the original three owners — the Tres Hermanos — was Harry Chandler, former publisher of the Los Angeles Times. The land sat untouched for nearly 40 years, used primarily by ranchers to run cattle.

Industry’s previous city council passed on buying the land and put it up for bid, bringing in a $101 million offer from a housing developer. A tumultous election in 2015 led to the ouster of most of the city council and suddenly, the city wanted to keep the land for undisclosed reasons.

City officials have been aggressively trying to retain the land since then, offering $100 million to a county-appointed oversight board. Industry won’t say what it wants to do with the land.

-Jason Henry, Steve Scauzillo and Researcher Ian Wheeler contributed to this report.

Avison Young Taps LA County Research Manager

Commercial Property Executive

 

Arty Maharajh joins from Cushman & Wakefield and brings 16 years of commercial real estate research experience.

Arty Maharajh joined Avison Young as Research Manager for Los Angeles County. In his new role, Maharajh will maintain data and analytics and produce local quarterly market reports covering all service lines. In addition, he will oversee client research projects, including demographic, economic, labor force and real estate market trends.

Maharajh joins from Cushman & Wakefield, where he headed the firm’s Los Angeles research efforts and brings 16 years of commercial real estate research experience. Maharajh also worked in research capacities at CBRE, where he managed the firm’s Inland Empire research team. Prior to that, he worked for American Realty Advisors and CoStar Group. With CoStar Group, he oversaw a large team of analysts and field researchers for multiple markets, including Bethesda, Md., and San Diego offices.

“We entered Southern California just under six years ago and have experienced rapid growth with six offices and more than 120 people today. Arty provides an additional layer of depth and expertise that will help us even better serve our existing clients and continue to attract new brokerage experts and clients over the next several years,” said Christopher Cooper, Avison Young principal & managing director of the company’s Southern California region, in prepared remarks.

-Staff

Neighborhood Spotlight: Chinatown again rolls with the punches, capitalizing on change

Los Angeles Times

 

The long, storied history of the Chinese in Los Angeles began in 1850, when the census recorded two Chinese residents of the city.

They were part of a wave of Chinese immigrants drawn to California by the twin siren calls of the Gold Rush and plentiful construction jobs on the transcontinental railroad. They found ready work across California.

Soon Old Chinatown was a thriving neighborhood, complete with a Chinese opera and no fewer than three temples. In 1880, however, growing xenophobic sentiment reached its apotheosis with the Exclusion Act, which barred further Chinese immigration.

The act, in conjunction with prohibitions against the ownership of property by anyone of Chinese ancestry, set in motion the slow economic decline of Old Chinatown, a process that accelerated in the 1930s with the decision to raze the heart of the neighborhood to make way for Union Station.

L.A.’s Chinese community, in an effort led by SooHoo, began to search for a site to build a new, modern Chinatown. It found one just north of downtown, on Santa Fe Railroad land in what had historically been Little Italy.

To prevent the kind of dislocation that had forced them from their original neighborhood, they formed the Los Angeles Chinatown Project Assn., a development group that would allow them to control their own destiny moving forward.

Working to create a recognizably Chinese cultural experience that would appeal to locals and tourists alike, the association re-envisioned Chinatown as a mixed-use residential and retail complex. Buildings were constructed to the most modern earthquake codes, the streets were wide and airy, and traditional Chinese architecture, as filtered through the popular American imagination, was foregrounded.

As innovative as New Chinatown was, its reign as the center of Chinese American life in Los Angeles was short. The end of the Exclusion Act during World War II and the relaxation of racial covenants allowed Chinese Angelenos to join the postwar exodus to the suburbs, with many making their new homes in San Gabriel Valley.

Today, Chinatown is on an upswing. New apartment buildings and retail outlets are going in; it has its own Metro rail station; and the Los Angeles State Historic Park will finally open later this month.

Neighborhood highlights:

Cuisine scene: In the last few years, Chinatown has emerged as one of the city’s most exciting hipster food havens, especially if you’re on a budget. Although Pok Pok Phat Thai is no more, there are still Howlin’ Rays (if you can stand the line), Chego, Lao Tao and more at the Far East Plaza alone.

Old meets new: The original plaza is still standing and as popular as ever, and it's now being complemented by new residential development across the neighborhood.

A layered history: Three historical timelines — the Italian and Chinese immigrant experiences, and the early history of L.A. itself — come together in Chinatown.

Neighborhood challenges:

Keeping it real: Chinatown is touristy, sure, but it’s always been grittily true to itself. Keeping new development from polishing away its interesting edges will be a challenge.

Expert insight:

With the rapid rise of downtown L.A., neighboring communities are benefiting from the spillover, said Johnny Choi, a senior associate who does retail investments and leasing at CBRE.

“Chinatown is really in the path of growth,” he said. “When it comes to commercial and residential, people are very sensitive in terms of rent, and I think everyone's kind of moving outwards of downtown because downtown is getting so expensive.”

Choi noted that for residents of Chinatown, “downtown L.A. is almost like an amenity to them — it's, like, five minutes away."

Market snapshot:

Portions of the 90012, 90031 and 90033 ZIP Codes overlap the Chinatown area.

In February, based on three sales, the median sales price for condominiums in the 90012 was $430,000, according to CoreLogic. In the 90031 ZIP, the median sales price for condominiums, based on four sales, was $376,000, and for single-family homes, the median price was $508,000 based on four sales. In the 90033, there was one home sale of $750,000 for that month.

Report card:

Within the boundaries of Chinatown are Castelar Street Elementary and Endeavor College Preparatory Charter, which scored 874 and 870, respectively, in the 2013 Academic Performance Index.

Nearby schools include Albion Street Elementary, which had a score of 811, and Betty Plasencia Elementary, which scored 786. Ramon C. Cortines School of Visual and Performing Arts scored 737, and School for the Visual arts and Humanities had a score of 685.

-Scott Garner

In L.A., these new Americans began to settle in the area between the Los Angeles River and the Plaza.

With the end of construction of the railroad, a nativist backlash resulted in a restriction against any Chinese working as wage laborers, a restriction that they promptly turned into an opportunity to achieve success through entrepreneurial pursuits.

Upload LA Officially Opens as a Hub for Multi-Discipline VR/AR Innovation

Upload

 

Today, Upload, Inc. is officially opening the doors of its newest VR/AR co-working space in Los Angeles,CA. Upload LA will be the second location following the launch of Upload SF in 2016. The space is designed to be a 20,000 square foot paradise for VR/AR companies that range from startups to global corporations. Upload LA will provide companies from every VR discipline and focus area with a space to work, relax, create, and, most importantly, learn from one another.

Upload LA is situated in Marina Del Ray and is aiming to be the world’s premiere VR/AR office space and education facility.

In addition to co-working, Upload LA is going to serve as the company’s flagship location for its education initiatives. Upload, Inc. is offering courses in VR/AR development that range from an introductory course in 360 film making, all the way  up to a VR master program. According to the website:

At Upload, we believe in education that prepares you for the real world. Our skills-based learning approach includes a focus on maximizing learning retention, exposure to real client projects and programs to help you build a powerful professional network. Our full-time VR Master program is designed for software engineers who want to master virtual reality and join the VR/AR industry.

Upload LA is the product of a year’s worth of fundraising, planning, construction, and execution. When it opens it will serve as a significant step forward in Upload’s stated mission of accelerating the growth of the VR/AR industry. The space is meant to attract the best and the brightest minds from around the world and give them access to high-end technology, world-class mentors, and the experiences of their fellow office-mates.

Upload LA’s private office spaces have already been rented by companies, but you can join the waiting list or reserve a dedicated desk/floating desk anytime.

The space officially opens tonight, April 13th, during an inaugural event and party. Welcome to the future!

-Joe Durbin

Drug Testing Firm Buys Northridge Industrial Property

RenTV.com

 

A 16k sf industrial building in the San Fernando Valley community of Northridge has been acquired by principals of Drug Tests In Bulk (DTIB) for $3 mil ($188/sf). The buyers will use the property as the firm’s corporate headquarters. The facility is located at 9333 Melvin Ave, east of Corbin Ave and north of Nordhoff St. The property will also serve as clinical laboratories and provide drug testing services for local companies and governmental agencies. DTIB’s new Northridge headquarters is situated on just over a half acre of land. The property features 16’ clear height, on-site parking for 32 vehicles and two drive-in loading doors. Steigleder and Kelly Betpolice with Hudson Commecial Partners represented Harout Kouzouian and Diana Kouzouian, the sellers of the property. The buyer, Mergers Marketing Inc, was repped by Craig Weisman of Told Partners. Deborah Suzanne Medway of Commonwealth Land Title Company, and Michael Anderson of Wells Fargo also played key roles in the transaction. “The sale of the Northridge property reflects the ongoing strength and limited inventory of the San Fernando Valley industrial property market. The building was originally being marketed for lease, but was sold due to the buyer’s strong offer and the current seller’s market,” Steigleder said.

-Staff

Stos Partners Completes Three SoCal Deals

RenTV.com

 

Stos Partners has completed three commercial property transactions in Southern California, including the sale of a multi-tenant industrial asset in Rowland Heights, the acquisition of a single-story office building in Encinitas, and the acquisition of a two-story office building in San Dimas. One of the transactions was the sale of Walnut Auto Center, a 30.2k sf multi-tenant industrial property located at 19116-19130 East Walnut Dr in Rowland Heights, which is comprised of eight automotive services tenants. The property, which Stos Partners acquired in 2015 for $5 mil, was purchased by a private investor for $6.6 mil. The company made strategic renovations and was able to bring the property to full occupancy, secure long-term leases with all tenants, increase rents by 30%, and then sell the property at a premium, all within a very short 18-month hold period. Anthony DeLorenzo and Doug Mack of CBRE, in partn
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Please contact us with any comments or questions at questions@spamdex.co.uk. Spam Archive is a non-profit library of thousands of spam email messages sent to a single email address. A number of far-sighted people have been saving all their spam and have put it online. This is a valuable resource for anyone writing Bayesian filters. The Spam Archive is building a digital library of Internet spam. Your use of the Archive is subject to the Archive's Terms of Use. All emails viewed are copyright of the respected companies or corporations. Thanks to Benedict Sykes for assisting with tech problems and Google Indexing, ta Ben.

Our inspiration is the "Internet Archive" USA. "Libraries exist to preserve society's cultural artefacts and to provide access to them. If libraries are to continue to foster education and scholarship in this era of digital technology, it's essential for them to extend those functions into the digital world." This is our library of unsolicited emails from around the world. See https://archive.org. Spamdex is in no way associated though. Supporters and members of http://spam.abuse.net Helping rid the internet of spam, one email at a time. Working with Inernet Aware to improve user knowlegde on keeping safe online. Many thanks to all our supporters including Vanilla Circus for providing SEO advice and other content syndication help | Link to us | Terms | Privacy | Cookies | Complaints | Copyright | Spam emails / ICO | Spam images | Sitemap | All hosting and cloud migration by Cloudworks.

Important: Users take note, this is Spamdex - The Spam Archive for the internet. Some of the pages indexed could contain offensive language or contain fraudulent offers. If an offer looks too good to be true it probably is! Please tread, carefully, all of the links should be fine. Clicking I agree means you agree to our terms and conditions. We cannot be held responsible etc etc.

The Spam Archive - Chronicling spam emails into readable web records

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Spamdex - The Spam Archive Located in London, SW19 8AE. Phone: 08000 0514541.