NAICS Codes
What are NAICS codes and why are they important in commercial real estate?  The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing … Continue reading →

CoStar's People of Note (May 13-19)
(05.17.12)This week's People of Note includes the following markets: Austin, Chicago, Houston, New York City, Philadelphia, Phoenix, San Antonio and Washington, DC. AUSTIN Transwestern Expands Investment Services Group By Dennis Bozzell Transwestern’s Central Texas region added Leah Gallagher as managing director for the firm's investment services group in Austin. Gallagher’s duties will include representing major institutional, government and private...

Hendricks & Partners Hires VP
(05.17.12)The Hendricks & Partners North Los Angeles office made a new addition to its team. Daniel Withers will join the office as a vice president. Withers has earned several awards at his previous firm, Marcus & Millichap. The University of California has closed more than 1,800 apartment units across Southern California.

Interactive Data Renews 22,877 SF in Santa Monica
(05.15.12)Interactive Data Corp., a global provider of financial market data and analytics, renewed 22,877 square feet of regional office space at 2901 28th St. in Santa Monica, CA. The structure is currently 89 percent occupied. The 64,683-square-foot, three-story office building was built in 1980 in the 18-building Santa Monica Business Park. It is right next to the Santa Monica Airport and is managed by Equity Office Management. Bryan Dunne, Deron...

Magellan/Principal JV Buys Vernon Industrial Bldg.
(05.16.12)The Magellan Group partnered with Principal Financial Group to acquire a 200,000-square-foot industrial building in Vernon, CA, for $10.75 million, or approximately $54 per square foot. International Paper Co. sold the single-story structure at 3030 S. Atlantic Blvd. The 14.7-acre property includes 6.8 acres of undeveloped land that Magellan plans to improve with a paved yard and maybe a 90,000-square-foot building. The company also proposes to...

L.A. Office Bldg. Sells for $330 PSF
(05.15.12)Maui Brian Properties LLC purchased the 10,000-square-foot office building at 2040 Stoner Ave. in Los Angeles, CA, from 2040 Stoner Properties LLC for $3.3 million, or about $330 per square foot. The property is on 0.42 acres and was built in 1950. The new owner will utilize the office building for his toy company. Dieter Tack with ADR Preferred Business Properties represented the seller, while Bradley Gibbons of Commercial Property Group...

Hudson Pacific To Buy San Fran, West L.A. Office Assets for $179M
(05.15.12)Hudson Pacific Properties (NYSE: HPP) agreed to purchase multiple properties in San Francisco and West Los Angeles in two separate deals totaling $179 million. The company will use the proceeds from its recent public offering of 11.5 million shares of common stock for $15 per share to help finance the acquisitions. Hudson Pacific estimates that it will net approximately $166.1 million to $190.8 million from the offering. The 211,000-square-foot...

Gardena Shopping Center Sells for $8.3 Million
(05.15.12)Redondo Garp LLC acquired a shopping center in Gardena, CA, anchored by Smart & Final for nearly $8.28 million or $296 per square foot. RK Gardena LLC was the seller. The property consists of two buildings with a total of 27,966 square feet. They were completed in 2002 and were 100 percent occupied at time of sale. The complex includes approximately 149 parking spaces. Adam Friedlander and Joseph Linkogle of Marcus & Millichap represented the...

LNR Property Sells La Puente Pavilion to Developer
(05.09.12)LNR Property Corp. sold the retail center at 15423-15441 Amar Road in La Puente, CA, to Astani Enterprises Inc., a real estate investor and developer, for $2.66 million, or about $58 per square foot. The 45,675-square-foot center was constructed in 1955 and then renovated in 1995. It is part of La Puente Pavillion. Fariba Kavian of NAI Capital represented the buyer and the seller. Please see CoStar COMPS #2261124 for more information on...

ETS Express Pays $3.5M for Oxnard Industrial Facility
(05.08.12)ETS Express purchased an industrial facility in the Channel Islands Business Center in Oxnard, CA, from a private investor for $3.5 million, or about $85 per square foot. The glass product manufacturer will use the building to expand its business. The 41,195-square-foot building at 1621 Beacon Place was constructed in 2002 in the Oxnard/Point Hueneme Industrial submarket. Michael and Melinda Walsh of DAUM Commercial Real Estate Services represented...

In The Pipeline: CoStar Development & Construction News for May 6 - 12
(05.08.12)In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail. Amazon To Add New Distribution Centers In CA Amazon.com, already...

Amazon To Add New Distribution Centers In CA
(05.07.12)Amazon.com, already accounting for a significant share of all new warehouse construction in the U.S., will occupy new fulfillment centers in San Bernardino and Patterson, CA totaling 2 million square feet. Hillwood and Clarion Partners announced that Amazon will occupy a facility of more than 950,000 square foot under development as part of the AllianceCalifornia project in San Bernardino, CA. The joint venture began construction on the facility...