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| October 16, 2014 |
Retailers Return to Urban Core
All the important fundamentals for San Diego's retail market have recovered: sales, and the employment and tourist traffic that supports retail, especially downtown. Now retailers want to be in San Diego's urban core again, Colliers International SVP and Urban Property Group leader Bill Shrader tells us.
Now that the fundamentals are in good shape, Bill says, he expects retail leasing to increase as new developments come on line with space to lease. Also, a lack of developable land is driving developer interest in redeveloping existing properties, to make the space more attractive to retailers. Recently Bill, along with Urban Property Group colleagues David Maxwell, Joe Brady, and Serena Patterson, moved to Colliers from Cushman & Wakefield.
As for the investment market for retail properties, Bill says that heightened investor interest is going to drive the volume of property sales higher, especially among owners not previously considering selling. Moreover, the threat of interest rate increases has lit a fire under investors, making them think hard about taking advantage of today's low-rate environment and leveraging to acquire urban assets. |
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Otay Mesa's a Magnet for Industrial Tenants
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Lotus Real Estate Partners and Texas-based TriGate Capital have acquired 9485 Customhouse Plaza, a 130k SF industrial building in Otay Mesa, from Horoy Inc. With a rapidly declining vacancy rate, San Diego's poised for rental appreciation in the industrial sphere over the near-term, Lotus managing partner Brian Walker tells us. South San Diego County, and especially Otay Mesa, are benefiting from corporate migration from the central part of the county to take advantage of (still) lower rental rates and more functional product. Brian's snapped with wife Elizabeth, daughters Christine and Nicoletta, son Finley, and a certain cartoon dog. |
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The JV also entered into a seven-year lease with Horoy allowing the company to lease back 57k SF, or 55% of the building. The building is fully occupied, with other major tenants On-Time Logistics and Phase II Products occupying the remaining space. Customhouse Plaza building is located in a nine-building industrial park along the US/Mexico border, and immediately adjacent to the port of entry for all trucks entering the United States from Mexico. Cushman and Wakefield's Jeffrey Chiate repped Lotus/TriGate in the deal, with Romar Co's Stephen Dunn repping the seller. |
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What You Don't Know About Paul Komadina
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Position: managing director, CBRE San Diego Region, overseeing capital markets and leasing (office, industrial, retail) business for CBRE San Diego.
Background: I moved to San Diego from Phoenix to attend the University of San Diego, where I played basketball my freshman year. After realizing my collegiate basketball career would be spent on the practice squad at best, I decided to focus on being a college student. CBRE is the only firm I've ever known, starting two weeks after graduating college.
Favorite Project: The sale of the 187k SF Kearny Mesa Industrial Park in 2007, where we had 27 offers to purchase and a very competitive selection process.
Favorite Song or Music Group: Can't narrow down to a single group or song. However, country and (don't laugh) smooth jazz are my favorite genres.
Favorite vacation: Honeymoon in Fiji and pre-child trip to Maccu Piccu. Both incredible.
Favorite Book: The Things They Carried by Tim O'Brien.
Favorite Food: Love all types of food, but tops is the crab cioppiono over pasta at the Top of the Market at the Fish Market in Downtown San Diego.
Ways to spend weekends: At the beach in Coronado or walking the neighborhood with my wife and nine-month-old daughter Kennedy.
Startling fact: First, I've lived in San Diego for 14 years and have never caught a single wave on a surfboard. Second, I grew up in Arizona but have never been to the Grand Canyon.
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Real Estate Pros Gear Up for CAF Triathlon
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The local real estate industry's going to be at the annual Challenge Athletes Foundation's San Diego triathlon on Oct. 19. Coastline Real Estate Advisors prez Steven Ludwig tells us that his father-in-law, Protea Properties prez Jeffrey Essakow, helped plan the first event 20 years ago to help a friend who became a quadriplegic after being hit by a car during a triathlon. Jeffrey and his friends hoped to raise $30k to buy him a handicap vehicle—they got twice that, and distributed the rest to other athletes in need. Challenged Athletes Foundation was soon founded to give grants for adaptive sports equipment and also provides mentoring and support for new amputees. It's raised $70M in the last two decades. Snapped: Coastline's '13 team. |
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Steven tells us his firm is submitting a team to the triathlon for the fourth straight year—33 real estate pros (including Bisnow's own Sean Spear) will swim one mile through the La Jolla Cove, bike 44 miles, and run 10 miles… or at least do one or two legs of that. The Coastline team has hit its fundraising goal this year: $100k. (It's raised $300k over the last four years.) Check out its donor website here—Steven says he'd love for more people in the real estate community to get involved in the great cause. (And he's looking for people to join the team in '15 and beyond.) |
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Crain's Names Bisnow to
Fast 50!
Crain's New York Business just named Bisnow No. 38 on its annual list of the city's 50 fastest-growing companies. We are overwhelmed with gratitude for this recognition. Among other fun facts, you'll learn that our CEO Ryan Begelman sojourned to Burning Man in August in search of inspiration for our (almost) never boring events and publications. (We promise we won't start pumping patchouli into our morning conferences.) We'd like to thank each of our 600,000 subscribers for your support and look forward to finishing off 2014 with top-notch events and actionable, edgy articles. |
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16 Days Until the Top Under 40 Developers / Investors
Meet in Miami
The top developers and investors under the age of 40 descend on the Ritz Carlton in South Beach for Bisnow's first annual "Ascent" multi-day summit. See who's attending and apply to be considered for one of the few remaining spots here. |
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Join Us to Celebrate LA's Top Women in Real Estate!
Bisnow is thrilled to announce Los Angeles Power Women, which honors the 50 top women in LA commercial real estate (click here to view the list of this year's honorees). We'll be throwing a special cocktail reception in their honor on Nov. 12 from 6-8pm at Hotel Casa del Mar, so if you happen to be in town, we'd love for you to join us. We know one thing: These ladies prove that the only way a glass ceiling exists is if they request one (for LEED points). You can sign up here for our celebration, which includes open bar and hors d'oeuvres. To learn more about Bisnow's Power Women initiative, click the image to watch a great video from partner Allen Matkins. |
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