All posts by singlemalt

Native Angeleno and Industrial real estate agent since 1994.
Deal File

2900 WIlshire Blvd development

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A development is planned on a parcel of land Hankey Investment Co purchased in 2009 for $7 million. They purchased the property via public auction. Hankey plans to build a 31-story residential and mixed-use tower with Jamison Properties, a prominent developer in Koreatown. One of Hankey’s companies, Midway car rental, operated on the site for many years. The land is located on the southwest corner of Wilshire and Hoover. 

Matthew Artukovich of Lee & Associates sold 2.5 acres of land here in 2005 for $11.3M representing the seller, Right Hero Industries USA. The site is located across from Lafayette Park and is near Southwestern Law School (former Bullocks Wilshire building), and the Vermont/Wilshire metro subway station.

2019 UPDATE: see Urbanize.la June 2019 article with fresh info and building renderings. 

Governmental, Market Trends & Indicators

Boyle Heights Land Use Plan Update

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The City of Los Angeles is in the process of updating its land use plans. These plans are the way the City plans for the future. The Draft Boyle Heights Community Plan Update is the blueprint for guiding this change. For a PDF of the plan see Boyle Heights Zoning Plan Update. Note the industrial section known as The Flats, on the left side of the image, is being rezoned from Industrial to an Innovative zone. This may be a riff from the CASP multi-zoned ordinance passed for the area north of DTLA near LA State Park, the cornfield.

 

Market Trends & Indicators

Three paths for U.S. Economy?

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No real estate agent can predict what the economy will bring forth in the next 12-24 months. We can look at leading and lagging indicators but no person knows what will trigger the next downturn. James Mackintosh of the WSJ provides an interesting set of options though to consider.

https://www.wsj.com/articles/pick-your-portfolios-story-late-cycle-sugar-rush-or-new-boom-1532971902?tesla=y

Available Property, Food Industry

Commissary: Meal Prep, Coolers, Freezers, Hoods – For Sale – Los Angeles

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Rare opportunity to purchase a high quality commissary – industrial refrigerated food production building with hoods and kitchen. Any food production operation will appreciate the many features of this food prep facility located in Los Angeles in the South bay neighborhood of Harbor City. Use for virtual commissary or ghost kitchen for food delivery to nearby high income areas such as Palos Verdes, Torrance, and Redondo Beach. 

+ 1,446 SF Freezers & 2,074 SF Coolers
+ USDA, FDA & Organic Blast Cooler & Blast Freezer
+ 8,350 SF Food Processing, Floor Drains, Hoods
+ Commercial Kitchen
+ Dock High Loading, Fenced Yard

Cold storage cooler room with racks

Food Production Room with Hood and Cooler good for seafood/fish, meat, poultry, beef, egg, bakery, meal kit prep, catering, restaurant commissary, beverage, juice, or general food processing operations. Offered for sale and a lease possibly with investor for a financial strong tenant. 

Flyer for CommissaryDownload
 
Food Production Room
Governmental

California Energy Benchmarking Law Now Active

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In 2015, the State of California passed Assembly Bill 802 (AB 802) to provide building owners access to their building energy use data from utilities, and to track consumption in their buildings. AB 802 also fixed several issues related to AB 1103, the previous statute mandating benchmarking.

With some exceptions, all commercial buildings 50K s.f. and larger will have to benchmark and report to the CEC by June 1, 2018, and every year thereafter. This includes manufacturing and warehouse industrial buildings. For more info see http://cbpa.com/government/benchmarking-ab-802/.