July 2010
We have a terrific speaker coming up with Mr. Craig Johnson, Mangager of the City of Long Beach's Enterprise Zone. The Enterprise Zone is probably the single best tax saving strategy the City of Long Beach has and most businesses don't reap its benefits. Come have some breakfast and learn how to save your business money in taxes or advise your clients how to do the same.
City of Long Beach Losing a Key Executive - Robert Swayze
As stated in the week's Long Beach Business Journal (page 31), the City of Long Beach is losing a key executive in Mr. Robert Swayze. It's ashame, Mr. Swayze not only 'gets it' on how to market Long Beach, he is a trusted partner in opinion of this commercial real estate professional. I've seen my share of government officials. Some good, decent and hard working and honest people; Mr. Swayze fits that category.
He will leave at the end of August to be the Sr. Vice President of the Los Angeles County Economic Development Corporation. Their win is our loss. The best of success to you Robert. You left a solid, trustworthy mark on this town and this commercial real estate broker. Thank you for your integrity and looking out for the best interest in the City of Long Beach.
Now is a Good Time to Secure Property
With lease rates and real estate values down, now is the time to secure a piece of property. Some terrific values in office, retail, industrial and multi-family properties. Remember the phrase buy low and sell high? Part 1 of that simple yet timeless strategy is available right now. SBA financing is available with 10% down. Seller's are considering seller carry back financing which can be a very nice way to proceed in a property acquisition. Give your commercial real estate professional a call to discuss your specific situation and how to prosper in these challenging economic times.
June2010
Deputy Fire Chief Jeff Reeb to Address the Council June 4, 2010 at 7:30AM
Join us on June 4th for Long Beach Deputy Fire Chief Jeff Reeb share with us how the Long Beach Fire Department interacts with the commercial real estate community thru activities of the Fire Marshall, building inspections, and emergency preparedness, etc.
The Fire Department is building its first new fire station in many years up in North Long Beach. We will get the details on this project to better serve the property owners and citizens in that area of town.
Long Beach Fire also deploys fire boats to provide service to our water front including the Port of Long Beach.
Recent ICSC ReCon Meetings in Las Vegas
The recent International Council of Shopping Centers (ICSC) just concluded their annual ReCon meetings in Las Vegas. This is the big conference that retailers and shopping center owners from all of the world meet to discuss the state of the retail industry.
I have attended this conference for many years now. Last year was very depressing. This year was more optimisitic. There is still a big credit crunch as I have spoken about in this column for many months. However, there is a more positive outlook for the future. Retailers are dusting off their expansion plans and looking to take advantage of a struggling market and ink some good deals.
Retail Landlords are Ready to Deal.
Most Landllords take the position to have a tenant in place at a discount than continue with a vacancy. Especially the large box stores. We have a vacant Circuit City and CompUSA now leased that took many months to fill. This is in the Los Altos MarketCenter over on the east side of town. They will now be a LA Fitness and TJ Maxx respectively.
Industrial Market Showing Signs of Life
I just closed a 35,000+ Square Foot warehouse escrow that involved a large down payment and seller financing. The fact that the sellers carried the financing is the main point of the story. Since the banks and traditional lending sources are still pretty much on the sidelines as I write this column, seller financing seems to be a very viable option for those with sufficient equity.
Those with Cash are Doing Really Well
OK, so it doesn't take a Nobel Laureate to figure this out. However, the time to buy real estate is now. Southern California will recover, the key question is when? Now, some very bright minds suggest we will 'bounce along the bottom' for a while. Perhaps, some say we'll recover by 2011. Whichever case is true. The combination of lowered real estate prices and inexpensive financing if you can get it, poses a compelling scenario for the wise and long term investor.
All the Best.
Sincerely,
2008-2010 President
Long Beach Commercial Real Estate Council
Vice President – Blair Commercial Real Estate
333 W. Broadway # 302
Long Beach, CA 90802
(562) 495-6070 Office
