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 (Jan. 22-28)
(01.26.12)This week's People of Note includes the following markets: Dallas, Denver, National, New York City, Orange County, San Francisco and Washington, DC. DALLAS, NATIONAL Behringer Harvard Appoints New President, CEO of REITs By Laurie Forbes Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place

Historic Linda Vista Hospital Sells For $6M
(01.17.12)AMCAL, a nonprofit homebuilder, purchased the 125,778-square-foot vacant Linda Vista Hospital at 610 S. St. Louis St. in Los Angeles from 610 South St. Louis Street LLC for $6 million or $48 per square foot. The structure was built in 1938 and was used as a hospital until 1991 and has been used as a filming location for nearly two decades. AMCAL plans to renovate and convert the current property to affordable senior housing and possibly put...

Renew or Relocate? Incumbent Landlords Willing To Sweeten the Pot
(01.25.12)While perhaps not a nationally significant or unusual deal by itself, U.S. Cellular's renewal this past month of an office lease in Madison, WI, succinctly depicts the current state of leasing. U.S. Cellular agreed to extend its lease with affiliates of Wells Real Estate at the U.S. Cellular Building, a four-story, 102,000-rentable-square-foot office building. The Chicago-based carrier leases 73% of the building and owns a 45% equity interest in...

LAST CALL! Deadline Is Next Week for CoStar Power Broker Awards
(01.25.12)This is it! Don't miss out on this opportunity to have your 2011 professional accomplishments recognized by making sure you get credit for the leases and sales you closed in 2011 and you may qualify for the CoStar Power Broker Awards! The deadline to submit your transactions is next Wednesday, February 1, 2012. As the leading industry award recognizing the "best of the best" in commercial real estate brokerage, the CoStar Power Broker Awards...

Real Money: Fed Sells $7 Bl. in RMBS to Credit Suisse
(01.25.12)The Federal Reserve Bank of New York today sold $7.014 billion in face amount of residential mortgage-backed securities to Credit Suisse Securities (USA) LLC from a portfolio of assets once belonging to American Insurance General through a competitive process. The transaction was prompted by an unsolicited offer from Goldman Sachs & Co. to BlackRock Solutions, the investment manager for ML II, in January 2012, to buy a portion of ML II assets. The...

Devon Joins Rexford Industrial
(01.25.12)Jerry Devons joined Rexford Industrial, a privately held Southern California industrial real estate investment firm, as director of leasing and asset management. Devons will oversee the leasing and asset management for the company's industrial property portfolio. The Penn State grad was previously at RREEF, a member of the Deutsche Bank Group, serving as its vice president of asset management responsible for operating, leasing and improving the...

Nima Accessories Buys Cerritos Industrial Assets
(01.24.12)Nima Accessories Inc. acquired the two industrial buildings at 16804-16808 Gridley Place in Cerritos, CA, from The Laskey Family Trust for $7 million or $66 per square foot. The assets total 105,680 square feet, and are equipped with two dock-high doors, nine ground-level doors and 800 amps/272-480 volts. Nima Accessories is an accessory business and will use the location as its warehouse/office/showroom. Stephen Calhoun and Matthew Erickson...

Whitestone Bldg. in Glendale Sells for $247 PSF
(01.24.12)Morv Investment purchased a 13,962-square-foot office building at 144 N. Glendale Ave. in Glendale, CA, from Barger Investments LLC for approximately $3.45 million or $247 per square foot. Built in 1982, the property known as the Whitestone Professional Building is on the southeast corner of East Wilson Avenue and North Glendale Avenue. The new owner/user acquired the asset as an investment plans to take some space in the building. Kris Hons...

Behringer Harvard Appoints New President, CEO of REITs
(01.24.12)Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place of Robert S. (Bob) Aisner who was tapped as vice chairman of the REITs. O'Hanlon has more than three decades of industry experience with a background in asset management, corporate and loan restructuring and capital markets. He formerly served on the board of BH REIT II...

In The Pipeline: CoStar Development & Construction News for Jan. 22-28
(01.23.12)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. Follow me on Twitter for live news updates. CA Firm Named Hudson...

CoStar's People of Note (Jan. 15-21)
(01.19.12)This week's People of Note includes the following markets: Boston, Houston, New York City and Sacramento. HOUSTON Avison Young Recruits Jeane as Principal By Laurie Forbes Office market leader Lee Jeane joined Avison Young's Houston team. As a principal, he will spearhead the launch of AY’s agency leasing and management platform in the region. His focus will be investors looking to purchase and operate office properties in Houston and throu

USGBC Lists Top 10 States for LEED Building Certifications
(01.19.12)The U.S. Green Building Council (USGBC) released its list of the top ten states with LEED-Certified commercial buildings in 2011 and institutional green buildings per capita based on the 2010 Census. The District of Columbia led the nation with more than 31.5 square feet of LEED-Certified space per person, while, not surprisingly, California led the way with more than 71.5 million square feet of total commercial space to earn LEED certification...

CRE Price Index Rises for Seventh Consecutive Month
(01.18.12)The CoStar National Composite Index of commercial real estate pricing rose for the seventh straight month since last spring as investment-grade sales made solid pricing gains in November 2011, and the level of distressed sale transactions continued to decline during the month. The composite index rose 0.6% in November from the previous month, with prices now an average 1.8% higher compared to the same period a year ago, according to this month...

Schenker Logistics Expands to 150,000 SF in Carson
(01.17.12)Schenker Logistics signed a 150,000-square-foot lease renewal for five years with Watson Land Co. in Carson, CA. The transportation and supply chain solutions company will expand from its previous 133,490 square feet to occupy the entire building. The industrial property is at 22941 S. Wilmington Ave. It was built in 1970 in the Carson South Industrial submarket. Lance Ryan and Michael Bodlovich represented Watson Land Co. internally. Bret Quinlan...

Hollywood Apt. Complex Trades for $5.9 Million
(01.17.12)Fusion Property Management Co. sold the 42-unit Landmark Studios & Lofts complex in Los Angeles, CA, to Oceanpark Apartments LLC for nearly $5.93 million or $141,071 per unit. The 19,656-square-foot apartment building consists of 11 lofts, 29 studios and two one-bedroom/one-bathroom units in one building. It was built in 1986 in the heart of Hollywood, between La Brea and Highland just one block south of Hollywood Boulevard. Jeff Louks and...

Real Estate Veterans Form Century West Partners
(01.17.12)Real estate heavyweights Steve Fifield and Michael Sorochinsky formed Century West Partners, a Los Angeles-based apartment development firm based in Los Angeles. Fifield is the head of Fifield Cos. in Chicago and Sorochinsky is founder and chief of locally based Cypress Equity Investments. The company’s first project is a seven-story, 247-unit multifamily complex at 1340 S. Figueroa in L.A., across from the proposed football stadium and minutes...

CoStar Issues Call for Entries for 2011 Power Broker Awards
(12.07.11)It's time for 2011's Top Dealmakers to stand up and be recognized! Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market. As the leading industry award recognizing the "best of the best" in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate...