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The largest commercial real estate publication in the United States.
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Jsnuary 5, 2012 |
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How to Skin a Cat |
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| Share infrastructure while elevating your image. Carr Workplaces offers
everything from private offices to virtual workspaces and meeting rooms. Business services too. Find out more here. |
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| According to Charlie Brown, happiness is a warm puppy, but for sheer joy you ought to get a cat, as in Caterpillar Logistics. The wholly owned subsidiary of Caterpillar Inc is purchasing 46 acres of land at the Tejon Ranch Commerce Center to build a 400k SF parts distribution facility. |
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| Tejon Ranch Co SVP of real estate Joe Drew (joined by a shadowy figure in the distance) tells us the facility will serve Caterpillar dealers and customers throughout the Western US. He says the 1,500-acre business complex is the right place to meet the heavy equipment manufacturer’s supply chain requirements.” It’s another reaffirmation of our argument that you can serve all of California in one truck turn.” This means that from the TRCC, an operator can get all the way up to San Francisco and Oakland, or all the way down to San Diego, in just over four hours without changing drivers. In addition, he says the center has no residential neighborhoods close by and thus has no restrictions on nighttime activity. (By contrast, some cities and counties in the Inland Empire have passed ordinances forbidding companies from operating at night.) |
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| According to Joe, Cat cast a wide net and was looking at a number of other states, so Tejon Ranch had to be competitive not only on the center's advantages but also on price. He couldn’t disclose the transaction value but notes the company advertises land in the TRCC from $3.50/SF on up, depending on whether it’s a sit-down restaurant, quick-serve eatery, or industrial (the latter’s on the low end at $3.50 to $4/SF). The company is selling Cat Logistics the land and all the appropriate facilities—roadways and utilities; the user will build its own facility, consistent with Tejon Ranch’s master developer role. (IKEA and Famous Footwear also bought land and built distribution facilities.) Once Cat constructs its facility, TRCC’s industrial park will be just shy of 4M SF out of its currently entitled 20M SF. |
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| In California, folks are always worried about air quality. To that end, Joe says Tejon Ranch Co has pre-mitigated all future emissions (based on the worst-case scenario) from companies coming into the TRCC. They’ll never be required to pay the typical fees based on the number of trucks they bring in, taking that issue off the table. As the first site in the San Joaquin Valley to sign a voluntary emission reduction agreement with the local air pollution control district, the company paid a fee to retire old diesel engines (operated by farmers and oil field operators), and replace them with new engines that meet today’s air quality standards. “Some of those engines came out of trucks that had been in World War II.” |
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| A STASH OF ’STACHES |
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| Hanley Investment Group is raising awareness and funds for prostate cancer, one moustache at a time. The Irvine-based retail investment group’s team members skipped the daily male ritual of shaving as part of the global Movember movement, raising some $5,000. President Ed Hanley says it’s not unusual for most of the professionals in a commercial real estate office to be men, but “what is unusual to see is that all of them have moustaches.” He adds, this is the first year HIG has participated in Movember, but it won’t be the last—the cause is personal for Ed, who lost his Dad to prostate cancer two years ago. Being brokers, they couldn’t resist adding some competition to their fundraising. “It was great to come to work and show off our moustache progress or, in some cases, the lack thereof.” |
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| Speaking of HIG, the firm recently sold a 202k SF shopping center in Oklahoma City to a private investor in LA for just under $11.6M. (Wonder what the moustache-to-broker ratio is in the Sooner State’s commercial real estate industry?) HIG’s Eric Wohl, Kevin Fryman, and Ed repped both the all-cash buyer and the seller, a Cincinnati-based institutional investment company. Due to the lack of quality properties and the aggressive prices or shopping centers in Cali’s infill markets, Kevin says local investors are pursuing properties in other states. Last year, HIG sold 10 centers outside the state to Cali-based investors. |
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| JOHN CUSHMAN AT THE REMMYS |
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| It takes a lot of strength to hold a check this big. Just look at the two commercial RE heavyweights on the right: Cushman & Wakefield co-chairman John Cushman and Howard Building Corp CEO Paul McGunnigle, with CoreNet Global SoCal chairman Michael Nuby of SoCal Edison and president Jo-E Immel. The $25k is a portion of the nearly $40k raised for Junior Achievement of SoCal at CoreNet Global’s REmmy Awards and Charity Gala, which John keynoted. This year’s REmmys went to First American Financial Corp (Corporate Real Estate Team Leadership Excellence), Gensler (Innovative Workplace, on behalf of CIE Games), and KNOLL (Corporate Citizen Award). |
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| Achieved any real estate news lately? Send it to julie@bisnow.com. |
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2010, Bisnow on Business, Inc., 1817 M St., NW, Washington, DC 20036. All rights reserved. |
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