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Recent Groundbreakings: Construction & Leasing Update

Construction & Leasing Update

John Dobrott

John Dobrott

President – Industrial Division

Conor Commercial Real Estate

Carl Overaa

Carl Overaa

Vice President of Business Development

Overaa Construction

Kevin Ramos

Kevin Ramos

CIO

Buzz Oates

George Condon

George Condon

Partner, West Region

Dermody Properties

Jason Ovadia

Jason Ovadia

Managing Director | Industrial & Logistics

JLL

Jim Terry
Moderator

Jim Terry

Principal

Ware Malcomb

John Dobrott

President – Industrial Division

Conor Commercial Real Estate

In his role as President - Industrial Division, John oversees the firm’s industrial development initiative and provides strategic management of Conor Commercial's land holdings, build-to-suit opportunities, leasing and disposition. He offices within the firm's Irvine, California regional office and directs Conor Commercial’s industrial development activities throughout the Western and Southwestern regions and the State of Texas.

Carl Overaa

Vice President of Business Development

Overaa Construction

Carl Overaa, Vice President of Business Development and 4th generation owner of Overaa,is in charge of all business development outreach for the company, including project procurement and preconstruction services. Under Carl’s direction, Overaa implemented the design build process, securing their largest design build contract (at that time) in the firm’s history – the award-winning Mission Bay Block 27 Parking Structure in San Francisco. Carl formulates the design build entity of technically challenging and innovative projects.Carl is responsible for acquiring a significant portion of the firm’s annual volume. His construction philosophy is based on maintaining the firm’s integrity in the industry as the primary source of referrals and repeat customers. He is dedicated to assuring client satisfaction during all phases of construction delivery.Carl has an M.B.A. from the University of San Francisco and a B.A. from University of California, Santa Barbara.

George Condon

Partner, West Region

Dermody Properties

George Condon is West Region Partner of Dermody Properties and is responsible for the company’s regional portfolio as well as new industrial speculative and build-to-suit projects, acquisitions and dispositions in Northern California.

Mr. Condon was previously the Principal and Founder of Sponsor Properties. He has developed more than 20 million square feet in Northern California during the last 20 years. He also served as Senior Development Manager with Panattoni Development Company and Property Manager with Hogland, Bogart + Bertero.

He has extensive experience in industrial development from land acquisition to project completion. His specialties include deal sourcing, due diligence, development/repositioning, team selection, project design and budgeting, proforma and DCF development, equity and debt offerings, land acquisition, entitlements, permits, project management, marketing, leasing, tenant improvements and disposition.

Mr. Condon received his bachelor’s degree from Santa Clara University and an M.B.A. from the University of California, Davis.

Jason Ovadia

Managing Director | Industrial & Logistics

JLL

Jason Ovadia is responsible for leading the Northern California industrial business for JLL. In addition to his regional leadership responsibilities, Jason remains an active industrial broker, representing some of the firm’s most prestigious clients. He also serves on the Industrial Executive Committee, Supply Chain & Logistics Group and is a JLL National Director of the firm. Jason provides strategic solutions to corporations, institutional owners, developers, REITs, logistics providers and transportation companies helping them improve speed to market, provide cost and risk reduction and maximize location and labor requirements. Brokerage services include lease transactions, agency and tenant representation, site selection, investment sales, acquisition, disposition and build-to-suit properties and portfolios. Since joining JLL in 2008, Jason has been involved in over $1.3 billion worth of real estate transactions, completing over 27 million square feet of industrial leasing and sales.

Jim Terry

Moderator

Ware Malcomb

Jim Terry is Principal of Ware Malcomb’s Pleasanton office. As Principal, he is responsible for the overall

leadership of the Pleasanton office and oversees all Northern California commercial architecture projects. Jim is

a Licensed Architect and certified LEED Accredited Professional, bringing over 40 years of architecture and

design experience to the Ware Malcomb team. He started his career with Ware Malcomb in 2003 in the firm’s

Denver office. Shortly thereafter, Jim relocated to Northern California where he has managed a variety of

master planning, industrial, distribution/logistics, commercial offices and retail projects for the firm. In 2015,

Jim was promoted to Principal, joining the firm’s senior leadership team. In addition to his role in Northern

California, Jim has been the Principal in Charge of Ware Malcomb’s national account with Amazon since their

initial involvement in 2011.

Established in 1972, Ware Malcomb has 28 office locations throughout the United States, Canada, Mexico and

Brazil. Ware Malcomb has been ranked as the #1 Industrial Sector Architecture Firm by Building Design +

Construction Magazine for the sixth year in a row, as well as #14 in BD+C’s A/E Firms overall ranking. The firm

is also ranked among the top 10 Architecture/Engineering firms in Engineering News-Record’s Top 500 Design

Firms.

Future of Industrial In NorCal: TI's, Build Costs and Location

Year's End Roundup

Bob Wissmann

Bob Wissmann

Division President - Northern California

Millie and Severson General Contractors

Tom Wang

Tom Wang

Principal, Investment & Asset Manager – West

Exeter Property Group

Dan Letter

Dan Letter

Managing Director

Prologis

David Haugen

David Haugen

Senior Vice President

DCT Industrial Trust

Michael Goldstein

Michael Goldstein

Vice Chair & Executive Managing Director

Colliers International

Teresa Goodwin
Moderator

Teresa Goodwin

Regional Director

HPA Architecture

Tom Wang

Principal, Investment & Asset Manager – West

Exeter Property Group

Thomas Wang is the Principal at Exeter Property Group responsible for sourcing acquisition/development opportunities and for asset management across the Western Region. With over 140 million square feet in its domestic portfolio, Exeter focuses on industrial and related business park properties across the U.S. and Europe through an array of value add and core return private equity investment vehicles. Since opening the Western Region for Exeter, Mr. Wang has established Exeter’s footprint in the Seattle, San Francisco, Los Angeles, Phoenix, Salt Lake City and Denver metro markets. Prior to Exeter, he served as Director of Leasing and Development at Liberty Property Trust, where he managed portfolios in PA, MD, DC and VA while also overseeing speculative and build-to-suit office developments throughout the region. Mr. Wang holds degrees from Williams College and The Wharton School at the University of Pennsylvania.

Dan Letter

Managing Director

Prologis

At Prologis, we have demonstrated that vision, persistence and teamwork pay off. Dan Letter, Prologis managing director, Capital Deployment-NW Region, a real estate industry veteran who has been with the company for 13 years, has worked on many large initiatives for Prologis. One project, the Oakland Global Logistics Center, a redevelopment project on the site of a former army base, has been in the works for over 10 years. Oakland Global Logistics Center, a partnership between Letter and Mark Hansen, Prologis managing director, Value Added Investments, broke ground in late 2016.

Michael Goldstein

Vice Chair & Executive Managing Director

Colliers International

Mike is the Vice Chair & Executive Managing Director for the Stockton/Central Valley office of Colliers International. Mike's core focus is representing clients in all aspects of industrial real estate including land sales, investment sales, buyer/tenant site selection and acquisition along with landlord/seller marketing and disposition. MIke's unsurpassed knowledge, strong relationships and credibility in the market create opportunities for his wide array of clients. Mike and his partners average more than 100 transactions annually, involving warehouse/ distribution centers, manufacturing facilities, flex buildings, special purpose properties and land throughout the San Joaquin Central Valley.

Teresa Goodwin

Moderator

HPA Architecture

HPA, Inc., is a multi-disciplined design corporation that offers services in architecture, planning, and interiors to institutions, corporations, and developers throughout the Western United States. Formed in 1980 with its headquarters in southern California HPA brought it focus to the highest levels of service and design excellence to northern California in 2011. Based in the Oakland office, Teresa Goodwin, Regional Director oversees client relations and project success. Recent project experience includes OMP’s Eureka Landing project in Newark, 138,000 sf building plus a 6,000 sf mezzanine speculative building and subsequent advanced manufacturing tenant improvements and Trammell Crow’s San Leandro Business Center project, three buildings totaling 553,200 square feet of high tech manufacturing, assembly and distribution space.

Summary

"The next big thing in office mixed-use development could come from a rising demand for light industrial space near city centers." - Julie Littman, Bisnow SF Reporter.

With continued innovation in Northern California, let's unpack the reasons for this recent industrial development & investment surge!  

The Bay Area is set for steady industrial growth as low vacancy rates and industrial net absorption remain the talk of the industry. Last year’s net absorption rate totaled 3.8M SF and asking rent shot up to $0.73/SF from a low of $0.43/SF in 2010, according to JLL. These indicators have not gone unnoticed as leading brokerages chime in. Colliers International SVP | SIOR Kevin Hatcher reflects, "The last couple of years [have] been a good run for Bay Area industrial, including the larger distribution market of Tracy and Stockton.”

Collier's Hatcher is right on the money, but still, some are asking...

1) What cities and municipalities are offering development incentives?

2) Are tenant incentives a deal breaker? Should cities & municipalities cave to the demands of those looking to build in their backyard?  

3) Leasing: How will industrial vacancy rates look 2018? Will logistics or distribution centers be a driving force? 

4) Building: With the Federal Reserve aiming to raise interests rates, how will this affect the builder's outlook? 

5) Cap rates are hovering around 5 - 6% in the Bay Area. Can owner's expect to see greater returns in 2018? 

While industrial development has traditionally taken place in more inland in cities such as Tracy, Stockton, and Sacramento. We are now seeing development trends in the East & South Bay grow year over year. 

Learn more about this fascinating asset class on 12/7. Connect, Learn and Grow with Bisnow! 

Share your comments, post your photos and ask questions using #BisnowSF on Twitter and Instagram, and follow us at @BisnowSF on Twitter for more local news.

Venue

The Fairmont Hotel
950 Mason St
San Francisco, CA 94108

Ballroom: Gold Room


Fairmont San Francisco Hotel Garage is located on the corner of Powell and California Streets, Visitor parking is $5 for every 20 minutes.

Agenda

Time Activity
3:30 PM
4:30 PM
Breakfast & Networking
4:30 PM
5:15 PM
Recent Groundbreakings: Construction & Leasing Update
5:15 PM
6:00 PM
Future of Industrial In NorCal: TI's, Build Costs and Location
6:00 PM
6:30 PM
Closing Remarks & Networking