As a service to our website visitors, H.W. Holmes, Inc. will be curating a monthly breakdown of Ventura, Santa Barbara, & Los Angeles commercial real estate and construction news.
Rexford Industrial Acquires Five-Building Industrial Complex in Orange County
Rexford Industrial recently announced the acquisition of a 5-property industrial complex in Orange County for $40.1 million. The Fullerton business complex sits within the high thoroughfare traffic of Orangethorpe and has 345,756 square feet on 17.76 acres. It is currently leased to eight tenants paying average below market-value rents. (READ MORE)
Photo Courtesy of Gina Ferazzi / Los Angeles Times
South Los Angeles Commercial Real Estate & Development Lagging
The Los Angeles commercial real estate development boom has yet to extend to the city’s Southside. South Los Angeles was once a bustling beautiful metropolis rich with retail stores and restaurants. It then became a victim of urban decay. This includes being ravaged in the infamous L.A. riots of 1992.
Angel Jennings of the Los Angeles Times tells the tale of the Southside’s struggle to get promised development constructed. In an area in desperate need of supermarkets, upscale restaurants, and mixed-use revitalization, several major projects are stalled. Ground has been broken for developments that never come to fruition. Largely because the area, one of the poorest in LA, isn’t deemed profitable or attractive to lenders and tenants.
Meanwhile, a frustrated and desperate community waits patiently for long-needed change. (READ MORE)
Ventura Retail Space For Lease: 1567 Spinnaker Drive #100
Ventura, CA 93001 – Ventura Harbor Village
Ventura Harbor Village has an available waterfront retail space ideal for a wine or beer tasting room as well as a small coffee shop, cafe, boutique, or family fun center. The space is currently being used as an arcade complete with a carousel.
This property is located right off Harbor Blvd. and Spinnaker Drive. It is surrounded by the ocean on one side and a marina on the other.
Robin Baer is the contact listing broker and they’re seeking a tenant with a fresh idea for the space. (READ MORE)
Facebook’s New Los Angeles Office Has an Open Floor Plan, No Private Offices & Frozen Yogurt
Photo Courtesy of Brian van der Brug / Los Angeles Times
Facebook’s new LA office is 35,000 square feet and accommodates 200 employees. The new digs are part of a campus development called Playa Jefferson once comprised of nondescript concrete office buildings that formerly housed Citibank. Given market rates for commercial property in the area, it’s suspected that Facebook is paying roughly $4.50 per square foot a month – which is likely to be over $150,000 a month.
The space itself is full of all of the modern office trends we write about a lot here. A section of the building’s second floor was removed to make room for an atrium for natural light. There’s an area reserved for yoga sessions and a full-service kitchen with a frozen yogurt machine and waffle irons. There are no private offices. Just an open floor plan with adjoined desks and several conference rooms. (READ MORE)
Santa Barbara Retail Property for Lease: 1023 State St. Santa Barbara, CA 93101
A prime Santa Barbara retail storefront is available in the desirable 1000 block of State Street. This is less than a block away from the Paseo Nuevo Mall and downtown Santa Barbara’s busiest intersection.
This is a really attractive storefront with high ceilings and approximately 3,770 square feet of retail space at a monthly rate of $2.95 per square foot. This is the busier shaded side of State Street, which should attract a lot of foot traffic.
Kristopher Roth is the contact listing broker. (READ MORE)
