For Sale in Corona, CA 2.59 acres of land zoned for residential use. Corona features a great school district and is a predominant area of affluent households.
• Residential Redevelopment Opportunity
• Exceptional Corona School District
• Area With A Predominance of Affluent Households and Strong Demographics
• Property Currently Has ±20,000 SF Industrial Building With ±1,300 SF of Office and Bonus ±6,700 SF Covered Storage Space
The proposed legislation could require lessors to defer CA rent obligations for a year or longer and allow tenants to negate the lease and walk away with no responsibilities for tenant improvements.
A California Commercial Real Estate Legislative alert went out last Friday from AIR about SB 939, a COVID-19 related measure.
The proposed legislation could require lessors to defer CA rent obligations for more than a year or allow the tenant to negate the lease and walk away with no responsibilities for tenant improvements.
If passed the measure would be in effect for 22 months from March 2020 or for two months after the end of the state of emergency, whichever is later.
As mentioned in the notice the proposal mysteriously (or as they say unfairly) doesn’t apply to any publicly traded companies or one that is owned or affiliated with a publicly traded company (franchisee).
Included in the notice are better potential options like the proposal put forth by Toni Atkins.
For more information, read the full bill or to send a letter opposing SB 939 CLICK HERE.
Industrial Commercial Real Estate Property Warehouse For Lease in Long Beach, CA
New Listing for lease in Long Beach, CA:
Ron Mgrublian of Lee & Associates Completes Another Big Deal, This Time a $3.9 Million Industrial Commercial Real Estate Warehouse Lease.
Ron Mgrublian of Lee & Associates completed a 5 year lease for a 100,345 square-foot industrial warehouse space located in Rancho Cucamonga, CA. The value of the lease is approximately $3.9 Million. Mgrublian of Lee & Associates in Long Beach represented the tenant... MORE DETAILS
Receive a financial reprieve from the SBA during the COVID-19 pandemic.
In addition to PPP, the SBA will now pay your new or existing SBA mortgage for six months! Our office recently had a buyer who got the first 6 months of their mortgage covered by the SBA and the first 3 by their bank. Additional debt relief is also available, if you need more information a good broker should be able to point you in the right direction, CLICK HERE FOR MORE INFORMATION.
Recap of the 2020 1st quarter Commercial Industrial Real Estate Market activity for the Los Angeles - Long Beach area in Southern California.
COVID-19 has impacted the Los Angeles/Long Beach Industrial markets on the heels of another record breaking year in 2019. Q1 saw a slight increase in the vacancy rate, but also an increase in the average asking lease rate. Congress passed the Payroll Protection Program (PPP) and other programs designed to provide relief and 1031 exchange buyers received extended deadlines. CLICK HERE TO READ THE FULL REPORT
INDUSTRIAL REAL ESTATE MARKET OVERVIEW - Q1 2020
The vacancy rate rose in the San Gabriel Valley Industrial Market in first quarter of 2020. New construction brought additional square footage to the marketplace adding over one million square feet. It will be interesting to see how this new supply is absorbed as situation regarding COVID-19 continues to unfold. Click here for more details.
Don't fall prey to cybercrime, follow these easy steps to avoid becoming a victim.
Cybercriminals are taking advantage of the unusual times we’re in. Fake emails, texts and phone calls intended to manipulate the situation in relation to COVID-19 and Commercial Real Estate are reported on a daily basis, I’ve received a few myself. Use the Stop, Call and Verify call process to protect yourself from scammers. Click to here for more details.
In November we will have the opportunity to vote in California on the proposed split tax roll which affects the way commercial property is assessed.
Come in November here in California, voters will have to opportunity to vote on the split roll tax. What “split roll” refers to is traditionally all California real estate had a unified tax roll, commercial being assessed the same way residential is. The split roll initiative proposes changing the way commercial is assessed from residential.
The first initiative for the split roll tax for the November ballot was withdrawn so the one we are likely to vote on is the 2nd version. It has been given the somewhat deceptive title “California Schools and Local Communities Funding Act”. What it proposes is eliminating the limitation on annual increases and taxable value for commercial properties which currently caps at 2% upside a year. The change would remove the cap and allow commercial property to be reassessed on a continuing basis.
The increase in cost to business and commercial property owners is estimated to be $12 billion a year. Because most businesses lease their property, the cost would likely be passed on to the tenant and ultimately flow down to the consumer. This would remove predictability and stability of costs associated with property tax and would probably cause an initial shock that puts many companies at risk of going out of business. Advocates have also openly expressed the next step would be going after residential protections. Some examples of types of businesses that would be affected would be movie theaters, shopping malls, gas stations, supermarkets, retail stores, auto dealerships, car washes, restaurants, hotels, self-storage facilities, factories, warehouses, businesses in office buildings and strip malls.
More information can be found at https://www.hjta.org/.
It appears that any affected taxpayer now has until July 15, 2020 with 1031 exchanges.
Notice 2020-23 now provides some relief to taxpayers who are currently engaged in a 1031 exchange from the 45-day Identification and 180-day exchange period deadlines. For example:
PAYCHECK PROTECTION PROGRAM (PPP) DETAILS & PROVISIONS
An additional $250B for the Paycheck Protection Program (PPP) was recommended today to help small businesses (less than 500 employees) reeling from the coronavirus pandemic. For those who have not already seen, the PPP is designed to provide small businesses help with funds to pay up to 8 weeks of payroll costs including benefits, interest on mortgages, rent and utilities. Click here for more details as well as the link to apply for funds.
Some of the COVID-19 coronavirus issues as they pertain to commercial real estate landlords, tenants and lenders.
A few key takeaways:
