36th Street Partners announces today it has acquired a 17,360-square-foot (sf) multi-tenant industrial property located at 1804 to 1828 E. Elma Court in Ontario, Calif. for $3.48 million.

Built in 1982 and situated on a 1.3-acre parcel that is zoned for light industrial use, the property includes 13 units that are 100% occupied with tenants using the spaces for office and warehouse purposes.

“We saw this asset as an ideal opportunity to create value by renovating units upon lease expiration and bringing rents to market rates,” said Adam Norvell, Founder & Managing Partner of 36th Street Partners. “The property is in a coveted infill Inland Empire West location just north of Ontario International Airport with little to no new comparable product nearby due to it being cost-prohibitive. If anything, supply is decreasing as institutional groups are demolishing these smaller industrial buildings to developer larger single-tenant product.”

He noted that the property also has a condominium map in place, providing the ability to sell the units individually to small users as one potential exit strategy.

36th Street’s equity partner on the deal is JW Capital, a Los Angeles-based family office focused on real estate, media, entertainment and technology opportunities. Brian Tressen of Martin Associates represented 36th Street Partners in the transaction. The seller, a private owner, was represented by Tony Guglielmo of Allied Commercial Real Estate.

36th Street Partners is actively pursuing value-add industrial and IOS acquisitions in Southern California, ideally targeting assets valued at $10 million or more.

Norvell added, “The investment landscape will be very attractive for new acquisitions over the next 12 to 24 months. Pricing has adjusted significantly, and deals are starting to make sense in this higher interest rate environm

The San Bernardino Superior Court has placed the former American Sports University Dormitory, located at 340 West Fourth Street under receivership. In a ruling dated January 18, 2024, Judge Thomas Garza appointed Richardson Griswold of Griswold Law in Encinitas as Receiver.

“We are pleased that Judge Garza has granted our motion to appoint a Receiver,” said San Bernardino City Manager Charles Montoya. “He agreed that the site conditions have likely worsened since we made our initial request for a receiver a year ago and the property poses a danger to the community.”

Under the powers granted by the Court, Griswold is authorized 1) to rehabilitate the property; 2) demolish the building, or 3) sell the property to an entity who will promptly undertake the rehabilitation and correct the identified deficiencies and violations.

Receiver Richardson “Red” Griswold has extensive experience as a court appointed receiver. He has been appointed by over 180 California courts in 21 different California counties, including appointments related to health & safety, rents, post-judgment, and partition matters. Griswold also acts as an expert witness in cases involving habitability standards. He will report directly to Judge Garza and will enforce the judge’s orders to protect the building from additional break-ins and damage.

In its ruling, the court found “the substandard conditions on the Subject Property are ongoing and will likely persist unless this Court appoints a receiver to take possession of the Subject Property and undertake responsibility for its rehabilitation.”

The court found that the property is a public nuisance and is being maintained in a manner that violates State and local laws. The violations at the property are so extensive and of such a nature that the health and safety of neighboring residents and the general public is substantially endangered.

The court stated that the property owners did not comply with City issued notices and orders to correct the substandard conditions, despite being afforded a reasonable opportunity to correct the conditions.

The court also ordered that Ji Li, Fox Property Holdings, and its representatives are prohibited from entering the building without the Receiver’s permission, making any changes to existing insurance policies, selling or encumbering the building, or collecting rents or other income from the building.

The property at 340 West 4th Street has been a challenging property for several years. Used as an unpermitted housing facility by Ji Li and Fox Property Holdings, tenants were subjected to unsafe and unlivable conditions including black mold, inoperative fire alarms and sprinklers, blocked fire escapes, and insect and rodent infestations.

San Bernardino had been working through the Civil Court process to take control of the building the past eighteen months. In that time, Ji Li and Fox Property Holdings of Irwindale, have ignored court orders, including a September 2022 Temporary Restraining Order requiring them to pay to relocate tenants and make all required repairs to the building.

Due to the unsafe conditions, on August 17, 2023, the City of San Bernardino red tagged the building, relocating the tenants that still remained. Despite boarding up the property, there have been repeated fires and break-ins.

CBRE’s NRP – Newport Beach Retail Investment Team announced the completion of its 1,000^th retail investment sale transaction with the closing of Komar Desert Center in La Quinta, California. Komar Desert Center consists of multiple pad retail buildings shadow-anchored by the only Costco in the Desert. The property sold for $26.4 million to a private capital investor, completing a 1031 exchange.

Led by Phil Voorhees, the Newport Beach, California team, successfully closed 1,000 retail investment sale transactions, including 359 anchored shopping centers, 267 strip shopping centers, 356 single-tenant-net-leased (STNL) investments, and a variety of other retail properties, totaling nearly $14.8 billion in value and encompassing over 75 million square feet throughout the west. Since 2012, the team achieved an average of 97% of the list price on 581 closed transactions, amounting to nearly $8.8 billion. The team consists of 19 members and leverages CBRE’s extensive resources to deliver exceptional results for institutional and private clients.

“This is a day that is – at the same time – hard to imagine and inevitable,” said team leader Phil Voorhees, Vice Chairman at CBRE. “When I arrived at CBRE in 2001, Todd Goodman (retired) and Preston Fetrow already managed one of the few retail investment teams in the country focused solely on retail investments. Now we have closed the 1,000^th retail investment sale transaction and expanded the team’s footprint to include strip centers and STNL investments. The team’s remarkable track record of accuracy and consistency over more than two decades is extremely gratifying.”

With its 1,000^th successful transaction completed, Voorhees is stepping down from CBRE’s National Retail Partners platform to focus on private capital assets and clients, and personal investments. Voorhees and his longtime partner, John Read, will co-lead the private capital team and expand throughout the region.

Jimmy Slusher will assume leadership of the Newport Beach National Retail Partners team, concentrating on institutional clients and premier retail assets. The Newport Beach NRP team is part of CBRE’s National Retail Partners platform, a national group covering every region around the country advising real estate investment trusts (REITs), operators, developers and pension fund clients, the institutional cohort targeting larger format retail investments.

“In hindsight, the team laid a foundation of success, one successfully closed transaction at a time,” noted Slusher, regarding the 1,000^th team transaction. “We’re grateful for many repeat clients and working at a great company that has supported the team over the years.”

Read added, “Variety is the spice of life, and that could not ring truer than with the variety of clients and retail investments our team represented over many years. While our 1,000th sale is a significant milestone, we approach every assignment and transaction with the same level of passion and process, regardless of its size. We are grateful for our clients’ trust in our ability to execute and represent their best interests, which has been instrumental in our success.”

Going forward, Slusher will lead National Retail Partner’s efforts in the region while Voorhees and Read will handle private client opportunities. The two separate teams will be positioned to service a wide variety of retail investment matters across the region. Long recognized as industry-leading retail investment experts, the teams continue to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, California, the teams consist of specialists with institutional and private client relationships that leverage institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world.