VETERAN INDUSTRIAL BROKER JOINS TRI WALNUT CREEK TEAM

Veteran INDUSTRIAL broker joins TRI Walnut Creek Team

Eric Rehn, NorCal CCIM ranking member shifts brokerage efforts with TRI Commercial

(April 29, 2024 – Walnut Creek) –

TRI Commercial/CORFAC International today announced that Eric Rehn, CCIM has joined the TRI Commercial Walnut Creek team as senior director specializing in R&D and Industrial properties. Rehn’s portfolio of work has covered Contra Costa, Napa, and Solano Counties, representing a wide range of uses and transaction types. Previous clients have included John Deere, Milgard Windows, and Hertz Equipment Rentals.

Ed Del Beccaro, manager of TRI Commercial’s Bay Area offices declared the recruitment internally late last week; “We proudly announce that TRI Commercial Real Estate Services has hired Eric Rehn, CCIM who is a recognized industrial and commercial real estate leader and brokerage expert,”

A designated member of CCIM’s Northern California chapter since 2012, Rehn previously has served as chapter president in 2017, as well as two terms as treasurer of the organization. Rehn is well known in the professional community, but also positions his experience in community-forward endeavors. He has served as a consultant for the Northern Waterfront Economic Development Initiative and as recently as last year was appointed membership on Concord’s Homeless Strategic Plan Working Group.

Eric joins TRI Commercial with the future of his career in mind. “Real estate is at a major pivot point. I look forward to bringing my skills to a team with a variety of experience and qualities that will be able to face unprecedented trends here in the San Francisco Bay Area. With a broader network including CORFAC, I am pleased to be able to fulfill my clients’ goals.”

Eric can be reached at 925.784.3449 and eric.rehn@tricommercial.com.

 

Fremont Industrial Building Sells Below 5 Cap

Improved, Bifurcated Warehouse Property Sells for Over 10 Million

(January 26, 2023 – Walnut creek) –  TRI Commercial is pleased to announce the sale of 37421 Centralmont Place in Fremont, California. This warehouse building, located in the insular industrial zone near the Fremont FAA Center and along the Nimitz Freeway, is the latest sale to top ten million dollars in price, and validating the strength of the industrial market. Ed Del Beccaro, and Teddy Swain represented the seller. The property was occupied by a national construction company, and featured a number of details that were appealing to a wide number of future occupants.

“One of the challenges our team faced was the tenant’s 6-month lease termination clause provided in the lease agreement which made financing the deal extremely difficult. Despite this curveball we were able to secure an all-cash buyer and close at a 4.85% cap rate with a sale price of $10,300,000. Goes to show just how strong the industrial asset class remains.”

37421 Centralmont Place was acquired by an investor as a future food manufacturing site, however that decision has not been finalized.

 

About TRI Commercial/CORFAC International

 

Founded in 1977, TRI Commercial/CORFAC International is a leading Northern California commercial real estate brokerage and property management firm (with more than 4 million square feet of commercial property under management) specializing in San Francisco, East Bay and the Sacramento Metro property markets. The company has expertise in tenant and landlord representation services and helps clients buy and sell commercial and investment-grade property. The company serves office, retail, and land, multifamily and industrial property sectors, with offices in San Francisco, Walnut Creek, Oakland, Roseville, Sacramento, and Rocklin. For more information, visit www.tricommercial.com or call Justin Flom in Corporate Marketing at 925.269.3335

 

CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail properties, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. For more information on CORFAC’s International presence, call the Chicago headquarters at 224.257.4400 or visit  www.corfac.com.

Media Contact:

Justin Flom

925.296.3335

Justin.Flom@tricommercial.com

2Spec Machining Bears Standard of an Undamaged Industrial Sector

(May 21, 2021 – SAN JOSE, CA) –

 

2Spec Machining purchased the freestanding industrial manufacturing building at 260 Cimino Street on Friday, May 14^th. Located across from The Plant Shopping Center and on the other side of the Almaden/Guadalupe Freeway from Willow Glen, the 9,552 SF shop is the corner-forward structure along Little Orchard Street in the neighhborhood’s industrial cluster. The building, as purchased, was divisible into 4 units, however 2Spec Machining intends on occupying the entire space.

Finding industrial space of this type is a difficult prospect in San Jose at the moment for small, growing manufacturing operations. “They’ve been looking for a while now,” said Marty Morici, the senior broker representing the buyer. “In order to make this kind of buy happen, you have to move fast. We toured on Thursday, and on Friday our offer had been accepted.”

 

2Spec, which nearly doubled the amount of space they needed, is a good presentation of the unique challenges faced by small businesses in San Jose, where large companies absorb satellite property, but also keep the market resilient against the pandemic’s recession effects. SBA Financing was an important key in keeping 2Spec’s offer competitive and nimble, however the challenges don’t end there – the seller, a previous owner/user of 260 Cimino Street, is moving their operations to Texas. Expensive, crowded markets will always demand the question of whether to cash out or dig in during times of transition.

 

260 Cimino Street was sold at $3,250,000. The seller was represented by Marty Morici, Kate Wright, and Scott Bendorf of TRI Commercial.

 

About TRI Commercial/CORFAC International

 

Founded in 1977, TRI Commercial/CORFAC International is a leading Northern California commercial real estate brokerage and property management firm (with more than 4 million square feet of commercial property under management) specializing in San Francisco, East Bay and the Sacramento Metro property markets. The company has expertise in tenant and landlord representation services and helps clients buy and sell commercial and investment-grade property. The company serves office, retail, land, multifamily and industrial property sectors, with offices in San Francisco, Walnut Creek, Silicon Valley, Oakland, Roseville, Sacramento, and Rocklin. For more information, visit www.tricommercial.com or call Justin Flom in Corporate Marketing at 925.269.3335

 

CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail properties, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. For more information on CORFAC’s International presence, call the Chicago headquarters at 224.257.4400 or visit  www.corfac.com.

 

 

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2018 Q3 TRENDS – San Francisco – Office

2018 Q3 TRENDS – Sacramento – Office

2018 Q3 TRENDS – Sacramento – Retail

2018 Q3 TRENDS – Sacramento – Industrial

  

   

   

 

  

 

Award-winning San Francisco investment advisor Gary Cohen has a gift for unsnarling quirky puzzles in #CRE. His five-year quest to track down the owners of 500 Turk St. and acquire the property on behalf of his client, Tenderloin Neighborhood Development Corporation, is a prime example.

Through his work with TNDC, Gary is always on the lookout for potential sites for affordable housing development in San Francisco. The property at 500 Turk St. was perfect, but seemingly unattainable. It hadn’t been on the market in 50 years or more.

“Everyone in town had their eye on that property, but no one could figure out who owned it,” Gary said. An infamous tire repair shop, Kahn & Keville, had been there for decades, remaining virtually unchanged as the neighborhood modernized around it. It was clear that the current ownership was not aware of the potential of the property. An initial public records search revealed that it was held in a trust, but all the trustees had long since passed away. Gary’s interest was piqued.

“It was really a question of digging past the surface,” he said. “The rent had to be going somewhere . So, I decided to follow the money.”

For five years, Gary chipped away at the mystery, sifting through old records and circumventing dead ends until he found a 1953 trust document that led him to the former owner’s son. He’d inherited the property with his sisters, who also live out of state.

Once Gary managed to connect with the owner, it was a fairly uncomplicated transaction. His determined detective work paid off with a win for all the parties. TNDC got a great property for a new affordable housing project, and the owner transformed an under-performing asset and traded into a more conveniently-located East Coast property with a significantly enhanced return.

It’s like the saying goes, “Never stop trying. You’ll never know how close you were to succeeding…”

 

In a world of 24/7 connectivity and a glut of available high-tech tools and toys, TRI Senior Vice President Scott Vix just proved the enduring value of patience and persistence. Five years’ worth of these virtues, to be exact. Scott is an office and industrial adviser who worked with Hernandez Engineering starting in 2012 to find a location for their sizable San Francisco equipment storage yard.

The San Francisco land/industrial market is tight and finding a large undeveloped lot in the City was a challenge. “There’s not a lot of raw vacant land left in San Francisco and competition is fierce, but I was determined to get my client the space they needed,” he noted.

Just last month, Hernandez finally acquired the perfect 19,728-sf lot in Bayview for $1.55M. The property was formerly a rail spur, where train cars could be loaded and unloaded without disrupting traffic on the main line.