Industrial Icons!
SoCal is high on the list for industrial investorsnot only are fundamentalshere more in line with capital demand, but it's also an area where they would buildspec. (Though is any warehouse really spec?There will always be hipsters to lease one for a dance party.)
That was the take from thisroundtable of movers and shakers:IDI's Bryan Blasingame, CenterPoint's James Clewlow, Prologis' Larry Harmsen, DCT Industrial Trust's Jeff Phelan, and moderator Alan Pontius of Marcus & Millichap (far left).Jeff singled out Slover Logistics Center I and II inFontana, where Distribution Alternatives has leased all 1.3M SF. He says the deal reflects a fundamental that often gets overlooked: consolidationis one of the biggest drivers pushing today's healthy absorption of big boxes. He made the comments to more than 500 industrial RE pros at NAIOP's annual I.con conference last week at the Omni LA Hotel. (Not to be confused withI Can, a how-to on preserving the bounty of one's garden.)
We found Rexford Industrial Realty co-CEO Howard Schwimmer with Scott Frederiksen (left), CEO of Massachusetts-based Welsh Property Trust. Howard tells us Rexford had3.1M SF of new acquisitions in the past 18 months and is actively negotiating to buy more. Also, the company is moving up to the 10th floor of its existing digs at 11620 Wilshire--its team is managing the build-out of 10k SF of new improvements. If that wasn't enough, Howard also is rebuilding half of his house in Brentwood. (Save some money and use reclaimed wood from the old Rexford office. Or at least his old door.)
We snapped Westbrook Partners principalTeruo Kanashigeand Overton Moore Properties presidentTimur Tecimer. In the past 12 months, Timur tells us OMP has completed 1.5M SF ofnew spec industrial projects. And the company has or will start an additional 1M SF in four projects in SoCal and NorCal.
American Realty Advisors managing director of portfolio management Greg Blomstrandlooks so proud because, last Tuesday, his sonRiley's Triple A Little League team won their championship game. The lead changed back and forth through six innings, but Greg says the kids pulled it out in the end. Final score: 11 to 10. "It was a nail-biter." Greg is his son's head coach, so kudos to both!
The JLLafter-party at Perch was quite exclusive (and not just because the private rooftop lounge atop the historic Pershing Square Building only holds 100). It's where we snapped Bo Mills, who joined JLL in February as managing director to co-lead the West Coast industrial capital markets team, and Dain Fedora, who recently was promoted to industrial research manager for the Americas.
Folks were wowed by the ornate setting, which is accessed by three elevators. The 16th-floor space offers 360-degree views of Downtown LA and is part of a tri-level, French-inspired bistro, also named Perch.
