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Partial Client List
The client, SPC Group, was in the market for a large bakery/processing and distribution plant in the Santa Fe Springs and La Mirada areas of Southern California. At the time, the number of inventory/industrial spaces in the 80,000+ sq. ft. range was limited, while demand for large industrial spaces was rising.
SPC Group had an expiring lease and needed to finalize a deal before the end of the year. In addition to the quick turnaround, the client needed an unusually large office area to suit their needs. Finding a property that had both components was problematic, and the client looked at the possibility of having to find a bakery plant and office separately. After a month of searching, the client approached CBRE for a quick solution.
Solution & Outcome
Within a few short months, the team found the client a 115,000 sq. ft. industrial building in Commerce, California with a 14,000 sq. ft. office component. The property was newer, needing little to no deferred maintenance, and its open layout with high ceilings made it easy to design to the client’s needs.
However, the property was not a built-out bakery plant, so the team brought in a food facilities specialist at CBRE to help qualify the property and negotiate a deal structure that made sense for both parties. Additional issues with system warranty extensions and requested landlord work were addressed and mitigated early.
The client signed a 10-year lease with options. The facility is now SPC Group’s West Coast headquarters location.
The client, CJ Corp, approached the team to identify locations for a new quick service restaurant concept called Bibigo for their Foodville division. While CJ Corp is a well-known company in Asia, it was difficult to compete with other national brands for prime locations, especially for a new concept. The team’s task as the tenant representative was to develop a site selection strategy focused on entering mainstream markets with the goal to become a global brand. They initially set a range between 1,500 and 3,000 sq. ft.
During the search, the team considered the age and density of the daytime and total population of the area. They wanted to capture the student population from UCLA, as well as the office and healthcare workforce within Westwood Village. Westwood Village was a prime target; however, at the time there were no vacancies in the allocated number of spaces designated for restaurant use.
Solution & Outcome
The team reached out directly to restaurant owners in the Westwood Village neighborhood and found an owner who was willing to sell his business. They negotiated a price for his assets and renegotiated the lease with the landlord. The team helped CJ Corp open their first 2,700 square foot location in Westwood Village next to UCLA. The space was ideally located across the street from the main public parking structure in the village. Additionally, because it was already built out as a restaurant, the client did not have to spend money and time on restaurant-specific construction items (e.g., ventilation shafts, floor sinks, grease interceptors, etc.) and permitting.
Since then, Bibigo has become a global brand with 25 locations around the world. The team has helped the client find 3 of these new spaces, including their newest location in Glendale, California (opening in Q4 of 2015).
I Magnin - Koreatown
I MAGNIN - KOREATOWN
NEWKOA, an iconic owner of Koreatown properties wanted to trade into a larger asset with greater income potential. The seller had three conditions: 1) the sale had to be off market, 2) the price needed to be $50 million and 3) an adequate ‘upleg’ needed to be found to exchange into. The biggest hurdle was finding the right buyer within our network.
The team discovered unique zoning attributes that benefitted high-rise multifamily development. After a few short days, the team brought in Harridge Development and quickly tied up the deal. Initially, there were issues regarding the historic nature and the length of the leases that needed to be dealt with.
Solution & Outcome
Instead of demolishing the I Magnin, Harridge had a vision to turn it into a high-end boutique hotel with an additional high-rise multifamily component to the South built over the existing parking lot. Because of its proximity to public transportation, the project was qualified for additional density bonuses. Over the next several months, the team successfully assisted in negotiating buyouts of all the leases in the property.
In the end, both parties agreed to a sale price of $49 million. The team also identified the Buena Park Mall, the ‘upleg,’ through NRP West of CBRE. The team represented NEWKOA on the Buena Park Mall deal which closed that same year for $85 million at a 6.8% cap rate.
Amazon.com Fulfillment Center - Macon, GA
AMAZON.COM FULFILLMENT CENTER – MACON, GA
Mirae Asset Group was in search of investment grade office and industrial assets for their offshore investors. A large hurdle was having to compete with domestic buyers that were able to assess and negotiate more efficiently. The other issue was they needed financing which was difficult with their limited buying history in the U.S.
Solution & Outcome
The team collaborated with CBRE’s National Partners team to identify a newly listed 1 million square-foot industrial fulfillment center in Macon, GA. The property was a brand-new, build-to-suit development. CBRE negotiated on behalf of Mirae and struck a deal at $78 million after multiple bidding rounds and a successful best-and-final. The team also assisted in obtaining the debt to finance the purchase through CBRE.