Historic Sears Building
You've seen it countless times driving west into Downtown Los Angeles; after all, it's hard to miss a
massive historic, art deco building with nearly two million square feet in ten stories. This is the largest industrial building in Los Angeles County. The Sears building was built in stages in the period from 1930 to 1960, and has remained nearly vacant for years.
Recently, Norris Realty Advisors was asked to value this landmark building - prior to its purchase by a developer who is planning on breathing new life into the property.
This building holds an important place in American retailing history, as it was one of nine mail-order distribution centers that Sears built beginning in 1910. The floors are so large that order fillers used to get around on roller skates, with orders being sent down a multi-story metal slide - almost as fun as Santa's workshop!
Potential development plans include conversion of the property into mixed-use retail and creative office space. For more, go here for Roger Vincent's LA Times article on this unique property.
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When was the last time you stepped foot in your local bank branch? Norris Realty Advisors has just completed an extensive portfolio valuation of more than 40 retail bank branches throughout California. The firm has been tracking the value of this portfolio for more than a decade.
Our research indicates that fewer and fewer people are physically visiting their banks. With improving technology and mobile oriented services, there is far less need for visits to bank branches. Our valuation research also uncovered the increasingly common trend of banks downsizing the overall size of each individual branch and expanding the number of locations, hoping to cater to the convenience that customers now demand.
Further, capitalization rates for these high credit triple net investments continue to decline - partly due to the effects of low interest rates and high investor demand for coupon-quality assets.
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Massive Warehousing
Norris Realty Advisors recently completed the valuation of an 800,000+ square foot warehouse in the Inland Empire, home to one of the largest food companies in the world.
The single tenant has been operating in the building since it was built more than 15 years ago. The warehouse has approximately 250,000 of specialized cool (not cold) storage with ceiling heights up to 35 feet and more than 60 truck doors
As if the massive building size wasn't unique enough, the improvements are located on a ground lease of 40 acres of land - making this appraisal particularly challenging.
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University Campus Consulting
Norris Realty Advisors is presently involved in consulting and valuation for a university campus facility - complete with more than 200,000 square feet of specialized improvements constructed over a period of 40 years.
Consulting for this work involved working with a site surveyor in determination of the potential for future subdivision or redevelopment of the overall campus in order to allow continued educational uses. We are also studying the potential for increased highest and best use of the property, as well as maximizing returns to the University.
This type of specialized consulting is also being completed on a national basis by the Consulting Corps of the Counselors of Real Estate. Steven Norris is a member of the Consulting Corps - go here to learn more about this important program.
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