Category: Commercial

Faraday Future Receives Permit and Announces Bernards as General Contractor for Hanford Factory

ONSITE CONSTRUCTION WORK HAS COMMENCED AS FIRST SET OF EQUIPMENT IS INSTALLED TO FACILITATE DELIVERY OF THE FIRST FF 91 BY YEAR’S END

LOS ANGELES, JUNE 7, 2018 – Faraday Future (FF) announced today that Bernards, a commercial builder located in San Fernando, California, will serve as the general contractor for the 1M square foot FF factory in Hanford, California.

The Hanford factory is a turn-key facility, strategically sited between the country’s two largest EV markets, Los Angeles and Silicon Valley. This marks a significant step forward for FF in its mission to deliver FF 91, its first production vehicle, to market by the end of 2018. FF has received the permit from the city government of Hanford for its onsite work to begin construction, prior to manufacturing and delivering the first FF 91.

“We are honored to be chosen as the general contractor for Faraday Future’s Hanford factory in the valley,” said Falco DiGiallonardo, VP of Bernards. “EV is the future of mobility and we look forward to working with FF to have the factory set for production later this year.”
As of February 1, the property was completely vacated. FF completed the planning phase, including interior and exterior design, progressing to the next phase of production.

“We appreciate the support given to us by the City of Hanford,” said Dag Reckhorn, SVP of Global Manufacturing of FF. “As of now, our on-site abatement, demolition, and refurbishment work has started, and we have ordered all the long lead-time equipment. We are extremely excited to have Bernards on board to work with us to ready our factory with our aggressive, yet workable, timeline.”

On-site demolition and construction work began in March, as the first batch of production equipment has already been installed and tested to begin manufacturing.

FF is also collaborating proactively with local Hanford institutions and agencies to ready the recruitment cadences and hiring efforts for the factory. Several local training programs have been designed and hiring has already started.

FF announced its Hanford factory last August. The facility will employ up to 1,300 employees, working a 3 shift schedule.

ABOUT FARADAY FUTURE

Faraday Future is a user-centric, advanced mobility company with headquarters in Southern California. Our global team leverages the talents of leading thinkers and passionate creators from the technology and automotive industries to bring premium, intuitive, and seamlessly connected electric vehicles to people worldwide.

FOLLOW FARADAY FUTURE:

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For more information about Faraday Future, contact: press@ff.com

Historic Merced hotel to be repurposed

Central Valley Business Times

June 5, 2018

  • Hotel Tioga getting improvements under new owners
  • “This can be the foundation for the revitalization of the

Downtown that everyone is looking for” An icon of downtown Merced, dating back to the years when

Herbert Hoover was president, has been sold and is expected to be renovated The Hotel Tioga will be offering fully renovated and updated market rate apartments in downtown Merced.

The historic building, which opened in 1928, will have commercial spaces on the first floor.

PCG Commercial of Roseville is marketing the building. The property was purchased in April by Hotel Tioga Investors LLC and will be redeveloped by the same firm.

The city says the fully renovated Hotel Tioga will bring additional multimillion dollar investments to downtown Merced and will add to the major economic impacts of the El Capitan Hotel and Mainzer Theater projects that are currently underway.

“The Hotel Tioga was a huge boost for the town 90 years ago, and the sale and work that will be done shortly will once again be transformative,” says Merced Mayor Mike Murphy. “This is another big step forward for Merced and the Downtown.”

Mr. Murphy says the renovated property “will promote nightlife, and a diversified center that will include retail and hospitality.”

“This is an exciting time for Merced,” adds Merced City Councilwoman Jill McLeod, who represents Downtown area.

“The sale of the Hotel Tioga, along with the renovation of the El Capitan and the Mainzer will bring so much new life and energy to the Downtown.”

A Downtown Icon

The historic building, opened in 1928, has been an icon of downtown Merced and a social and business hub. Adding the additional market-rate housing to the downtown housing scene adds a new dimension to the work/life potential in the city’s core, city officials say. Economic Development Director Frank Quintero says a key element is having a strong residential base.

Hotel Tioga is strategically located close to the Merced Transportation Center and the University of California, Merced’s Downtown Administration Building on N Street between Main and 16 streets.

“Bringing this much housing to the Downtown will help attract the restaurants and other kinds of businesses that people keep saying they want,” Mr. Quintero says. “This can be the  foundation for the revitalization of the Downtown that everyone is looking for.”

He adds that once revamped, the Hotel Tioga will provide another option for living in downtown Merced. “Currently, the vacancy rate in Merced is under 1 percent, so the Hotel Tioga will create new opportunities,” he says.

 

The Renovation

When renovated the apartment units will feature new kitchens, countertops, light fixtures, and flooring. The 73,670-square-foot building will offer a mix of studio, one-bedroom, and two bedroom units.

The architect for the project is Page & Turnbull, a full-service architecture, design, planning, and preservation firm. Founded in 1973, the firm has offices in San Francisco, Los Angeles, and Sacramento. It brings together architects, planners, architectural historians, and conservators to take existing structures and adapt them to meet contemporary needs.

Nine decades ago when the Hotel Tioga was built it was aimed at Yosemite tourists. Visitors could drive up the “all-weather” Highway 140 or take the Yosemite Valley Railroad train to enjoy the natural wonder.

An Historic Building

The building, which cost $250,000 to build, is now on the National Register of Historic Places. In its prime it had a ballroom, handcrafted tile floors, art deco ceilings and the Merced’s first neon sign on the roof that could be seen for miles.

Also on the roof were two penthouses with legendary views of the Sierra and the Central Valley.

The guest registry is a blast from the past: John Kennedy, Calvin Coolidge, Eleanor Roosevelt, King Albert of Belgium and  Archduke Otto of Austria stayed in the six story building. Screen legends including Marilyn Monroe, Gary Cooper and Mary Pickford stopped at the Tioga. Natalie Wood used the hotel as her residence while filming “Bombers B-52” at Castle Air Force Base. John Wayne called the Tioga home when he came to the Central Valley to hunt. Richard Nixon was photographed under its awning during his run for California’s governor seat in 1962.

Merced’s first radio station, KYOS, began broadcasting from the Hotel Tioga in 1936. And during World War II the U.S. Army Air Corps took over part of the building for office space.

Bitwise continuing to spread its wings in downtown Fresno. Latest venture is colorful, too

Stifel opens Modesto branch

Stifel Financial Corporation has opened another Central Valley location in Modesto.

The location, at 1539 McHenry Ave., Ste. A, is the 39th Stifel office in California. It will be run by the team of Dane and Randy Anderson.Between them, the Andersons have more than 71 years of investment experience. They previously worked with Wells Fargo Advisors, handling upwards of $200 million in client assets.

The environment at Stifel appeals to the team due to the flexibility the company gives its advisors.

“Stifel is an entrepreneurial environment where advisors can run their business the way they think is best for them and their clients,” said Dane Anderson. “Thanks to Stifel’s advisor- and client-centric culture, I feel our clients will truly benefit in our transition to Stifel.”Many advisors in the investment industry have worked together in past roles, especially at places such as A.G. Edwards.

“I am thrilled to reunited with Dane and Randy after having worked with them for years at A.G. Edwards,” said John Lee, who is now the Western Region director for Stifel. “I maintain that this is a relationship business built on trust, and to have these trusted advisors join Stifel where they can be the center of the relationship with their clients and not worry about corporate interference is exciting for them, and we are excited to have them.”

 

 

Stifel was founded in 1890 by Benjamin Altheimer and Edward Rawlings as a general securities business. They brought Herman Charles Stifel onboard seven years later as their treasurer. Henry J. Nicolaus joined the company in 1910, along with his son Louis. In 1923, it was renamed Stifel, Nicolaus Investment Company.

https://cvbj.biz/2018/05/15/stifel-opens-modesto-branch/

Fresno’s Fulton Street named one of America’s top main streets

Fulton Street was named one of 10 semifinalists on Monday.

From art to architecture you will find a little something different along Fresno’s Fulton Street.

The longtime pedestrian mall re-opened to vehicular traffic last October. On Monday the street was recognized in America’s main street contest.

“As an organization, we feel awesome to be in this running because it really is prime time for Fulton Street and Fulton District with the reopening of Fulton street six or seven months ago,” said Chilingerian.

The goal of the national contest is to help promote the importance and strong economic benefits of main streets and the small businesses that help them thrive

Fulton Street was named one of 10 semifinalists on Monday.

There are currently 18 vacant storefronts on Fulton.

Many have sat empty for years and are in need of renovation to be brought up to code.

Officials hope this type of national attention will catch the eye of potential business owners.

“We’re already seeing some businesses come in and open but something like this would bring even more foot traffic and even more potential businesses so I think national attention like this is really exciting for us,” said Jenna Chilingerian.

The winning main street will receive $25,000 in cash and prizes to help revitalize their street.

“We’re always looking for opportunities for more faade improvements tenant improvements like so those are the things we’re looking at right now,” said Chilingerian.

The winner will be announced June 4.

http://abc30.com/community-events/fresnos-fulton-street-named-one-of-americas-top-main-streets-/3532558/

Tire distribution facility to open in Fresno

By Central Valley Business Times

May15, 2018

  • It’s the 8th for SoCal-based Tire’s Warehouse •

“The location will increase our delivery and will-call efficiencies throughout Central California” Corona-based Tire’s Warehouse Inc. says it is opening its eighth distribution facility in Fresno.

The 122,000 square foot facility, to open in July, will bridge the gap between TWI’s Southern and Northern California branches. It will be the 8th warehouse for TWI, three of which have opened within the last three years, and brings their total distribution center square footage to over 700,000.

The new Fresno distribution center will service the Central Valley – TWI’s largest geographical service region to date.

“The new facility in Fresno will build upon the customer focused service Tire’s Warehouse has established for nearly 50 years,” says Dan King, TWI president.

“The location will increase our delivery and will-call efficiencies throughout Central California, providing our customers improved access to our portfolio of brands and the support they need to be successful.“

http://files.constantcontact.com/2cb20f61601/59d3f7c7-0350-482d-a540-ba62c2432bcc.pdf

Goodbye East Hills Mall, hello City Lights

  • By JOHN COX jcox@bakersfield.com
East Hills Mall
East Hills Mall in northeast Bakersfield remains boarded up and fenced off.

A few years ago, comparing the East Hills Mall in northeast Bakersfield to The Marketplace over in the southwest would have gotten you laughed out of any cocktail party.

But earlier this week, commercial property broker Duane Keathley kept a straight face when he said that, within maybe a year and a half, the two retail centers will be “not that much different.”

Seriously. Similar size, similar design, similar kind of entertainment-dining-shopping experience.

 In fact, forget the name East Hills Mall. After it’s demolished later this year, it’ll be called City Lights. And come late next year or early 2020, it’ll be Bakersfield’s new “it” spot, in the words of city Development Services Director Jacqui Kitchen.

“If done right, the ‘new East Hills’ center will bring a variety of much-needed amenities to the residents of northeast Bakersfield,” she wrote in an email Tuesday. “These residents have waited a long time for development of this magnitude and it looks like the time has finally arrived!”

Has someone been drinking the Kool-Aid? Perhaps. But northwest Bakersfield resident Tomeka Powell hasn’t, and during a visit Monday to the northeast to see her mom, she took a moment to reflect on the area’s shopping options.

“There’s nothing, really,” said Powell, 35, a stay-at-home mother. She’d like to see a Victoria’s Secret at City Lights, while her husband wants a Fry’s Electronics. “Yeah, it’s needed,” she said of the mall’s redevelopment.

For the record, not everyone agrees. Rebecca Withnell disapproves of the mall’s demolition.

“They should work with what they have and just refurbish what they have,” said the 33-year-old Bakersfield resident. She shops at stores next to the mall, like Target and Big Lots, and contends the area has plenty of shopping options.

There’s no word yet on who’ll set up shop at City Lights. Keathley and Vince Roche, one of his business partners at Cushman & Wakefield | Pacific Commercial Realty Advisors, aren’t allowed to name names, but they assure us tenants are signing up left and right.

What they could disclose is the kind of businesses that want to be part of the project: clothing stores, shoe retailers, specialty shops, cosmetics, jewelry. They said it’ll have chains that already exist in Bakersfield, just not in the city’s northeast.

As for who will shop there, think everyone in town south of Highway 58, and then some. Rio Bravo. Oildale. Tehachapi. “It’s a very diverse trade area,” Roche said, estimating the project’s trade area at 250,000 people or more.

If that’s the case, you ask, why wasn’t East Hills a runaway success? Well, it’s a long and unhappy story.

When the mall opened in 1986, there were four anchor tenants: department stores Gottschalks and Harris, a Mervyn’s clothing store and a United Artist Theatre.

The northeast area didn’t immediately rise to meet the population projections on which the mall was built. Then, in 1998, Gottschalks and Harris became one, leaving the mall with one fewer anchor. Gottschalks and Mervyn’s later closed during the economic recession, and it was downhill from there.

Malls aren’t generally as popular as they once were. While Valley Plaza still draws crowds, the trend in retail development these days is to build an outdoor setting. Like the Marketplace.

A site plan shared this week by Cushman & Wakefield shows row of stores as large as 40,000 square feet abutting the south side of Highway 178 just east of Mount Vernon Avenue. Included there is a 38,300-square-foot movie theater and a few small shop spaces.

South of that section would be a sea of parking spaces, 2,191 of them (more than the 1,329 required by regulation, by the way). Then, further south along Mall View Road would be a series of retail islands, or “pads,” Keathley said would house restaurants and other uses such as financial institutions.

All in all, City Lights would contain 323,313 square feet of space. In other words, pretty close to The Marketplace’s roughly 300,000 square feet. Who’s laughing now?

http://www.bakersfield.com/news/goodbye-east-hills-mall-hello-city-lights/article_e1b943d8-587e-11e8-8e75-af05116ef91b.html?utm_source=bakersfield.com&utm_campaign=%2Fnewsletters%2Fheadlines%2F%3F-dc%3D1526468413&utm_medium=email&utm_content=headline

Hey, what’s that going up over there? A look at retail construction around Modesto

$8.4 billion realty deal includes 29 Northern California properties

Images from the Prologis web site and from a DCT Industrial Trust earnings
supplement, in a montage. Prologis, a huge player in the industrial real
estate market, has struck a deal worth $8.4 billion to buy DCT Industrial
Trust, a major company in the same sector, in a transaction that includes
dozens of Northern California properties.

Prologis, DCT Industrial Trust
Prologis, DCT Industrial Trust

Images from the Prologis web site and from a DCT Industrial Trust earnings supplement, in a montage. Prologis, a huge player in the industrial real estate market, has struck a deal worth $8.4 billion to buy DCT Industrial Trust, a major company in the same sector, in a transaction that includes dozens of Northern California properties.

PUBLISHED: 

Prologis, a huge player in the industrial real estate market, has struck a deal worth $8.4 billion to buy DCT Industrial Trust, a major company in the same sector, in a transaction that includes dozens of Northern California properties.

San Francisco-based Prologis, through its proposed purchase of Denver-based DCT Industrial, would obtain a portfolio of industrial buildings totaling 71 million square feet — the size equivalent of roughly three-dozen regional shopping malls — along with development projects and vacant sites.

According to information in a supplement to DCT’s first-quarter financial results, DCT’s portfolio includes an estimated 29 properties in Northern California. The properties total 5.13 million square feet, including DCT properties in San Leandro, Hayward and Tracy.

“For some time, we have considered DCT’s realigned portfolio to be the most complementary to our own in terms of product quality, market position and growth potential,” Prologis Chief Executive Officer Hamid Moghadam said in a prepared release.

Both companies specialize in what generically is known as logistics real estate, which includes industrial, warehouse and distribution centers.

“This transaction underscores the exceptional quality of DCT’s portfolio, platform and customer relationships,” DCT Industrial CEO Philip Hawkins said in a prepared release.

The deal also highlights the value of industrial properties in hot markets such as the Bay Area.

Cupertino-based Apple, Menlo Park-based Facebook, Mountain View-based Google and other tech giants have gobbled up huge amounts of space in Silicon Valley and elsewhere, through a combination of property purchases and leases. That activity has, in turn, prevented industrial development on some parcels where it might otherwise have occurred, and increased the value of existing industrial properties.

Seattle-based Amazon also is among the digital commerce companies that hunger for more industrial sites to support their online retailing activity.

“While we are later in the economic cycle, we believe that the industrial market has a long runway given growing e-commerce-related demand and the subsequent modernization of companies’ supply chains to accommodate for this,” Matt Kopsky, an analyst with St. Louis-based investment firm Edward Jones, wrote in a research note to clients regarding the Prologis-DCT deal, which is expected to be completed by the end of September.

Among the most high-profile of the Prologis properties in Northern California is a vast fulfillment complex in Tracy that’s leased to Amazon.

“We believe this is a positive strategic acquisition for Prologis,” Kopsky said in the research note. “DCT owns warehouses primarily in high-growth markets, which overlap nicely with Prologis’ portfolio. Additionally, DCT has a robust development pipeline in core markets.”

During 2017, Prologis earned $1.64 billion on revenue of $2.87 billion, while DCT Industrial earned $102.8 million on revenue of $429.7 million.

At the end of March, Prologis owned, or had investments in, 683 million square feet of properties, based on the combined size of the existing buildings and potential square footage of future buildings that could be constructed on vacant properties.

With properties in 19 countries, Prologis serves a base of 5,000 customers.

“This deal diversifies our customer roster through the addition of some 500 new relationships,” Prologis CEO for the Americas Eugene Reilly said in a prepared release.

$8.4 billion realty deal includes 29 Northern California properties

Former State Farm complex, Bakersfield’s largest office building, sells

BY STEVEN MAYER

    Apr 5, 2018
State Farm
Hundreds of State Farm employees still work at the building at 900 Old River Road. But as of Tuesday, the building, with more than a half-million square feet of office space — Bakersfield’s largest — has a new owner.Felix Adamo/ The Californian

Could Bakersfield’s largest office building become the new local headquarters for a big oil company?

In a landmark sale that could affect commercial real estate in Bakersfield for years to come, Cushman & Wakefield and two of its directors said Thursday that the former operations center for State Farm in southwest Bakersfield has been sold.

The commercial real estate agency’s Senior Director Jeff Andrew and Associate Director Pat Thompson closed one of the biggest deals of their careers earlier this week, but due to a strict confidentiality agreement, they can’t reveal key details — except for the fact that after years of work, the sale of the massive, four-story, 556,000 square-foot building closed on Tuesday.

“We can talk about how this could affect the commercial real estate market locally,” Andrew said. “But we can’t reveal the seller, the buyer or the price.”

Fortunately for the curious, that information is part of the public record, and Californian reporters have been checking on the fate of one of the city’s most important chunks of real estate, on and off, for months.

According to information compiled by the Kern County Assessor’s and Recorder’s offices, the seller, represented by Cushman & Wakefield, was listed as LSREF2 Tractor REO BAK LLC.

More interesting, the buyer is identified as California Resources Real Estate Ventures LLC, or California Resources Corp., a Los Angeles-based energy company that spun off from Occidental Petroleum Corp. in 2014.

The price: $48.4 million.

The presence of the insurance company’s center at 900 Old River Road, and the hundreds of jobs it created, had been touted for years as a significant economic driver for the southern San Joaquin Valley. So when State Farm announced it was leaving, the news inspired angst among those concerned about jobs and economic growth in Bakersfield.

State Farm is committed to a reduced number of employees staying in the building, for now, Andrew said, but the new owner — he would not confirm the name of the buyer — would fill out the lion’s share of the space.

Many of those new employees will come from several other local commercial office buildings and will be consolidated under one huge roof. That means office vacancies will be opening up in Bakersfield. But those smaller spaces should be easier to fill, said Thompson.

A building with more that a half-million square feet of office space has few potential tenants.

“We had to go to the largest users of office space,” Andrew said.

And that’s a very short list.

http://www.bakersfield.com/news/former-state-farm-complex-bakerfield-s-largest-office-building-sells/article_c4863ec0-3924-11e8-b71f-dfbdf6a0adaa.html