Category: Commercial

$15.66-Million Apartment Building in Central Valley Sold by The Mogharebi Group

(“TMG”) has completed the sale of Oak Valley Apartments, a 109-unit community, in Tulare. The property sold for $15,660,000 with multiple offers. Alex Mogharebi, Otto Ozen, Robin Kane, Brendan Kane and Mark Bonas of The Mogharebi Group represented the seller, IDEAL Capital Group based in Central California. The buyer was a private investor, based in Southern California. “The property is a recently renovated high quality asset with a strong unit mix with proven upside. This Central Valley community presents solid upside-value”

“The property is a recently renovated high quality asset with a strong unit mix with proven upside. This Central Valley community presents solid upside-value,” said Otto Ozen, Executive Vice President of The Mogharebi Group. “Through our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers, we were able to drive the value and successfully close.”

Built on a 7.06-acre site in 1988, Oak Valley Apartments is located at 2001 East Cross Avenue in Tulare. The property has great exposure on their fronting roads and is within a 30- to 60-minute commute to over 661,000 jobs.

The property features attractive community amenities, including a large resort-like swimming pool, fitness center, business/media center, outdoor BBQ/Picnic area, and reserved covered parking. It is walking distance to Live Oak Middle School, Super Target and less than one mile of Tulare Outlet Center and other retail shops.

About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

https://www.businesswire.com/news/home/20200918005066/en/15.66-Million-Apartment-Building-in-Central-Valley-Sold-by-The-Mogharebi-Group

Central California Storage Facility Trades for $12M

Olive Drive Self Storage, a 106,041-square-foot facility in Bakersfield, Calif., has sold for $11.5 million. A private investor traded the property to an individual buyer based near San Francisco, according to Yardi Matrix data.

Located on an 8-acre parcel at 5250 Knudsen Drive, the property encompasses 14 single-story buildings completed in 2004. The facility provides a mix of drive-up access units ranging between 25 and 400 square feet and paved parking lots with sizes from 150 to 600 square feet for RVs, boats and cars. The store has an on-site manager, security cameras and individually fitted alarms within each unit and also sells packing and moving supplies.

There are 10 other self storage properties encompassing 928,772 net rentable square feet within a 3-mile radius, Yardi Matrix data shows. Situated close to the busy retail corridor along Olive Drive, the facility is 4 miles northwest of downtown Bakersfield.

The site is also 4 miles north of Cal Twin Towers, a 151,124-square-foot office property which traded for $26.1 million in February. Cushman & Wakefield assisted seller Adler Realty Investments in the disposition to Blumer Construction.

https://www.cpexecutive.com/post/central-california-storage-facility-trades-for-12m/#:~:text=The%20property%20delivered%20in%202004,square%20feet%20in%2014%20buildings.&text=Olive%20Drive%20Self%20Storage%2C%20a,has%20sold%20for%20%2411.5%20million.

Avocados Being Tested For Central Valley Production

By Tim Hammerich with the Ag Information Network of the West

Will we see commercial avocado production move into the central valley? That’s what Joseph Mark Buhl is wondering. Along with a few collaborators, he is running a test of different avocado and rootstock combinations in the Visalia area. He wants to know, can they grow well under nets. “We’re kind of replicating almost like a Colombian rain forest in there for them. Then the hope is to keep it under 95 degrees, and the hope is to keep it above 32 degrees.”

Buhl is the cofounder of Data Harvest. He says avocados could offer central valley growers good prices, lower pesticide needs, and a water-efficient crop. “I brought this project back with Dr. Mary Lu Arpaia, UCANR Cooperative Extension, Subtropical Horticulturist about a year and a half ago when some friends of mine had shared with me what they were able to attain to these in these net houses for environments,” said Buhl. And so we thought, what a wonderful opportunity to try this out. And, so my place is in hoping that this is an industry starter for other farmers and for the central Valley. And around the world. I think there’s many opportunities and environments that haven’t been considered that this could open the doors for growing all over.”

The project is made possible in part by a USDA grant to study the concept in California and Texas.

https://californiaagtoday.com/avocados-tested-central-valley-production/

Plant sales increase as more people take on gardening

Throughout the Central Valley nurseries are deemed essential because they sale fruits, vegetables, and outdoor plants. With numerous businesses temporary closed to stay at home restrictions, more and more people are turning to gardening swamping local nurseries with their business.

https://www.yourcentralvalley.com/news/plant-sales-increase-as-more-people-take-on-gardening/

Virtual wine trail in Madera County brings community together

Madera County is home to a variety of wineries like Toca Madera Winery, which are now coming to you with virtual tastings. “We’ve turned into a virtual winery basically. So virtual tastings on Instagram and Facebook on Wednesday, Thursday, Friday at 5. We do private virtual tastings and doorstep delivery has become our thing,” said Shayne Vetter, a winemaker for Toca Madera Winery. Vetter says they’ve seen a lot of support from local wine drinkers. People purchase their estate wines, tune-in and drink up.

https://www.yosemitethisyear.com/eventdetail/15081/virtual-wine-tasting

COVID-19 virus spurs hiring atsupermarket chains

Modesto-based privately held Save Mart Companies are hiring, due to the virus that causes the COVID-19 disease.
There are openings for close to 1,000 employees in their FoodMaxx, Lucky and Save Mart stores located throughout California and Northern Nevada, as well as their warehouses in Roseville and Merced, thre company says. This includes in-store positions, drivers, and warehouse workers.

https://files.constantcontact.com/2cb20f61601/cdbea38d-b122-467b-b987-e4838c36e663.pdf

Amazon, Save Mart hiring in Patterson, Modesto amid coronavirus pandemic

Amazon plans to hire 800 workers for its Patterson and Tracy warehouses, a spokesperson said Tuesday, to help meet increased demand during the coronavirus pandemic. The temporary jobs are among the 100,000 nationwide openings Amazon announced Monday, the same day Modesto-based Save Mart Cos. said it expects to hire nearly 1,000 employees in California and Nevada.

https://www.modbee.com/news/coronavirus/article241275246.html?

Hampton Inn and Suites coming to Porterville in 2021

Paul Jariwala, the general manager of Holiday Inn Express on Highway 190 put it best when it comes to the hotel industry. “There’s kind of room for everyone,” he said. Even though it will be in direct competition with the Holiday Inn, a Hampton Inn and Suites by Hilton will be constructed at the 2.6-acre lot just to the east and of the Holiday Inn on Highway 190. The hotel will be the third one in that area as it will also join the Best Western Porterville Inn. The three hotels will continue to provide a need for people who travel Highway 190 to visit such attractions at the Sequoia National Forest.

A Brave New World: Latest in agriculture at Expo in Tulare

Traditionally the Farmer’s Almanac predicts rainy weather during early to middle February said Lt. Boatman from the Tulare Police Department, who was helping on the first day of the 2020 World Ag Expo on Tuesday, at the International Agri-Center in Tulare. But it was a clear, bright, and beautifully sunny day, and at least 30,000 people or more were expected to attend the show. And over the three days, Tuesday, today and Thursday, Feb. 13, there could be anywhere from 90,000 to more than  100,000 people attending from all over the world. When the gates opened and hundreds of people were lined up to enter, at about 9:30 the Star Spangled Banner was sung, and people respectfully sang with their hands over their hearts.

https://www.recorderonline.com/news/a-brave-new-world-latest-in-agriculture-at-expo/article_4c7de574-4dc0-11ea-b9ba-a3d1742c88a5.html

New bookstore to open in downtown Hanford

A local business owner is turning the page and opening a brand new bookstore in downtown Hanford. Running a business isn’t new for Janie Isidoro. She’s been managing a shop in Visalia, but as an author, she always dreamed of owning her own bookstore one day. “I’m a writer, so I had my books on my shelf, but then I started bringing in other books as well,” said Isidoro. When their building was sold, and they had to relocate last November, Janie decided it was time for a new chapter.