tony_wood_kw_commercial

Westfield Galleria faces loan maturity next month

Tue, 17 May 2022 18:15:23 GMT

According to a loan report from Bloomberg, the Roseville Galleria's $275 million loan from June 2012 is set to mature June 1.

Real Estate Leads - Collected week of May 6, 2022

Fri, 06 May 2022 18:47:26 GMT

Find out what areas are developing rapidly to capitalize on growth opportunities for your business. Leverage data around foreclosures, building permits, mortgages, transactional data, and more.

5 things to know: Burger Patch opens new location on Saturday

Thu, 07 Apr 2022 18:31:52 GMT

Here's what you need to know today.

Island property at edge of Sacramento County for sale

Wed, 06 Apr 2022 18:17:49 GMT

Sixty-two acres of undeveloped property in Sacramento County are on the market, but you'd better have a boat if you want to see it.

Tahoe retail development near Nevada border sold for $33 million

Fri, 07 Jan 2022 19:37:42 GMT

The end of 2021 and the $33 million sale of South Lake Tahoe retail developments Chateau and Zalanta also marked the end of a long journey for a project literally on the border between California and Nevada.

Weathering the storm: Despite pandemic, commercial real estate remains largely unscathed — for now

Thu, 22 Apr 2021 18:58:06 GMT

A wave of distress, though delayed, should show up in the next two to three years.

Retail development near Nevada state line on the market

Fri, 20 Nov 2020 20:03:00 GMT

Retail project The Village at South Lake Tahoe has seen good and bad times during its decade-plus in development, but its location has never wavered as perhaps its best asset.

During pandemic, well-known Roseville building sold for $3.35 million

Wed, 23 Sep 2020 20:17:23 GMT

Plans were approved, sales documents drawn up, and then the Covid-19 pandemic made the buyer walk away in April from a deal to acquire 200 S. Harding Blvd. in Roseville.

Single Tenant NNN Investments

Mon, 14 Sep 2020 23:03:34 GMT

Cap Rates - The Fundemental Formula

Mon, 14 Sep 2020 23:03:32 GMT

The Commercial Real Estate Tsunami

Tue, 08 Sep 2020 17:14:37 GMT

A Survival Guide for Lenders, Owners, Buyers, and Brokers

I t has been said that the four most dangerous words in the English language are, “ This time is different. ”There are several factors that make this downturn feel different. The most worrisome is the record amount of commercial mortgages coming due — a tsunami of debt — as we head deeper into the commercial real estate downturn. Combined with the weakest economic and fi nancial conditions in generations, this tsunami of debt threatens to derail a nascent economic recovery and hit the financial markets with a second round of losses. This book arrives then as the commercial real estate industry is staggering under the weight of debt amassed during a commercial real estate boom, not unlike the residential real estate boom - and - bust that has laid waste to the national, regional, and local economies. We are still in the earlier phases of this downturn — as Tony points out, the commercial real estate market was essentially running on fumes for most of 2008, and the plunge in prices at the heart of our current problems really only gathered momentum from late - 2008 into 2009. And by most accounts, this drop in prices probably has further to go before hitting bottom. As Tony and the other contributors to this book point out, the real estate market has gone through boom / bust cycles before. So, while the severity of the issue is off the charts, there are defi nitely many features in common with previous cycles; moreover, there are mechanisms to deal with it — foreclosure and workouts to name a couple — that are clearly described herein. This book fi lls a void in our understanding of the causes of the crisis, and more importantly should help market participants — investors, developers, lenders, and brokers — get vitally needed perspective on where we might be going next and how we will get there. The commercial real estate downturn of the 1980s and 1990s and subsequent recovery provides us with hope that frozen markets can be unfrozen, as well as plenty of “ lessons learned ” that are every bit as applicable now as then.

Covid 19 Lease Negotiations: Must be done on case by case basis

Tue, 08 Sep 2020 16:56:16 GMT

Covid 19 Lease Negotiations: Many landlords and tenants are struggling with the impact of Covid19 related closures and restrictions. These issues include loss of income, reduction in sales, reduced rent payment collections, and the need for restructuring lease terms to address today’s many unique challenges. I have developed procedures and programs for addressing these issues considering both Landlords and Tenants situations in a methodical, professional manner.

First and foremost to do this right these situations must be addressed on a case by case basis. Both Landlords and Tenants must review their lease in-depth to fully understand each other’s obligations and duties. Tenants must submit written requests outlining their individual situation, explaining how they have been affected and what they propose they need to continue to function in this climate. Landlords must respond accordingly, reminding Tenants of Landlord’s obligations to their lenders, investors, and tax obligations.

Landlords: DO NOT create a “blanket” rent relief or rent moratorium program intended to apply to all tenants in any one situation or property. This is not a wise or best practice solution to the many diverse issues presented by Covid19 impact on tenants. It is important to take on the situation on a case by case basis. This may take more time and effort but it is necessary to appropriately create terms that apply to each individual tenant’s needs. Some tenant’s businesses (banks, financial and government institutions) may not have been impacted in a negative way and no rent concessions are needed or warranted. Some businesses (drive-thru restaurants, cleaning companies, some medical providers) may actually have increased sales as a result of the Covid19 situation and again, no rent concessions are requested or warranted. In other cases (bars, restaurants, salons, call centers to name a few) Tenants may have been seriously impacted, even legally required to close, and they will require a more serious consideration for rent relief and/or renegotiation of their lease terms. It’s important to get a clear picture of how tenants are impacted, establish the amount of rents due; request additional information from the Tenant including updated financials, gross sales, business plans, and determination of payment schedules. In some cases, a Landlord must arrange to prepare formal default notices and delivery to the Tenant. Depending on the response from Tenants Landlords may proceed with collections, evictions, and or negotiations for resolution of outstanding balances and lease payments going forward. Legal counsel may be required depending on your tenant mix, business profiles, progress in negotiations level of delinquencies, and legal notice requirements.

Tenants: It’s important to understand your lease agreement and what your obligations are. Additionally get to know and understand your Landlord’s duties and responsibilities as well. Give thoughtful consideration of how your business has been impacted by the Covid19 situation, can you pay your rent and meet your other business obligations? Make a realistic Covid19 business plan and outline how you will modify your business operations, reduce expenses, and other actions to stabilize during this time and looking forward, long term solutions as well. Present this plan to your Landlord, respect their burdens as well and propose what you can do, for how long and what’s next for your business. In some cases it may require significant negotiations, legal counsel may be required and resolution may be possible.

Please contact me for additional information or to assist with your particular commercial real estate challenges at this time of Covid19.

Tony Wood, Director of Leasing and Sales, KW Commercial

916-390-1274 tony@tonywoodcommercial.com

How to Value your Commercial Property For Sale | Commercial Real Estate Advice

Wed, 26 Aug 2020 20:46:10 GMT

How To Value Your Commercial Property For Sale

Establishing fair market value has a consistent process that can yield a very reliable valuation result. Review the properties improvements locations and how it fits in the competitive nature of the real estate marketplace. Haw does the property perform as an investment? Are they national corporations or local start-ups?

Commercial Real Estate Advice from expert and advisor, Tony Wood.

About Tony Wood:

Tony Wood is well known for his market insights and signature “Forensic Approach” to commercial real estate transactions. For over 30 years Tony has specialized in a wide spectrum of commercial real estate services. With extensive experience in all real estate property types and ownership structures, Tony’s experience includes the leasing and sale of office, retail, industrial, investment and owner-user properties throughout the Western United States. His consulting services encompass valuation, market studies and transactional trusted advisor. He is retained as a professional witness and consultant to banks, law firms, insurance companies and CPAs. Tony is motivated by the difference he can make in each transaction.

Tony Wood, SIOR

Director of Leasing and Sales

exp Commercial Real Estate Services

Phone: 916.390.1274

Email: Tony@TonyWoodCommercial.com

CA DRE Lic.#00549071

WWW.TonyWoodCommercial.com

Lease or Buy? | Commercial Real Estate Advice

Wed, 26 Aug 2020 20:44:33 GMT

There are many points to consider when evaluating leasing versus buying a commercial property. What is the business plan? What is the growth cycle? What are market and capital conditions?

About Tony Wood:

Tony Wood, SIOR

Director of Leasing and Sales

exp Commercial Real Estate Services

Phone: 916.390.1274

Email: Tony@TonyWoodCommercial.com

CA DRE Lic.#00549071

WWW.TonyWoodCommercial.com

8 Steps to Leasing - Part 2 | Commercial Real Estate Advice

Wed, 26 Aug 2020 20:41:17 GMT

8 Steps to Leasing a Commercial Property

Commercial Real Estate Advice from expert and advisor, Tony Wood.

About Tony Wood:

Director of Leasing and Sales

exp Commercial Real Estate Services

Phone: 916.390.1274

Email: Tony@TonyWoodCommercial.com

CA DRE Lic.#00549071

WWW.TonyWoodCommercial.com

Understand your Commercial Loans | Commercial Real Estate Advice

Wed, 26 Aug 2020 20:38:51 GMT

Commercial Real Estate Advice from expert and advisor, Tony Wood.

About Tony Wood:

Director of Leasing and Sales

exp Commercial Real Estate Services

Phone: 916.390.1274

Email: Tony@TonyWoodCommercial.com

CA DRE Lic.#00549071

WWW.TonyWoodCommercial.com

How Landlords Maximize your Return | Commercial Real Estate Advice

Wed, 26 Aug 2020 20:35:14 GMT

Commercial Real Estate Advice from expert and advisor, Tony Wood.

About Tony Wood:

Director of Leasing and Sales

exp Commercial Real Estate Services

Phone: 916.390.1274

Email: Tony@TonyWoodCommercial.com

CA DRE Lic.#00549071

WWW.TonyWoodCommercial.com

KW-Expanded-Resume-Endorsements--Tony Wood KW Commercial Resume Global-04-07-20

Wed, 26 Aug 2020 19:43:11 GMT

Sacramento-Bee-Agent lands Delta Island Sale

Wed, 26 Aug 2020 19:36:18 GMT

The story of a California delta island selling for less than a San Francisco condo

Wed, 26 Aug 2020 19:20:33 GMT

To be or not to be…An owner or a Tenant???

Mon, 24 Aug 2020 17:49:07 GMT

To be or not to be…An owner or a Tenant???

Tenants often wonder if it would be better to own their building or to lease. The benefits of ownership are many including appreciation, depreciation (tax benefits), principal reduction, equity growth and the opportunity to control your own destiny. However, as a tenant your only commitment is the lease you have signed. The benefits of being a tenant include flexibility in expansion and contraction as your business requires without the burden of debt and owner responsibilities. Also, with today's available low interest rate commercial financing, depending on the real estate market you are located in, it could be less expensive on a monthly basis to own than to lease. Every business should consider these options and determine what suits your interests best. Contact Tony Wood at KW Commercial Real Estate Services today for your Own vs Lease Analysis.

Long-Term Triple Net Leased Investments; Dependable Cash flow - Landlord Property Mgt Freedom!

Mon, 24 Aug 2020 17:45:41 GMT

Long-Term Triple Net Leased Investments; Dependable Cash flow - Landlord Property Mgt Freedom!

As the commercial real estate (“CRE”) investment markets continue to get more complicated, there is one type of CRE investment property that has remained a favorite of many CRE investors, Single-Tenant, Triple Net (NNN) Long Term Leased Investments.

A single tenant NNN leased Investment is typically a freestanding building occupied by a well-recognized “credit” tenant who has a long-term lease (10, 15, 20 years) in the building. Triple Net “NNN” means along with the tenant’s rent payments, the tenant is responsible for all taxes, insurance and maintenance on the property. A CREDIT TENANT is typically a NATIONAL, STATEWIDE, or REGIONAL company who has a substantial net worth and history of success. Many of these tenants are corporations which are publicly traded on the NYSE or NASDAQ. Credit tenants require the best locations for their particular industry and there is a vetting process a property goes through before the tenant commits to that location.

These NNN investment properties are very attractive to investors who are tired of the headaches from property management of apartments or commercial properties with multiple tenants and a high turnover. With single tenant, NNN leased investments there is only one tenant and the rent is guaranteed by that tenant’s corporation. The rent is often paid with direct deposit into the landlord’s bank account.

Values and pricing of these types of investment properties use Cap Rates as a key factor. CAP Rates are the result of dividing the NOI* by the property’s value. If you paid cash for the property, your return would equate to the Cap Rate (Capitalization Rate). Cap Rates are driven by investor buyer demand, credit rating of the tenant, type of property, and of course, location, location, location!

CAP Rate/Net Operating Income (aka NOI*) = Value Net Operating Income/Price = CAP

*NOI is the Net Operating Income, after payment of all expenses excluding debt service.

SINGLE TENANT, TRIPLE NET, LEASED INVESTMENT EXAMPLES OF PREVIOUS TRANSACTIONS:

Walgreen Co. (WAG:NASDAQ) AZ

Price: $2,400,000 Annual NOI: $153,600 Cap Rate: 6.4%

Taco Bell (YUM:NYSE) CA

Price: $1,000,000 Annual NOI $50,000 Cap Rate: 5%

Smart & Final (SFS:NASDAQ) CA

Price: $7,400,000 Annual NOI: $388,500 Cap Rate: 5.25%

Le Petite Academy (The Learning Care Group) NV

Price: $2,950,000 Annual NOI: $225,500 Cap Rate: 7.5%

Advance Auto Parts (AAP:NYSE) Austin, TX

Price: $2,950,000 Annual NOI: $152,500 Cap Rate: 5.2%

Best Graph I Have Seen Showing The Impact of Covid19 on CRE Values

Mon, 24 Aug 2020 17:42:24 GMT

Best Graph I Have Seen Showing The Impact of Covid19 on CRE Values

Bubble Watch: Coronavirus slashes commercial property values 24%

By JONATHAN LANSNER | jlansner@scng.com | Orange County Register

PUBLISHED: March 17, 2020 at 11:44 a.m. | UPDATED: March 17, 2020

Buzz: Commercial property values are off an estimated 24% since Feb. 21. It’s another example of fallout from coronavirus fears and preventative measures that have upended the economy and raised huge questions about a key cog in the property investment game: tenants’ ability to pay the rent. Source: Green Street Advisors

The Trend

Commercial real estate looked like a great investment a month ago, even after a powerful upswing from the carnage of the Great Recession a decade ago.

Red-hot demand for real estate pushed up values in all sectors. And even the few weaker niches had built-in real estate worth — owners could sell at a premium for other uses.

The coronavirus, seemingly overnight, throttled many businesses that occupy real estate or drastically changed the economics in others. All of a sudden, giant, institutional real estate owners have two big questions: Can I collect the rents? And how can I pay back my mortgages?

In a report titled “Pencils Down,” the property gurus at Green Street in Newport Beach looked at stock market trading in commercial real estate investment trusts. What they saw was a 35% hammering of REIT share prices since COVID-19 hit the news. Green Street translated this walloping to a 24% drop in commercial property values. Yes, stock markets can overreact.

Ponder these slashed values by REIT segments. You can see what industries have become “essential” and which ones are either badly damaged or have quickly become risky.

The smallest losses were found in trusts specializing in data centers (off 11%) and cell towers (off 13%). The Internet and smartphones have grown in importance during this crisis. Think about it: If you lost your job you still need information, desktop or mobile.

The biggest losers? Real estate dedicated to caring for the elderly. Senior housing trust prices are off 49% and skilled nursing properties are down 38%. Increased medical risks, no less the loss of clients from a disease highly lethal to seniors, have walloped these shares.

Losses nearly as bad were found in industries practically empty these days: trusts owning hotels are down 36%; casino owners, down 35%; student housing, down 30%; and big shopping malls are down 29%.

In-between these extremes, you find real estate losses tied to daily necessities: Self-storage trusts are off 16%; medical offices, off 18%; single-family home rentals, down 19%; apartments, down 23%; strip shopping centers, down 24%, and manufactured homes, 25%.

And trusts who serve businesses were hit, too: Those owning life science facilities are down 19%; offices, down 23%; and warehouses and factories, off 28%.

The Dissection

Being a landlord seems simple. Acquire property, often with borrowed money. Find tenants. Collect rents in excess of expenses and operating costs. Reap that profit and hope for some asset appreciation, too. Let’s toss in some juicy tax breaks, to further sweeten the pot.

But what if your tenants can’t pay the rent? Or your banker won’t easily refinance your loans? Or potential buyers dry up and you’re left without an exit strategy?

All of a sudden, the business of being a landlord becomes very difficult. That’s commercial real estate today.

“It is impossible to peg where real estate asset values will ultimately settle,” Green Street wrote. “The tail risk associated with the COVID-19 spread has grown. Though the dramatic shift toward social distancing should help “flatten the curve,” the economic impact will be massive. Geopolitical ripple effects have materialized, such as a lower probability of a second term for President Trump and oil market turmoil. One can only guess which dominos will tumble next. Our crystal ball is as cloudy as ever.”

How bubbly?

On a scale of zero bubbles (no bubble here) to five bubbles (five-alarm warning) … FIVE BUBBLES! Yes, FIVE!

Look, the commercial property bubble has burst, even if it didn’t happen in an expected way.

Please don’t think that just because your real estate doesn’t trade in real-time stock markets that values aren’t damaged. Green Street estimates that bond market activity suggests commercial property values are off at least 15% in this same period.

Loss estimates aside, now comes the tricky part. Do we find corporate empathy in what’s perceived to be a short-run economic downturn, so maybe some asset depreciation is contained or reversed?

This scenario requires landlords to exercise some empathy toward virus-strapped tenants while lenders act in similar fashion toward the property owners they gave mortgages to.

Or does it become an ugly everyone-for-themselves? Will evictions and foreclosures become rampant, especially if the economic fallout is longer and deeper than originally feared? Then deep-discount fire sales of distressed property become the norm.

Answering these question will require more than a sharp pencil. It requires a psychology degree.

Does California SB1410 equate to an illegal taking of private property?

Mon, 24 Aug 2020 17:39:07 GMT

Does California SB1410 equate to an illegal taking of private property?

Here is something to keep your eyes on. SB1410 would burden landlords with tenants' past due rents accruing through April 2021! Additionally, SB1410 would continue the moratorium on Landlord's eviction rights. This doesn't make sense on so many levels. In the current SB1410 scenario Landlords would remain wholly responsible for their property ownership, property taxes, maintenance, and loan payment obligations. Isn't this a type of taxation on the landlords to force them to provide for the tenants housing needs? SB1410 would limit Landlord's ability to be reimbursed for this taking of their rights and monetary assets to a tax credit beginning in 2024 amortizing their lost rents over ten years. The tax credit doesn't even start for three years. How are landlords expected to pay their loan payments and other property expenses? What if they don't have the capital to take care of their own families and their tenant's housing costs as well?

If we are going to take away owners' rights to collect rent and/or get possession of their property back, why don't we go all the way and require lenders to forfeit their rights to collect loan payments or foreclose on the landlords for their failure to pay their loan payments? Maybe we should go further and not require lenders to be responsible to their shareholders or governmental agencies for their obligations. Let's just press a "reset" button on the whole thing. Oh, that's right, until now we have honored a quasi free-market economy, where market supply & demand, rules, laws, and regulations were honored like gravity. This is what we have depended on for the functionality of the entire US economic machine. If we take one away, should we take it all away? Or come up with a fair and just way to modify these important private property rights.

Alternatively, allow the landlords and tenants to work things out on their own. Each by its own case by case basis. Provide support and guidance for the process. Permit property owners to retain their rights as owners. Allow tenants to utilize the protections they have on their behalf to navigate the challenging conditions we are all faced with and must manage to resolve. SB1401 is shortsighted and potentially unconstitutional. Do they realize this could result in a wholesale liquidation of rental property ownership, converting rental housing to private ownership? Who wants to own a rental property in California if you can't collect the rent? Or you don't know what the State will do next with your rights as an owner? There are better ways, but they will require a broader view and a commitment to fairness and justice for all.

Read "SB-1410 COVID-19 emergency: tenancies" yourself and send your ideas for solutions to the powers that be.

TreppWire

Mon, 24 Aug 2020 17:34:56 GMT

TreppWire

For anyone looking for useful, qualified insights into the CRE markets throughout the US the TreppWire Podcast is outstanding. Every time I listen I learn valuable information and resources with insights on the overall commercial real estate markets throughout the US.

Manhattan apartment deals plunge 57%, suburban real estate surges

Mon, 24 Aug 2020 17:32:22 GMT

Manhattan apartment deals plunge 57%, suburban real estate surges

This is one of the transformative events of Covid19 on CRE. Goodbye Urban, hello suburban. More space and less density is on everyone's wish list for home and work.

Islands with a home for sale in the US for less than $400,000!

Mon, 24 Aug 2020 17:28:13 GMT

Islands with a home for sale in the US for less than $400,000!

This is from Realtor.com today. Socially Distant, Yet So Affordable: 9 Private Islands Priced Below $400K

You don't have to be a millionaire to isolate yourself on your own private island . In fact, you can separate yourself from the mainland for a lot less than you might expect. We sifted through nationwide listings in search of private islands on the market for less than $400,000. We turned up nine islands from across the country—on freshwater and saltwater. Come sail away to a bungalow on a 3-acre island in the middle of a freshwater lake in Florida, retreats in both Maine and Minnesota, and a romantic getaway for two in New York.

4520 Deerwood Trl, Melbourne, FL Price: $399,900

Space Coast bungalow: Built in 1979, this bungalow sits on a private island along Florida's Space Coast. The 3-acre island is in the middle of Lake Washington, which is said to teem with wildlife. The funky three-bedroom bungalow looks like the perfect landing spot for a creative mind. A deck out back provides a prime spot to survey the lake. The custom-built home features cypress and cedar wood on the exterior. A tin roof was installed in 2016.

Bachelor Is, Harkers Island, NC Price: $399,900

Bachelor Island cabins: Pristine and private, this 4-acre island is close to Cape Lookout off the coast of North Carolina. It has it all for an aspiring sportsman (or woman): sandy beaches, salt marshes, and hunting, fishing, and boating opportunities. The island has three cabins set amid mature oak trees. It'll be up to buyers to decide whether they'd like to upgrade the living quarters or keep them in their current rustic state.

10 Eugley Is, Friendship, ME Price: $385,000

Sweet Maine cottage: Tiny and perfectly appointed, this two-bedroom cottage in Muscongus Bay was built in 1978. Measuring just 450 square feet, it sits on a small and rocky island accessible by boat. The island home is fully furnished and includes a wood stove, solar power, and composting toilet. But it's privacy, sunsets, fish, and birds that make this island retreat a one-of-a-kind escape.

1 Cobble Is, Webster, MA Price: $359,000

Cobble Island bungalow: This wooded island is being sold as is for cash. The half-acre island on a lake in southern Massachusetts is ideal for boating, swimming, and fishing. The listing notes the island features a massive boulder, believed to be the very best fishing spot in the area. The island comes with a three-bedroom bungalow from the 1920s.

526 Lake Rd, Pine Plains, NY Price: $299,000

Twin Island Lake house: Billed as a romantic retreat, this 3-acre island includes a one-bedroom house surrounded by tall oak trees. There's also a separate 400-square-foot studio on the lakeshore. The sale includes kayaks and an electric pontoon for shuttling back and forth to the mainland. In the winter, after the lake freezes over, you can skate to the island.

Eagles Nest Lake, Ely, MN Price: $275,000

Eagles Nest log cabin: This island spans nearly 2.5 acres, surrounded by crystal-clear water and dotted with mature pine trees. The two-bedroom log cabin was built in 2001 and features Douglas fir flooring, a screened porch, and a large deck. The sale price includes most of the home's furnishings.

Island Trl, Greenville, ME Price: $275,000

Lower Wilson Pond cabins: This 1.5-acre island is nestled in the North Woods of the Moosehead Lake region. The property comprises two separate islands, and the larger island has a one-room cabin built in 1969. The cabin features a screened porch and solar power. Highlights include blueberry bushes, swimming holes, and utter quietude.

Private Island, Tower, MN Price: $398,500

Lake Vermilion cabins: One of the larger islands on our list, this property on Lake Vermilion spans more than 5 acres. It includes a vintage boathouse, a guest cabin, and a two-bedroom main cabin. The parklike grounds are filled with white pines and rock outcroppings.

38427 S. Nobles Rd, Drummond Island, MI Price: $239,000

Clark Island home: Accessible by bridge or boat, this island is located near the Canadian border on Lake Huron. The two-bedroom home is an ideal spot to watch the freight ships pass by. For boaters, there's also a sturdy dock with room for a variety of watercraft.

Tony Wood, SIOR

Director of Leasing and Sales

KW Commercial Real Estate Services

Phone: 916.390.1274

Email: Tony@TonyWoodCommercial.com

CA DRE Lic.#00549071

REVISED Open Letter to California State Senate, SB1410 & SB1436, taking of owner-landlords private property rights...and so much more

Mon, 24 Aug 2020 17:26:01 GMT

Islands with a home for sale in the US for less than $400,000!

My name is Tony Wood, I was born and raised in California and remain here today. I have been a licensed real estate agent since 1976 and worked in the real estate industry throughout the State. I have an in-depth knowledge of both residential and commercial real estate. I am a specialist in distressed assets, REOs, and lease and loan workouts. I assist tenants, landlords, owners, borrowers, and lenders to work collaboratively and strategically resolve matters as best they can be given the conditions that apply.

People in the real estate community, owners, lenders, landlords, are concerned that SB1410, and SB1436, in an effort to do something useful, important, and helpful, to the housing challenges presented by Covid19, may seriously damage them at the same time. Who will want to be a residential landlord or lender when their legal rights have been removed from the equation? To own residential income property without the promise of enforceability of rental agreements and receipt of promised income? Who will want to lease their home, house, apartment, to a tenant knowing that tenant may legally remain in the home without payment of rent for some undetermined period of time? Even if tenants do pay their rent, what if an owner wants to take possession for their own use, or to sell to a buyer who wants to occupy the home? There is no provision for that. The landlord-owner forced into acceptance of a tax credit program, in lieu of rent payments, is now what owners invested in. They didn't sign up for that when they purchased the property as an investment, expecting income the tenant agreed to pay. Additionally, SB 1436 attempts to go further and allow some residential owners not to pay their mortgage payment, forbearance or some kind. However, this still involves owner-landlords involuntarily taking on additional debt. These bills take away a significant portion of the private property rights of the landlords of residential rental properties, and lenders, Nevertheless, even with a loan forbearance agreement, owner-landlords will still have to pay for maintenance, property taxes and other elements of responsibility taken on when the landlord purchased the rental property. These landlords made those purchases as investments, based on the income and laws in place at the time of their purchase. If we are going to change our landlord-tenant laws to completely revoke a landlords' right to terminate the tenancy, regain possession of their property, to sell or lease to a paying tenant, then there is much more work to be done. You can't stop there.

SB1410 provides a rent relief program to those who need housing now and gives tenants an amortized risk mitigation arrangement. Unfortunately, it also forces owner-landlords to abide by these new (retroactive) laws taking away the landlord's right to evict a tenant "for any reason". It would be much easier just to provide State issued vouchers to Tenants in need. Yes its taxation of a different type, yes this will add to the State's burden, but it will stop the damage at the tenant level, otherwise it goes up the chain to landlords, lenders, the lender's shareholders, and regulators. Many landlords are small investors, senior citizens and retirees rely on their rental income for their own survival and that of their families. Why is this concern set aside so inconsiderately?

If nothing else, please tell someone that these bills should not apply to situations NOT related to failure to pay. For example: If a lease has expired and the tenants have paid on time, as agreed, (or not) if the owner-landlord of the property wishes to sell it, or move in as the landlord’s primary residence, the landlord should be permitted to do so. My reading of SB1410 and SB1436 would not allow the landlord to enforce vacating the property upon sale, thwarting the landlord’s ability to sell their property to a buyer who wishes to occupy the property. There are many other possible violations of a rental agreement besides payment of rent that SB1410 and SB 1436 ignore completely, with the exception of “danger to the public”. With these bills as law, a tenant can violate any aspect of the rental agreement without accountability, consequence or penalty. These bills create new tenant-landlord law, amending laws that have been in place for decades. They literally outlaws ALL unlawful detainer actions with one execution, danger to the public. Please consider modifying the langue to permit unlawful detainer actions in cases unrelated to payment of rent. Excerpt from SB1410: "An owner of real property shall not, during a state of emergency, and (TBD) days thereafter, demand payment of unpaid rent, serve a notice terminating tenancy, file a complaint for unlawful detainer, take action to proceed with a pending unlawful detainer action, commence or prosecute any other action to recover possession of the real property, request that a sheriff execute a writ of possession for the property, or otherwise attempt to evict a tenant in any manner unless the following applies: The notice and any complaint based on that notice allege that the action is necessary to protect public health and safety.”

Thank you for your serious consideration of these concerns.

Tony Wood, SIOR, KW Commercial

Full Document-Trump Signed Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners

Mon, 24 Aug 2020 00:56:50 GMT

Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners

ECONOMY & JOBS

Issued on: August 8, 2020

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:

Section 1. Purpose. The 2019 novel coronavirus (COVID-19) pandemic, which originated in the People’s Republic of China, continues to pose a significant threat to the health of Americans throughout the United States. As we have since January 2020, with the proactive decision to limit travel from China and the passage of three massive economic relief packages, my Administration will take whatever steps are necessary to reduce the spread of COVID-19 and maintain economic prosperity.

The Centers for Disease Control and Prevention (CDC) of the Department of Health and Human Services have concluded that “growing and disproportionate unemployment rates for some racial and ethnic minority groups during the COVID-19 pandemic may lead to greater risk of eviction and homelessness or sharing of housing.”

This trend is concerning for many reasons, including that homeless shelters have proven to be particularly susceptible to outbreaks of COVID-19. CDC has observed that “[h]omelessness poses multiple challenges that can exacerbate and amplify the spread of COVID-19. Homeless shelters are often crowded, making social distancing difficult. Many persons experiencing homelessness are older or have underlying medical conditions, placing them at higher risk for severe COVID-19–associated illness.” Increased shared housing is also potentially problematic to the extent it results in increased in-person interactions between older, higher-risk individuals and their younger relatives or friends.

My Administration has taken bold steps to help renters and homeowners have safe and secure places to call home during the COVID-19 crisis. Prior to passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Public Law 116-136), the Secretary of Housing and Urban Development implemented a foreclosure and eviction moratorium for all single-family mortgages insured by the Federal Housing Administration. Furthermore, prior to passage of the CARES Act, the Federal Housing Finance Agency (FHFA) announced that it had instructed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (the Enterprises) to suspend foreclosures for at least 60 days. FHFA has since announced that the Enterprises will extend the foreclosure suspension until at least August 31, 2020.

The CARES Act imposed a temporary moratorium on evictions of certain renters subject to certain conditions. That moratorium has now expired, and there is a significant risk that this will set off an abnormally large wave of evictions. With the failure of the Congress to act, my Administration must do all that it can to help vulnerable populations stay in their homes in the midst of this pandemic. Those who are dislocated from their homes may be unable to shelter in place and may have more difficulty maintaining a routine of social distancing. They will have to find alternative living arrangements, which may include a homeless shelter or a crowded family home and may also require traveling to other States.

In addition, evictions tend to disproportionately affect minorities, particularly African Americans and Latinos. Unlike the Congress, I cannot sit idly and refuse to assist vulnerable Americans in need. Under my Administration, minorities achieved the lowest unemployment rates on record, and we will not let COVID-19 erase these gains by causing short-term dislocations that could well have long-term consequences.

Accordingly, my Administration, to the extent reasonably necessary to prevent the further spread of COVID-19, will take all lawful measures to prevent residential evictions and foreclosures resulting from financial hardships caused by COVID-19.

Sec. 2. Policy. It is the policy of the United States to minimize, to the greatest extent possible, residential evictions and foreclosures during the ongoing COVID-19 national emergency.

Sec. 3. Response to Public Health Risks of Evictions and Foreclosures. (a) The Secretary of Health and Human Services and the Director of CDC shall consider whether any measures temporarily halting residential evictions of any tenants for failure to pay rent are reasonably necessary to prevent the further spread of COVID-19 from one State or possession into any other State or possession.

(b) The Secretary of the Treasury and the Secretary of Housing and Urban Development shall identify any and all available Federal funds to provide temporary financial assistance to renters and homeowners who, as a result of the financial hardships caused by COVID-19, are struggling to meet their monthly rental or mortgage obligations.

(c) The Secretary of Housing and Urban Development shall take action, as appropriate and consistent with applicable law, to promote the ability of renters and homeowners to avoid eviction or foreclosure resulting from financial hardships caused by COVID-19. Such action may include encouraging and providing assistance to public housing authorities, affordable housing owners, landlords, and recipients of Federal grant funds in minimizing evictions and foreclosures.

(d) In consultation with the Secretary of the Treasury, the Director of FHFA shall review all existing authorities and resources that may be used to prevent evictions and foreclosures for renters and homeowners resulting from hardships caused by COVID-19.

Sec. 4. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

DONALD J. TRUMP

THE WHITE HOUSE,

August 8, 2020.

The White House

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Wed, 27 May 2020 20:52:11 GMT

Commercial real estate experts agree it’s too early to tell how or when vulnerabilities will come to the fore as the global economy implodes under the strains of the COVID-19 pandemic, but what’s clear is the dominoes are in motion.

Attorney-investors buy Roseville office complex

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Investors who also run a consumer attorney law firm made a commitment in uncertain economic times, buying a three-building office complex in Roseville earlier this month.

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Wed, 22 Apr 2020 21:26:26 GMT

COVID-19 COVERAGE BE HIDDEN IN YOUR INSURANCE POLICY?

Wed, 22 Apr 2020 21:23:10 GMT

Author(s): Candice B. Harper, Kimberly A. Gambrall

Trainor Fairbrook Attorneys at Law

Trainor FairbrookIt is hard to believe that only a month ago we were sitting in traﬃc, frequenting restaurants and local businesses, and purchasing the necessities of life without worry whether there would still be milk and eggs on the shelf when we arrived at the grocery store. Work and business were going as usual. Since the coronavirus pandemic and government shutdowns, most of life as we knew it has come to a screeching halt. Business closures, supply chain disruption, event cancellations, potential third party claims of liability for COVID-19 exposure and countless other challenges are causing businesses to suﬀer signiﬁcant ﬁnancial losses in the wake of the coronavirus pandemic. Fortunately, some insurance policies may oﬀer relief to businesses during these times. In some instances the coverage currently exists; in other instances, coverage may become available or even mandated.

Given the uncertainty of coverage for COVID-19 related events, if you are a business owner it is worth reviewing your insurance policies for potential coverage. While many insurance carriers have initially denied coverage to policyholders, that may not be the last word. It may be advisable to question an insurer’s initial denial of coverage for COVID-19 related losses. Last week, President Trump remarked that business interruption coverage should cover COVID-19 losses as a matter of fairness, on the basis that business owners have paid insurance premiums for years without ﬁling business interruption claims and now have legitimate losses which should compel the payment of beneﬁts. Tendering claims promptly will preserve their viability as political pressure increases on insurers to honor business interruption claims. Ultimately, the devil is in the details and COVID-19 business income coverage may be lurking in the details of your insurance policy. The below oﬀers some insight to uncover potential coverage and tips for timely documenting claims.

Business Interruption Coverage

Commercial property insurance policies may include business interruption coverage which covers losses arising from interruption, including loss of proﬁts. Policies diﬀer as to what triggers the coverage, but many require a “direct physical loss or damage to property.” Insurers have argued that COVID-19 related losses are not covered due to the lack of any physical structural damage to property. Claimants, in turn, have argued that the COVID-19 pandemic has rendered their property unﬁt for its intended purpose and, as a result, the “direct physical loss or damage” requirement has been met. Several lawsuits have already been ﬁled contesting the denial of coverage for business interruption losses. How the courts will interpret speciﬁc policy language in light of the COVID-19 pandemic is still unknown. Also, some policies expressly provide coverage for damages resulting from a “loss of use” of property that has become uninhabitable or unusable as a trigger for business interruption coverage. This may extend to the COVID-19 related shutdowns. It is extremely important to review the speciﬁc terms of your policy, since the determination of coverage for a speciﬁc loss will depend on the policy terms, the facts of the loss and the law.

Whether COVID-19 losses will be covered may depend on how the virus interacts with people and property. Some argue that the fact that the virus can live on surfaces for days supports the conclusion that the virus causes physical harm to property. Other considerations of the physical nature of virus transmission include whether a product the business produces is contaminated, whether surfaces are contaminated at the business locations creating a medium for spreading the virus, or whether the HVAC system could be contaminated. Since the coronavirus is new, creative, novel arguments may provide a basis for coverage under existing insurance policies. But beware of exclusions in your policy. Insurers have argued that a variety of policy exclusions operate to exclude COVID-19 losses from coverage. Some policies contain express virus exclusions. The extent to which these exclusions will be found to be applicable to COVID-19 is not yet known. The scope of these provisions depends on the speciﬁc language of the exclusions.

Civil Authority and Specialized Coverage

Some insurance policies contain specialized coverage, which may oﬀer another latent form of COVID-19 coverage.

For example, some commercial property policies include civil authority coverage, which provides coverage for loss of income as a result of restrictions on access to the insured premises imposed by a civil or government authority. This coverage may also require some element of physical loss or damage to property. It remains to be seen whether California courts will extend coverage to circumstances where property has become unsafe or uninhabitable in the absence of structural damage, simply due to government mandates.

Certain industries may contain unique coverage extensions under which COVID-19 may be a covered peril, such as contingent business income coverage, which covers losses incurred as a result of an interruption to a third party business that is a supplier for a major part of the insured operation.

Liability Insurance

Liability coverage may also provide protection against any liability claims that may arise in the future as a result of COVID-19. This may include:

Liability coverage for any negligence or product liability which leads to customers or employees being exposed to the virus and at risk of infection;

D & O coverage for directors and oﬃcers making business decisions to address COVID-19 that may have put them at risk (these claims may be more scrutinized in the aftermath of COVID-19);

Employment practice liability coverage for employment decisions made as companies are reducing the workforce or making employment decisions to address COVID-19, including discrimination, retaliation, coercion, or other employment claims as means to recover against an employer;

Workers compensation may provide coverage for employees making claims for contracting COVID-19 during the course and scope of employment; or

Professional negligence coverage, depending on your business, may cover a failure to meet the duty of care in the wake of COVID-19 circumstances.

Potential Legislation May Be on the Horizon

Take note that the California Insurance Commissioner has directed insurance companies to submit data to the California Department of Insurance regarding coverage of commercial business interruption related to COVID-19 to assist state policymakers to understand the scope of insured and uninsured losses to businesses in order to help businesses recover. The Insurance Commissioner has already ordered the return of premiums paid by individuals and businesses carrying particular forms of coverage for the months of March and April, and additional orders and relief may be forthcoming. Moreover, proposed federal legislation may likewise expand coverage availability. Filing claims for COVID-19 losses, even without clarity on the coverage of your policy, may give insight to the Department of Insurance and other state and federal policymakers on what type of relief is needed for businesses, and may ultimately impact the policies and solutions that get passed.

Conclusion

Ultimately, documentation of how any contamination aﬀects your property or business is essential to substantiate your claim. Some important tips for accessing claims coverage include: tender notice of claims promptly, strategically document your claim, note mandatory government closures, and contemporaneously document your losses (i.e. keep records, invoices, receipts, payroll records, overtime records, outside vendor estimates, cancellation notices, etc.). Even if policies do not contain speciﬁc coverage for disease, track any contamination that impacts your property, or those of your suppliers or customers, record any impact on operations, revenues and extra expenses incurred due to the virus.

If you receive a denial for coverage, you should consider questioning the determination and seek the advice of professionals, including coverage and claim consultants and attorneys, to conduct an extensive review of your policy coverages, including all extensions, riders, exclusions and other endorsements, as well as for notice requirements, waiting periods or other time limitations, and proof or quantiﬁcation of loss requirements. If you have questions regarding your potential COVID-19 insurance claims, please contact Kim Gambrall or Candice Harper at Trainor Fairbrook.

URGENT NOTICE FOR 1031 TIMELINES

Wed, 22 Apr 2020 21:19:36 GMT

Every US state is now under a major disaster declaration amid coronavirus pandemic - IRS EXTENDS 1031 TIMELINES

President Donald Trump approved a disaster declaration for Wyoming on Saturday, which comes 22 days after the first disaster declaration in New York, the epicenter of the virus.

An IRS publication, IRS Revenue Procedure 2007-56 Section 17, sets forth the rules surrounding such disasters as they apply to forward and reverse exchanges. This revenue procedure states that the last day of the 45-day identification period , the last day of the 180-day exchange period for forward exchanges and the beginning and end dates for a reverse exchange can be extended. More specifically, those dates are postponed to the later of (i) 120 days or (ii) the last day of the general disaster period authorized in the IRS News Release. The revenue procedure further provides that in no event may a postponement period extend beyond (i) the due date for filing the tax return for the year of the transfer or (ii) one year. As a practical matter, should the due date for filing the tax return cut the postponement period short, the filing of an extension would lengthen the date to the full time period.

Those taxpayers currently engaged in a 1031 exchange and struggling to complete their transaction due to the Coronavirus (COVID-19) crisis received long-awaited relief from the 45-Day Identification and 180-Day Exchange Period deadlines in Notice 2020-23. Released on April 9, 2020, this is an update to Notice 2020-18, “Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic.”

The notice provides that any person performing a time-sensitive action listed in either § 301.7508A-1(c)(1)(iv) – (vi) of the Procedure and Administration Regulations or Revenue Procedure 2018-58, 2018-50 IRB 990 (December 10, 2018), which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time-Sensitive Action), is an Affected Taxpayer. For purposes of this notice, the term Specified Time-Sensitive Action also includes an investment at the election of a taxpayer due to be made during the 180-day period described in section 1400Z-2(a)(1)(A) of the Code. This includes the 45-Day Identification and 180-Day Exchange Period deadlines in a 1031 exchange.

Anyone with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1 and July 15, 2020 will have an automatic extension to July 15th. Unfortunately, taxpayers with deadlines in February and March did not get the relief we were seeking. The Federation of Exchange Accommodators (FEA), the national 1031 trade association, will be requesting additional relief for the taxpayers that need it.

For those who had a 45-Day Identification Period deadline on or after April 1st, you will have an automatic extension of time to make or change an identification

This last week the IRS provided Part III - Administrative, Procedural, and Miscellaneous Update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus disease 2019 Pandemic. In it there is a section addressing "Specified Time-Sensitive Actions". One could interpret this as potentially answering the demands of the marketplace, commercial real estate investors and associations, to provide clarification of how the Covid 19 issues will be addressed for investors involved or about to be involved in a 1031 tax differed exchange. What it means and how it will affect the 1031 standard timelines of 45 Day Idneitifiaction period and 180 Day closing requirement is yet to be determined. Here is the IRS section as published:

Section III GRANT OF RELIEF C. Relief With Respect to Specified Time-Sensitive Actions reads: "Affected Taxpayers also have until July 15, 2020, to perform all Specified Time-Sensitive Actions, that are due to be performed on or after April 1, 2020, and before July 15, 2020. This relief includes the time for filing all petitions with the Tax Court, or for review of a decision rendered by the Tax Court, filing a claim for credit or refund of any tax, and bringing suit upon a claim for credit or refund of any tax. This notice does not provide relief for the time period for filing a petition with the Tax Court, or for filing a claim or bringing a suit for credit or refund if that period expired before April 1, 2020."

Marshall Medical buys neighboring building in Placerville

Wed, 22 Apr 2020 20:29:34 GMT

Even before the Covid-19 pandemic, Marshall Medical Center in Placerville was facing a space crunch.

IRS provides guidance on real estate deals disrupted by the coronavirus

Mon, 13 Apr 2020 20:33:37 GMT

Their timelines for deals derailed by the COVID-19 pandemic, real estate investors got some guidelines from the IRS on moving forward.

Delta island with marina listed for $1.2 million

Fri, 23 Aug 2019 20:42:29 GMT

For those who’ve wistfully thought of buying an island of their own, there’s an opportunity in the Sacramento-San Joaquin River Delta.

Tony Wood of KW Commercial is listing 9-acre Brannan Island, including a working marina, for the lender who took the property back in 2013.

“When they got it back, it was producing income, but it had a lot of issues,” Wood said, describing how the previous owner had run afoul of state and Sacramento County regulations.

To get the property on sound footing, Walnut Creek-based Owens Financial Group spent $1 million upgrading or replacing the boat lift, restrooms, bridge and other components of the property.

After another firm acquired Owens Financial earlier this year, the direction was to sell what remained of its foreclosed assets, including Brannan Island.

“Now they’re doing great, but there are a lot of different possibilities for upsides,” Wood said. The property breaks even now, but a new owner could work on leasing more of the 175-slip marina on the island, or could restart a camping and RV park on the island. Other property features include picnic grounds, a boat repair yard and showers and laundry facilities for the marina.

“It’s all in the zoning and permits, you just have to go to get the use permit,” he said.

KW Commercial is listing the property, at 1200 W. Brannan Island Road in Isleton, for $1.195 million. But the buyer would have to pay all cash, Wood said.

“The ideal buyer would be an owner-operator who’s worked on RV parks or marinas,” he said.

In addition to Brannan Island, Wood is listing Owens Financial’s other remaining foreclosed property. At 1098 Melody Lane in Roseville, the company owns a three-building office park with 90% occupancy. The listing is for $169 a square foot.

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Attorney-investors buy Roseville office complex

CMBS "Cash Sweep"​ Clause Causing Commercial Brokers Not Getting Paid Their Leasing Fees

COVID-19 COVERAGE BE HIDDEN IN YOUR INSURANCE POLICY?

URGENT NOTICE FOR 1031 TIMELINES

Every US state is now under a major disaster declaration amid coronavirus pandemic - IRS EXTENDS 1031 TIMELINES

Marshall Medical buys neighboring building in Placerville

IRS provides guidance on real estate deals disrupted by the coronavirus

Delta island with marina listed for $1.2 million

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CMBS "Cash Sweep" Clause Causing Commercial Brokers Not Getting Paid Their Leasing Fees