News & Blog

Happy Thanksgiving from SaraVita Properties, Inc.

Posted on November 23, 2011 by Sasha

Each of us at SaraVita Properties would like to express our gratitude for you, our clients, vendors and tenants. We feel that we have the best clients, vendors and tenants in the industry, and month after month,  we are honored to satisfy all your real estate needs. Thank you for your continued loyalty and support as we work to provide the best solutions to all your real estate needs.

We wish everyone a safe and enjoyable Thanksgiving. We look forward to finishing the year strong!

-SaraVita Properties Team

Please note that SaraVita Properties, Inc. will be closed on Thursday and Friday, November 24 and 25 to allow our staff to celebrate the Thanksgiving Holiday with family and friends.

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Signs of Life in Beverly Hills- New owners from Asia revive luxury condo project

Posted on September 21, 2011 by Sasha


The defunct plan to build a luxury condo project at one of the Westside’s biggest eyesores – the site of the closed Robinsons-May department store in Beverly Hills – appears to be coming back to life, thanks to the growing wealth in Asia.

Representatives of Joint Treasure International, the new owner of the eight-acre property next to the Beverly Hilton Hotel, have begun meeting with city officials about restarting the project. They plan to begin demolition next summer and complete construction 30 months from then, sources close to the matter told the Business Journal.

Joint Treasure, made up of three investor families from Singapore and Hong Kong that also own the Beverly Wilshire Hotel, plans to move forward with an existing design by famed architect Richard Meier and market the condos largely to wealthy Asians.

“They are taking a strong eye toward the Pacific Rim population,” according to a source familiar with the deal who was not authorized to speak about it.

The property is considered perhaps L.A.’s most conspicuous and desirable development site, since it is near the bustling Beverly Hills intersection of Wilshire and Santa Monica boulevards.

The plan for the 9900 Wilshire Blvd. property, which was approved in 2008 when it was owned by Candy & Candy Inc., includes two buildings with 235 condos, and more than 16,000 square feet of retail and restaurant space.

If Joint Treasure does not significantly alter the plans, the owners would only need construction and other minor permits to move forward – assuming Joint Treasure can get financing. In 2008, Candy & Candy estimated construction costs at more than $600 million.

Joint Treasure acquired the property last year for $148 million from Banco Inbursa, a bank run by Mexican billionaire Carlos Slim that had foreclosed on Candy & Candy, a family-run London development company. That price was far below the eye-widening $500 million that Candy & Candy, along with a partner, paid in 2007.

City officials are being cautious in responding to Joint Treasure. This would be the third try to develop the site since Federated Department Stores sold it to New Pacific Realty in 2004 for $23.5 million and closed the Robinsons-May store in 2006. New Pacific, a Beverly Hills developer, also proposed to build luxury mid-rise condos, but then sold off the parcel to Candy & Candy near the height of the market.

“It would be wonderful if it were developed, but it’s not here until it’s here,” said Susan Healy Keene, Beverly Hills director of community development.

Joint Treasure is a private-equity firm focused on global real estate. It is made up of Singapore’s Wee Cho Yaw family, which invests in banks, commercial properties and hotels; Hong Kong billionaire Cheng Yu-tung’s property development company, Chow Tai Fook Group; and David Chiu, operator of commercial property developer Far East Consortium International Ltd.

In the United States, Joint Treasure owns the New York Four Seasons and two high-end multifamily buildings in that city in addition to the Beverly Wilshire.

Joint Treasure representatives did not respond to calls or e-mails.

New marketing

The latest plan, though it retains the Meier design, is being marketed differently than how it was envisioned by Candy & Candy, a company operated by English billionaire brothers Christian and Nicholas Candy.

The London firm specialized in high-end design, management and development, making a name for itself with such projects as One Hyde Park, a 70,000-square-foot ultraluxury condo complex that is among the most expensive in the world.

The Beverly Hills development would have been the Candys’ first major project in the United States. The brothers planned on marketing the condos to wealthy Europeans and other foreigners looking to buy second homes in Beverly Hills.

However, their partner, Reykjavik, Iceland’s Kaupthing Bank, racked up huge debts in high-risk real estate loans and investments, and collapsed in 2008 when the financial crisis hit. After the bank was nationalized, it abandoned the deal and Candy & Candy lost its money partner, ultimately defaulting on a $365 million acquisition loan.

At the time, few in the local real estate community thought the project would have been much of a success anyway. It was estimated that with such high land and development costs, even the cheapest condo would have to sell for $4 million, with many going for $10 million or more – pricey even by Beverly Hills’ standards.

Joint Treasure’s project is poised to come in at a lower cost. The price for the land and entitled project together was nearly $350 million less than what the Candy brothers paid for the land alone. In addition, construction costs have fallen since the project was first proposed. As a result, some condos could sell for under $2 million.

One source said the new owners also may pare back some of the amenities, such as a proposed private bowling alley. Even so, the planned amenities include a communal wine cellar, a ballroom, a high-end fitness and spa, and full concierge service.

What’s more, the developers are targeting wealthy Asians who often do business in Los Angeles and want a second home here, a market that Joint Treasure is far from the first to tap.

The $165 million Solair Wilshire, a 22-story mixed-use tower with 186 condos and shops above a subway stop on Wilshire Boulevard in Koreatown, opened in 2009. It targets Korean-American and Korean nationals, and was boosted by a 2006 South Korean government decision to raise to $1 million the amount its nationals could spend on foreign real estate. More than half of the condos have been sold at prices between about $500,000 and $2 million.

Mixed-use

Meanwhile in downtown Los Angeles, Korean Air and Thomas Properties Group have teamed up to build a $1.2 billion mixed-use project, scheduled to open in 2015, at the site of the Wilshire Grand hotel. They plan a 65-story office building and 45-story tower with 650 hotel rooms and up to 100 condos.

Of course, it’s unknown how strong the market will be for condos that come on line in 2015. Several nearby luxury projects built during the housing boom continue to struggle and it may be years before their units are absorbed.

Among the most prominent is the Century, a 140-unit condo complex on Avenue of the Stars in Century City built by Related Cos. that opened in 2010. The 41-story oval tower has seen the notable sale of its two-story penthouse to Candy Spelling for $12 million. But the unit is only one of about 20 that have been sold and the price was significantly reduced from the $47 million she had agreed to pay in 2008 before the economy bombed.

The Carlyle on Wilshire, a 24-story, 78-unit complex opened last year, saw many of its units converted to apartments after less than half were sold. The 35-unit Beverly West near the Los Angeles Country Club opened last year but still sits empty.

Doing the best so far is the Montage Beverly Hills, which has sold more than half of its 20 units after hitting the market in 2009. Its location on several floors above the five-star Montage hotel in the heart of Beverly Hills gives it an advantage. Three units have sold for more than $10 million each.

Can Joint Treasure take equal advantage of the Beverly Hills address and one of L.A.’s most prominent development sites?

Broker Stephen Shapiro, chairman of Westside Estate Agency, a high-end residential brokerage in Beverly Hills, said that remains to be seen.

“It’s always nice to have Beverly Hills at the tail end of your address, but does it have great monetary value? I don’t know. You have a lot of property to absorb,” Shapiro said. “The developer mentality is they are always thinking about how business is going to be great three or four years down the line; that the demand is going to be there. But we saw how quickly that demand turned.”

You can follow SaraVita Properties on Facebook, Twitter, and Linkedin. We are constantly posting and updating these sites with the most current information about SaraVita Properties and the real estate market.

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Thanks for the Support!
-SaraVita Properties, Inc.

Source: Los Angeles Business Journal Author: Jacquelyn Ryan

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Leasing in Los Angeles: Apple’s New 3rd Street Promenade Store Approved!!!

Posted on August 19, 2011 by Sasha




A new Apple store proposed for the Third Street Promenade took a big step forward at the Santa Monica Planning Commission meeting on Wednesday night. The construction is set to be built where the old Borders store used to be (1415 Third St.) and is to consist primarily of glass, including the ceiling.

The Development Review Permit for the project was approved 4-0 on consent, with commissioners Hank Koning and Ted Winterer absent. There was no additional discussion about the project at Wednesday night’s meeting.

The new structure would be 8,084 square feet in size, 34 feet in height and feature 75 feet of street frontage. A Development Review Permit is needed for any new development that would feature at least 7,500 square feet of floor area.

Also on Wednesday night, the commission approved a project Use Permit, which is required if a promenade building would feature frontage beyond 50 feet on its first floor.

The new Apple store would be even more transparent than the promenade’s existing Apple store, with a massive glass façade in the front and glass panels stretching across the top of the structure.

With the construction of the new one-story building, the existing three-story building at 1415 Third St., which was built in 1984, is due to be demolished. In a planning commission report, city staff determined that “The new building will be compatible with and relate harmoniously to surrounding sites.”

Staff also found that the project would be consistent with the Land Use and Circulation Element “in that the LUCE Downtown District land use designation supports the area as a thriving, mixed-use urban environment for people to live, work, be entertained and be culturally enriched.” Final plans for design will have to be approved by the Architectural Review Board.

The project’s senior planner is Tony Kim. The property at 1415 Third St. is owned by ASB/Blatteis Promenade Holdings, LLC.

Also, the new Apple store is planning a voluntary Transportation Demand Management program to encourage store employees to travel to and from the store by alternative modes of transportation. Each month, employees would be offered a $100 transit subsidy, as well as a $20 reimbursement for bicycle repairs. In the basement, the store would feature bike parking for employees.

You can follow SaraVita Properties on Facebook, Twitter, and Linkedin. We are constantly posting and updating these sites with the most current information about SaraVita Properties and the real estate market.

Links:
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SVPI on Linkedin – Add us on your network! (http://www.linkedin.com/in/saravitaproperties)

Thanks for the Support!
-SaraVita Properties, Inc.

Source: Santa Monica Batch By: Kurt Orzeck

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Tips & Advice: 10 Important Tips in Communicating With Your Landlord

Posted on August 15, 2011 by Sasha

Most residents give little thought to how they communicate with their property manager or landlord. Considering that nearly 35 percent of Americans currently reside in approximately 40 million rental units throughout the country, it is surprising that so few of us really understand how to communicate effectively with our landlords. Almost every one of these landlord/tenant relationships last a minimum of one year and some last many years, even decades.

The relationship that you enjoy with your landlord can directly impact your lifestyle, comfort, image, and financial standing. Establishing a positive and healthy relationship with your landlord can go a long way in helping you live in the best conditions possible, getting you the fastest responses to maintenance requests, and keeping your rental rates reasonable.

The following are some quick tips which can go a long way in helping to maintain and improve landlord/tenant relations:

During your rental search

1.)  Know what your expectations are before searching for a property. If your requirements aren’t offered at a particular property, then move on. Don’t expect a landlord to add an unreasonable amount of amenities or upgrades to an existing rental. There are often other units available that will meet all of your needs.

2.) Submit completely accurate rental applications regardless of your shortcomings. Do not overstate your income or lie about credit problems. Landlords are increasingly open to working with challenged credit. Providing a clear explanation as to why your credit has suffered and expressing your desire to improve the situation will go a long way to sway a decision. We always recommend a pre-written letter with this information be sent with the rental application as it shows some planning and thought went into your process. Lying on an application is almost always grounds for denial or later termination of a lease.

3.) Ask the right questions. Those questions are the ones most important to you. In most cases landlords/agents are not required to disclose some information that may be important to you. Do not be shy when searching for a home to rent. Ask as many questions as necessary to make sure that you are comfortable with the decision you are making.

4.) Get it in writing. If a landlord has promised a repair, new carpet, new appliances, or anything else will be done as a condition of your lease then be absolutely sure to get it in writing, preferably on the lease document. Anything less opens up the chance for miscommunication and leaves an opening for problems. I can’t remember how many times I’ve spoken to tenants who were “promised new carpeting” at some point during their tenancy and did not get it. Promises don’t get things done. Written agreements do.

5.) Read your lease completely. This is an important process. You are making legally binding guarantees regarding payments, upkeep, repairs, etc. Read it thoroughly before you sign it. If possible ask for a copy the day before signing the lease so that you have enough time to read and think about any potential questions.

Move-in time

6.) Complete or request a walk-through to assess any existing wear or damage. This will alleviate many disputes at the time of move out. Make sure this is done thoroughly and ask for a copy for your records.

7.) Make sure that you know all of the pertinent property information (utility info, garbage day, mailbox #, instructions for alarms, entry systems, sprinkler systems, HOA rules, etc.). By collecting all of this information up front you can eliminate several calls to your landlord over the first weeks of tenancy. When landlords receive a flood of calls from a new tenant they instantly start to think of that tenant as high maintenance. This puts an instant strain on the relationship and can set up future problems. An effective landlord should provide this information for the same reason but many do not. By collecting all of this at the time of move-in you can avoid that unnecessary contact.

8.) Make sure that you know the exact process for contacting your landlord in case of any questions or repair issues. Every landlord is different and each has their own process for dealing with tenant inquiries. You are best served to ask exactly how the landlord would like to be contacted. Don’t assume that texting them or calling them on their cell phone is the preferred or most effective option. By following the landlord’s preferred process you instantly become “easier to work with” than the tenant who contacts them by some other means. Landlords are also likely to respond more quickly to those who operate the way that they prefer to.

During your tenancy

9.) Pay your rent on time. Easy enough when everything is going well but what about when things are not? Your best option is to contact the landlord as soon as you see a problem arise and work out an agreement to get on track. Very few landlords will want to evict a tenant who they believe honestly wants to pay but is having a short-term problem. The worst option is silence. A non-paying, non-communicating tenant will and should be dealt with harshly.

10.) Be reasonable with your requests. Most landlord/tenant issues that don’t involve money center around tenant maintenance requests that they feel are not handled adequately by their landlords. There are many cases where the tenants are absolutely in the right and landlords have neglected their duty to provide clean, safe housing. However, in many other instances the requests made by tenants are completely unreasonable and by utilizing a bit of patience and thought these issues can be resolved reasonably.

Handle very minor issues on your own. Almost any tenant can replace a light bulb, furnace filter, or smoke detector battery. They can tighten a door knob or put a closet door back on its track. However, these types of tiny issues constitute a huge number of service calls and maintenance costs for landlords. If you have small issues and can’t handle them on your own then wait until a larger problem arises that truly requires service and ask if those smaller items can be addressed as well saving multiple service trips. If you have a non-emergency issue, don’t require that it be handled on an emergency time frame. There are many factors out of the landlord’s control that go into how quickly an issue can be resolved including vendor schedules, time of day/week, weather, travel time, etc. Tenants need to take these factors into account and try to understand that your landlord wants to resolve your issues and wants you to be a happy tenant as it is in their best interest.

Above all else, it’s important to remember that you are ultimately dealing with another human being. If you are speaking with a property manager or maintenance tech you are dealing with someone who can choose to help you or ultimately push your concerns aside. Your goal should be to get your questions answered and problems resolved, not to make as much noise as possible. By portraying yourself as an honest tenant, preparing yourself for your tenancy up front, educating yourself on your lease terms and rules, and making reasonable requests using the proper channels it is very likely that you will have a happier and more successful relationship with your landlord and a more pleasant stay in your rental property.

If you have any questions or comments or would like to hire SVPI for any of your real estate needs, please click on Contact Us

Source: Zillow

By:  Ben Holubecki

Posted in About SaraVita Properties, Asset Management, Consulting, HOA Services, Investment Sales, Investment Services, Leasing, Properties Under Management, Property Management | Tagged , , , , , , , , , , , , , | 5 Comments

30-Year Fixed Mortgage Rate Falls Below 4 Percent; New All-Time Low

Posted on August 11, 2011 by Sasha

With this week’s Fannie/Freddie downgrade, stock market tumble, and the Fed’s promise to keep interest rates low until 2013, many have been left wondering what the impact will be on the housing market and, more specifically, how mortgage rates will change. As it turns out, Zillow Mortgage Marketplace shows that today’s 30-year fixed mortgage rate has taken a fall from Tuesday’s 9-month low of 4.14 percent to a new all-time low of 3.92 percent. This rate represents the first time the rate has dropped below 4 percent as well as the lowest rate recorded since Zillow Mortgage Marketplace launched in April 2008. Prior to today, the lowest rate recorded on Zillow Mortgage Marketplace was 4.07 percent on Nov. 9, 2010.

Source: Zillow   Author:Erin Lantz

Posted in About SaraVita Properties, Acquisitions, Asset Management, Construction Management, Consulting, Investment Sales, Investment Services, Leasing, Properties Under Management, Receiverships/REO Services | Tagged , , , , , , | 3 Comments

Tips & Advice: Three Ways an HOA Can Screw Up the Sale of a Condo

Posted on August 8, 2011 by Sasha

Did you know your homeowners’ association (HOA) can make it extremely difficult to sell your condo?

As a condo owner, you have to follow the rules of the HOA. You don’t have control over the common areas, you have to pay your monthly dues and assessments, and you have to play by the rules of the condo association. You understood, when you bought the condo, that you’d be subject to certain restrictions.

But you, like most sellers and their real estate agents, probably aren’t aware about the potential red flags an HOA can cause until the condo has a buyer with a contract to purchase and that buyer can’t get a loan because of the HOA issues.

The red flags typically show up in the Condo Cert (also known as a Condo Questionnaire) document. The Condo Cert, required by the buyer’s lender, assists banks in assessing the health and financial status of the HOA. They want to be sure there is minimal risk in lending on a condo in the HOA.

The Condo Cert is standard practice when underwriting a home loan. The HOA’s management company, or an HOA representative if the condo complex is self-managed, normally completes the Condo Cert once the property is in escrow.

This is where the deal can fall apart. Many times, a seller has no idea about the HOA details. Most real estate agents, buyers or sellers don’t think about it in advance. But as lending standards have tightened, what appear to be small things can really mess up a deal.

That’s why, if you’re a seller, it’s important to do some work ahead of time.

Here are three red flags that can pop up in the Condo Cert — and can screw up the sale of your condo.

1. The Ratio of Homeowners to Tenants is Out of Whack
All banks believe a condo complex or building occupied primarily by homeowners is less risky than one with a lot of rental units. The theory is that homeowners who live in their property are more likely to take good care of it and take an active interest in maintaining common areas than someone who’s simply renting the condo.

As a result, most lenders may not give a buyer a loan if the complex has too high a ratio of tenants to owners. Too often, the seller and the buyer have no idea how many renters are in the complex until the Condo Cert is completed and distributed. The problem has only been exacerbated in recent years because many homeowners who needed to sell for financial reasons couldn’t get the equity they needed and were forced to rent.

2. One Person Owns Multiple Units
Another potential problem that shows up in the Condo Cert is when one person owns multiple units in the complex. Lenders don’t like this scenario because if that owner defaults on his or her HOA dues or files bankruptcy, the financial effect on the HOA’s finances can be drastic.

When the real estate market heated up in the early-mid 2000s, investors and developers built lots of new condo buildings. Then, as the market slowed and prices fell, they were forced to rent many of their properties. When there’s a large percentage of renters in a complex and many of those units are owned by the same person, potential buyers of units in that complex will likely find it doubly difficult to get loans.

3. There’s Not Enough Money in the Kitty
The HOA’s financial health, described in the Condo Cert, can be another stumbling block. Does the association have enough money in a reserve account to pay for repairs to the roof or other common areas? Is the HOA properly insured? (Some lenders require a minimum of liability insurance in order for them to lend on a condo.)

None of these potential problems alone will necessarily thwart a deal. A successful real estate transaction depends on many factors.. A lender may be more flexible if, for example, the buyer has an excellent credit score and a large down payment. On the other hand, for the first-time buyer with the minimum down payment and a low salary or minimal credit history, a bad HOA situation could be a deal-killer.

Advice to Buyers

Be aware you might hit a snag during the loan process. With the seller’s approval, be prepared to ask the seller to extend the time frame to get your loan approved. In some cases, you may even need to find a different lender, such as a local bank or credit union that would be more flexible than a big bank.

Advice to Sellers

You should know as much as possible about the HOA. Ask your HOA president or management company how many renters are in the complex, or if one owner owns more than one unit. Work with your real estate agent to isolate and flag these issues before you go on the market. Otherwise, your days on market will increase. And if you go into contract and then are forced later to put the condo back on the market, your listing looks suspect.

If you think there could be an HOA issue, identify a lender before you go on the market. Work with that mortgage broker or banker to understand what it would take for someone to get a loan to buy your condo. Consider letting those requirements be known up front, either to agents privately or to buyers at an open house who express serious interest. The goal is to save yourself, your agent, the listing agent — and everyone else involved — a lot of time and headache.

Source: Zillow

By: Brendon Desimone

Posted in About SaraVita Properties, Acquisitions, Consulting, HOA Services, Investment Sales, Leasing, Properties Under Management, Property Management | Tagged , , , , , , , , , , , | 1 Comment

HOLLYWOOD: Westside’s Strength Spills Over Into Hollywood, West Hollywood

Posted on August 5, 2011 by Sasha

Major events in Los Angeles County commercial and industrial submarkets in the second quarter.

As Westside office vacancies declined – and leasing rates rose – in the second quarter, the Hollywood and West Hollywood markets saw a bump of their own.

Tenants seeking good quality but cheaper lease deals helped the combined markets absorb 19,287 square feet, dropping the vacancy rate a half-point to 13.4 percent, according to Grubb & Ellis Co.

Advertising agencies, Internet media companies and others that considered Santa Monica as a destination in slower times are now thinking twice and either moving or staying put in Hollywood and West Hollywood, brokers said.

“While demand is still light, we are starting to see vacancy rates coming down in parts of the Westside and that should improve numbers for secondary markets such as Hollywood and West Hollywood,” said Rick Buckley, principal at L.A. Realty Partners. “There is traditionally a six- to 12-month lag from the prime markets to West Hollywood and Hollywood.”

The strengthening of the Hollywood area helped landlords boost Class A rents 8 cents to $3.92 a square foot. Part of the growth also was attributed to the rental rates proposed at Red Building, the final phase of the Pacific Design Center in West Hollywood.

The building, which is under construction and is expected to come on line by the end of the year, is being preleased at an asking rate of $5 a square foot by developer Charles Cohen.

“With the Red Building, it’s going to be very interesting to see if the rental rates are going to be met by the market. We’ll see if the market appetite for space is strong enough to support rental rates that are between $4.50 and $5.00 per square foot,” said Anthony Gatti, managing director at Jones Lang LaSalle.

However, “if the market appetite for space isn’t as strong as the developers expect, they will have to lower their rental rates. We’ll see who has the stronger constitution,” he said.

Meanwhile, the Church of Scientology, which has its West Coast headquarters in Hollywood, continues to be an active real estate player in the market.

The church bought the headquarters and studios of KCET-TV at 4401 W. Sunset Blvd. for an undisclosed price. The church plans to use the studios to produce religious programming. The public television station is moving to Burbank.

MAIN EVENTS

  • Sunset Media Tower, which hosts the headquarters of Frederick’s of Hollywood, reality show production company Magical Elves and an office of AC Nielsen is expected to be sold for $76.5 million. The buyer is Kilroy Realty Corp. Current owner USA Sunset Media Management bought the 321,000-square-foot building at 6255 W. Sunset Blvd. at Vine Street for $82.5 million in 2005.
  • KCET-TV, the largest independent public broadcasting channel in the U.S., sold its 4.5-acre property at 4401 W. Sunset Blvd. to the Church of Scientology. Terms of the deal were not disclosed by either the broker for the church, Binswanger/Realty Advisory Group, or CB Richard Ellis Group Inc., which represented KCET. The station had dropped PBS programming in October 2010 to save almost $7 million in programming fees. It is moving into the Pointe office complex in Burbank’s Media District, where its facilities will be modern but smaller.
  • The final phase of the Pacific Design Center, known as the Red Building, is under construction and preleasing to tenants. The 400,000-square-foot building is at the corner of Melrose Avenue and San Vicente Boulevard. United Talent Agency and television production company Endemol USA Inc. are reportedly among those interested in leasing space. Cushman & Wakefield Inc. is the leasing agent for developer Cohen Brothers Realty Corp.
  • The Mondrian Los Angeles was purchased for $137 million by Pebblebrook Hotel Trust of Bethesda, Md. from Mondrian Holdings LLC. The 237-room hotel at 8440 Sunset Blvd. will continue to be operated by Morgans Hotel Group. Opened in 1996 by famed hotelier Ian Schrager, the hotel continues to attract celebrities and Hollywood stars.
  • On April 19, Operation USA, an L.A.-based international relief charity, signed a five-year lease for 2,560 square feet at 7421 Beverly Blvd., for $1.95 per square foot. It plans to move in July 15.

Source: LA Business Journal

By: Deniz Koray

Posted in About SaraVita Properties, Acquisitions, Construction Management, Consulting, HOA Services, Investment Services, Leasing, Properties Under Management, Property Management, Receiverships/REO Services | Tagged , , , | Leave a comment

Plan for Tower Records Spot in a Spin in West Hollywood

Posted on August 2, 2011 by Sasha

A Chicago developer wants to build a three-story retail, office and gym complex on one of L.A.’s most prominent corners, the former home of legendary Tower Records on the Sunset Strip.

Other businesses nearby mostly welcome the development. But residents are fighting it.

The long battle between the developer and project opponents is scheduled to return to West Hollywood’s Planning Commission on Thursday. The commission can send it to the City Council for possible approval or back to the drawing board for more revision.

Chicago developer Sol Barket first planned a five-story building with a supergraphic and two video billboards at 8801 W. Sunset Blvd., which is at Horn Avenue. But he has agreed to scale it down to three-stories with video billboards but no supergraphic.

Residents say: sorry, still not good enough. They want the developer to cut the project down another story, find a tenant that isn’t a gym, eliminate the video signs and add parking.

However, the Sunset Strip Business Association favors the project, called Centrum Sunset. Todd Steadman, the association’s executive director, said that new development is crucial along that part of Sunset.

“Something needs to change there,” he said. “That corner is iconic and it’s a project that I think will bring some life. Business brings business.”

Wolfgang Puck’s famous Spago restaurant closed across from that corner in 2001; Tower Records closed in 2006. The building now houses a clothing store. There hasn’t been any retail development at the intersection in recent years.

So the association sees the new project as necessary.

“The strip, just like any destination, continues to need to have exciting new things,” Steadman said. “By having new and exciting projects, it draws attention to the boulevard.”

Burket believes his project is a great match.

“It wasn’t necessarily L.A. that I was looking to do a development in, it was West Hollywood,” he said. “(This project) is going to totally revitalize and transition that area of the Sunset Strip, which is an amazing boulevard with a lot of history.”

This week’s meeting will be the second time the project goes to the commission. About 50 residents showed up to speak in opposition to the project at a July meeting, and the commission asked city administrators to get more information on their concerns.

Centrum Sunset

Centrum Sunset would be the first L.A. project for Barket and his company, Centrum Properties Inc., which builds residential communities and mixed-use projects, and develops Walgreens stores in the Midwest.

To clear the way for Centrum Sunset, Barket would demolish the one-story building on the site, now home to clothing retailer Live! On Sunset, and replace it with a three-story, 52,000-square-foot building. Plans call for office space on the top floor, gym and spa space on the second floor, and retail on the first. The project includes a 12,000-square-foot public park on its north side as a kind of buffer zone for residences.

The project will include a David Barton Gym, a fitness center with spa facilities. The Miami chain has a gym in one of Barket’s Chicago properties. Barket said it’s an integral part of the Sunset project.

He is proposing an 11-foot-by-128-foot electronic billboard that wraps around the top of the building, as well as a 36-foot-by-14-foot billboard on the Sunset side of the structure.

The project will also provide two floors of underground valet parking for a total of 238 spaces, about 40 fewer than is typically required for a project of this size by the city.

The site has commercial buildings on three sides and residential homes to the north.

Years of opposition

Since the Centrum Sunset plan was unveiled five years ago, residents have sent in hundreds of letters to the city and have organized against the project at nearly all public meetings where it was discussed.

The resident group, led by Elyse Eisenberg, who has lived in the city for nearly 25 years and heads the West Hollywood Heights Neighborhood Association, said that she is not opposed to the building itself. Her group wants to eliminate electronic signage, make the building one floor shorter, add parking and an entrance at Sunset and Horn. The group also wants Horn to be widened.

What’s of most concern to neighbors is the traffic. An environmental impact report estimates the project will add 1,161 car trips a weekday, mostly to and from the gym.

Jerome Cleary, a stand-up comic and writer who lives next to the site, said businesses that support the project are not considering the increased traffic.

“I think other Sunset Strip businesses will lose a lot of business when customers cannot make it down Sunset timely and will turn around and go somewhere else instead,” he said.

“We’re not saying don’t build,” Eisenberg said. “What we are saying is put in a responsible project that is not at the level of traffic impacts this project is. We have a lot of common goals in wanting to revitalize the strip. There are uses that are not as (parking intensive) as a gym. He has never not considered a gym and he has never reduced the size of the gym.”

But Barket disagreed; he said he has listened to the neighbors carefully and made many modifications to the project over the years in response.

“We came to what we believe is a really great compromise,” Barket said. “It may not have gotten to the level that certain people would have liked to have seen, but I truly think it’s a compromise from where we started.”

If the project is approved, a development agreement gives West Hollywood 10 percent of revenue from the project’s sign advertising. While Barket declined to estimate an amount, the proposal indicates the city could get at least $450,000 from the project annually.

But that doesn’t mean the commission is ready to rubber-stamp the project.

“I think there are a lot of questions about the billboard and a lot of questions of parking,” said Planning Commission Chairman Alan Bernstein. “There’s a lot of traffic on Sunset and obviously new construction does have impact.”

Source: Los Angeles Business Journal

By: Jacquelyn Ryan

Posted in About SaraVita Properties, Acquisitions, Construction Management, Consulting, Investment Sales, Investment Services, Leasing, Property Management | Tagged , , , , , , | 2 Comments

Please “Like” the SaraVita Properties, Inc Page on Facebook!

Posted on August 1, 2011 by Sasha

I want to thank everyone for supporting the Saravita Properties, Inc. on Facebook. If you haven’t already, please “Like” the Saravita Properties, Inc. facebook page. We are constantly posting interesting articles about the real estate market, tips f0r buying/selling homes, great commercial properties for sale and for lease, as well as great opportunities to invest in all types of asset types. Please share this link with anyone who might be interested in this information. To access the SVPI Facebook Page, please click on this link https://www.facebook.com/SaraVitaProperties

Posted in About SaraVita Properties, Acquisitions, Asset Management, Construction Management, Consulting, HOA Services, Investment Sales, Investment Services, Leasing, Properties Under Management, Property Management, Receiverships/REO Services | Tagged , , , , , , , , , | 2 Comments

New SaraVita Properties, Inc., Website Launched!!! Click here to see all the new features of the website.

Posted on July 29, 2011 by Sasha

After months of working on the design, format and content of the new website, we are proud to launch our new website. Have fun surfing through the website and please comment or email us with any feedback.

Here are some of the new and interesting features of the website:

1) You can translate the entire website in 36 different languages, including Farsi, Hebrew, Italian, Catalan and Chinese just to name a few.

2) You can view all our properties that we manage, lease and are for sale through the Properties Under Management Tab and Properties for Lease and Sale Tab.

3) When you go to the Properties for Management Tab (http://www.saravitaproperties.com/all-under-management.html), you will be able to see pictures, maps, and all the information you need to know about the subject property.

4) When you go to the Properties for Lease Tab (http://www.saravitaproperties.com/lease/commercial.html), you will be able to see floor plans, marketing brochures, pictures and information about the properties that are for lease.

5) If you are interested in a property we have for sale, you can submit an offer via the Submit Offer Tab (http://www.saravitaproperties.com/submit-offer.html). You will need to obtain a pass code from our office prior to submitting an offer.

6) If you refer anyone to SaraVita Properties, Inc., we will pay 10% of the fees we earn from your referral simply by filling out the Client Referral Form (http://www.saravitaproperties.com/client-referral-program.html). Please note that on all properties referred to SVPI for management, we will pay you a 10% Finders Fee Commission for the first two (2) years of the Management Contract.

7)If you are a client of SVPI, you will have a log in and password to our Client Login Section (https://saravitaproperties.basecamphq.com/login). Here you will be able to view all documents, communication and updates in regards to your specific project or property.

8 ) If you go to our Search Loopnet Tab (http://www.loopnet.com/profile/11538879140/Sasha-David-Rahban/) you will be able to view all our properties for lease and sale on Loopnet.

9) If you are interested in a job at SVPI, you can go to our Career Opportunities Tab (http://www.saravitaproperties.com/career-opportunities.html) and see all our current employment opportunities.

10) And lastly we have a News & Blog Section, which we constantly updated the latest news of SVPI and the Real Estate market. Check the website weekly to follow the latest news.

Lastly, if you haven’t already, please Like SaraVita Properties, Inc. on Facebook. We constantly add interesting articles about real estate and deals on the market. We would love to have you as fans of the company.

We hope you have fun surfing our new website!

Posted in About SaraVita Properties, Acquisitions, Asset Management, Construction Management, Consulting, HOA Services, Investment Sales, Investment Services, Leasing, Properties Under Management, Property Management, Receiverships/REO Services | Tagged , , , , , , , , | 3 Comments