Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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CALIFORNIA 46 • SHOPPING CENTER BUSINESS • August 2016 ting astronomical prices per-square-foot for them," says Scott Hook, executive vice president at Coldwell Banker Com- mercial Advisors' Orange County office. Hook is entering his 30th year in the retail investment sales industry, formerly working as senior director at Marcus & Millichap. "People are paying $800 to $1,000 per- square-foot for buildings that are 60 years old. Most of them, even with non-credit tenants, are able to achieve 4.5 cap rates or below depending on the street," con- tinues Hook. "In past decades, people would not have sold those properties." One coastal market seeing a large up- tick in demand is San Diego. "San Diego is very strong," says Mike Spilky, president of Location Matters Inc. "There is a lot of demand for coastal areas in San Diego County, and the same can be said going up the coast. Anywhere in Orange County or the South Bay of Los Angeles that is coastal is always going to be in high de- mand, and now the urban areas are also in high demand." "We're seeing demand in San Diego's Little Italy and rents have just gone crazy in that area," continues Spilky. "We've gone from $3 per-square-foot in the last four years to now $7 or $8 per-square-foot." Many industry experts, including the president of Capital Real Estate Ventures 909.334.3254 www.cityofchino.org City of Chino Business Friendly, Community Strong "Opening Los Portales in Chino was an obvious choice for our family who calls Chino their home. The City has a small town feel and takes pride in its Community. Supporting local business has always been important to the City and its residents." 9th fastest growing population in 2015 A population of over 80,000 and growing Median Income of over $90,000 Business Friendly, Community Strong P lease visit us at the ICSC Pacific City in Huntington Beach, California, is located just across the Pacific Coast Highway from the ocean and features 191,000 square feet of retail.