TiVo Saves Big Bucks on Lease Renewal

As I mentioned in a previous post, I've just started using Twitter. I heard this bit of news on the radio (KLIV again) at the end of last week and tweeted on it, but I forgot to post it on my blog.

So, here's the skinny.

TiVo has renewed their lease on their 127,000 sf headquarters building and has gotten a major reduction in rent plus money for tenant improvements. They are cutting the rent from $1.42 psf to $1.10 psf. There will be $0.05 psf annual increases until it reaches $1.40 psf. TiVo is also getting $7.00 psf for tenant improvements. Like I said, in my tweet, Ouch! (if you're the landlord).

Your comments are always appreciated. Thanks for reading.

Retail Space Available for Sublease in South San Jose

I've been debating with myself on whether or not to post this listing on my blog. It was either this or posting about Twitter (you'll probably get this post next week).

Approx. 3,600 sf of open area retail space is available for sublease @ $6,600 ($1.84 psf) a month NNN from June 1, 2009 until February 28, 2012.

The space is located with a Lucky Supermarket on one side and a Long's Drug on the other side. There is a good mix of Tenants with Wells Fargo Bank, Payless Shoes, Kiddie Academy, Trek Bikes and Subway Sandwiches. There is easy access to Highway 87 and Capitol Auto Mall and Home Depot is just down the street.

If you're interested or would like more information, please send me an email.

Your comments are always appreciated. Thanks for reading.

Random Thoughts on My BlackBerry #3

Here' another post about my BlackBerry; this is starting to be a monthly topic. I'm not a "crackberry" yet, but I must admit that it easily become very addictive.

So far, one of the best things is to be able to get your emails and response to them instantly and one of the worst things is to be able to get your emails and response to them instantly. Those of you who have a BlackBerry or an IPhone, know what I'm talking about. It's very easy to be connected all of the time. Unless I know that the email is critical (and you should know what is critical), I try not to read or response to them after 6:00 PM.

Talking about teaching an old dog (and I'm really an old dog) new tricks, I've added Uber Twitter to my BlackBerry (so there's the connection to this blog) and have started to twitter. You can see my tweets on my blogs. It's easier to keep up with than my blog since it's only 140 characters.

Has anyone else started using twitter?

Your comments are always appreciated. Thanks for reading.

CCIM SV District Meeting May 26

The Silicon Valley District of Northern Californian Chapter of CCIM is having our bi-monthly meeting on May 26th (the day after the Memorial Day Holiday). It's a good opportunity to attend a CCIM meeting and network without having to drive to Pleasanton.

Date: May 26, 2009
Location:
Miller, Morton, Caillat & Nevis, LLP
25 Metro Dr., 7th Floor, San Jose
Itinerary:
8:30 - 9:00 AM Networking @ Le Boulanger
9:05 - 10:30 AM Meeting on 7th Floor
Topic:
How to effectively deal with an attorney in a real estate transaction
Plus: Observations from foreclosure experiences>
Speakers:
Peter Kline & Tony Venture, Miller, Morton, Caillat & Nevis, LLP

To register: please email George Pires @ georgepries@princetoncap.com

Your comments are always appreciated. Thanks for reading.

Update - Sunnyvale Town Center

I came across another article regarding the status of the Sunnyvale Town Center on the Square Foot blog. (I love this blog and read it all the time. He seems to know everything that's going on in the Commercial Real Estate in the South Bay.) It actually from an article from the Mercury News.



It appears that Sand Hill Property Co. (SHPC) is having problems getting financing from the banks that financed the early phases of the project. They need another $450 million in additional loans to complete the $750 million project.



SHPC is hoping that the city could help them secure construction loans by acting as a partner or backer in the deal. SHPC also hopes to get some government stimulus funds



For all you Target shoppers (my wife being one of them), the only construction that is taking place is the building of the new Target store and work related to getting it open as planned in November.



Your comments are always appreciated. Thanks for reading.

Professional Brokers Forum - May 14

The Professional Brokers Forum is back with an interesting topic regarding construction issues.

Date: May 14, 2009
Time: 11:30 - 1:30 PM
Place: 777 North First Street, Mezzanine Room, San Jose
Speaker: Bill Hurley
Topic: Construction Issues of Interest to Real Estate Brokers and Lenders

If you're planning on attending, please RSVP Ron Ricard at ron.ricard@ipx1031.com.

Registration (and lunch) is from 11:30 - 12:00 Noon.

Your comments are always appreciated. Thanks for reading.

Bay Area Apartment Brokers Forum - May 13, 2009

If you've read my blog before, you know that even though I don't specialize in multi-family, I try to go to this forum, to hear their analysis of the current events and marketing trends. If you are doing multi-family deals, you need to go to this forum on a regular basis.

Group: Bay Area Apartment Brokers Forum
Speaker: Michael Pierce - President, California Apartment Associates 2009
Topic: Challenges Facing the Multi-Housing Industry 2009
Date: Wednesday, May 13, 2009 - 8:00 AM
Place: First American Exchange, 1737 North First St., San Jose - 4th Floor
Breakfast: Continental Breakfast - no charge - First American Exchange
Chairman: Richard Domich - CB Richard Ellis, Inc.
Vice Chairman: Keith Suddjian - Cornish & Carey Commercial
Membership: Kari Noomen - WaMu - J. P. Morgan Chase
Sponsor: Mary Kay Kennedy - First American Exchange
Adjournment: 9:30 AM

Note: All present will have an opportunity to present their listings, buyer requirements, as well as their analysis of current events and market trends that directly effect the multi-housing (apartment) industry in Silicon Valley and greater Bay Area.

Your comments are always appreciated. Thanks for reading

NCalCCIM May 12th Luncheon Meeting

Here's another plug for the monthly NCalCCIM Meeting. (Click on the title to go to the invitation and to register.)

NCalCCIM May 12th Meeting Agenda:
9:00 - 10:00 AM Marketing Session
9:00 - 10:00 AM Technology Session
10:30 - 11:30 AM Mentoring Session - Effective Networking - Game Plan & Strategy: Joe Diliberto
12:00 - 1:30 PM Luncheon Meeting - Your Client's Loan Is In Trouble - What Do You Do Next?

There will be opportunities to network between the various sessions.

The meeting will be at the Four Points Sheraton, 5121 Hopyard Road, Pleasanton, CA.

Your comments are always appreciated. Thanks for reading.

Valley Fair Freezes Expansion Plans

I guess that even Westfield Valley Fair isn't bigger than the recession. The Silicon Valley/San Jose Business Journal has announced that Westfield has decided to hold off on the 650K square foot expansion of Valley Fair (click on the title to see the complete article).

The expansion was to include the addition of two new anchor stores Neiman Marcus and Bloomingdale's. The original plans had construction starting sometime this year with completion in the fall of 2011 (just in time for the Holidays).

No new start or completion dates were announced. Westfield will be working with the City of San Jose and Santa Clara to extend the entitlements.

Your comments are always appreciated. Thanks for reading.