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HCRE brings the Olsen Ranch a 600+/- unit development project to market

Hart Commercial Real Estate is proud to present the opportunity to acquire a fantastic residential development opportunity within the city limits of Paso Robles. The Olsen Ranch is located on Paso’s east side, adjacent to existing residential developments and beautiful rolling vineyards. The property is part of the Olsen Ranch Specific Plan along with two other small land owners. The project allows for 673 units of which approximately 600 are designated for the Olsen property. The property can accommodate a variety of product types from multifamily to estate lots. Water, sewer and dry utilities are adjacent to the property. The site is in a raw state and has been farmed by the Olsen family for over 50 years. The property has 3 existing homes, several Ag related structures and 2 wells.

In 2003 the Olsen Ranch was annexed into the City of Paso Robles. The City contracted Moule & Polyzoides to create a specific plan and EIR for the properties which was completed in late 2007. The city then conducted a traffic study which was completed in 2009. The city will allow for the proposed 673 units but may allow for additional density depending on the proposed plan. The city has indicated that they will require reimbursement for some of the prior planning work already completed.

Offering price of $24,000,000.

HCRE Closes Sale on Two Central Coast Shopping Centers

Jason Hart recently sold the Town Center West Shopping Center in Santa Maria and the Acorn Plaza Shopping Center in Orcutt. The two centers totaling over 120,000 square feet were sold to two separate California investment groups.

HCRE Closes Sale of Skyway Office Building

Hart Commercial is pleased to announce the successful sale of 2601 Skyway Dr in Santa Maria, CA. The approximately 20,000 SF office/flex building sold to a local investor as part of a 1031 exchange.

Investment Sales Climbed 38% in the First Two Months of 2015

Investment sales volume in the commercial real estate sector jumped up 38 percent year-over-year in the first two months of 2015, to approximately $88.4 billion, according to the latest data from Real Capital Analytics (RCA). The figure represents a strong start to the year and was to a large extent driven by transactions involving the five core property types and portfolio deals.

RCA reports that portfolio sales and company acquisitions in the five core property sectors rose 69 percent in January and February, compared to the same period last year. Multi-asset deals and mergers/acquisitions were particularly prevalent in the retail and industrial sectors.

The volume of single-asset deals involving the five core property types went up as well, but the increase was more subdued at 24 percent compared to the same period in 2014.

investment-sales-volume

RCA researchers note that the low 10-year U.S. Treasury rates in January and February, combined with increased originations by CMBS lenders and regional/local banks, were largely responsible for the uptick in trading volume at the start of the year. Last year, CMBS lenders were responsible for 27 percent of all commercial real estate loan originations, while national banks and regional/local banks accounted for 14 percent each. Government agencies, which typically focus on multifamily loans, were responsible for 16 percent of all originations.

It remains to be seen, however, how much a potential hike in interest rates later this year may affect the steady progress in loan originations and therefore transaction volume in the commercial real estate sector.

Investor Sentiment Sets New Record High!

Investor Sentiment Sets New Record High! The Investor Sentiment Index rose to 187 during fourth quarter of 2014, which is up from the 179 that was recorded in the third quarter survey. The Investor Sentiment Index measures investors’ views on anticipated changes in property values, as well as their plans to increase or decrease total real estate holdings in the coming year.