CCG recently Leased a 3,000SF freestanding industrial warehouse in Grover Beach for $2.50/SF NNN. Patrick Wilkinson of CCG represented the Tenant and Tim Gayda represented the Landlord in the transaction. This is Patrick's 6th transaction in Grover Beach in the last six month's. Grover Beach's industrial space is a popular spot as cannabis is legal and cannabis businesses are vying for space. If you are looking for space in SLO County, call or text Patrick Wilkinson at 805.234.3722
CCG recently Leased a 2,160SF commercial condo in Grover Beach for $2.50/SF NNN. Patrick Wilkinson of CCG represented both the Landlord and Tenant in the transaction. This is Patrick's 5th transaction in Grover Beach in the last six month's. Now that both adult use and recreational cannabis sales are allowed in California, cannabis businesses are scrambling to find space. Grover Beach remains one of the few on California's Central Coast to approve cannabis uses. If you are looking for space in SLO county for your cannabis business, contact Patrick today. 805-234-3722
Central Commercial Group is excited to bring on Craig Losee to the team. Craig has almost 20 years in commercial real estate experience on the central coast and has closed in excess of $250,000,000 in transactions over his career. With a focus on vacant land, mixed use development and commercial real estate investment sales, Craig is excited to join the team and grow his book of business.
To learn more about Craig click the Bio link below.
Commercial Condo in the heart of Grover Beach's industrial zone is for sale or lease. Address is 930 Huber St, Suite A and the asking price is $699,000 for sale OR $2.50/sf NNN for lease. Uses include but are not limited to light manufacturing, warehousing and Cannabis. Grover Beach is one of the few cities in SLO County that are currently allowing cannabis uses and is the only city to allow all uses including, dispensary, cultivation, manufacturing, distribution and testing. If you are interested in learning more please visit our Listings Page or download the Listing Flyer.
Central Commercial group is proud to have helped The Hive Laboratory in the leasing of their first warehouse space. Located at 949 Highland Way in Grover Beach, the 3000sf building was leased for 5 years with an Option to Purchase after 2 years. Patrick Wilkinson of Central Commercial Group represented the Tenant and Tim Gayda of Cornerstone Real Estate represented the Landlord.
With the passage Measure L, Grover Beach's marijuana tax, there has triggered a wave of interest into Grover Beach's Industrial zones. Optimism among cannabis cultivators and manufacturers has driven price points for warehouse space up two and three times what they were selling for just a year earlier. The same has happened for lease rates where the average lease rate was $1.00/sf gross in 2016, lease rates for cannabis businesses are $2.00-$3.00/sf NNN. This has caused a flurry of both positive and negative effects which we will most likely not see the full outcome of until the market settles, potentially in 2018 when the state of California's Prop 64 goes into full effect.
The positive effects are the increase in property values. Grover Beach has long been an area in which you could purchase property for less than surrounding communities, especially in the industrial zones. There is a lot of vacant land which will be purchased and developed, some of which has been on the market for over 15 years! Prior to the passage of Measure L it was cheaper to buy an old beat up warehouse and remodel then it was to build new. Now the tables have turned and it will drive new construction. This in turn will drive up residential and commercial property values up as well, especially since the city will see an increase in revenue which will help with infrastructure costs, such as repaving streets, street lights and security cameras throughout the city.
The negative effects are the displacement of local businesses and the increase in property values/lease rates. Many businesses will be priced out of the area or leases not renewed to make way for higher paying tenants (i.e. cannabis businesses). If you've had the chance to sit through one of the city council meetings you will see firsthand who is being effected by this new ordinance. You also see the property owners who have had their properties for 40 years, be able to list and sell their properties for impressive sale amounts and then retire.
Anytime a new market emerges there are winners and losers....everytime. This is the capitalistic economy we live in. We can only hope there are more winners than losers during the course of this new economy and I hope the City of Grover Beach is able to create an economically viable community.
Should you have any questions or concerns regarding Real Estate for commercial cannabis, feel free to call, text or email me.
The San Luis Obispo County multifamily market, much like the rest of California, has been on a bullish run the past several years and 2016 was no different. County Year over year Multifamily Price Per Unit (PPU) pushed over 8% higher than 2015. This occurred in both the North County (8.1% YOY growth) and South County of San Luis Obispo (8.1% YOY growth). Gross Rent Multiplier (GRM) also pushed higher in both portions of the county, however the North county saw significantly more gains than South County as the city of San Luis Obispo experienced a soft 2016.
Another metric that reinforced positive gains was the continued drop of cap rates reaching 4.58% for the County in 2016, down from 4.86% in 2014. Although total sales volume dropped between 2015 and 2016, it was directly related to one transaction, the sale of.....
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