Hi, my name is Ken Rhinehart and I LOVE commercial real estate. I don’t know of another field that is more eclectic than commercial real estate. To be a competent professional in this field, one needs to understand the basics of finance, accounting, law, construction, macro and micro economics, demographics, human relations, and so much more. I feel as though there is always something more to learn in this field, which helps keep my interest.
This blog is about retail properties from Altadena to Claremont. I specialize in retail because I think it is the most complex type of real estate investment, although it can also be as simple as a single tenant triple net property. Most people see a shopping center and don’t think much else about it. However, a shopping center can have multiple owners, sophisticated lease agreements with anchor tenants, various clauses in leases requiring occupancy levels, and so much more. The analysis of any shopping center begins with a thorough understanding of the leases in place, and I have reviewed thousands of leases throughout the United States.
Retail in the United States has been a mixed blessing over the last twenty or so years. I have traveled all over this great country and analyzed shopping centers, and, unfortunately, they look fairly much the same. Today, if someone were to blindfold you and transport you to a mall or shopping center in just about any city or town, you probably would not be able to tell where you are or be able to distinguish it from the shopping center or mall in your own home town. However, if it weren’t for large, national retailers, goods would be much more expensive and difficult to obtain. Thanks to retailers like WalMart and Target, costs have been kept low. I acknowledge and support these large retailers and patronize them often.
But what gives a community part of its character and charm is often the small, independent retailers. You know the types; they may consist of one location or a handful. These are the ones I am going to highlight in the section of my blog, “Local Focus.” These are the places that I have patronized, in some cases for many years. Others are recent finds. I am also going to discuss other things that are of interest to me in this area I have called home since I was born, the things that make the foothill areas so unique.
The main focus of of my blog (“Sub-Markets) will emphasize the ever changing nature of the retailers in the Foothill Retail Corridor. Here I will chronicle the plans for construction of new properties, planning commission decisions, retailers that are going away and other things that would be of interest to tenants and owners in the areas I cover.
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I am a commercial real estate broker (California Broker’s license number 01803010) with Sperry Van Ness and I specialize in retail properties in the foothill communities from Altadena to Claremont. Thus the blog, www.FoothillRetailCorridor.com. Not exactly rocket science.
I started working in commercial real estate in 1992 as an apprentice commercial appraiser with the national firm of Landauer Associates where I had the opportunity to learn the nuts and bolts of real estate under the tutelage of four MAIs. I took six of the eight courses toward the MAI designation which were invaluable to my understanding of commercial real estate. At Landauer I conducted in-depth market studies and produced limited and full narrative appraisal reports for a variety of property types including retail, industrial, office, apartments, vacant land and subdivisions.
From Landauer I moved on to American Realty Advisors where I got a graduate-level education in institutional investment. At American I conducted financial analyses on the assets under management, and also evaluated the cash flows on properties being considered for acquisition using Argus. I also prepared business plans for assets under management.
I also worked for CB Richard Ellis Investors which brought new challenges for me, testing my ability to underwrite sophisticated real estate deals, including the acquisition of a $250 million portfolio of office buildings in Tokyo. Yes, I even got to spend two weeks in Tokyo. What a kick that was. The door frames at the hotel were six foot tall, which is a problem when you’re 6’4” like me!
For a while I worked for a group of investors that bought and sold properties all over the country. I really honed my acquisition and disposition skills working on properties from single tenant triple net deals to large shopping centers.
All this experience I believe has prepared me for my current position as an advisor with Sperry Van Ness. I chose Sperry Van Ness because their core values of honesty and integrity so closely match my own. And I love the fact that I can call and talk to a fellow Sperry advisor just about anywhere in the country, and know we can work a deal together.