2018 MARKET REPORT 3 - Lee & Associates
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CENTRAL COAST
MARKET REPORT
3 2018
ECONOMIC
OVERVIEW
GDP GROWTH
EMPLOYMENT
MONETARY POLICY
GLOBAL ECONOMY
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Q3 Q3
Economic Overview Economic Overview
GDP GROWTH EMPLOYMENT
Trending in Q3
Trending in Q3 The nation’s jobless rate fell in September to its the least since October 2017.
Strong consumer and government spending investment grew at a 0.8% annual rate, lowest level since 1969, and job openings hit
The recovery is beginning to reach groups GDP GROWTH
lifted the third-quarter gross domestic the weakest in nearly two years even as GDP GROWTH a record 7.1 million positions, exceeding the
struggling to show improvement. Jobless
product to 3.5%. Although it beat estimates, unemployment is at its lowest in nearly number of people classied as unemployed.
rates for Latino and African-Americans are
the GDP declined from 4.1% in Q2 as the ve decades. The government’s report The unemployment rate hit 3.7%. Non-farm near record lows. Progress also is being
EMPLOYMENT
new government data sent new signals that reafrmed the expectations of many that EMPLOYMENT payrolls gained 134,000 lled positions. made by teens, disabled and under-educated
business expansion is slowing. Consumers the long economic boom is winding down. Average hourly wages were up 0.3% from workers, all beginning to see benets in
went shopping from July to September with Investment spending and the scal stimulus MONETARY POLICY
August and up 2.8% year over year. The recent months from the tight labor market.
fatter wallets from the tax cut, more jobs from last year’s cut in the corporate tax rate MONETARY POLICY economy is on track to create 2 million jobs
and better paychecks. Representing about from 35% to 21% are fading with diminished Median weekly earnings of the nation’s 117.2
for the eighth straight year.
million ll-time wage and salary workers were GLOBAL ECONOMY
70% of the economy, consumer spending ability to help longer-term expansion. The
jumped 4% in Q3 – the most since 2004. Federal Reserve projects a growth rate of GLOBAL ECONOMY The number of people ling for unemployment $887 in the third quarter of 2018, according
Purchases were up for motor vehicles, 2.5% next year, slowing to 1.8% by 2021. UNEMPLOYMENT UNEMPLOYMENT U6 LABO R FORCE PARTICIPATION
food, clothing and recreational goods. Another key feature of tax reform was
“The recovery is
16% 63.6%
“Purchases were up
Government spending rose the most since repatriation of assets held overseas by U.S. 63.4%
14%
beginning to reach
Unemployment & U6 Unemployment
for motor vehicles,
NaƟonal Real DomesƟc Product 63.2%
Labor Force Participation
19500 8 12%
groups struggling to
63.0%
food, clothing and
6
18500
Quarter-to-Quarter Growth in Real GDP
10% 62.8%
show improvement.”
4
recreational goods;
17500 62.6%
2 8%
16500 62.4%
$ (Billions)
0
business expansion
6%
Quarter-to-Quarter Growth in Real GDP -2 62.2%
15500
is slowing.”
4%
-4 62.0%
14500
-6 2% 61.8%
2013 2014 2015 2016 2017 2018
13500
-8
12500
Great Recession
-10 benets has declined to the lowest level in to the U.S. Department of Labor Bureau of
more than four decades. The participation Labor Statistics.
2018Q2
2018Q3
2017Q3
2017Q4
2018Q1
2016Q3
2016Q4
2017Q1
2017Q2
2015Q4
2016Q1
2016Q2
2014Q4
2015Q1
2015Q2
2015Q3
2014Q1
2014Q2
2014Q3
2013Q2
2013Q3
2013Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2011Q3
2011Q4
2010Q4
2011Q1
2011Q2
2009Q4
2010Q1
2010Q2
2010Q3
2008Q4
2009Q1
2009Q2
2009Q3
rate, the measure of those working or looking
Chart by Henry Abramov, Director of Research, Lee & GDP % Change in GDP Linear (GDP)
Women had median weekly earnings of $796,
for jobs, has been stable after falling to lows
or 81.8% of the $973 median for men. Full-
2016. An added $300 billion authorized rms. About $3 trillion held offshore to not seen since the 1970s.
time workers in management, business and
for the Pentagon by congress in February avoid high U.S. taxes would return quickly Private employers have been adding jobs nancial operations had the highest median
funded the most defense spending over with the one-time repatriation rate of 15.5% for nearly eight years, but with the pool of weekly earnings, $1,530 for men and $1,146
two quarters since major military hardware on cash and 8% on non-cash and illiquid workers shrinking fewer jobs are being lled. for women. People in service jobs earned the
purchases were curtailed after the 2008- assets, tax reform proponents claimed. The Smaller rms with less than 50 employees are least, $642 for men and $514 for women. In
09 nancial crisis, Responding to protect Commerce Department estimated that $302 hit hardest. The latest monthly data shows ofce and administrative support positions
earnings from trade and tariff volatility and billion came back in the rst quarter, falling that 163,000 positions were added in August, women earned nearly 16% less than men.
slowing growth, business executives have to $170 billion in the second quarter.
turned cautious. Non-residential xed
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Q3 Q3
Economic Overview Economic Overview
MONETARY POLICY GLOBAL ECONOMY
Trending in Q3 Trending in Q3
An upbeat Federal Open Market Committee Trade policy developments remained a More caution ags are being raised about was singled out as an exception.
increased the federal funds rate 25 basis source of uncertainty for domestic growth and GDP GROWTH the health of the global economy with
Additionally, the IMF said that nancial markets, GDP GROWTH
points to 2.25% at its September meeting and ination. Ofcials in the meeting reported greater concerns that nationalist policies are
so far, have been heedless of rising threats to
afrmed that another rate hike was anticipated that businesses were attempting to diversify undermining global cooperation and that
the world economy.
by the end of the year and at least two more the set of countries with which they trade due EMPLOYMENT scal policies are increasingly unsustainable. EMPLOYMENT
increases in 2019 with the rate reaching 3.5% to “uncertainty over tariff policy.” In the IMF’s analysis, which comes after the
The world is in “an environment where nancial
in 2020. synchronized global upswing peaked in
Some Fed members said nancial stresses in a MONETARY POLICY conditions could tighten suddenly and
sharply,” the International Monetary Fund said
2017, it was calculated that the populations MONETARY POLICY
It was the eighth time Federal Reserve ofcials few emerging market economies could pose of 45 poorer countries would see their living
have raised borrowing costs since 2015, when risks by spreading more broadly through the in its twice yearly World Economic Outlook.
standards fall further behind those in rich
rates were held at near zero, and the third global economy and nancial markets. GLOBAL ECONOMY The report revised its economic forecasts GLOBAL ECONOMY
nations over the next ve years.
time this year. downward modestly for this year and next.
Participants noted that business xed “With geopolitical tensions also relevant in
“Our economy is strong,” said Fed Chairman investment had grown strongly and a few The fund’s report also leveled unusual criticism
several regions, we judge that, even for the near
at the U.S.’s imposition of tariffs and tax cuts
future, the possibility of unpleasant surprises
“Upside risks
Daily Treasury Yield Curve Rates Over a Ten Year Trend
“The IMF said that
6
cited by Fed nancial markets,
5
4
ofcials included so far, have been
% 3
Quarter-to-Quarter Growth in Real GDP high consumer Quarter-to-Quarter
Quar
rter-to-Qua
uart
ua
uart
rter
te GGrowth
row
rowth in
in R
Real
eal
ea
al GD
GDP
DP heedless of rising
2
condence and threats to the world
1
accommodative economy.”
0
nancial
One- Year Treasury Five-Year Treasury Ten-Year Treasury Thirty-Year Treasury
conditions.” near the top of the economic cycle. The IMF
Jerome Powell. “Growth is running at a healthy commented that recent changes in federal outweighs the likelihood of unforeseen good
also said U.S. scal policy was unsustainable
clip, unemployment is low, the number of tax policy had likely bolstered investment news,” said Maruice Obstfeld, IMF chief
and urged U.S. policymakers to concentrate
people working is steadily rising and wages spending. economist.
on stabilizing and reducing the level of public
are up.” The IMF’s outlook improved for some
Ofcials characterized household debt.
“Accommodative,” a keyword in Fed policy consumption growth as strong and judged emerging market economies – especially oil-
The fund said nations must improve their
announcements since the 2008, was missing that robust increases in disposable income, rich Russia and Saudi Arabia. But Argentina’s
public nances and consolidate their budgets
in the latest announcement as ofcials high levels of consumer condence and solid economy is expected to contract by 2.6% this
so they would have more ammunition to ght
generally agreed that risks to the outlook household balance sheets had contributed to year and 1.6% in 2019. Turkey’s economy is
the next recession. Germany, because of its
“appeared roughly balanced.” the strength in spending. expected to grow 3.5% this year and 0.4%
high trade surplus and low level of public debt,
next year compared to 7.4% growth in 2017.
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Q3
OFFICE NATIONAL OVERVIEW
Q3 2018 Market Reports Strong Downtown Ofce Demand Continues
Strong demand for premium ofce space in the nation’s central business districts
continued in the third quarter, driving down the vacancy rate 50 basis points year over 20.8
NET
ABSORPTION
Million SF
year even as 58 million SF were added to downtown inventories.
ECONOMIC OVERVIEW Net absorption in CBDs since Q3 last year has averaged 5.9 million SF per quarter, a
nearly four-fold increase in growth compared to the previous 12 months.
VACANCY
Despite the healthy absorption of urban ofce space, rent growth was off 0.8% year over 1.0 Billion SF
year. Competition for tenants is likely to intensify as 52.3 million SF are under construction, 9.1%
a 7% increase from a year ago.
Suburban ofce space makes up 78% of the total 11.4 billion SF inventory. Although the
vacancy rate was unchanged for the last 12 months, asking rents are up 2.5% over the
same period. AVG. ASKING
RATE
The latest sales data shows that total transactions and prices for ofce properties fell from
the rst quarter’s 749 trades, averaging $2.73 per SF, to 827 transactions, averaging $2.53 1.2% $25.49 Avg Asking
per SF in the second quarter. Cap rates averaged 7.16% in Q2 compared to 7.4% a year
earlier.
SIGNIFICANT LEASE DEALS DELIVERIES
Million SF
Lease Name SF Location 16.3
Verizon Communications 438,821 Boston, MA
Amazon.com 413,100 Seattle, WA UNDER
Roku, Inc. 357,477 San Jose, CA CONSTRUCTION
161 Million SF
LARGEST DELIVERIES
INDUSTRIAL OFFICE RETAIL Building Name City SF Developed By The New York City ofce market leads the
nation in net absorption with 5.4 million SF
Salesforce Tower San Francisco, CA 1,400,000 Hines year to date. San Francisco posted 4.4 million
SF of tenant growth followed by Dallas/Fort
1800 Arch St Philadelphia, PA 1,300,000 Liberty Property Worth at 4.2 million SF and 3.3 million SF for
the Denver and San Jose markets.
Block B Washington, DC 975,000 Capital One Finc’l
Dallas/Fort Worth has delivered 6 million
SF of new space to the market this year.
REGIONAL OVERVIEWS SIGNIFICANT PROJECTS UNDER CONSTRUCTION Washington, D.C., was next at 4.1 million SF
with San Francisco at 3.9 million SF and New
LOCAL EXPERTISE.
Market SF Project York City at 3.3 million SF.
Overall new construction is up 4.5% year
INTERNATIONAL
Chicago, IL 2,700,000 433 W. Van Buren St over year. New York City leads in new space
New York City, NY 2,200,000 One Manhattan West underway 14.1 million SF followed by
REACH.
Washington, D.C.’s 8.8 million SF, 8.78 million
New York City, NY 2,000,000 Two Manhattan West SF in Dallas/Fort Worth, 7.5 million SF in San
WORLD CLASS.
Francisco and 7.3 million SF on Long Island,
New York City, NY 1,700,000 One Vanderbuilt NY.
SIGNIFICANT BUILDING SALES
Address Market SF Price/SF Cap Rate Buyer Seller
666 Fifth Ave New York City 1,500,000 $886.95 4.9% Brookeld Kushner Co’s
200 Pier Four Blvd. Boston 372,372 $1,208.47 4.2% CommonWealth Tishman Speyer
Metropolitan Park E&W Seattle/Puget Snd 709,108 $613.45 4.4% Beacon Cap CBRE Global Inv
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Q3 Q3
INDUSTRIAL NATIONAL OVERVIEW RETAIL NATIONAL OVERVIEW
Construction Soars on Strong Demand Mall Tenants Shed Space; Sale Prices Gain
Construction starts hit a post-recession record high of 73.6 million SF in the third NET Healthy demand for shopping centers, strip centers and single-tenant buildings NET
ABSORPTION ABSORPTION
70.3
quarter as strong demand slightly outpaced deliveries, holding the nationwide continued in the third quarter along with the retreat by tenants from the nation’s malls.
average vacancy rate at a record low 4.6%. Million SF Additionally, overall property values ended their nearly 18-month skid, during which
14.8 Million SF
Asking rents averaged $6.79 per SF, a robust 7.6% year-over-year increase. But the the average price per square foot fell 27%. Prices are up an average 2.3% year over
third quarter’s 72,270,117 SF of net absorption was the weakest three-month period year after a 13% mid-year rebound.
this year and off 18% from a year ago. VACANCY Absorption for the rst three quarters totaled 45.9 million SF, a 3.6% gain over the VACANCY
1.1 Billion SF same period last year. 623 Million SF
4.6%
Growth in the nation’s inventory of warehouse and distribution buildings – which now
stands at 23.7 billion SF – continues to be driven chiey by the e-commerce sector. Through the rst three quarters, tenants shed 2.3 million SF of space in malls, which 4.4%
Warehouse and distribution space accounts for about 90% of total inventory. About account for 8% of the total 14.1-billion-SF retail inventory. Malls posted 5 million SF of
19% of industrial space is owner occupied and nearly two-thirds of all new space absorption over the rst three quarters last year.
completed this year is leased. AVG. ASKING There was 25.6 million SF of net absorption year to date in the general retail category. AVG. ASKING
Southern California’s Inland Empire region leads all markets in year-to-date absorption, RATE General retail, which is dominated by stand-alone buildings largely with a single RATE
21.8 million SF, followed by Northern New Jersey and Atlanta, each with 14.8 million
SF, and Philadelphia with 13.6 million SF.
1.8% $6.79 Avg Asking tenant, represents 53% of total inventory. Asking rents gained an average 5.2% since
Q3 last year.
1.0% $16.89 Avg Asking
SIGNIFICANT LEASE DEALS SIGNIFICANT LEASE DEALS
DELIVERIES
DELIVERIES
Lease Name SF Location Million SF
70.4 Lease Name SF Location Million SF
Amazon.com 1.1M Huntington/Ashland, WV 13.2
Florida Dept of Health 136,000 Tallahassee, FL
Medical Depot 1.0M Atlanta, GA
Lowe’s 132,825 Baltimore, MD
UPS 1.0M Philadelphia, PA
UNDER UNDER
CONSTRUCTION At Home 97,840 Denver, CO
CONSTRUCTION
LARGEST DELIVERIES 370.2 Million SF
LARGEST DELIVERIES 87.8 Million SF
Building Name City SF Developed By
The Inland Empire also is tops in deliveries Building Name City SF % Occupied
this year with 19.1 million SF. Dallas Demand for shopping centers, which
Majestic Chino Gtwy Inland Empire, CA 1.4M Majestic Realty Co
checked in with 16.4 million SF followed by Northwestern Drive El Paso, TX 450,000 97% account for 32% of all retail space, was
730-798 Gateway Bl Cincinnati, OH 1.3M IDI Logistics Atlanta’s 13.8 million SF. up 20.5 million SF through the rst nine
125 Graham Road Cleveland, OH 249,721 100% months of 2018 compared to 13.9 million
Core5 Industrial Philadelphia’s 28.6 million SF of space
590 Coweta Ind Pk Atlanta, GA 1.2M SF for the same period in 2017. Year-over-
Ptnrs under construction through the third 1550 Deereld Pkwy Chicago, IL 236,000 100%
year rent growth averaged 7%.
quarter is followed by 25.8 million SF in the
SIGNIFICANT PROJECTS UNDER CONSTRUCTION Dallas/Fort Worth market and Atlanta’s 22.3
million SF.
LARGEST UNDER CONSTRUCTION Deliveries in all categories through the
third quarter totaled 49.4 million SF, off
Address Submarket/City SF Delivery Date 19.5% from the rst nine months last year.
Market SF Project Name First-half sales totals show that average
price per square foot increased 9.3% American Dream There were 87.8 million SF under
Reno, NV 3.8M Tesla to $84.86 per SF year over year and Northern NJ 2,000,000 Q1 2019 construction at the end of Q3, a 2.2% gain
Meadowlands Mall
transactions are off 11.5%. from the same period a year ago.
Washington, DC 3.5M Proctor & Gamble Plant Veterans Parkway & Town
Cap rates have been lower in 2018, Louisville, KY 1,000,000 Q3 2019 Mid-year sales transaction totals show that
Center Blvd.
Albuquerque, NM 2.8M Facebook Data Center averaging 7.06% through the rst half, prices averaged $159.42 per SF, recovering
compared to the same period last year. 00-01 SW Zierdt Road Huntsville, AL 1,000,000 Q1 2020 from $139.92 SF in Q1. Prices in this cycle
Denver, CO 2.4M Amazon
peaked at $191.44 per SF in Q3 2016. Cap
SIGNIFICANT BUILDING SALES SIGNIFICANT BUILDING SALES rates are up averaging 7.24%,
Address Market SF Price/SF Cap Rate Buyer Seller Address Market SF Price/SF Cap Rate Buyer Seller
Embarcadero Ellsworth Place Washington DC 347,172 $265.00 7.4% GBT Realty Corp Rockwood Cap.
Gold St Tech Center So. Bay/San Jose, CA 302,212 $302.77 6.8% PSAI Rlty Ptnrs
Capital Partners The Center of Winter Pk Orlando, FL 243,163 $299.18 6.1% AEW Cap Mgmt Sterling Org.
Charlotte Ind Portfolio Charlotte, NC 764,400 $92.23 5.48% GLP US Mgmt, LLC The Keith Corp. N. Bay/Santa Regency Ctrs
E. Washington Place 203,087 $270.82 8.0% Vestar
100 Meadow Rd Boston, MA 433,127 $147.76 5.5% AEW Cap Mgmt National Dev. Rosa, CA Corp
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Q3
SANTA BARBARA Q3
SANTA BARBARA
SAN LUIS OBISPO SIGNIFICANT LEASE DEALS
Property
Address SF Tenant
Type
12 E. Carrillo St. Office 5,708 Well Health, Inc
SANTA MARIA
801 Chapla St. Office 4,975 Compass California, Inc
414 E. Cota St. Office 4,523 City of Santa Barbara
SIGNIFICANT BUILDING SALES
OFFICE Property
LOMPOC
Address Price Price/SF SF Buyer
Type
819 Reddick St. Office $3,500,000 $361.83 9,673 West Bluff Capital
536 E. Arrellaga St. Office $2,750,000 $687.50 4,000 Take Luck, LLC
Hughes Land Holding
116 N. Nopal St. Industrial $2,150,000 $354.60 6,063
Trust
PASO ROBLES INDUSTRIAL TOTAL MARKET STATISTICS
Q3 Office Industrial Retail
Vacancy Rate 7.27% ↑ 1.03% ↑ 5.81% ↑
Average Sale Price/SF $636.43 $354.61 $537.05
Average Asking Lease Rate $3.21 $2.26 $4.13
Q2
Vacancy Rate 7.12% 0.88% 5.72%
Average Sale Price/SF $656.97 $480.28 $482.28
RETAIL Average Asking Lease Rate $3.17 $2.27 $4.15
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SAN LUIS OBISPO Q3 SANTA MARIA Q3
SIGNIFICANT LEASE DEALS
SIGNIFICANT LEASE DEALS
Property
Address SF Tenant Property
Type Address SF Tenant
Type
1075 Farmhouse Ln. Industrial 11,586 Consolidated Electrical Distibutors, LLC
892 Aerovista Dr., Suite 210 & 240 Office 11,555 Wacker Wealth Partners 2120 S. Bradley Rd. Retail 9,180 Five Below
3566 Higuera St., Suite 300-2 Industrial 8,937 Landis Automotive 1414 E. Main St., Suite 201 Office 8,488 Dignity Health
SIGNIFICANT BUILDING SALES
SIGNIFICANT BUILDING SALES
Property
Address Price Price/SF SF Buyer Property
Type Address Price Price/SF SF Buyer
Type
620-628 California Blvd. Office $5,684,000 $185.72 30,606 Nicholas Tompkins
2811 Airpark Dr. Office $7,600,000 $87.16 87,200 Jon Alberon
1115 Santa Rosa St. Retail $2,400,000 $112.46 21,340 Ben Kulick
300 Town Center East Retail $3,450,000 $168.25 20,505 Rao Yalamanchili
4120 Horizon Ln. Industrial $1,650,000 $191.86 8,600 Eric Sevim
1790 N. Broadway St. Retail $2,388,000 $344.59 6,930 3H, LLC
TOTAL MARKET STATISTICS TOTAL MARKET STATISTICS
Q3 Office Industrial Retail
Q3 Office Industrial Retail
Vacancy Rate 6.01% ↑ 1.13% ↓ 3.55% ↑
Vacancy Rate 8.73% ↑ 3.53% ↑ 2.63% ↑
Average Sale Price/SF $372.14 $203.96 $383.67
Average Sale Price/SF $165.67 $200.48 $198.16
Average Asking Lease Rate $1.94 $1.44 $2.77
Average Asking Lease Rate $1.42 $0.72 $1.93
Q2
Q2
Vacancy Rate 5.85% 1.25% 3.40%
Vacancy Rate 8.45% 2.66% 2.51%
Average Sale Price/SF $390.57 $185.79 $564.26 Average Sale Price/SF $186.71 $152.39 $214.93
Average Asking Lease Rate $1.93 $1.45 $2.87 Average Asking Lease Rate $1.44 $0.71 $2.01
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LOMPOC Q3 PASO ROBLES Q3
SIGNIFICANT LEASE DEALS SIGNIFICANT LEASE DEALS
Property Property
Address SF Address SF Tenant
Type Type
3769 Constellation Road 2320 Ramada Dr., Suite E Industrial 3,360 Port-A-Port, Inc
Office 1,500
Suite E & F 1111 Riverside Ave., Suite 101 Office 2,550 Sweet Zulu Bakeshop
3769 Constellation Road 1240 Park St., Suite 101 Retail 1,640 American Commercial Equities
Office 750
Suite B-2
SIGNIFICANT BUILDING SALES SIGNIFICANT BUILDING SALES
Property Property
Address Price Price/SF SF Address Price Price/SF SF
Type Type
300 N G St. Industrial $1,450,000 $89.32 16,232 1610 Commerce Way Industrial $2,750,000 $36.86 74,608
911 E. Chestnut Ave. Industrial $1,300,000 $288.89 4,500 1905 Spring St. Office $810,000 $379.04 2,137
921 W. Laurel Ave. Industrial $1,125,000 $224.91 5,002 2640 Spring St. Office $280,000 $80.00 3,500
TOTAL MARKET STATISTICS
Q3 Office Industrial Retail
TOTAL MARKET STATISTICS
Vacancy Rate 3.36% ↑ 5.62% ↑ 3.54% ↑
Q3 Office Industrial Retail
Average Sale Price/SF $229.52 $42.61 No Sales Reported
Vacancy Rate 1.36% ↓ 2.29% = 8.79% ↓
Average Asking Lease Rate $1.26 $0.89 $1.56
Average Sale Price/SF No Sales Reported $170.62 $232.02
Q2
Average Asking Lease Rate $1.00 $2.00 $1.41
Vacancy Rate 3.15% 5.28% 3.37%
Q2
Average Sale Price/SF $280.43 No Sales Reported No Sales Reported
Vacancy Rate 1.86% 2.90% 9.20%
Average Asking Lease Rate $1.15 $0.87 $1.30
Average Sale Price/SF $80.50 $81.25 $900.34
Average Asking Lease Rate $0.91 $2.00 $1.38
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NOTABLE SALES Q3 2018 NOTABLE LEASES Q3 2018
1111 E. CABRILLO BLVD., SANTA BARBARA 839-879 WARD DR., GOLETA 70 CASTILIAN DR., GOLETA 6750 NAVIGATOR WAY, GOLETA
Hyatt Centric Santa Barbara
Property: Industrial
Property: Office Property: Office
Property: Hospitality Sale Price: $16,500,000
Size: 86,246 SF Size: 12,976 SF
Sale Price: $87,500,000 Sale Per/SF: $132.26
Lease Date: 07/2018 Lease Date: 08/2018
Number of Rooms: 200 Size: 124,754 SF
Sale Date: 07/2018 Sale Date: 08/2018
1 2 1 2
2811 AIRPARK DR., SANTA MARIA 10 S. KELLOGG AVE., GOLETA 1075 FARMHOUSE LN., SAN LUIS OBISPO 892 AEROVISTA PL., SAN LUIS OBISPO
Property: Office Property: Industrial Property: Office
Size: 87,200 SF Property: Industrial
Size: 3,366 SF Size: 11,586 SF Size: 11,555 SF
Sale Price: $7,600,000 Sale Price: $6,775,000 Lease Date: 07/2018
Sale Per/SF: $87.16 Lease Date: 08/2018
Sale Per/SF: $2,012.77
Sale Date: 09/2018 Sale Date: 09/2018
3 4 3 4
1340 TAFT ST., SAN LUIS OBISPO
620-628 CALIFORNIA BLVD., 111 CASTILIAN DR., GOLETA 3566 HIGUERA ST., SAN LUIS OBISPO
Property: Multi-Family SAN LUIS OBISPO
Sale Price: $6,400,000 Property: Office Property: Office Property: Office
Units: 7 Size: 30,606 SF Size: 10,200 SF Size: 8,937 SF
Sale Date: 07/2018 Sale Price: $5,684,000 Lease Date: 08/2018 Lease Date: 07/2018
Sale Per/SF: $185.72
Sale Date: 08/2018
5 6 5 6
leeentralcoast.com leecentralcoast.comWINE NEWS
Capturing Carbon in Vineyard Soils The Miller Family Announces Release
FEATURING
Capturing Carbon in Vineyard Soils Fetzer marks 50th of The Pillars Wines: Three Historically Rebel Coast Sauvignon Blanc has every character of a
anniversary and reaffirms commitment to organic, Inspired Wines Representing the California Sauvignon Blanc. It has high acid, with bright
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Santa Maria, CA – The Miller family, owners and strongly of marijuana; instead, the Sauvignon Blanc powers
the mouthfeel. It’s crisp, refreshing and best served naked.
Hopland, Calif.—It’s been 50 years since Barney Fetzer stewards of the Bien Nacido and Solomon Hills
and his family founded Fetzer Vineyards in Mendocino Estates, are pleased to announce the release of
Rebel Coast starts with a traditional Sauvignon Blanc from
County in California’s North Coast region. The Fetzers The Pillars, a selection of three historically inspired Sonoma Valley, then the alcohol is removed (Federal law
started farming organically in the 1980s, and even after wines from the most exceptional parcels within prohibits combining alcohol with THC) and the wine infused
the company was sold in 1992, the Fetzer name has Bien Nacido Vineyard. Since Bien Nacido Vineyard’s with fast-acting THC. After drinking a glass, one can expect
remained closely associated with organic and, later, inception in 1973, the most impressive parcels of to feel the effects between 15-40 minutes depending on body
type, gender, how often they use cannabis and what they
sustainable practices. But by the time Chilean wine the vineyard have commanded the highest demand
have eaten that day. Currently Rebel Coast Wine is available
giant Viña Concha y Toro bought Fetzer Vineyards in and demonstrated the greatest quality. It’s with
in 7+ dispensaries in Southern California and are currently
2011, the brand had lost momentum. Current company this understanding that, after 45 years, the Miller working on additional dispensaries in Central California,
officials like to say that sustainability is in Fetzer’s Family has decided to craft these three special Sacramento, San Francisco, and the surrounding areas.
DNA and that the winery’s efforts on that front had wines, anchored in the rich history of Bien Nacido
R E B E L C O A S T. C O M
never waned — in fact, the company now talks about and appropriately called the Pillars to represent
Please check Rebel Coast’s website for new dispensary
“regeneration,” or actually making the planet better — the foundation of the winemaking program.
locations. To be added to the waiting list for the next bottling
but it was time to get the word out again. © Wines & Vines READ MORE ...
© winebusiness.com run just in time for the holidays please email derek@
READ MORE ... rebelcoast.com. A Rosé will be available in 2019.
R E C K L E S S LOV E W I N E S.C O M
RECKLESS LOVE RED BLEND SUNDAY FUNDAY WHITE BLEND
Made from legit California grapes that Get in for the real thing and
will totally score with your taste buds. stick your nose right in that
Remember that moment when you kissed glass to smell the combination
JUSTIN Vineyards & Winery Expands Brand Footprint With New your high school crush? Opening a bottle of tropical fruit and citrus.
Tasting Room In The Heart Of Downtown Paso Robles of this Red Blend is like going back to that A pleasant, fruit-forward
moment in time. Just kidding, it’s way mouthfeel leads to a refreshing,
10.02.18 Paso Robles, Calif.— Justin Vineyards opened its second tasting room located in
better…and less awkward. medium body and a finish that
downtown Paso Robles at 811 12th St. The new venue includes a tasting bar, lounge and lingers with hints of citrusy
full dining room, offering guests wine flights, wines by the glass and multiple food pairing goodness and green apple.
This wine is like going back to
or dining options. “This is a special day for Justin as we expand the footprint of our brand
that all-inclusive resort with the
and our commitment to the Paso Robles community,” said Clarence Chia, vice president of swim up bar, but without
marketing and direct-to-consumer for the winery. © Wines & Vines justinwine.com the sunburn.
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