• Hartman Family Trust (Seller) wanted
to unlock the value of the Hueneme
Road Industrial Center to further expand its business.
• The goal was to increase the value of
the property by increasing occupancy
rate as well as lease rates on renewals.
• Ultimately the client wanted to sell to
an investor at highest possible price in
the shortest period of time.
• Increased occupancy to 91 percent
from 82 percent in six months.
• Renewed four tenants at 14 percent to
25 percent above current rent.
• Prepared offering memorandum tailored to specific buyer pool.
• Sent offering memorandum to select
•Created competitive environment
among three buyers while only accepting one round of offers with firm
• Chosen buyer (Rexford Industrial) entered escrow within two business days
of submitting offer.
• Representing both parties, DeGrinis
and DuRoss successfully managed
30-day escrow with many moving
parts and no extensions.
"Team DeGrinis took the time to understand our goals, not
just our goals for the property, but our family and business
goals. They laid out a plan and executed on every point.
Their professionalism and attention to detail exceeded our
- Rick Duggan, Hartman Family Trust
TRANSACTION CASE IN BRIEF
John DeGrinis, SIOR
Patrick DuRoss, SIOR
Aug. 11, 2015
86,904 SF – 23 Units