LATEST NEWS & PRESS RELEASES
Los Angeles Business Journal
August 2024
Join us in celebrating President, Mike Tingus and Principal, Scott Caswell on being named to the Los Angeles Business Journal: Inside the Valley's "Valley 200." For this honor, Mike and Scott were recognized and profiled as one of the most influential real estate leaders in Los Angeles in 2024 by the publication.
2024 TOP BROKER AWARD
By Amy Wolff Sorter / connectcre
Scott Caswell & Erica Balin
Leasing Total: 609,952 square feet
Completed nearly 90 leasing transactions across 609,952 square feet
Handled $82 million in sales encompassing 263,631 square feet
During 2023, Scott Caswell (Principal and Managing Director) and Erica Balin (Principal) completed nearly 90 transactions within Southern California’s industrial sector. This included a leasing total of 609,952 square feet. On the sales side, the duo closed $82 million in deals totaling 263,631 square feet.
The most notable deal completed by the team involved the $17-million sale of 8101-8117 Orion Ave. in Van Nuys, CA. A lease deal (completed in early 2024) focused on AI and robotics manufacturer Machina Labs’ five-year lease for a 60,300-square-foot warehouse at 20559 Prairie St. in Chatsworth, CA.
These are some of the reasons we selected the team of Scott Caswell and Erica Balin as one of the California winners in Connect CRE’s 2024 Top Broker Awards. These awards recognize industry professionals who have demonstrated the highest standards and transaction volumes in investment sales and leasing.
VENTURA COUNTY INDUSTRIAL MARKET REPORT 2024
"Ventura Industrial Real Estate Market Experiences Positive Net Absorption and Increased Leasing Activity in First Quarter"
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Advanced Manufacturing Firm Expands in Chatsworth
By: Paul Bubny / connectcre
February 1, 2024
Lee & Associates – LA North/Ventura principals Erica Balin and Scott Caswell arranged a five-year lease for Machina Labs, an advanced manufacturing company that combines AI and robotics. Machina Labs will occupy a 60,300-square-foot freestanding manufacturing warehouse located at 20559 Prairie St., Chatsworth.
Balin and Caswell represented Machina Labs. The landlord is Lainer Investments.
“Machina Labs is on the cutting edge of AI and robotics hardware and software for manufacturing and is on the verge of substantial expansion, and they wanted to stay in the area as this is an expansion of their headquarters, also located in Chatsworth,” said Balin, who has two decades of experience in the Valley’s industrial market.
The new space allows Machina Labs to expand its manufacturing facility, which will support a nearly threefold increase in production. The Machina Labs team includes experts from SpaceX, Relativity Space and Novelis, and combines advances in robotics and AI to build the next generation of factories. The company is expected to occupy the property in the second quarter.
Topaz Business Park in Simi Valley Bought for $46 Million
By Michael Aushenker / San Fernando Vlley Business Journal
December 08, 2021
2280 Ward Avenue - Rexford Industrial Realty has purchased Topaz Business Park, a six-unit industrial building in Simi Valley, for $46.4 million.
The 242,101-square-foor asset, located at 2280 Ward Ave., is the largest ever sold in the submarket, according to Lee & Associates L.A. North/Ventura's President Mike Tingus and principals Joe Jusko and Grant Fulkerson, who represented both Rexford Industrial and the seller, 2280 LLC, in the sale.
Go-Cart Operator Gains Traction in Thousand Oaks with 10-Year Lease
April 19, 2021
By: Michael Aushenker
THOUSAND OAKS, CA - National go-cart recreation company K1 Speed has signed a lease for 50,000 square feet in the Conejo Valley.
The company will operate an indoor track at 770 Lawrence Drive.
Lee & Associates LA North/Ventura’s Grant Fulkerson and Mike Tingus brokered the transaction on behalf of landlord BM Properties. Rocky Moran of Lee & Associates represented K1 Speed in the deal
Impact on Industrial
Real Estate: Manufacturing Could Rebound
and E-Commerce Expand; Meanshile Deals Dry Up
April 13, 2020
San Fernando Business Journal
By: Michael Aushenken
The business shutdowns caused by mandatory stay-at-home orders swiftly began to impact one of the most thriving real estate submarkets in the San Fernando and Santa Clarita Valleys: Industrial.
"You're going to have six months of no transactions and that's the good scenario," said 30-year-veteran Mike Tingus, an Industrial broker and President of Lee & Associates/Los Angeles North-Ventura.
San Fernando Valley Business Journal Best Office Sale
March 16, 2020
In August 2019, the team of Mike Tingus, Grant Fulkerson and Jonathan Bruce sold the former headquarters of Valley Crest Landscape Cos. In a transaction that attracted multiple offers and closed just 60 days after listing for $24 million. The 26,496 square foot Class A trophy property at 23151 Ventura Blvd. in Calabasas sold for $314 per square foot, and is believed to be the highest per square foot price ever paid for a soon to be vacant building in the region.
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San Fernando Valley Business Journal Best Land Sale
March 16, 2020
SIMI VALLEY, CA - The sale of two parcels of land for the Simi Valley Unified School District last year was the culmination of a strategy that provided the school district with a new headquarters while transforming a landscape of dilapidated buildings in vibrant business establishments for the community. When the school district first engaged Mike Tingus and Grant Fulkerson, it was operating a patchwork of facilities that were nearly 40 years old.
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San Fernando Valley Business Journal Best Industrial Sale
March 16, 2020
SIMI VALLEY, CA When Mike Tingus and Grant Fulkerson were engaged by the owner of 685 E. Cochran St. to see the building, they were given an interesting challenge. The seller, who had operated several businesses at the facility, wanted to remain an occupant in approximately a third of the property after the sale under a leaseback arrangement.
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Lee& Associates - LA North/Ventura Announces Top 10 Producers
We are keenly aware that these are extraordinary times and our normal business operations may seem trivial. But because of what we are all experiencing, we hope that the ability to celebrate our successes will help to uplift and keep us strong.
Lee & Associates-LA North/Ventura honored its 2019 top producers at its annual Awards and Profit Distribution celebration at North Ranch Country Club in Westlake Village, CA.
Industrial specialist Scott Caswell, Managing Director and Principal, was named Broker of the Year, followed by:
- Mike Tingus, President/Principal and Industrial Specialist
- Warren Berzack, Principal at Lee & Associates-LA North/Ventura / National Director, Lee & Associates Multifamily Advisory Group
- Darren Casamassima, Principal and Office Sspecialist
- Cory Stehr, Principal and Investment Specialist
- Scott Romick, Managing Director/Principal and Office Specialist
- Grant Fulkerson, SIOR, Principal and Industrial Specialist
- Cole Martens, Principal and Multifamily Specialist
- Stacy Vierheilig-Fraser, Principal and Office Specialist
- Jay Rubin, Principal and Office Specialist
Lee & Associates Brokers Ventura County Office Lease
Jared Smits and Mike Tingus Represented the Tenant,
While CBRE Worked on Behalf of the Landlord
March 12, 2020
Westlake, - Lee & Associates-LA North/Ventura has negotiated a 25,956-square-foot lease at One Westlake, a Class A office building in Westlake Village, Calif. Principal Jared Smits and President & Principal Mike Tingus assisted the tenant, Anchor Loans. CBRE Executive Vice President Matthew Heyn negotiated on behalf of the owner, Kennedy Wilson.
Located at 1 Baxter Way, the 355,000-square-foot, three-story property came online in 1982 and underwent comprehensive renovations in 2007, according to Yardi Matrix. The tenant roster includes AmeriHome Mortgage, Pacific Compensation Insurance Co. and Health Advocate. The new tenant, a fix and flip lender, is relocating from 5230 Las Virgenes Road, a 77,025-square-foot building in Calabasas.
Lee & Associates-LA North/Ventura Transacts 76,496 SF Calabasas Trophy Office Sale
August 29, 2019
CALABASAS - The Lee & Associates-LA North/Ventura team of Mike Tingus, Grant Fulkerson SIOR and Jonathan Bruce represented the seller of a premier, Class A 76,496 SF building at 24151 Ventura Blvd., Calabasas, CA, for $24 million or approximately $314 per square foot, believed to be the highest per square foot price ever paid for a soon to be vacant building in the region.
The property, an architectural gem constructed in 2004 as a build-to-suit for ValleyCrest Landscape Cos., was designed by the world renowned Nadel Architects and features breathtaking 360-degree views of the Santa Monica mountains, a spectacular atrium and superb freeway visibility on an expansive 17-acre campus with beautifully landscaped outdoor seating areas.
Lee & Associates-LA North/Ventura Transacts Sale of North Hollywood Development
Opportunity Property - Trades for $6,625,000 Even
Before Marketing Launch was Completed
July 11, 2019
NORTH HOLLYWOOD, - An industrial property at 7025-7037 Laurel Canyon Blvd. in the North Hollywood submarket of Los Angeles has traded for $6,625,000 even before the agents had a chance to formally list it, according to Lee & Associates-LA North/Ventura Principal Randy Kobata, who represented the buyer and seller with Lee President Mike Tingus and Associate Clay Stevens.
The property, currently leased by USPS, consists of a 36,160-SF building that sits on 100,000 square feet of land, offering a rare and substantial development opportunity in one of the tightest industrial markets in Los Angeles.
Lee & Associates-LA North/Ventura Transacts 55,000 SF Industrial Sale
Tenant Allsale Electric Acquires Building for $9,650,000
April 9, 2019
CHATSWORTH - Lee & Associates-LA North/Ventura transacted the sale of a 55,000 SF industrial building at 9240 Jordan Ave. in the Chatsworth submarket of Los Angeles for $9,650,000, according to Lee President Mike Tingus and Principal Grant Fulkerson SIOR, who represented the seller in the transaction.
The property was acquired by Allsale Electric, a division of Regency Lighting, which had been leasing the building since 2016.
“We represented the seller, SDG Jordan Associates LLC, when they acquired the building,” said Fulkerson, and we represented them in leasing the building to Allsale. ”Based on the great value and the money invested for building improvements and tenant inducements, our client got a tremendous return in a short period of time.”