Liberty Theatre lease includes new technology

Rand Thornsley’s plans also include sales of beer, wine and ice cream

Rand Thornsley (second from left), managing director of The Rootstock Capital Management LLC, prepares to sign a five-year lease with Gary and Marilyn Webberley, owners of the Liberty building through Fourth Avenue Liberty LLC. Greg Goforth (second from right), a commercial real estate broker with Coldwell Banker Commercial, Jenkins & Associates, represented both parties. Thornsley plans to offer 3D presentations this summer and open an ice cream and sandwich shop next to the theater in July. He hopes to apply for a beer and wine license in June and start serving by Oct. 1. The May 7 lease signing ceremony was attended by several representatives of the Downtown Camas Association. Dawn Feldhaus

By Dawn Feldhaus
Camas-Washougal Post-Record
Tuesday, May 14, 2013

The Liberty Theatre in downtown Camas is expected to get a new lease on life this summer — with 3D presentations on the main screen and an ice cream shop next door.

Rand Thornsley, managing director of The Rootstock Capital Management LLC, has signed a five-year lease with Gary and Marilyn Webberley, owners of the Liberty building through Fourth Avenue Liberty LLC.

The theater is located at 315 N.E. Fourth Ave.

The new lease is the result of six months of negotiations between the Liberty’s management and the building’s owners.

“The original lease was two years into the five-year lease term, and we renegotiated it for another five years,” said Greg Goforth, a commercial real estate broker representing both parties for Coldwell Banker Commercial, Jenkins & Associates.

Thornsley actively lobbied the state legislature to get beer and wine sales approved for independent theaters to help seal the deal.

“Getting the legislation approved was a key element and could not have happened without the support of Camas Mayor Scott Higgins and the Downtown Camas Association,” Thornsley said.

Gov. Jay Inslee is expected to sign legislation today that clears the way for the theater’s beer and wine sales. It will be up to the Washington Liquor Control Board to establish the rules and management.

Thornsley hopes to apply for the license in June and start serving beer and wine by Oct. 1. After Rep. Jim Moeller (D-Vancouver) sponsored House Bill 1001 at the start of the legislative session, the process wound through committee hearings.

“With the help of Sen. Ann Rivers (R-La Center), we were able to get the legislation to the Senate floor and on to the Governor,” Thornsley said.

The initial plan will be to serve beer and wine in a 21 and older setting in the main theater’s balcony and in the Granada Studio. If there is more demand than those two areas are capable of offering, service will be added to a cordoned off section of the main auditorium at a later date, pending Liquor Control Board approval.

To support the purchase of new digital projection equipment for the two Liberty auditoriums — a cost exceeding $110,000 — additional revenues were required in order to commit to a repayment plan.

With the addition of beer and wine sales for the adult patrons, the Liberty management was able to draft a financial plan that would make it possible for a five-year rent commitment that allows the building’s owners a return on their investment for the new equipment.

The Webberleys have put up the funds to buy the equipment, and Rootstock will repay the investment. The new equipment is scheduled to be installed at the end of this month.

Thornsley said the new projection system had to happen.

“Film studios are phasing out the distribution of 35 mm film prints,” he said. “Over 80 percent of the country’s theater screens have already switched to the new digital technology. Most of the larger theaters operated by corporate chains and some independents were able to get the new equipment with subsidies from the studios.

“Unfortunately, the Liberty and many other theaters in small communities didn’t have a qualified business plan or produce enough revenue to receive those subsidies,” Thornsley added.

He plans to have a new silver screen and RealD technology installed in early June, and he hopes to have a selection of 3D showings on screen by June 14. Films that have not been available on 35 mm film will now be able to be shown at the Liberty as well.

The new equipment includes new, upgraded sound systems for the Liberty and Granada screens.

“The 2K digital picture is very crisp and always in focus with even lighting from side to side,” Thornsley said. “There is no moving film to get scratched, so every showing is as good as the first.”

He plans to open up the former coffee shop space in front of the theater in July. It will feature 16 flavors of hand-dipped ice cream, as well as sandwiches, wraps and salads. Food served in the new storefront will be allowed into the theater.

The 350-seat Liberty Theatre was built in 1927 and restored in 1996 after a fire gutted the interior two years earlier. Renovations and upgrades were overseen in 2011 by Thornsley.

For more information, call 859-9555 or visit www.camasliberty.com.

Link to Full Article

City’s pre-lease program paying dividends

Submit an application and wait. Play phone-tag. Alter and adjust your plans. Resubmit your application and wait some more. It’s an all too familiar act for business owners who have bought or leased a pre-existing building in the past.

With more of an emphasis on economic development, the city of Vancouver wants the business community to know this: the process doesn’t have to be so frustrating.

“There’s a lot of talk about being open for business and being business friendly,” said Chad Eiken, community and economic development director for the city of Vancouver, “and a lot of cities promote that, which is a great thing. But this is really one way we can show that we mean it – that we’re here and we want to help businesses succeed.”

Eiken is referring to the city’s three-year-old pre-lease program, which is running with renewed momentum in 2013 thanks to a few new resources, such as Johnnie Hildreth, the city’s business assistance coordinator who is now spearheading it.

The program involves arranging a complementary walk-through with several city department contacts for businesses thinking of buying or leasing space in downtown Vancouver. Participating departments include:

• Land use planning – to address zoning and parking requirements
• Building – an official or supervisor with knowledge of exiting and structural issues
• Fire – fire marshal or deputy fire marshal reviews smoke alarms, detectors
• Permit center – representative with permit application paperwork
• Engineering – to address system development charges (e.g., a restaurant moving into a space that wasn’t previously a restaurant)
• Police – a neighborhood police officer introducing him or herself (on occasion)
• Health – to address the sale of food (when appropriate)
• Liquor control – to address the sale of alcohol (when appropriate)

Such an expansive list of contacts allows businesses the opportunity to identify significant building code or other permitting requirements on the spot, to help them decide whether that space is right for them. Additionally, the process can save prospects and permitting officials time and money.

“I think it’s a great idea,” said Jim West, a Vancouver realtor with Coldwell Banker Commercial who has participated in a handful of walk-throughs with various clients. “For tenants that are small and looking at new buildings, we know there isn’t much to deal with. However, when it comes to some of the more complex or older buildings where there’s going to be some build-out, it can be three or four weeks [into the application process] before we realize that we can’t do it.”

So far this year, the city has held half a dozen or so walk-throughs, and some of them have already resulted in new tenants, noted Eiken.

According to city of Vancouver Economic Development Division Manager Alisa Pyszka, another reason the pre-lease program has been successful (to the point where the city of Battle Ground is now looking to adopt it) is because prospective tenants experience first-hand the lengths that the city is willing to go to support them.

Pyskza used Dirty Hands Brewing, a new brewpub planning to open downtown as early as June, as an example.

“They were amazed,” she said. “Two-and-a-half hours of thoroughly walking through the process really convinced him to locate here.”

The city’s most recent walk-through appears to have had a similar effect, according to West. Earlier this month, two of his clients interested in sharing space inside downtown Vancouver’s 19,000-square-foot Wolf Building (301 W 11th St.) went through the pre-lease program and emerged feeling quite hopeful.

“I’ve had continued discussions with both of the prospects and I think we’re going to move into the letter of intent phase and hopefully getting to the lease phase soon,” said West.

Businesses interested in learning more about the city’s pre-lease program are asked to contact Johnnie Hildreth at Johnnie.Hildreth@cityofvancouver.us.

 

Link to article

What demise of the PC means for real estate

Shift to mobile has already impacted brokers, agents and consumers

By Tom Flanagan, Tuesday, April 16, 2013. Inman News®

I wrote a “post-PC-era survival guide” almost two years ago. The piece was inspired by Apple’s Worldwide Developers Conference (WWDC) in San Francisco where Steve Jobs declared, “We are going to demote the PC and the Mac to just be a device. We are going to move the digital hub, the center of your digital life, into the cloud.”

I discussed how Apple, Google and Microsoft were approaching the cloud. That summer, Brad Inman, founder of Inman News, discussed the post-PC world during his keynote address at Real Estate Connect in San Francisco. He discussed how the post-PC-era was going to reshape the real estate industry and how mobile devices were projected to outsell personal computers.

Fast forward to April 10, 2013. IDC (International Data Corporation) announced that PC sales plummeted 14 percent this quarter, which is the largest decline and worst quarter recorded since the organization began tracking sales in 1994. IDC was forecasting only a 7.7 percent decline. Obviously this is much worse.

“Although the reduction in shipments was not a surprise, the magnitude of the contraction is both surprising and worrisome,” said David Daoud, IDC research director for personal computing. “The industry is going through a critical crossroads, and strategic choices will have to be made as to how to compete with the proliferation of alternative devices and remain relevant to the consumer.”

Another item worth noting in the IDC report is the lackluster launch of Microsoft’s Windows 8.

“While some consumers appreciate the new form factors and touch capabilities of Windows 8, the radical changes to the UI, removal of the familiar Start button, and the costs associated with touch have made PCs a less attractive alternative to dedicated tablets and other competitive devices,” said IDC’s Bob O’Donnell, vice president for clients and displays. “Microsoft will have to make some very tough decisions moving forward if it wants to help reinvigorate the PC market.”

As personal computer sales continue to decline and mobile usage continues to experience exponential growth, I have to ask, where does this leave Microsoft?

The mobile operating system market share is dominated by iOS (Apple) and Android (Google), with the Android platform pulling away everyday. There are certainly many variables that have paved the way for Android’s market share lead.

It reminds me of the early PC days, with Android playing the part of Microsoft Windows. If Android is the Windows of the post-PC-era, where does that leave Windows? To remain vital, Microsoft will need to solidify its value position in this post-PC world.

What does this shift mean for the real estate industry?

The shift to mobile has already significantly impacted brokers, agents and consumers. Brokers are investing in cloud platforms as opposed to expensive in-house infrastructure and are beefing up bandwidth. Real estate agents have chosen smartphones and tablets as alternatives to desktop computers and laptops, giving them access to critical data anywhere.

Consumers have immersed themselves in mobile. They want a fast, holistic mobile experience.

They are ready for the “Latte Vision.”

Joel Burslem, 1000 Watt Consulting, recently described a mobile first solution for real estate. “Mobile first doesn’t just mean trying to cram everything into a 640 x 1136 pixel display. And to date, that’s mostly what we’ve gotten in real estate. Rather, mobile first means radically reconsidering how a mobile user interacts with the data underlying your service. It assumes constant connectivity and should begin to recognize context.”

It’s important to note that this shift has already occurred. The sales of personal computers is not going to magically bounce back. As Mitch Joel stated in “Pay Attention: The End Is Nigh (For The Personal Computer),” the news about the PC “is something that took even the experts by surprise and it’s something that will — without question — lead to a massive shift in how we operate. If the personal computer business is imploding, this means that how we work and what we do will radically change as well.”

If you think the mobile and technology space has changed dramatically in the last two years, just wait.

Tom Flanagan is the director of information technology at Residential Properties Ltd. in Providence, R.I. You can contact him at tflanagan@residentialproperties.com or @tflan on Twitter.

Link to original article location here.

Lighting the candle of development

Drive north along I-5 and just beyond Exit 7, you enter a stretch of highway where cranes and concrete dominate the skyline. You’re seeing the fourth stage of the 17-year, $133 million Salmon Creek Interchange Project, which is the primary spark to ignite a fuse that literally changes the face of Clark County.

The population in Salmon Creek increased rapidly in the 1990’s with housing, retail, office space, a hospital and a college campus replacing what used to be farms and open space. Today, NE 134th Street is used by all local east-west traffic to cross I-5 and I-205, and provides access to both freeways from the Salmon Creek area. The close proximity of traffic signals on NE 134th Street and high traffic volumes in the area created gridlock, traffic back-ups, and a high rate of automobile accidents. It was such a mess that Clark County had a moratorium on development in the surrounding area for many years.

Clearly that has changed. Companies with vision have already staked their claim, or are in the process of doing so. For instance:

• The walls have risen on a medical clinic announced by RSV Building Solutions last fall that includes Creek Side Medical and Cascadia Women’s Clinic.
• Community Home Health Services continues in the permitting process to develop their parcel along 134th, and 29th Avenue.
• Manor Care invested $10 million into a state-of-the-art senior care center at the very western end of 139th Street to take advantage of the proximity with Legacy.
• The Foster family out of Anacortes purchased the University Building, adjacent to Kaiser Permanente on NE 20th last fall in anticipation of increasing demand for office space.
• Startup companies Interject Data Systems and Creative Performance have located in the Northern Star medical complex.
• Life Style Medical Services recently secured space two blocks West of Legacy.

A second spark is the Discovery Clean Water Alliance (DCWA) and the improvements that have occurred at the Ridgefield Junction. The DCWA is an eight-year effort, bringing to reality a 50-year vision on how to solve the sewer puzzle in North County, unlocking the vast potential of open flat parcels that exist around the Ridgefield Junction.

Clark Regional Wastewater District and the DCWA partners are moving steadily forward and anticipate having the pieces in place by 2016 at a cost of around $25 million. A recent feasibility study indicated this strategic investment could make it possible to site multiple employment centers in North Clark County, potentially creating thousands of jobs. Having such sites available is a critical element in the Economic Development Strategic plan put in place by the Columbia River Economic Development Council in 2011.

The Ridgefield Junction experienced its own multi-phase interchange upgrade over the past five years. With more than $29 million invested on improving the overpass, expanding traffic lanes and building roundabouts to provide convenient access, the groundwork for growth has been laid.

Additionally, PeaceHealth Southwest Medical Center continues to refine plans for its property. Meanwhile, Clark College has been highly visible in their efforts at locating somewhere in the north county, and most bets are that it will be Ridgefield.

In Battle Ground, more than $50 million has been spent on the Battle Ground Interchange and the widening of SR-502 into the city’s core. Clark County also has plans to extend NE 10th Avenue to the fairgrounds area starting in 2017 – price tag $32 million. The county views this as a natural extension of the Salmon Creek Interchange Project, tying the economic drivers of both interchanges together.

With two decades of work, we will have created a vibrant, seven-mile-long economic hub anchored by Legacy and WSUV on the south end, and on the north end, the fairgrounds/event center/amphitheater complex at the 179th Street Interchange, and likely PeaceHealth and Clark College at Exit 14. It will include multiple north-south connecting arterials flanking I-5, much of which is already zoned light industrial with users waiting simply for the county to remove an urban hold zone.

The investment in the region for these multiple projects will finalize at just over a quarter of a billion dollars. The projects have been envisioned and managed through multiple agencies and partnerships. While I am certain we’ll see continued growth on the east side, the real dramatic changes are going to happen in the north.

Jim West is a commercial real estate broker with Coldwell Banker Commercial – Jenkins and Associates. Reach him at jimw@cbcworldwidenw.com
or check out his blog at www.yourfuture-own-it.com.

Source: Vancouver Business Journal

Downtown Vancouver picks up more tech office tenants

Office space in downtown Vancouver has officially become a hot commodity among engineering, commercial real estate and information technology firms. The businesses are taking advantage of new  opportunities to move into more visible, and often a better class of office space, according to Michael Jenkins, a Vancouver commercial real estate broker with Coldwell Banker Commercial Jenkins Associates and MAJ Development. “You’re seeing some re-positioning ” said Jenkins, whose company triggered a string of move-up leasing activity when the real estate firm moved into a Class A office structure on the corner of West 15th and Columbia streets. When Jenkins and about two dozen employees moved out of its space at 1500 D St, PBS Engineering & Environmental snapped up the opportunity to move into Coldwell’s vacated space, for its more visible location off East Mill Plain Boulevard, near its entrance to Interstate 5. That’s when Bob Berry decided to move his information technology business into the engineering firm’s former site at 1314 Main St. The company is in the midst of moving from an east Vancouver business park to the downtown location, also with quick access to I-5. “It’s a more convenient location because we have some Oregon-based clients,” said Bob Berry, owner of ITPro.

Full Article at The Columbian Here

On The Move!

The most recent edition of the Vancouver Business Journal published an article I submitted on an accelerating trend in the Commercial Real Estate market.  The article titled Is it Time to Move ?  noted that the Business Journal had highlighted  for several weeks in a row local companies who were making the move from leasing to buying their business properties.

Going back through transaction histories from the past year we assembled a list of over twenty local companies who’d made the same decision.  This list is by no means  comprehensive.  There are others we didn’t include and several in progress that will become public knowledge in the next few months.

The article highlights 5 factors that have helped support this trend. The trend will continue to accelerate as long as the Federal Reserve maintains their low interest rate policies.

If you are  within a year to eighteen months of having your lease expire and would like to explore the potential of moving from leasing to owning your business property – Attend  our Commercial Property 101 workshop.  Scheduled Wednesday Nov 7.

– Jim West
Coldwell Banker Commercial Jenkins & Associates

http://yourfuture-own-it.com/

Time to move?

  Thursday, 27 September 2012 Jim West, Real Estate & Development

Recently, several editions of the Vancouver Business Journal have lead with stories featuring local companies who are braving the economic waters and purchasing their buildings. The articles highlight those like Mike Jenkins of Coldwell Banker Commercial and Darryl Horowitz, of National Investment Finance who are partnering in the acquisition of the former HDJ Building located at 15th and Columbia, in Downtown Vancouver. Also in the spotlight, Scott Houttari, president of Creative Computer Solutions (CCSI), who has recently embarked on an exciting chapter in his business by moving his headquarters to a new building located at 202 E Mill Plain.

Scott was gracious enough to mention that part of the impetus for him to make the transition was attending a session of our “Commercial Property Success Series” – a free educational workshop that provides valuable guidance and direction to navigate through what can be a daunting and confusing process that many company owners face: moving from leasing to owning their business property.

Scott, Mike and Darryl are part of an accelerating trend here in Clark County over the past twelve to eighteen months. Many local company owners have recognized the tremendous value that currently exists in the commercial real estate market. They have taking action by investing in properties that will provide outstanding future returns.

While the Business Journal has done an excellent job at bringing us a good number of these inspiring stories, the scope of this trend has yet to be recognized. See my chart highlighting in more detail a series of transactions that have taken place.

What are the economic factors that support this trend?

First, in spite of the difficult and on-going economic struggles, Clark County has many successful, well managed, small and medium sized companies that have consistently shown growth and stability. These are companies that cross a broad range of industries.

Second, we’ve been reading for years that interest rates are at historic lows. The Federal Reserve continues to strongly reinforce in their policy statements that the interest rates will remain low to stimulate economic activity. Whether you agree or disagree with the effectiveness of the policy, it is very apparent that many small business owners are taking action to benefit from this opportunity.

Third, as the banking crises continue to unwind, there have been a sizeable number of distressed properties finding their way into our commercial market inventory. This, in conjunction with the three year trend of falling commercial property prices and landlords growing weary of sitting on empty buildings, has created price points that make economic sense for local buyers.

Fourth, many companies are rolling out of leases that were signed in 2006 through 2008, often at rates near the absolute market peak. As these companies survey their options and plan their next step, they realize they can acquire, renovate and own their building property, while holding their expenses for real estate equal to or below their costs over the previous five years.

Fifth, banks have finally become more active at lending in 2012. A number of the financing transactions we researched were done by larger, national commercial banks. With that said however, locally we’ve seen Riverview state their case – saying they have “one hundred million dollars to lend.” Several of these transactions were owner financed, with a number being all cash. The records show a wide mixture of transaction types; from buying bare land and developing, to existing tenants purchasing from their landlord, to acquiring a foreclosed property from a bank or harnessing the power of the SBA to help complete these deals.

While we expect all five of these factors to remain in play for the foreseeable future, there is a key aspect of this equation that hasn’t changed: an acquisition can have a very lengthy time frame, and require significant amounts of your personal time and attention. One of the objectives of our “Commercial Property Success Series,” is to help you understand how to build a team and access resources that will allow you to keep the focus on your business operation and make this a smooth transition. We’ll have our next workshop November 7, so don’t hesitate to call for information.

Jim West is a commercial real estate broker with Coldwell Banker Commercial. He can be reached at jimw@cbcworldwidenw.com or 360.823.5109.

http://www.vbjusa.com/en/focus-sections/real-estate-and-development/5033-column-time-to-move

Leasing or buying?

Which path is the most effective in helping your company grow?

Jim West of Coldwell Banker Commercial will give an overview of how over twenty local  companies have made commercial property ownership part of their business model this past year.  You’ll also learn the most effective ways  to find properties with good value and negotiate  a good deal.

Learn key fundamentals from expert PJ Fisher , a Credit Analyst   with Pacific Continental Bank .   PJ  will outline the process of preparing company financial information for presentation to commercial lenders, and how that information will help strengthen your operation.

Jim Bright of Northwest Business Development Association  will show you how the SBA 504 loan, with 10% down and a twenty year fixed rate of interest may be your best tool in acquiring a commercial property.

Learn how to make a partner of your county or city and overcome development pitfalls. Ron Fredericksen  of RSV Building Solutions will provide an overview of the process and a single point of contact to manage your projects.

Link: http://events.r20.constantcontact.com/register/event?oeidk=a07e6em3dlndae5cc65&llr=tjiggocab

Is the Clark County Commercial Market Growing Stronger?

A recent article in Friday Sept 21st’s Columbian revealed that the Bank of Amercia building downtown at 8th and Broadway has had an influx of four new tenants.  With a total of 30,000 square feet added to their rent rolls the owners of the property are certain to be pleased with the increased revenues.  Broker Tamara Fuller was encouraged by the pick up in activity.  However there seemed a fair number of comments within the community that at best this was a shifting of local tenants from one set of spaces to another, and didn’t indicate any fundamental shift in the market.

On one hand they have a point.  Several of the tenants did acquire larger space, and there will be an increase in overall space now occupied within the market.   We all know that for the market to be completely healthy again, employment levels must increase so that more employers will hire, and hopefully need to expand their space needs.

Full Article: http://yourfuture-own-it.com/

Report: Clark County’s economy showed slow improvement in July

Photo by Steven Lane
Applicants wait to be interviewed at a Target job fair  at the Red Lion Hotel Vancouver at the Quay on Aug. 9.

By Aaron Corvin Columbian Staff Reporter, Tuesday, August 21, 2012

The month of July found Clark County’s labor market improving as strong private-sector job growth and fewer first-time claims for unemployment insurance provided signs of health.

But the progress isn’t happening quickly, according to Scott Bailey, the region’s labor economist, who released his “Southwest Washington Labor Market News” report Tuesday.

“Step by step, inch by inch, Clark County employment has been crawling out of the recession,” Bailey wrote. “Progress remains agonizingly slow, however.”

The county’s economy added a net 800 jobs in the 12 months through July, marking an annualized growth rate of 0.6 percent. Boosted by gains in manufacturing and wholesale trade, private-sector payrolls swelled at twice that overall rate, adding 1,600 jobs over the year and posting annualized growth of 1.5 percent.

Full Article: http://www.columbian.com/news/2012/aug/21/report-clark-countys-economy-showed-slow-improveme/