Dwares Group History

1975: Purchased small La Jolla property. In two years made six times our equity. Purchased Telegraph Hill building which sold two years later at substantial profit.
1976: Purchased 47 acres in Santa Cruz County, building student housing. Refinanced out all our money in two years and later sold the property.
1977: Purchased condominiums in San Francisco’s Pacific Heights. In two years made four times our equity. Rehabilitated six view units on Potrero Hill.
1978: Restored magnificent view building On Telegraph Hill, creating substantial profit.
1979: Restored a large Capitola building into a retail mall. We initially got 80% financing from Seller who subordinated Deed of Trust to $400,000 construction loan. Refinanced out all our monies and have substantial equity in property whose 2001 revenues were six times those of 1980. In 2004, we added a spectacular view condo.
1980: Bought the Carriage House Center opening the Carriage House Restaurant. Sold out later at breakeven.
1981: Purchased and rehabilitated the Camp Capitola Building. It went on to quadruple in value. We refinanced out all equity in three years.
1982: Rehabilitated multifamily units in Aptos, and on San Francisco’s Great Highway properties near the ocean. Broke even in Aptos, Great Highway made good profits.
1983: Restored a Post Street hotel in San Francisco. It became the Emperor Norton Inn. We created 2,000 feet of office space from what was a large garage. Had substantial equity in the project, but city’s requirement for minimum 30-day rentals destroyed B&B and eroded the equity.
1984: Purchased units on Telegraph Hill, selling them at a profit. Purchased and rehabilitated apartment building in Santa Cruz, selling at a profit.
1985: Acquired land with commercial building in Watsonville. We doubled rents on one property and had a good deal of land to build on. It was a problem property. In 2002 we sold it to the neighboring school.
1986: Acquired a half-empty Watsonville building at $20/foot. After our rehabilitation it was fully leased . Later contributed it to charity.
1987: Restored a well-located 124-room hotel in downtown San Francisco. In two years we increased value by 25%by converting it into a bed and Breakfast. Sold at a profit for cash and a smaller residential property.
1988: Purchased the Alisal Shopping Center in Salinas. By increasing rents to market levels we were able to increase revenues from $286,000 in 1988 to nearly $1 million in 2007. We also refinanced out and have $400,000 cash flow annually.
1989: Purchased 6-acre mini storage facility in Santa Rosa; it was half full and needed work. Our price was under $2.7 million plus $300,000 to develop, in 1997 it was sold for $5.5 million.
1990: In a joint venture, purchased six Oregon shopping centers at a cost of $38 per sq. ft., 10% down(highly leveraged).Restored the six shopping centers(still well below replacement cost) and began negotiations for a 250,000 sq. ft. retail building in Portland, Oregon for hotel conversion.
1991: Built 40,000 sq. ft. for State of Oregon Welfare Department at one of the six centers (Portland) mentioned above, making it a credit center.
1992: Built a 28,000 sq. ft. Payless Drug Store at the Canby, Oregon center. Center’s revenues increased markedly and it took on a credit center cap rate.
1993: Profitably sold the six Oregon Centers to a REIT managed by Essex property Corp. Purchased 42 apartment units in the City of Napa, California believing Napa was poised to improve dramatically with flood control possibly occurring. Refinanced all equity out in 2002.
1994: Purchased 20 additional apartment units in Napa. Word of Robert Mondavi Copia and river flood control program. Refinanced all equity out in 2002.
1995: We purchased large multi tenanted industrial building in Napa with low rents, and paying for itself. We obtained long term 7.5% fixed Seller financing fifteen years. There is an empty upstairs we needed to improve to increase the rent. With an expenditure of $200,000, we added $350,000 value. By 2007 this property has become a gateway to planned state fairgrounds development.
1996: We purchased 100 unit apartment building very well located in Klamath Falls, Oregon with 40 vacancies and the rest very run down for $900,000, excellent per unit price. Because the units were unusable, we reroofed ten roofs, painted ten buildings, added fences, speed bumps, extensive landscaping and gutted and redid 90 units adding 4 new ones. To do the work we borrowed $900,000. For under $2.2 million we have 100 well located units between two shopping centers grossing $420,000. By 2007 after much difficulty, we are at 90% occupancy. We still have monthly losses on this property until rents increase. They have been kept down by HUD subsidized buildings and low home costs.
1997: We sold the Mini Storage facility for a $2.5 million profit, We traded $400,000 of this into a 24,000 square feet commercial building in Concord with two tenants, favorable seller financing from a R.E.I.T. Cost was $1,700,000. This produced a 25% annual cash on cash return ($100,000/$400,000 equity plus $36,000 annual debt reduction. It was traded in 2002 for a 90,000 sq. ft. shopping center in Oakdale, CA.We purchased a 45,000 sq. ft. Shopping Center, in Eugene, Oregon from Essex R.E.I.T. for approximately $3.1 million, financing – $1,705,000 first deed and an Owner carried-$1,000,000 second, using the other $400,000 profit from American Mini. By 1999 we got Wells Fargo to deed us it’s building, adding $1 million of value. By 2001 we refinanced all of our money out, $3.8 million loan. The Center is worth $7.5 million.
1998: We purchased 74,000 sq. ft. Centennial Shopping Center in Springfield, Oregon for $3.2 million. This purchase includes two pads. We actually found 10,000 additional square footage of building through the survey above that which we thought we were buying. We trimmed back trees, planted new plants, put up ten readable signboards, lit up the building. We liked this purchase because there is substantial home building going on in this middle class area with no room to build another Center. We liked it also because there are 28 tenants(risk spread) and a lot of service and office business that are not retail. We liked it mostly because it would have cost double to reproduce it and the area is improving. We used money borrowed against the Concord building now valued at $700,000 more than we paid to buy it.We contracted for an empty K-Mart building 90,000sq. ft. and two pads in Rohnert Park at $3.9 million. We ventured with Starwood /Wasserman. We tenanted it with Burlington Coat Factory. There is a $1.4 million profit in this for our share of the venture,We also built out 7,000 sq. ft. at Riviera for $400,000 which added another $700,000 of value.
1999: We acquired a 32,000 sq. ft. former S Kress Building in Aberdeen, Washington for $15 a foot, 80% financing, 20 years, 7.5% loan. One existing tenant using 5,000 sq. ft. pays the interest on the first loan. With a $400,000 investment and a tenant upstairs the building could be worth $1.5 million. Pizza Hut became a tenant in 2007.We acquired a 70,000 sq. ft. Shopping Center in Red Bluff, CA for $2.2 million or just over $30 a foot using $2 million of debt. We had 18,000 sq. ft. of vacancy. The property now is fully leased and is worth $5.5 million. We invested $200,000 to get the leases.
2000: The market was too high to make the right deal although we made many offers. We did purchase one building on 110 Alta Street in San Francisco for remodel and to create parking for 331 Filbert. The work was completed in 2003. We invested $200,000 in Aberdeen in the former S. Kress Building, adding thirteen windows upstairs remodeling a large store, creating a lobby for the upstairs 12,000 sq. ft. of office, and added awnings and banners outside.
2001: We acquired the 10,000 sq. ft building next to our building in Aberdeen, Washington to demolish and create parking at a cost of $200,000.We acquired from GE Capital an “REO” , a 30,000 sq. ft. shopping center in Fresno in a great location which is mismanaged. The price was $1,075,000. The loan on it was $1.5 million in 1995, so we purchased at a lower price than the old loan. We painted it and added new signage. It’s value leased up is $3 million projected within three years.
2002: We purchased the minority shareholders interest in Capitola Mercantile.We sold the Watsonville property purchased in 1985 for $1,300,000.We refinanced Red Bluff, Bridgeview, Valley Oak, Stockton Street properties at lower interest rates.We sold the Concord building with a profit of $500,000 plus prior distribution profits of $500,000.
2003: We acquired a 90,000 square foot shopping center in Oakdale, California for $2.5 million with many vacancies. The last Owner paid $4 million 20 years ago. We remodeled, including new roof, signage, paint and flags. We leased the former Rite Aid to a gym, added an internet café and nail salon, and doubled a restaurant space, all in the first six months. We have plans to build an additional 40,000sq. ft. In six months we added $180,000 of revenue.We contracted for and closed in December 2003 a 105,000 sq. ft. shopping center in Lake Jackson, Texas, forty five minutes south of Houston. The price was $2.7 million, about $27 per square ft. There were environmental issues which took time to resolve and also restrictive leasing covenants in a lease that could be a problem. We dealt with these issues. We spent $500,000 on upgrades. We expect to rent the vacant 30,000 sq. ft. (we had already rented 10,000 sq. ft.) and build out a 10,000 sq. ft. pad and 4,000 ft. pad.
2004: This year we worked very hard to find a purchase. We were in escrow in Levelland, TX on a center over 100,000 ft., in Washington, IL (near Peoria) on a center over 100,000 ft. We thought we would get into contract on a Center in Chikasha, OK over 100,000 ft. We seriously looked at a center in Albuquerque, NM over 200,000 ft. After several months of due diligence, another Buyer was given a contract on a 155,000 sq. ft. Center in Pueblo, CO that we liked the best. We later bought it.Each of these deals if they worked out would be profitable as per sq. ft. price was _-a fraction of replacement i.e. $20 -$40 per sq. ft. cost. In reflection, had we had a fund to close and needed no financing with time consuming appraisals, all could have been bought. We would have made deals subject to inspection but not financing.We did remodel significantly ($350,000) the Lake Jackson Center and increased net income $120,000. We also built a $1.5 million condo in Capitola which we paid off at $1 million. We leased out Aberdeen S. Kress building downstairs after years of trying to a Rent A Center.
2005: The purchaser of Sunset Plaza in Pueblo, Co dropped out and we finally got into a contract at $5.3 million and reduced it a bit with credits in closing in April. To replace it would be close to $100per sq. ft. or about $15 million. We negotiated a $4.2 million loan with a local bank. The play will be to let one tenant who is paying $160,000 per year buy out of its lease after we have found a tenant at a higher rent to replace it. That will reduce out basis which is already under $40 a foot.
2006: We sold the 30,000 ft. Fresno Shopping Center and exchanged it deferring capital gains tax. We made ten times our investment. We had bought it at a very good price from a bank lender who had taken it in a default. With the Fresno funds, we exchanged into a 139,000 sq. ft. shopping center in Choctaw, Oklahoma, 20 minutes from Oklahoma City. It is the center of a small, affluent growing suburb. We believe if we lease it correctly, it will do very well. It has substantial vacancy. We have already leased two large spaces. We could not build it today for four times what we paid. We will spend monies in landscaping, façade work and even outdoor dining areas. As is true with most of what we buy, it needs TLC.We sold Valley Oaks Apartments in Napa, one of our last buildings with outside investors. Investors made during a ten year period a substantial return on investment. An investor who put up $50,000, got back $250,000. We exchanged the funds we received from this also deferring tax. With Valley Oaks funds, we bought the 26,000 sq. ft. Harrison Business Park in Shawnee, Oklahoma, another suburb of Oklahoma City. This is fully leased but on “gross” not “net” leases, not managed to its maximum efficiency. It was owned by a group of teachers, the kind of Sellers we like. We believe it’s a terrific location for long term appreciation and cash flow.At our Pueblo, Colorado Sunset Plaza Shopping Center, we made a deal with the major tenant Nash Finch to let them buy out of their lease for $900,000. This will be great if we lease the space. We are currently working on an indoor Trading Post and by the Fall of 2007 have spent $250,000 on this project. We are renting out Trading Post at a high price per square foot relative to a large user. We have had great experience with our Salinas Mercado.We acquired Stinson Beach great lot property for $1 million and are doubling its size. Total cost will be $2 million.We also refinanced Sunset Plaza for $3.8 million and Oakdale Shopping Center for $3.8 million at 6.4%, saving 2% on about $7.6 million each year for ten years. i.e. about $1.5 million over time.
2007: We bought an 86,000 sq. ft. shopping center in Lubbock, Texas called Briercroft. We are buying it for a fraction of replacement cost approximately $1.9 million because the major lease is so low until 2017. At that time, we will re-tenant it by expending in today’s dollars $500,000 and adding $250,000 to net operating income, resulting in in value increase of $3 million . We will also build on a pad. The property is next to a new CVS drugstore and United Food, a good location.We bought out our partner at Soquel Center in Santa Cruz and are invested $300,000 in remodeling for a restaurant and retail use. The property has been vacant for several years. The building now looks great.We are submitting plans to build up to thirty, 2,000 sq. feet homes to rent or sell around our Oakdale Shopping Center. We will either build them or sell off the permitted land. We bought a building this year next to the Center that gives us entry.We are building 12,000 sq. ft. on a pad at our Red Bluff Center because the rest of the center is leased. We are building 22,000 sq. ft. at Centennial Shopping Center in Springfield, OR on spec for the same reason.We added parking lot equipment in Capitola very successfully, revenues now about $60,000 annually on a $200,000 investment.We are planning a 22,000 sq. ft. addition in Springfield, OR.  We are  finishing a five year elevator project at Filbert and a small addition at 110 Alta.
2008: In 2008 we didn’t find a thing to buy. Cap rates even in secondary markets were 5 and 6, which previously were trophy property cap rates in places like Carmel, which during the last few years got as low as 3 and 4. That means investors accepted returns like CD’s. We of course are value adders and need to find good buys. We are not primarily cap rate buyers.What we did do is buy several houses and lots in Oakdale (through Rich Murdoch our extremely capable representative) who because of got us permits to build 29 houses around our Oakdale Shopping Center. Each lot several years ago would have been worth $100,000 at least, and will again be, thus creating for the future about $3 million dollars when the market comes back.We also built a $400,000 elevator shaft at 331 Filbert, a six year project which will add that much value, and finished a second home at Stinson Beach total cost $3 million, an architectural winner for architects Matt Peek and Renata Ancona.We also got permits to upgrade parking equipment in Capitola for about $100,000 which should yield $20,000in returns.We brought a suit against Tehama County which changed a Ward Building next to our Center into a Social Services building, their autos spilling into our lot, in our view on the basis that breached an old agreement giving reciprocal parking to an “integrated shopping center.” We argued it was no longer shopping to dispense social services.This year has been devastating for big shopping center companies like Equity Growth, losing many tenants and unable to pay off short term loans. Our loans were written for 7-10 years and we try to keep them long term and without yield maintenance agreements if possible, although most are guaranteed which we don’t like. We are being very careful, but because of our cost basis and type of tenants, Dollar Tree etc, so far so good.We have put off refacing Oakdale $800,000, refacing Lubbock $1 million, but we are refacing Polar Bear in Capitola $200,000. We are actively searching for new value added deals. This is the time.
2009: This year bank loans became difficult to non existent. Lines of credit by US Bank cancelled. Yet work had to be done, thus from savings, liquidity, dropped new deals smaller. 

 

We began Phase 1 of 4 of refacing Oakdale Shopping Center, about a million dollar project. We invested $200,000 in Mercantile and Polar Bear buildings updating inside outside and parking equipment.

We bought a 430 unit mini storage in Channelview area of Houston, Texas, adding $200,000 in upgrade of paint, signage, entry ways, security, and climate control, which should translate to good cash flow. We will be invested in total $1.5 million, should be worth $2.5 million.

We are in contract to buy fourteen 2 bedroom apartment units in Petaluma. There is little add value upside. It is a 6.5 cap deal that is good because the loan is 6% for 7 years and we are borrowing a $300,000 second at 8% for seven years.

We completed Stinson Calle Del Pradero, total cost $3.2 million, i.e. $2.2 million in upgrades to $1 million lot.

We finished a $400,000 elevator and shaft at 331 Filbert, a six year project, $100,000 of which was legal and engineering.

We are redoing the outside of our Lubbock Center, which we need to lease up. Cost will be $250,000 – $350,000.
2010: In 2010 we implemented many improvements to our buildings.  We refaced two of four buildings facades at the Oakdale Shopping Center, also ordered a 30ft. high LED sign in Oakdale. We cleaned up the River Walk in Oakdale using goats since the Army Corps of Engineers prohibits man to do it. 

 

In Capitola we redid outside signage, lighting, parking equipment for Mercantile and Annex.  We also ordered a new beautiful kiosk in the center of the building.

We refaced the Lubbock Shopping Center and redid a lease to our advantage with the 40%  user.

In Lake Jackson we negotiated to double HEB Market’s size which will reposition the Center and should add substantial value.

In Pueblo, we rented out 30 spaces in the Mercado giving it what we think is stability  (we were shutting it down in September 2009 if by December 2010 things had not improved.)

We re-roofed a significant part of Centennial Shopping Center.

We bought a small Apartment building in Petaluma.

We improved the mini storage we bought in 2009 in Houston adding air conditioning to 25%, of units new fencing and video monitoring and electrical and a large LED sign.

Our retail tenants often had difficult times this year and we lost a number of them despite all our attempts to keep them by reducing rent.
2011: We had a $540,000 flood in the Capitola Mercantile. Had we not done the repair work quickly, we would have lost tenants and we would have been in foreclosure. We are still trying to collect $140,000 insurance, having collected $400,000. We have 2,000 ft. vacant of our of 8,000 ft. leasable space. We changed the parking lot system to remove monthly parking and improving cash thus revenues. Using only credit cards we have less machinery breakage. 

 

Briercroft Center in Lubbock continues to have many vacancies. We have done an architectural development plan on this great piece of land.
2012: Rosewood Apartments – we purchased 21 apartment distressed units in Santa Rosa for $1 million. Did make over at a cost of $400,000. Value now $2 million. 

 

Riviera Shopping Center – Invested $150,000 to update Riviera Shopping Center façade.

Oakdale Shopping Center – Invested $200,000 toward building of the Grocery Outlet Building, our share of a $1.6 million upgrade.

Sonora Center – Invested $300,000 in Sonora Shopping Center purchase plus assumed $3 million loan. We will make $300,000 façade/parking lot upgrade in 2013.

Lubbock, invested $25,000 to upgrade parking lot , $10,000 new signage. Acquired Laundromat for $40,000. Invested $200,000 in new equipment. Removed glass facades blocking retail $20,000.

Polar Bear Building. We made a $75,000 upgrade after flood.

Bridgeview Apartments. Invested $125,000 paint etc. upgrade.

Channelview Mini Storage. Made signage upgrade $10,000, leased new high sign $12,000 per year. Vacancy went from 120 to 50 spaces.

Harrison Shopping Center. Fully leased.

Choctaw Shopping Center. Invested $80,000 in a new roof, $60,000in signs.

Lake Jackson Shopping Center. Still trying to build HEB 65,000 ft. expansion; looks doubtful; it is cash flowing well even if HEB shutters.

Filbert Apartment. Redid façade $30,000 work.

Stinson House. Put in skylights and new stain on house $30,000.

Centennial Shopping Center. Almost filled.

High Lakes Apartments. Painted one of ten buildings, installing Laundromat, plugged fifty water leaks.

Red Bluff Shopping Center. Upgrading signage and lighting.

Sunset Shopping Center. Redoing lighting to LED $130,000 cost. Finalized ARC expansion.
2013:
We bought nothing this year as it’s a seller’s market.Briercroft Center, Lubbock, TX – Still has many vacancies. We have done an architectural rendering. We may build apartments. We bought the Laundromat and invested $300,000 in new equipment, and redid the inside and added new awnings.Rosewood Apartments, Santa Rosa, CA – We finished upgrade of 21 apartment units. Value now well over $2 million. 

 

Riviera Shopping Center, Eugene, OR – We have 13,000 and 7,000 sq. ft. vacancies. Leasing up has not happened. Otherwise the Center is very successful.

Oakdale Shopping Center, Oakdale, CA – Grocery Outlet (we built) and Cost Less have both done well this year. We have plans to build apartment units where the movie theater is, other apartment units on the River over a new restaurant. The River bank was cleaned up by us and goats and now visible, having had to fight the Army Corps of Engineers to do so. The Center is a center piece of Oakdale, with a new Poker Parlor, four restaurants including new Italian and Sears.

Sonora Center, Sonora, CA – We made $150,000 façade/parking lot upgrade in 2013. No new tenants. We have an issue with the owner of part of the parking lot; we are trying to buy it. Save Mart is threatening suit.

Mercantile, Capitola, CA – Vacancies but we have a plan to spend $200,000 on a new front and yogurt shop. Condo is rented for a year. Condo should lose $30,000, not $100,000 as last year.

Polar Bear Building, Capitola, CA – Owned since 1979, this breaks even.

Bridgeview Apartments, Napa, CA – Doing quite well. Better than ever. Made distributions to investors this year. Plans to add units.

Channelview Mini Storage, Channelview, TX – Making money now. Low vacancy. We would like to buy adjacent land to build more units.

Harrison Shopping Center, Oklahoma – Fully leased. Making money. Paying down loans.

Choctaw Shopping Center, Oklahoma – We did more roof work. Are now working with City to integrate with new Walmart Center being built nearby.

Filbert Building, San Francisco, CA – We redid outside entrance.

Centennial Shopping Center, Springfield, OR – The restaurant doubled in size. The Center is leased fully. Doing quite well.

High Lakes Apartments – Painted ten buildings, installed three Laundry rooms, upgrading glass to save electricity. Listed for sale and are paying off the second loan of $600,000, also reducing interest rate on first note. Hope to break even.

Red bluff Shopping Center, Red Bluff, CA – We upgraded monument signage and lighting and digitalized six movie screens. Cost was $400,000.

Sunset Shopping Center, Pueblo, CO – We put in a sporting goods store, barber, clothing store. We lost an unsightly thrift shop. Trading Post is called Mini Mall now. It is 60% leased.

Petaluma Apartments, Petaluma, CA – Making money. Steady.

Lake Jackson Center. Lake Jackson, TX – HEB is building a new supermarket nearby. They may shut ours down and sublease it, or leave, in which case we have a big vacancy. We are planning to redo the buildings on front pads.

Soquel, Santa Cruz, CA – Losing money. Plan to build 32 apartments and retail.

We refinanced Lake Jackson, Centennial, Alta, 110 Stockton, Borel, Briercroft saving average two percentage points times over $6 million, saving about $120,000 a year.
2014:
East Alisal Shopping Center – continues to be excellent. We are updating its look; bringing in Wells Fargo ATM.Rosewood Apartments, Santa Rosa, CA – We sold at a nice profit, 1031 exchanged to a 50,000 sq. ft. building(s) in Tulsa, OK called Wembley Business Center.Riviera Shopping Center, Eugene, OR – We have 13,000 and 7,000 sq. ft. vacancies. Leasing up still has not happened. We now have invested $200,000 in splitting the 7,000 sq. ft. Blockbuster space into three spaces. The Center is successful. 

 

Oakdale Shopping Center, Oakdale, CA – Grocery Outlet (we built) and Cost Less have both done well this year. The Center looks marvelous thanks to Rich Murdoch. We have possible plans to build apartment units where the movie theater is, other apartment units on the River over a new restaurant. The River bank was cleaned up by using goats and now visible, having had to fight the Army Corps of Engineers to do so. The Center is now a Center Piece of Oakdale, with a new Poker Parlor and four restaurants and a Sears Home Store. This year we built ground up coffee drive through. It’s now open and starting well.

Sonora Center, Sonora, CA – We made $250,000 façade/parking lot upgrade in 2013. We have two new tenants and are full. We resolved our issue with the owner of part of the parking lot; we are trying to buy it. Again, thanks to Rich Murdoch, the Center looks great.

Petaluma Apartments, Petaluma, CA – Now refinancing at good long term rate.

Mercantile, Capitola, CA – We have vacancies but we have a plan to put in a new front. We need two big tenants. Possible Craft Beer going in. Condo is rented for a year. Condo should lose $30,000, not $100,000 as last year.

Polar Bear Building, Capitola, CA – Owned since 1979, this breaks even.

Bridgeview Apartments, Napa, CA – Doing quite well. Better than ever. We have plans to add units, filing with City.

Channelview Mini Storage, Channelview, TX – Doing better each year. Good cash flow form large negative five years ago before remodel.

Harrison Shopping Center, Oklahoma – Fully leased. Doing quite well. Paying down loans.

Choctaw Shopping Center, Oklahoma – We did still more roof work, paved the lot, painted the buildings and signed several leases probably as a result of the new Walmart Center nearby. We are working with our Williams Market to upgrade.

Filbert Building, San Francisco, CA – No change.

Centennial Shopping Center, Springfield, OR – A restaurant closed. Otherwise the Center is leased fully. Doing quite well.

High Lakes Apartments, Klamath Falls, OR – Brought in local management company now, 87% occupied. We paid off second loan, refinanced first at a better rate. We are now breaking even after losing $150,000 a year for years.

Red bluff Shopping Center, Red Bluff, CA – We upgraded front of Grocery Outlet, and changed leasing broker. Still two large vacancies and pad.

Sunset Shopping Center, Pueblo, CO – Trading Post is called Mini Mall now. It is 60% leased. We lost Sally’s Beauty brought in 1,300 sq. ft. Boost Mobile and smokeless cigarette shop. A little improvement overall.

Lake Jackson Center. Lake Jackson, TX – HEB is building a new supermarket nearby. They are shutting ours down and subleasing it, if not we have a big vacancy. We are building on the front pads and will be submitting plans for 12,000 ft. of buildings there.

Soquel, Santa Cruz, CA – Losing money. Plan to build 32 apartments and retail; expect permit by March.

Briercroft Shopping Center, Lubbock, TX – We maybe losing KGB, our biggest tenant. Our laundromat is doing well and we added a gaming room. We are looking to do possibly mini storage. This property is a challenge.

Wembley Station, Tulsa, OK – We acquired a beautiful business center on a very busy intersection in Tulsa, Oklahoma about 50,000 sq. ft.
2015:
Filbert Building, San Francisco, CA (1977)– Upgrades to kitchen, new walkway to Alta, solarium and changed the siding for the east side of the building.Mercantile, Capitola, CA (1979) – We have only two vacancies. We spent a lot in bringing a dolphin water fountain from a second hand store in our Sunset Shopping Center, painting inside, new signage, adding windows and leased to hair salon, gallery, clothing store, new café we furnished. Condo is rented.Polar Bear Building, Capitola, CA (1979) – Owned since 1979, this breaks even. We have a bakery going in. 

 

Bridgeview Apartments, Napa, CA (1983) – Doing quite well. Better than ever. We have plans to add 16 units, filing with City, expect permit in 2016.

East Alisal Shopping Center (1989) – continues to be excellent. We have updated its look; bringing in Wells Fargo ATM.

Soquel, Santa Cruz, CA (1990) – Making money, fully leased. We plan to build 32 apartments over 5,000 ft. of retail; expect permit by March.

Soscol, Napa, CA (1996) – It’s dong fine throwing off money. We are working on plans to build 110 hotel rooms, 70 apartments and retail.

High Lakes Apartments, Klamath Falls, OR (1997) – Brought in local management company. It’s now 94% occupied. We paid off second loan, refinanced first at a better rate. We are now making $150,000 this year after losing $150,000 a year for years.

Centennial Shopping Center, Springfield, OR (1998) – The Center is leased fully. Doing very well. Intial planning to build 20,000 ft. of retail/apartments.

Riviera Shopping Center, Eugene, OR (1998) – We have 13,000 ft. vacancy. We leased 7,000 ft. former Blockbuster space to gym and bar. We invested $200,000 redoing the Blockbuster.

Aberdeen Shopping Center, Aberdeen, WA (1999) – The only tenant is Pizza Hut. We own the lot next to us.

Riverside Shopping Center, Red Bluff, CA (1999) – We upgraded ½ the façade and changed leasing broker. Still 7,000 ft. vacancy and pad build to suit. We are talking with Harbor Freight and St. Elizabeth’s to take vacancy. We refinanced Riverside for 10 years at a 4.8 % rate. It has Grocery Outlet, Dollar Store and Dutch Brothers.

110 Alta Street, San Francisco, CA (2000) – It’s actually making money as rents have risen so much in San Francisco.

Oakdale Shopping Center, Oakdale, CA (2003) – Grocery Outlet (we built) and Cost Less have both again done well this year. The Center looks marvelous thanks in great part to Rich Murdoch, our contractor. We have plans to build apartment units over a restaurant on the River. The River bank was cleaned up by using goats and now visible, having had to fight the Army Corps of Engineers to do so. The Center is now a center piece of Oakdale, with a new Poker Parlor and four restaurants including a new Italian restaurant and a Sears Home Store. This year we built a ground up coffee drive through. It’s now open and grossing $300,000 a year, breaking even.
Oakdale Houses, we bought these houses and property to add to the Center. They are breaking even after years of losses.

Lake Jackson Center, Lake Jackson, TX (2003) – HEB built a new supermarket nearby. They shut ours down. We are redoing Subway and auto store on front pads.

Sunset Shopping Center, Pueblo, CO (2005)– Trading Post or Mini Mall now is leased, but could be better leased. We lost Sally’s Beauty brought in 1,300 sq. ft. Boost Mobile and smokeless cigarette shop. Improvement overall. Gross may hit $1 million for the first time. We will refinance in 2016.

18 and 22 Calle Del Pradero, Stinson Beach, CA (2015 and 2005) – We acquired property next to Stinson Beach home for investment. Installed hot tub, permanent tent bedroom, landscaped and installed beautiful wooden Japanese fencing.

Choctaw Shopping Center, Oklahoma (2006) – We did still more roof work, paved the lot, painted the buildings and signed several leases probably as a result of the new Walmart Center nearby. In fact, a new liquor store, Scottish restaurant, Smokehouse, Mexican restaurant have arrived. Williams Market has upgraded and changed format. We are installing a 25,000 ft. Farmers Market with Kim Fields.

Harrison Shopping Center, Oklahoma (2006) – Still fully leased. Doing quite well. Paying down loans. We will reface the Center, perhaps add to it. Andy South’s doing a great job.

Briercroft Shopping Center, Lubbock, TX (2007) – We lost KGB, our biggest tenant despite my meeting with their Vice President in Paris at midnight 2014. Verizon their client went offshore. Our laundromat is doing well and we added a gaming room. This property is a challenge. But losses may go from $180,000 to $50,000 with new leases with church and bingo parlor. We tried to build mini storage and Planning approved it but City Council was lobbied by competitor and they voted against it.

Channelview Mini Storage, Channelview, TX (2009) – Doing better each year. Good cash flow from large negative five years ago before the excellent Mike Fisher remodel.

Petaluma Apartments, Petaluma, CA (2010) – We refinanced at good long term rate. It’s cash flowing well.

Rosewood Apartments, Santa Rosa, CA (2011) – We sold at a good profit, 1031 exchanged to a 50,000 sq. ft. building(s) in Tulsa, OK called Wembley Business Center.

Sonora Center, Sonora, CA (2012) – We put in a Hookah Bar night club, quite beautiful. We lost our drug store. Again, thanks to Rich Murdoch, the Center looks great having the new facade.

Wembley Station, Tulsa, OK (2014) – Last year we acquired a beautiful business center on a very busy intersection in Tulsa, Oklahoma about 50,000 sq. ft. We got permit this year and installed electric sign. It’s holding its own.

Allen Mini Storage, Port Arthur, TX (2015) – We acquired half filled mini storage with intent to lease up, then double the size with added facilities to be built.
2016:
Filbert Building, San Francisco, CA (1977) – No change.

 

Mercantile, Capitola, CA (1979) – We built a desert café and coffee café at two entrances. Parking lot doing very well. Food court idea moving along.

Polar Bear Building, Capitola, CA (1979) – Owned since 1979, this breaks even. New bakery running not well, creamery sold to Marrianes good operator.

Bridgeview Apartments, Napa, CA (1983) – doing quite well. Better than ever. We have plans to add 16 units. City very slow. New Manager Mindy Wyman. Ani there for 21 years retired.

East Alisal Shopping Center, Salinas, CA (1989) – continues to be excellent.

Soquel, Santa Cruz, CA (1990) – Making money, fully leased. We plan to build 32 apartments over 4,000 ft. of retail; Planning permit received. Looking at costs.
Soscol, Napa, CA (1996) – It’s doing fine throwing off money. We are working on plans to build apartments and retail. City slow.

High Lakes Apartments, Klamath Falls, OR (1997) – Local management company excellent. It’s now 92% occupied. We are not netting $120,000 this year after losing $150,000 a year for 15 years. I gave manager raise to 10.5% of gross. No headaches. No onsite.

Centennial Shopping Center, Springfield, OR (1998) – The Center is leased fully. Doing but lost Value Village 28,000 ft. so negative right now.

Riviera Shopping Center, Eugene, OR (1998) – We still have 13,000 ft. vacancy. We leased 7,000 ft. former Blockbuster space to gym and bar. We invested $200,000 redoing the Blockbuster. We will now split the 13,000 ft. Makes money.

Aberdeen Kress Building, Aberdeen, WA (1999) – The only tenant is Pizza Hut. We own the lot next to us.

Riverside Shopping Center, Red Bluff, CA (1999) – We upgraded ½ pf the façade and changed leasing broker again. Still 20,000 ft. vacancy and pad build to suit. We are talking with Harbor Freight to take 15,000 ft. vacancy. Letter of Intent with Harbor Freight signed at $157,000 a year. We refinanced for 10 years at 4.8% rate. It has Grocery Outlet, Dollar Store and Dutch Brothers.

110 Alta Street, San Francisco, CA (2000) – It’s actually making money as rents have risen so much in San Francisco.

Oakdale Shopping Center, Oakdale, CA 92003) – Grocery Outlet (we built) and Cost Less have both again done well this year. The Center looks marvelous thanks in great part to Rich Murdoch, our manager. We have plans to build apartments over retail on the River. The River bank was cleaned by using goats and now visible, having had to fight the Army Corps of Engineers to do so. The Center is now a big piece of Oakdale, with new Poker Parlor and four restaurants including a new Italian restaurant. Sears Home Store closed replaced with furniture store. Our coffee drive through is now open and grossing $250,000 a year, almost breaking even. Oakdale Houses, we bought these houses and property to add to the Center. They are breaking even after years of losses. We need to lease theater building.

Lake Jackson Center, Lake Jackson, TX (2003) – HEB 29,000 sq. ft. is still unleased. We remodeled outside of Subway and auto store on front pads. We remodeled restaurant. Looks much better.

Sunset Shopping Center, Pueblo, CO (2005) – Trading Post could be better leased. Hoping for gym. Boost Mobile looks very nice. Improvement overall. Gross may hit $1 million for the first time. We refinanced in 2016.

18 and 22 Calle Del Pradero, Stinson Beach, CA (2015 and 20005) – We acquired property next to Stinson Beach home for view preservation. Installed hot tub, safari tent, landscaped and installed beautiful wooden Japanese fencing. Ran into problems with Water Department. Working on tent occupancy.

Choctaw Shopping Center, Oklahoma (2006) – We did still more roof work. The new liquor store, Scottish restaurant, Smokehouse, Mexican restaurant look great. Williams Market has upgraded and changed format. 25,000 ft. Farmers Market with Kim Fields failed.

Harrison Shopping Center, Oklahoma (2006) – Almost fully leased. Doing quite well. Paying down loans. We have refaced the Center, spent $300,000 on upgrades.

Briercroft Shopping Center, Lubbock, TX (2007) – We lost KGB, our biggest tenant despite my meeting with their Vice President in Paris at midnight 2014. Our laundromat is doing well and gaming room well. This property is a challenge to say the least. But losses may go from $510,000 to $100,000 with new leases with church and bingo parlor. 15,000 ft. Bingo Parlor beautiful opened well.

Channelview Mini Storage, Channelview, TX (2009) – Doing better each year. Good cash flow from large negative years ago.

Petaluma Apartments, Petaluma, CA (2010) – Sold and exchanged into Fiesta Shopping Center in Sonoma. Beautiful property.

Sonora Center, Sonora, CA (2012) – Hookah Lounge failed. We lost our drug store and our bank (merger). We bought Dambacher’s land in the middle several years ago. We are putting local hospital. Store in drug store space.

Wembley Station, Tulsa, OK (2014) – The beautiful business center on a very busy intersection in Tulsa, Oklahoma about 50,000 sq. ft. is holding its own.

Allen Mini Storage, Port Arthur, TX (2015) – The two thirds filed mini storage is the same, we will change management.

Fiesta Shopping Center, Sonoma, CA (2016) – After selling Petaluma Apartments, we needed a trade and after several deals fell through, I saw Fiesta Shopping Center for sale in Sonoma and got right into contract. I used the selling broker Jerry Suyderhoud who was marvelous to work with and paid under $9 million or $200 /ft. replacement would be $500 a ft. with land construction leasing. It’s near Sonoma Mission Inn. It’s almost fully leased. It’s the first almost trophy I have bought, but after Briercroft I’m tired of the struggle seemingly without end.
2017: Filbert Building, San Francisco, CA (1977) – No change.

 

Mercantile, Capitola, CA (1979) – We built a poke take out bar at front entrance. Parking lot doing very well. Food court idea moving along. Planning a café in the center.

Polar Bear Building, Capitola, CA (1979) – Owned since 1979, this breaks even. New yogurt shop, Marriane’s ice cream good operator.

Bridgeview Apartments, Napa, CA (1983) – doing quite well. Better than ever. We have permits to add 16 units.

East Alisal Shopping Center, Salinas, CA (1989) – continues to be excellent. Painted it. Looks great.

Soquel, Santa Cruz, CA (1990) – Making money, fully leased. We have permit to build 32 apartments over 4,000 ft. of retail; Planning permit received. Still looking at cost to build, or we may sell.

Soscol, Napa, CA (1996) – It’s doing fine throwing off money. We have plans to build hotel and retail.

High Lakes Apartments, Klamath Falls, OR (1997) – Local management company excellent. It’s now 92% occupied. We are not netting $120,000 a year after losing for 15 years. No headaches.

Centennial Shopping Center, Springfield, OR (1998) – The Center is leased fully. We lost Value Village 28,000 ft. but brought in great Gym at higher rate to replace it.

Riviera Shopping Center, Eugene, OR (1998) – We still have 13,000 ft. vacancy but are negotiating with AutoZone.

Aberdeen Kress Building, Aberdeen, WA (1999) – The only tenant is Pizza Hut. We own the lot next to us. Must paint and find leasing person.

Riverside Shopping Center, Red Bluff, CA (1999) – We upgraded ½ pf the façade and changed leasing broker again. We leased Harbor Freight 15,000 ft. vacancy. Also nail salon. Lease with Harbor Freight signed at $157,000 a year. We refinanced for 10 years at 4.8% rate. It has Grocery Outlet, Dollar Store and Dutch Brothers. Harbor Freight we spent $350,000 to get open. We still have pads to land lease.

110 Alta Street, San Francisco, CA (2000) – It’s actually making money as rents have risen so much in San Francisco.

Oakdale Shopping Center, Oakdale, CA (2003) – Grocery Outlet (we built) and Cost Less have both again done well this year. The Center looks marvelous thanks in great part to Rich Murdoch, our manager. We have plans to build apartments over retail in front of the River. The River bank was cleaned by using goats and now visible, having had to fight the Army Corps of Engineers to do so. The Center is now a big piece of Oakdale, with Poker Parlor and four restaurants including an Italian restaurant. Sears Home Store was replaced with furniture store. Our coffee drive through is now grossing $250,000 a year, almost breaking even. Oakdale Houses, we bought these houses and property to add to the Center. They are breaking even after years of losses. We need to lease theater building perhaps as warehouse.

Lake Jackson Center, Lake Jackson, TX (2003) – HEB 29,000 sq. ft. and two other large spaces still unleased. We remodeled outside of Subway and auto store on front pads. We remodeled restaurant. Center looks much better but needs work. We just hired a new leasing broker, Guy Brown.

Sunset Shopping Center, Pueblo, CO (2005) – Center could be better leased. Hoping for gym. Boost Mobile looks very nice. Improvement overall. Gross may hit $1 million for the first time. We refinanced in 2016. Need a Supermarket or Gym.

18 and 22 Calle Del Pradero, Stinson Beach, CA (2015 and 2005) – Both properties are fine, soon to be connected. Greenage maturing.

Choctaw Shopping Center, Oklahoma (2006) – We did still more roof work. The new liquor store, Scottish restaurant, Smokehouse, Mexican restaurant look great. Williams Market has closed. 25,000 ft. Farmers Market with Kim Fields failed. Negotiating with Dollar Tree. That will really help the Center.

Harrison Shopping Center, Oklahoma (2006) – Almost fully leased. Doing quite well. Paying down loans. We have refaced the Center, spent $400,000 on upgrades. Looks great.

Briercroft Shopping Center, Lubbock, TX (2007) – We refaced and sprinkled more of the Center several years ago. We lost KGB, our biggest tenant in 23,000 sq. ft. Our laundromat is doing well and gaming room well. We added church and large bingo parlor. Bingo Parlor is beautiful. We have now leased the 23,000 ft. to a Trading Post operation and a new private club gaming room in 5,000 ft. Bill Young is representing us. Revenue could go to $480,000 this year from $150,000 three years ago.

Channelview Mini Storage, Channelview, TX (2009) – Doing better each year. Good cash flow from large negative years ago. Refinanced at $1.4 million and used funds to pay down Soquel loan.

Sonora Center, Sonora, CA (2012) – Hookah Lounge is still vacant. We replaced drug store with a new one owned by the local hospital. We have not built on Dambacher’s land in the middle. We leased to smoke shop. This will add $40,000 a year in June 2019. Bank still vacant as is center pad.

Wembley Station, Tulsa, OK (2014) – The beautiful business center on a very busy intersection in Tulsa, Oklahoma about 50,000 sq. ft. is holding its own. Challenge in renting 11,000 ft. in rear. We must create inviting entrance.

Allen Mini Storage, Port Arthur, TX (2015) – The two thirds filed mini storage is now 98% filled. We changed management and were aided by flooding of other storage facilities.

Fiesta Shopping Center, Sonoma, CA (2016) – This year we leased and built out now very busy nail salon. Hope for bagel shop and offices on second floor in 2018.
2018: Filbert Building, San Francisco, CA (1977) – We replaced roof and deck to look a ship’s deck.Mercantile, Capitola, CA (1979) – Food court idea moving along. We built a café in the center with bistro tables and chairs. Planning for an arcade. Seeking to lease take out restaurant.

 

Polar Bear Building, Capitola, CA (1979) – Owned since 1979. Sandwich shop was sold. Building is fine.

Bridgeview Apartments, Napa, CA (1983) – doing quite well. Better than ever. We will be building another 16 units in Spring 2019.

East Alisal Shopping Center, Salinas, CA (1989) – continues to be excellent.

Soquel, Santa Cruz, CA (1990) – Making money, fully leased. We have Planning permit to build 32 apartments over 4,000 ft. of retail. Still looking at cost to build, or we may sell. We may do working construction drawings in Spring of 2019.

Soscol, Napa, CA (1996) – It’s doing fine throwing off money.

High Lakes Apartments, Klamath Falls, OR (1997) – Local management company excellent. It’s now 92% occupied. We are netting $120,000 a year after losing money for 15 years.

Centennial Shopping Center, Springfield, OR (1998) – The Center is leased almost fully. Gym is great for Center.

Riviera Shopping Center, Eugene, OR (1998) – We had 13,000 ft. vacancy but have leased to AutoZone. AutoZone is moving in in June. So is new coffee business in former bank site.

Aberdeen Kress Building, Aberdeen, WA (1999) – The only tenant is Pizza Hut. We own the lot next to us. We may be getting furniture store.

Riverside Shopping Center, Red Bluff, CA (1999) – We upgraded all of the façade. We leased Harbor Freight 15,000 ft. vacancy. We lost Grocery Outlet. We reduced theater rent to $100,000 a year. We still have pads to land lease.

110 Alta Street, San Francisco, CA (2000) – No change.

Oakdale Shopping Center, Oakdale, CA 92003) – We finally rebuilt the movie theater for warehouse or retail. Big opening in front and middle. Our coffee drive thru sold to Dutch Bros.

Lake Jackson Center, Lake Jackson, TX (2003) – We completely refaced the Center with cork substance, new paint and added restaurant and play time amusement space. Spent $500,000.

Sunset Shopping Center, Pueblo, CO (2005) – Brought in auction house. Still needs a Market or Gym.

18 and 22 Calle Del Pradero, Stinson Beach, CA (2015 and 2005) – Both properties are fine.

Choctaw Shopping Center, Oklahoma (2006) – We added Dollar Tree, should really help the Center.

Harrison Shopping Center, Oklahoma (2006) – Almost fully leased. We have refaced the Center.

Briercroft Shopping Center, Lubbock, TX (2007) – Revenue went to $500,000 this year from $150,000 three years ago. New Mercado opened. All filled but 4,800 sq. ft.

Channelview Mini Storage, Channelview, TX (2009) – Doing well.

Sonora Center, Sonora, CA (2012) – Hookah Lounge is still vacant. We have a new attorney’s office. We have not built on Dambacher’s land in the middle but will build on it 10,000 sq. ft. We leased to smoke shop. New Pharmacy will add $40,000 a year in June 2019. Bank still vacant but we redid it for offices inside.

Wembley Station, Tulsa, OK (2014) – The beautiful business center on a very busy intersection in Tulsa, Oklahoma about 50,000 sq. ft. is holding its own. Challenge in renting 11,000 ft. in rear. We must create inviting entrance. We are redoing rear new metal walls where old shingle were.

Allen Mini Storage, Port Arthur, TX (2015) – The two thirds filed mini storage is now 80% filled. Our new management is good. We will double the size in 2019.

Fiesta Shopping Center, Sonoma, CA (2016) – Hope for shop and offices on second floor in 2019 as we are investing over $200,000 now to redo upstairs and down.
2019:

 

Filbert Apartment, San Francisco, CA (1977) –  Loan down to under $900,000.

Mercantile, Capitola, CA (1979) – Food court idea moving along. We built a café in the Center leased it with bistro tables and chairs. We installed an arcade/TV’s. We will build a take out restaurant.

Polar Bear Building, Capitola, CA (1979) – Owned since 1979. Building is fine.   

Bridgeview Apartments, Napa, CA (1983) – doing quite well. Better than ever. We may be building another 16 units in 2021 or not. 

East Alisal Shopping Center, Salinas, CA (1989) – continues to be excellent.  Doing extensive roof work.

Soquel, Santa Cruz, CA (1990) – Making money, fully leased. We have Planning permit to build 32 apartments over 4,000 ft. of retail. We have it listed for sale. Not going to build it ourselves.

Soscol, Napa, CA (1996) – It’s doing fine throwing off money. 

High Lakes Apartments, Klamath Falls, OR (1997) – Sold for $3.8 million. $800,000 more than expected, just before Corona Virus outbreak.         

Centennial Shopping Center, Springfield, OR (1998) – The Center is leased almost fully. Gym is great for Center. 

Riviera Shopping Center, Eugene, OR (1998) –  Large AutoZone now in. So is new coffee business in former bank site.     

Aberdeen Kress Building, Aberdeen, WA (1999) – Added furniture store. Listing it for sale. 

Riverside Shopping Center, Red Bluff, CA (1999) – We upgraded all of the façade. We leased Harbor Freight 15,000 ft. vacancy.  We lost Grocery Outlet.  We reduced theater rent to $100,000 a year. We still have spaces and pads to land lease.  Negotiating with Carl’s Jr.

110 Alta Street, San Francisco, CA (2000) –  No change. 

Oakdale Shopping Center, Oakdale, CA 92003) –  We are rebuilding the movie theater for Brewhall. Our coffee drive thru leased to Dutch Bros.

Lake Jackson Center, Lake Jackson, TX (2003) –  We completely refaced the Center with cork substance, new paint and added restaurant and play time amusement space.    

Sunset Shopping Center, Pueblo, CO (2005) –  Still needs a Market or Gym. Cash flowing.

18 and 22 Calle Del Pradero, Stinson Beach, CA (2015 and 20005) –  Both properties are fine.

Choctaw Shopping Center, Oklahoma (2006) – We added Dollar Tree. Perhaps will reface. Three big vacancies still.    

Harrison Shopping Center, Oklahoma (2006) – Doing well. 

Briercroft Shopping Center, Lubbock, TX (2007) –  60,000 sq. ft. vacant. Bingo, Flea Market closed. Very challenging. Revenue $150,000, loss is $100,000.        

Channelview Mini Storage, Channelview, TX (2009) – Doing well.      

Sonora Center, Sonora, CA (2012) – Former Lounge is still vacant. We have a new attorney’s office. We are hoping to build on  the property.    

Wembley Station Professional offices, Tulsa, OK (2014) – The beautiful business center on a very busy intersection in Tulsa, Oklahoma about 50,000 sq. ft. is holding its own. Challenge in renting 11,000 ft. in rear. We must create inviting entrance. We redid rear facade where old shingles were.  We have new leasing broker.

Allen Mini Storage, Port Arthur, TX (2015) – The formerly two thirds filed mini storage is now 90% filled. Our new management is good. We are doubling the size building in 2020.   

Fiesta Shopping Center, Sonoma, CA (2016) – We invested $300,000 to redo upstairs and down. 

Capitola Condo, Capitola, CA – Fully leased.   

Two Oakdale Houses, Oakdale, CA – leased. 
2021:

Filbert Apartments, San Francisco, CA (1977) – Needs upgrades.

Mercantile, Capitola, CA (1979) – Developed in 1979 by us. Pandemic closed our new arcade. It is now open and doing well. Food and entertainment plan of + 2000 moving along. Little Koe’s moved to burgers and tacos. We built a café in the Center leased it with Bistro tables and chairs last year. TV, heating system to get people in. It’s working. We will build one more small restaurant or more arcade games. Now mostly arcades and food/wine. Upgraded with paint in part. Looking to add beer at Little Koe’s.

Polar Bear Building, Capitola, CA (1979) – Owned by us since 1979. The building is full. Recently painted.  

Bridgeview Apartments, Napa, CA (1983) – doing quite well. Better than ever. We refinanced. We may be selling right to build 16 units on pad with permits.  

East Alisal Shopping Center, Salinas, CA (1989) – continues to be excellent.  We did extensive roof and air conditioning work. We refinanced.

Soquel, Santa Cruz, CA (1990) – Restaurant vacant. Building recently painted. We have Planning permit to build 32 apartments over 4,000 ft. of retail. We are in contract for sale, 1031 Exchange using proceeds.

Soscol, Napa, CA (1996) – It’s doing fine throwing off money.  Is being painted.

Centennial Shopping Center, Springfield, OR (1998) – The Center is leased almost fully. Gym is great for Center. 

Riviera Shopping Center, Eugene, OR (1998) – Large AutoZone in for several years. So is new coffee business in former bank site. Big nail salon in place of restaurant. It’s full.

Aberdeen Kress Building, Aberdeen, WA (1999) – Listing it for sale. Loan balance is low.

Riverside Shopping Center, Red Bluff, CA (1999) – We lost Grocery Outlet. Still have not replaced. We still have spaces and pads (build to suit) or lease.  Movie theaters open again. Bought 4,000 ft. building in rear at auction.

110 Alta Street, San Francisco, CA (2000) – No change. 

Oakdale Shopping Center, Oakdale, CA (2003) – We rebuilt the movie theater for Craft Brewery. It’s doing well. Our coffee drive thru leased to Dutch Bros. is slamming. Mini storage Phase I being built hopefully will open circa July 2022.

Lake Jackson Center, Lake Jackson, TX (2003) – It’s almost fully leased. Another 12,000 ft. Want recreational vehicle rental to be built.

Sunset Shopping Center, Pueblo, CO (2005) – Cash flowing well. We painted façade and installed LED lighting last year. Busiest Center in town I am told.

18 and 22 Calle Del Pradero, Stinson Beach, CA (2015 and 20005) – Both properties are fine. Loans reducing. Ocean a threat.

Choctaw Shopping Center, Oklahoma (2006) – We will reface. Three big vacancies over 30,000 ft. still.  Maybe mini storage.  

Harrison Shopping Center, Oklahoma (2006) – Doing OK after upgrade. Lots of vacancy

Briercroft Shopping Center, Lubbock, TX (2007) – We leased 20,000 to school, Church and Laundromat. We still have vacancies but close to break even.

Channelview Mini Storage, Channelview, TX (2009) – Doing very well.      

Sonora Center, Sonora, CA (2012) – Bank space still vacant. We have gotten a permit to build 8,000 ft. charming building on former Dambacher property, mixed use. The building could be great for the Center.

Wembley Station Professional offices, Tulsa, OK (2014) – The beautiful business Center on a very busy intersection in Tulsa, Oklahoma about 50,000 sq. ft., is doing just OK. Challenge in renting 19,000 ft. in rear. We must create inviting entrance. We redid rear façade and landscaping. 

Allen Mini Storage, Port Arthur, TX (2015) – We built new building during pandemic. It’s now 561 spaces. 60% filled. Our new Right Move management is good. In building we dealt with soil issues, pandemic, freezing weather delays. It’s open. $300,000 over budget.    

Fiesta Shopping Center, Sonoma, CA (2016) – We invested $350,000 to redo upstairs. It’s very pretty and could be an office or vacation rental if permitted.

Capitola Condo, Capitola, CA – Fully leased. Loan getting lower.

Two Oakdale Houses, Oakdale, CA – leased. Cost basis over $250,000 each. Good.  

Second Channelview Storage, Houston, TX – We bought other mini storages for $3.6 million. We will upgrade over three years. Part is Boats/ RV’s.

*Prior purchases, development and sales over the years San Diego condo 1973-75, Bonnie Doon 40 acres, 7 bedroom home, 292 Union Street 1975-1977, Rio Del Mar Blvd. apartments 1980-1982, Apartments La Selva Beach. Potrero built six apartments 1977-1979.

2022:

Filbert Apartments, San Francisco, CA (1977) – Needs upgrades.

Mercantile, Capitola, CA (1979) – Developed in 1979 by us. Had been empty for a decade then bought it and upgraded it with borrowed monies. Pandemic closed our new arcade. It is now open and doing well. Caruso’s. L’L Koe’s. candy, wine bar building. We built a café in The Center leased it with Bistro tables and chairs. TV, heating system to get people in. It’s working. We added forty arcade games. Now beer, wine, outside seating at Little Koe’s.

Polar Bear Building, Capitola, CA (1979) – Owned by us since 1979. The building is full. Recently painted.

Bridgeview Apartments, Napa, CA (1983) – doing quite well, better than ever. We are selling right to build 24 units on pad.

East Alisal Shopping Center, Salinas, CA (1989) – continues to be excellent.  We did extensive roof and air conditioning work.

Soquel, Santa Cruz, CA (1990) – Sold. Over the years we sold condo on beach, Potrero Hill apartments we built, 40 acres and __ house we built, apartments La Selva Beach and Aptos, 100 apartments in Klamath Falls.

Soscol, Napa, CA (1996) – It’s doing fine throwing off money.

Centennial Shopping Center, Springfield, OR (1998) – The Center is leased almost fully. Gym is great for Center.

Riviera Shopping Center, Eugene, OR (1998) – Large AutoZone in for several years. So is new coffee business in former bank site. Big nail salon in place of restaurant. It’s full.

Aberdeen Kress Building, Aberdeen, WA (1999) with parking lot– Listing it for sale. Loan balance is low.

Riverside Shopping Center, Red Bluff, CA (1999) – We lost Grocery Outlet. Replaced with Falling Prices. We still have spaces and pads (build to suit) or lease. Movie theaters open again. Bought 4,000 ft. building in rear at auction and are repairing it.

110 Alta Street, San Francisco, CA (2000) – No change.

Oakdale Shopping Center, Oakdale, CA (2003) – We rebuilt the movie theater for Craft Brewery and it’s doing well. Our coffee drive thru leased to Dutch Bros. is slamming. Mini storage Phase I will open April 15.

Lake Jackson Center, Lake Jackson, TX (2003) – We are replacing retail with mini storage business.

Sunset Shopping Center, Pueblo, CO (2005) – Cash flowing well. Busiest Center in town I am told. Just 2,900 ft. to lease.

18 and 22 Calle Del Pradero, Stinson Beach, CA (2015 and 20005) – Both properties are fine. Loans reducing.

Choctaw Shopping Center, Oklahoma (2006) – We will repaint this Spring. PetSense is taking 8,300 ft.

Harrison Shopping Center, Oklahoma (2006) – Doing OK after upgrade. Still vacancies.

Briercroft Shopping Center, Lubbock, TX (2007) – Much better. We still have vacancies we are repairing for lease.

Channelview Mini Storage, Channelview, TX (2009) – Doing very well.

Sonora Center, Sonora, CA (2012) – Bank space still vacant. We have gotten a permit to build 8,000 ft. charming building on former Dambacher property, mixed use. The building could be great for the Center.

Wembley Station Professional offices, Tulsa, OK (2014) – The beautiful Business Center is on a very busy intersection in Tulsa, Oklahoma about 50,000 sq. ft. Challenge in renting 19,000 ft. in rear. We must create inviting entrance.

Allen Mini Storage, Port Arthur, TX (2015) – We built new building during pandemic. It’s now 561 spaces. 72% filled. Our new Right Move management is good. In building we dealt with soil issues, pandemic, freezing weather delays.

Fiesta Shopping Center, Sonoma, CA (2016) – We invested $350,000 to redo upstairs. It’s very pretty. We now need $120,000 more upstairs to convert to apartment. We are closing the movie theaters. We signed lease with Big 5 Sporting Goods.

Capitola Condo, Capitola, CA – Fully leased. Loan getting lower.

Two Oakdale Houses, Oakdale, CA – leased. Cost basis over $250,000 each.

Second Channelview Storage, Houston, TX – We bought other mini storages for $3.6 million. We will upgrade over three years. Part is Boats/ RV’s.