About PMI Properties

PMI is a thirty year old property investment company located in Beverly Hills/Bel Air that invests in commercial and residential real estate. Since its founding in 1978, PMI Properties has closed over $500 million in office, shopping center, industry and apartment properties throughout Los Angeles and San Francisco. PMI's most recent endeavors have focused on pioneering creative office suites in office buildings and converted warehouses.These properties have been primarily located in Los Angeles and recently in San Francisco. PMI had its roots in investing in apartments, but more recent investments have focused towards offices, creative offices and converted warehouses. PMI was the first to pioneer a new, creative suite in office buildings with its proprietary "lifestyle suites," which featured skylights, partial hardwood floors, designer lighting, raised ceilings, interior glass, and other upgrade features. PMI pre-built the suites in an efficient and generic floor plan that not only achieved a premium, but also rented faster than suites requiring build-to-suit modifications. PMI was also one of the first to convert warehouse industrial facilities into flex creative space prior to the Internet boom. Today, PMI's suites are some of the most coveted creative offices on the market. Subscribe to get our newsletter and blogs for free! http://eepurl.com/hG0V2

Small Business Assistance in the Wake of COVID-19

In light of the coronavirus pandemic, many cities are experiencing lockdowns, business closures, and other economic consequences. Many small businesses are especially affected by these economic difficulties because of the current coronavirus pandemic. However, government and private organizations have acknowledged these difficulties and created disaster assistance programs for small businesses.

We have compiled a list of small business assistance programs in hopes that they will be a resource to small businesses during this trying time.

The Small Business Administration’s Economic Injury Disaster Loan Program will provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19) outbreak. Businesses can apply online here. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

The Jewish Free Loan Association is also providing interest free loans to small businesses up to $36,000. Apply here.

Facebook Inc. has recently pledged $100 million in ad credits and cash grants for small businesses that have been impacted by the economic damage caused by the Coronavirus (COVID-19) outbreak. More information can be found here.

Imbellus Moves Into Coveted Creative Office Space in Culver City

PMI Properties is excited to announce that Imbellus, the company redesigning education standardized tests, has moved into a 8,700 square foot office space at 8673 Hayden Place. This creative office space with 22 foot high glulam beam ceilings and skylights  is located in the Hayden Tract in Culver City and is situated in between corporate offices for both Nordstrom and Beats Electronics and soon near HBO and Amazon. James Wilson and Dave Wilson of Lee & Associates West represented the landlord, and Michael Nieman of Savills Inc. represented the tenant for the four year lease.

 

8671 - 8673 Hayden with spec&rate

Imbellus is redesigning standardized tests to be more cognitive based and less knowledge based. These tests would evaluate the applicants problem solving and learning ability and have less emphasis on the applicant’s prior education. If successful, the test could be a substitute for the current SAT tests.

This office space at Hayden offers tenants prime access to all of Culver City and even Culver City Park.

Homeless housing tenants say AIDS Healthcare is ‘slumlord’ – Los Angeles Times

Michael Weinstein, the backer of proposition 10 and the new upcoming proposition to introduce radical rent control, bought through his Aids Foundation apartments in downtown Los Angeles and has run into problems.  He is learning it is not that easy to be a landlord. He should not be the one designing our rental housing laws.

Source: Homeless housing tenants say AIDS Healthcare is ‘slumlord’ – Los Angeles Times

Remote Work and a Distributed Workforce Can Be a Disruptive Tool to Solving Housing Affordability

The ability to create tools to allow more remote work and a distributed workforce can radically  help lower housing costs.  Just think if you could live in Tucson but work in Silicon Valley, San Francisco, or Los Angeles or New York .  Three trends work against remote work and a distributed work force:

  1.  Agglomeration Economies:  the efficiency gained from an industry coalescing into a few locations.  Employees go where the workers are, and the workers go where the employees are.  Dense infrastructures form to support the specialized industry. Think San Francisco/Silicon Valley for technology, Los Angeles for entertainment, and New York for finance.
  2.  Non-digital collaboration:  the belief that in person collaboration is stronger than digital collaboration.
  3. The movement of millennials into the large urban areas.

Now the cost of these trends have reached a point for business leaders to explore alternative strategies.The current Coronavirus outbreak is also causing businesses and institutions to explore and innovate digital and remote work, and this exploration could lead to wider adaption in the future.

The article below discusses how San Francisco firms are exploring such alternatives.  The above trends have caused housing costs in these urban centers to explode.  Technologies that advance remote work and a distributed work force can put people where housing costs are much less.

 

 

Source: Twitter CEO Jack Dorsey San Francisco comments a warning sign

RADICAL RENT CONTROL IS AGAIN ON THE BALLOT

The new measure again allows the expansion of rent control to owners of more than one single family home, corporate owners, and owners of apartment buildings over 15 years old. Further, rent increases on vacant units will be severely limited. This measure will cause a radical decrease in property values , discourage new construction and property renovation, create a shortage of available apartments, and raise the rents on non-controlled units.

This time though, the proposition will be more difficult to defeat. First, the new proposition has exempted most single family homes. Second, the voter turnout will be greater and more liberal. Third, rents have continued to increase.

On the positive side, CAA (California Apartment Associated) supported AB1482 which instituted a more moderate rent control statewide. We believe AB1482 will mute support among some for this new version of the 2018 Prop 10 radical rent control ballot measure. Also AB1482 should end the horrible headlines of tenant rents doubling or tripling overnight.

However, it is critical that all owners contribute to the campaign to defeat this new proposition. Don’t assume you can free ride off of large landlords. Blackstone has sold out their interest in single family homes.

The pro-radical rent control advocates will try to market radical rent control as a solution to the homeless crisis, which has arisen to the number one issue amongst Californians. Here are summaries of the upcoming 15 second pro-radical rent control commercials:

• ‘The Squeeze’ – a single take, slow motion close-up of a hand tightly squeezing an orange dry as a narrator V.O. says: “Corporate landlords are squeezing California renters dry. Seniors, veterans and working-class families are being priced out of their homes and neighborhoods and forced to sleep in cars and on our streets. Join the movement and stop the squeeze…”

• ‘Apocalypse’ – Several stark black & white tracking and drone shots of tents and the homeless on Skid Row in Downtown Los Angeles with a voice over narration: “The apocalypse is now. How did homelessness get so bad? How much worse can it get? Rising rents are driving thousands onto the streets. California needs to expand rent control. Tell your elected officials, we need rent control now…”
Owners need to get their side of the story out to the public. Contribute to the organization set up by the California Apartment Association to fund the opposition. Please send or wire your contributions to Californians For Responsible Housing, who is recommending a contribution of $10 per unit:

Please make all checks payable to: Californians for Responsible Housing – 2020

Mail checks to: Nielsen, Merksamer, Parrinello, Gross & Leoni, LLP, c/o Elli Abdoli
2350 Kerner Blvd., Suite 250, San Rafael, CA 94901