Commercial Day, January 22, 2014 Part I
Southland Regional Association of Realtors
Commercial real estate transactions have always been complex, complicated affairs, yet in this modern age only knowledge, experience and paying strict attention
to due diligence can protect owners, buyers, investors and commercial brokers. The price for overlooking a single detail can be devastating.
Take for example, the purchase of a building in downtown Los Angeles, said Ralph Odierna, a veteran broker who spoke at the fourth annual commercial day
presented by the Commercial & Investment Division of the Southland Regional Association of Realtors. The educational event is designed to propel commercial
brokers to the next level of expertise.
The program was moderated by Dennis Dishaw. Additional speakers included Heidi Prosser, Jeffrey Shore, Joyce Soriano-McDowell, Matt Kuczkowski and Gary Aminoff.
More than 120 real estate professional and investors attended.
In Odierna's example, a buyer for a downtown building appeared with $75 million cash, which in a prior era would have meant a quick sale. In today's post 9/11
age and with illicit drug money rampant, the brokers had made a fatal mistake - they failed to verify the source of the cash.
"Thirteen months later Homeland Security would not release the funds. They couldn't prove where the money came from," Odierna said. "It's a different
world today. Terrorism and the source of funds is the number one concern of Homeland Security. They will track where every dollar comes from."
2013 Real Estate Symposium Articles
Balance Needed in Downtown L.A. Urbanization Part 1
Essential to Plan, Avoid Big Surprises Part 2
FAR is Key to Success for Commercial Investments Part 3
Battling Bedbugs and Bad Tenants Part 4