Search
 

Should OC Brokers Jump on the “Green Rush” Bandwagon?

Prop 64 will increase industrial property values for the short term in North Costa Mesa and parts of Santa Ana by up to 40%, and industrial property rents in these areas could double, Lee's Jack Haley and Greg Diab tell GlobeSt.com.

By Carrie Rossenfeld | Updated on December 05, 2017

Jack Haley Jack Haley

ORANGE, CA—Prop 64, the California Marijuana Legalization law that passed in November 2016, will increase industrial property values for the short term in North Costa Mesa and parts of Santa Ana by up to 40%, and industrial property rents in these areas could double, Lee & Associates principals Jack Haley and Greg Diab tell GlobeSt.com.

In most Orange County cities commercial cannabis businesses will continue to be prohibited, the principals tell us. Locally, a few cities have allowed for commercial cannabis businesses to open in the industrial zone of the city only, but if cities allow cannabis dispensaries to open in retail-zoned properties, it could increase rents and values for those properties. For the short term, they say, the law will increase industrial property values in north Costa Mesa and parts or Santa Ana by up to 40%, and industrial property rents in these areas could increase by 100%. The classes of properties affected will include B and C properties, they add; most of the buildings in these zones would be considered class-B or -C.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.