Investment team signs on with new real estate database.Developers look to put leasing information on-line An investment team headed by attorney/investor David Hardee Hardee is a name. It may refer to a person, place or thing.
The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the operation developing Southern California's fledgling "CityVision" electronic commercial real estate market database, the Business Journal has learned. The Hardee/Danziger partnership is providing a $500,000 loan, which can be converted into majority ownership - at its own discretion - to Commercial Real Estate Systems, the venture that has developed CityVision over the last two years. The investors, with Danziger as CRES's new president, plan to immediately upgrade the system from monthly computer-disk-based updates via mail to an "on-line" computer network, Danziger said. CRES Cres (tsərĕs`), Ital. Cherso, island, 158 sq mi (409 sq km), in the Adriatic Sea, W Croatia. Formerly in Austria-Hungary, it passed to Italy in 1918 and to Yugoslavia (of which Croatia was then a constituent republic) in 1947. , with local offices in Culver City Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , is one of two competing electronic databases operators marketing updated details on local office and research-and-development buildings - space availabilities, floor plans, lease rates, tenant "build-out" allowances, parking costs, utility expenses, etc. - to the commercial real estate community. Both CityVision and its Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, rival, the just-released "Search IV" program from Gaithersberg, Md.-based Black's Guides Inc., provide 150 or more data elements on each property. And until now, both CRES and Black's were marketing systems that rely on monthly or bimonthly bi·month·ly adj. 1. Happening every two months. 2. Happening twice a month; semimonthly. adv. 1. Once every two months. 2. Twice a month; semimonthly. n. pl. updated disk mailings. "But we are reviewing how quickly we can jump to on-line; there may be technical routes that will let us be up and on-line in two months," Danziger noted. If the on-line system doesn't prove to be immediately viable, CityVision would proceed with plans for monthly updates on Compact Disc-Read Only Memory (CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). ) technology using Microsoft Corp.'s Windows software, he added. Black's has also indicated its Search product will eventually go on-line. The CityVision operation, which had originally been scheduled to ship its first batch of disks a year ago, covers office and R&D properties in L.A., Orange and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. counties. CityVision, which was scheduled to hit the market in March before the pending purchase put the release on temporary hold, has been developed over the last two years by CRES, a partnership of Portland, Ore.-based MetroAmerica Office Guides and the Greater L.A. chapter of the Building Owners & Managers Association. Danziger noted that the BOMA Boma (bō`mə), city (1984 pop. 197,617), Bas-Congo province, W Congo (Kinshasa), on the Congo River estuary. A port and railhead, it exports tropical timber, bananas, cacao, and palm products. chapter would retain its existing minority share in the venture whether or not the Danziger/Hardee partnership exercises its conversion option. If the partnership does convert the loan into majority equity, MetroAmerica's current majority interest in CRES would be diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. to an interest comparable to BOMA's, Danziger continued. The agreement also calls for all three partners to provide additional capital if necessary, he added. In affiliation with BOMA chapters in Southern California, MetroAmerica also publishes the annual so-called BOMA guides listing office property data within each of those three counties. The guides are not part of the CRES sale. Glenn Fischer Fi·scher , Hans 1881-1945. German chemist known for his research on the components of blood. He won a 1930 Nobel Prize for his work on the synthesis of hemin. , publisher of the BOMA guides, who has also been president of CRES, will remain affiliated with CityVision under terms of the pending deal. Danziger will become CRES's new president and focus on further developing and marketing the database product on a full-time basis. Hardee, who controls an investment partnership with substantial local business interests, is a former law partner of U.S. Secretary of Commerce Ron Brown. He also holds a large interest in Koll Management Services, the big Newport Beach-based property management company, Danziger noted. Danziger is a planner by training who has worked locally in the development and property consulting field with the likes of Goldrich & Kest Industries, and as a commercial real estate broker with Cushman & Wakefield Inc. and Julien J. Studley Inc. |
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