California State University, San Bernardino CSUSB ScholarWorks Inland Empire Business Journal John M. Pfau Library 11-1993 November 1993 Inland Empire Business Journal Follow this and additional works at: http://scholarworks.lib.csusb.edu/iebusinessjournal Part of the Business Commons Recommended Citation Inland Empire Business Journal, "November 1993" (1993). Inland Empire Business Journal. Paper 79. http://scholarworks.lib.csusb.edu/iebusinessjournal/79 This Article is brought to you for free and open access by the John M. Pfau Library at CSUSB ScholarWorks. It has been accepted for inclusion in Inland Empire Business Journal by an authorized administrator of CSUSB ScholarWorks. For more information, please contact [email protected]. VOLUME 5, ~U~1BER 11 ~OVEMBER 1993 $2.00 Closeup: Sam Catalano l1 CVB Li•Jes Up to 1993 (projected SALES PRICE ANALYSIS Aggressive ASKUm VS ACTUAL I :10 I !:l through the C'V[RAll OI.. ILOINU 'li:C.£ RANGE fourth), estimates Repu ation shov. that there is a higher discrep anc y than at any hino Valley Bank has earned other time in this itself a rcputauon as being one decade between Cof the more aggreSSive finan­ the asking and cial institutions doing business in sales prices on Southern California. Last month, CVB industrial property. once again demonstrated that this rep­ ...., According utation is well -founded. to reports from CB At the end of October, D. Linn ._____ .: •;:.;"'.:;•;,;;'na;:..;;:>~.=•:;.;.;"';..;;;"_·_P _____...J Commercial, the Commission Releases Wiley, bank president and CEO he industrial real estate mar­ reason for th1s discrepancy lies in Recommendations for announced that CVB had just complet­ ket in the Inland Empire has the history of development in the State Community ed a $41.5 million acquisition of Mid Tbeen somewhat of a last bas­ area. "(In the past) the Inland City Bank from the Federal Deposit tion of economic prosperity for the Empire industrial maricet has been Colleges Insurance CorporatiorL region during the economic troubles fueled by available, affordable land, n independent commission Mid Clly, based m Brea, had total of this decade. labor and hous- A which spent two years examin­ deposlls of $96.4 milhon and asseL~ of However, as extst· According to data on ing ." states the ing California community colleges, S.U .5 million including $21.3 million ing space becomes industrial properties in the report. has recommended changes m teach­ to loans. Accordmg to Wtley, the absorbed through­ Inland Empire from CB This indus­ ing methods and curriculum to ben­ acqutsition will allow CVB to out Riverside artd mal development efit the state's lagging economy in a strengthen its position m the Inland Commercial and Lee & San Bernardmo Associates, the market for boom created a report presented last week in Sacra­ Empire and San Gabriel Valley Counties, even the industrial property in the large surplus of mento. "With the Mid City acqutsiuon, we industrial market is area has reached a point industrial space are able to stgnificantly e1lpand our 11le Commission on Innovation, starting to feel a where slow absorption is which drove down market and serv1ces and really a group of pnvate sector leaders pinch. WIJiMIIi~~lfjiiiilifi!Wjilliilll sales and leasing improve our Chino Valley Bank's taking its toll on sale and from throughout the state, proposed According to lease pricing. pnces. The mar­ overall presence in the area," satd changes for the state's 107 commu­ data on industrial ket condiuons arc Wiley. nity colleges wh1ch, they say, 1f properues in the Inland Empire from just now approaching parity. "We have had success because the implemented, will keep the schools CB Commercial and Lee & Associ­ Figures from Lee & Associates bank and the (board of) directors are finartcially sound over the ne1lt 15 ates, the market for industrial prop­ show that most all industrial proper­ Wtlhng to work at it," satd Wiley. erty in the area has reached a point ty inventories are neanng m31limum years without increases in state Currently, CVB has 17 offices and where slow absorption is Laking its absorption which should drive more than S650 mtllion in assets mak­ toll on sale and lease pricing. saleS/lease prices back up. .A ing 1l the largest bartk based in the During the first three quarters of P~~ See Pag~ 52 Inland Empire . .A Fires Spark Local Business Action t would definitely be an under­ Facing the tail end of the recession Area presidenL uations we have to look at the per­ statement to say that California that has been particularly brutal on The types of assistance offered by sonal affects as well as the business I has had a bad couple of years. As California businesses, a number of the companies was about as diverse ones ... if the state weren't facing enough corporations, both large artd small, as the companies themselves, with The financial impact of these problems from its worst economic banded together to provide assistance everything from ca~h donations, Hke types of disasters must be measured climate in decades, it seems as if to the victims of California's most Allergan's $10,000, to the free local on a number of fronts. There is the Mother Nature has been, quite literal­ destructive brush fifes to date. calling and phone banks set up for obvious impact which is totaled m ly, adding fuel to the fire. Comparties like Allergan, GTE, fire victims by AT&T and GTE. property lost and damaged by the At the end of October, as Santa Hyatt Hotels. Bank of America, California bank and insurance disaster, and, secondly, the impact on Ana Winds whipped through the Wells Fargo, Sanwa, Homebase, FHP companies began working around the local busi~ses and economies cre­ bone-dry Southland, pushing with and Oakwood Apartments among clock to help process the emergency ated by the erL~uing relief efforts. them furious storms of fire and others, began offering their services loans and claims that began flowmg "By helping our customers destroying billions of dollars in prop­ with lillie regard to the financial in in the wake of the fire. through this type of disaster, we erty, artyone would be hard pressed impacL "Part of the reason we are here is build a relationship," said Conway. to say that some good came out of iL "By providing free calling ser­ to help our customers with day-to­ "This is a beneficial situation all However, as in most tragedies, the vices we hope to ease the suffering day types of business but, we arc also around. The relationship will last mettle of the individuals facing dis­ and an1liety of our customers who here to help dunng times of crises," after the disaster and our customers aster was put to the test, and, in this have e1lperienced such a tremendous said Dart Conway, spokesman for will remember that we were there for case, california rose to the occasion. loss," said Larry Sparrow, GTE West Wells Fargo Bank. "I>.uing cnsis sit- them when they needed us.".A PAGE 4 • INLAND EMPIRE BUSINESS JOURNAL NOVEMBER 1993 NOVEMBER 1993 INLAND EMPIRE BUSINESS JOURNAL • PAGE 5 This Month in the Inland Empire Business Journal More Fruit Flies Following the Trail of State Taxes The Low-Down Following Your A Golden Also Trapped in II on State Tax Advertising/Marketing Lists orthe Month: Dreams 12 Getaway 33 Inland Empire ased on the most recent cal­ year. These figures exclude any fed­ Revenues & Public Relations 29 Industrial 5 National speaker develops Local mountains offer culations by California's eral taxes, representing only state A comprehensive look at innovative program At Deadline 3 Developments 23 weekend wonderland ooperative Medfly Project non-partisan legislative ana­ and local taxes. where your money goes Bankruptcies 54 Commercial B officials recently announced Chamber of Commerce Real Estate 24 lyst, state and various lcx:aJ govern­ The following is a breakdown of Does Your Health Hey, Bill! 44 the discovery of two Happenings 50 Environmental C ments collect and expend an estimat­ tax dollars that will be collected Business Ethics or Depend on Local group responds Mediterranean fruit flies-one in Classified Advertising 51 Directory 26 ed 105 billion dollars each fiscal directly by the state government in Censorship? Management to health reform proposal 6 14 Commentary New Business Listings 56 Ontario and the other in Upland, the Tile Pros and Cons of being year. This amount is greater than the Sacramento during the 1993-94 bud­ New study reveals Corporate Pror..te: ' People, Places second finding in as many months pollticall y correct gross national product of many get year: interesting results Bankruptcy RECON 8 and Events 47 for the Inland Empire. Benefits 45 Default Notices & Pro/Con The female Medflies were identi­ ~ Counting on Retail Using Chapter II to hold on Radio Censorship Trustee Sales ss 6 fied from traps placed in citrus trees $2 tnliOO Factors Predictions real Editorial 6 Real Estate Focus 10 19 to property 25 in Ontario near the intersection of $1.66 bllion How to make factoring What's in store for the IEBJ Close-Up: Restaurant & Tampa Avenue and G Street, and in $45 rriion work for your company area's retail future Steve Holt 7 Entertainment Gujde 34 Palm Springs Upland, near the intersection of 9th $2.6 bllion Gets Federal Inland Empire Sof'tware Review 3(; Street and 12th Avenue. 52 $4.57 til lion Managin~ Small Businesses Support 48 Calendar Weekend Time Out 31 In an immediate effort to rid the International World Class Marketing Growth ould and Cellular 21 City receives $4 million region of any infestation, Project Trade Leads 53 Notebook 38 Be Key 11 Small companies taking grant for low-cost housing staff began the ground application of State Senator Robert Presley advantage of cellular About the Cover malathion bait to foliage in a 200- addresses critics benefits ,, meter radius of the fly finds.