Investment Resource Press Articles and Testimonials

Investment R/E Source Published Articles 

Landlord/Tenant Issues: Defining “Broom Clean” and “Normal Wear and Tear” Condition at Move Out

By Robert Kehiayan, CPM

Thomson Resuters expert witness referral service

This article can help prevent a law suit arising over the interpretation of the terms “broom clean” and “normal wear and tear” at the early stages of drafting a lease agreement. If the lease is already in effect with these ambiguous terms, then this author offers a suggestion to prevent a conflict after the tenant moves out.

Most commercial leases contain agreements regarding termination of a lease and move-out conditions. Additionally, the lease will stipulate what the tenant’s versus the landlord’s obligations and rights are regarding maintenance throughout the lease term. Often, the lease language places the obligation with the tenant to maintain the premises and repair damages made by the tenant to the premises prior to move-out. The common exception to repairs is the “normal wear and tear” that occurs to the premises from the course of reasonable use. Further, the lease may stipulate the tenant leave the premises “broom clean” and free of debris. Disputes arise from this terminology and the differing interpretations and points of view taken between the landlord and tenant.

To read the full article, click here: Thomson Reuters

Documenting Your Real
Estate Transactions:
Pro Active Guidelines to
Prevent Trouble

By Robert Kehiayan, CPM

institute of real estate management orange county chapter robert kehiayan article

Accurate and comprehensive documentation is crucial in real estate transactions. Whether you are dealing with residential or commercial, inaccuracies or the inability to trace the steps in your dealings can be detrimental to any possible legal actions you may find yourself in. As a commercial real estate expert witness and as commercial real estate broker who has completed hundreds of commercial transactions, I have seen what happens when there is poor documentation of a transaction. Proper documentation can prevent litigation before it starts and save you if it does.

To read the full article, click here: IREM

Published originally in The Source: IREM Orange County Magazine

Caution: Double-dip Recession Ahead?
(Economic forecast for the United States)

Journal of Property Management: May-June 2002

By Robert Kehiayan, CPM

journal of property management robert kehiayan published article

journal of property management robert kehiayan published article

Certain economic conditions suggest the current recovery may be short-lived, and that a more serious "double-dip" recession could lie ahead.

Property and asset managers must be able to interpret the economic climate in real time in order to identify the turning point in the economy. Even more importantly, they need to be able to identify the magnitude of either the growth or decline of the economy at any particular time, in order to make articulate budgeting, financing and leasing recommendations to their owners. The sophistication of investors and lenders today requires that their property and asset managers plan strategically (long-term) by providing five- and ten-year forecasts in addition to a traditional annual operating budget.

Weather Report

A number of statistics indicate clear skies are ahead. Business inventories are back in line, manufacturing is expanding, orders for durable goods are growing, interest rates and inflation are low, oil stocks and prices are reasonable, productivity is high, liquidity is good, banks' balance sheets are better than ever, the growth of the money supply is brisk, unemployment looks to have bottomed, the yield curve slope is positive, and consumer confidence is good.

Further indications that the recovery is at hand can be found in a recent survey of 35 top forecasters and economists by the Federal Reserve Bank of Philadelphia. In that survey, the majority of respondents see a turnaround in process with reasonably good growth forecasts moving forward. Also, in February, Anaarvan Banerji, research director for Economic Cycle Research Institute (ERCI) said he believes that this recovery is sustainable, and a double-dip is not likely.

Anthony Chan, chief economist for Banc One Investment Advisors, told attendees at IREM's 19th Annual Asset Management Symposium in San Diego in March that economic indicators are positive. "The Federal Reserve is not in a rush to raise interest rates, productivity is increasing and the markets are inching up," he said. "Slow-term expansion is what long-term recovery is all about." Chan predicted that things will pick up in the second half of the year, but does nor expect significant improvement until 2003.

To read the full article, Click here: JPM

Robert Kehiayan, CPM® Named CPM Of The Year by IREM - February 2000

robert kehiayan named cpm of the year by irem

SunCoast Properties Vice President, Robert Kehiayan, was awarded CPM of the Year by the Institute of Real Estate Management. Robert Kehiayan, CPM® is Vice President of SunCoast Properties, the property and asset management firm devoted exclusively to the management of real estate holdings of the Brutoco Companies. During his 20-year Property Management career, Kehiayan has managed and leased all property types. His specialty has been value-added and repositioning of commercial property. For the past three years Kehiayan’s has served on the Orange County Chapter of the Institute of Real Estate Management (IREM) Executive Council. He was recognized by IREM in 1996 as the Chairperson of the year for his efforts on the Professional Opportunities Committee. He earned his Certified Property Manager (CPM®) designation with a grade of "Pass Superior" on his Management Plan. Also, he was selected as CPM Candidate of the Year in 1997. 

Kehiayan began his property management career in 1980 by building a successful fee management business in north Los Angeles County. After selling the company Robert worked for a developer in West Los Angeles where he gained valuable ground-up construction, due diligence, and acquisition/disposition experience. In the 1991, Kehiayan became General Manager of a declining, substantially vacant, 200,000 SF mixed use Orange County commercial property in loan default. In the middle of a deep recession he coordinated a team effort that tripled the occupancy, and secured approval of new permanent financing. In addition to these accomplishments, Kehiayan turned around a 600,000 SF portfolio of shopping centers, and repositioned mid-rise office and multi-tenant industrial buildings.

For SunCoast Properties, Kehiayan has led the team with the acquisition and renovation of a tired and empty 60,000 SF office building in Anaheim. There is currently over 100,000 SF of potential interest in this building, with 90% occupancy expected to be achieved only 7 months after acquisition.

Robert Kehiayan,CPM receives an appreciation plaque for guest speaking at Cal State Fullerton School of Business.

Robert Kehiayan cpm guest speaker at cal state fullerton school of business

Client Testimonials

... I have a lot of real estate development/landlord clients, but few or none with your grasp and foresight of potential legal issues.
— AB, Attorney
Dear Robert,

I felt it to be important to take some time to commend you on your efforts above and beyond the call of duty concerning leasing of The REMM Group properties. The recent “double play” at Mariners Center in Newport Beach comes to mind where you and your team made us all look good. The owners were nervous giving us the assignment in the middle of a slow market. But in short order you filled not one, but both vacant spaces... Nice show! Now that center is 100% occupied. Also, the office property in Fashion Island is another recently 100% leased property. I might have to nick name you “100% Leased Bob”.

Through all the years we have [worked together], you have never lowered the quality of your services, integrity, honesty, and ingenuity. It is great to have you as part of the team.
— Best Regards, The REMM Group
Bob and his crew have been an outstanding resource in commercial property investment. Integrity, thoroughness, reliability, ability to sift through mounds of opportunities and find ones that truly perform are only a few of Investment R/E Source fortees. A huge benefit is follow through well after your escrows have closed which is invaluable, to ensure that your real estate investment continue to perform to your satisfaction.

— JB
Honesty, dignity and putting clients’ investment objectives above their commissions are the most important qualities I have seen and experienced while working with Bob Kehiayan and Investment R/E Source. I have been extremely satisfied and impressed with the quality of service, professionalism and the detailed objective information about various real estate markets that Bob has provided to me on every transaction we have done. I don’t think my real estate investment experience could have been as successful without Investment R/E Source on my team.
— AG
As you can imagine, we have been up to our eyebrows in 1st-stage planning and applications. ...We are thrilled with our progress, which at the green-light began with you! We thank you sincerely for your hard work and tolerance of our unavoidable “quick-step” momentum...All the congratulations and good luck wishes are extremely motivational for us and we genuinely appreciate it all! We will be in touch concerning a “launch” party that we will plan soon and it is our sincere hope that we will see you there! Until then, be well and again thank you for everything.
— Lawrence W. Lopes, Executive Director Law Office of Michael L. Murphy
Robert Kehiayan was our “buyer” agent in what turned out to be a difficult due diligence process, but ended with a very successful 1031 exchange for my husband and me. While I am a retired Certified Property Manager and real estate licensee myself, I am glad I turned to Bob for his more up to date market/sales knowledge rather than trusting my own rather rusty skills and market knowledge.

Our purchase showed me that Bob is one of the most trustworthy, if not the most trustworthy, agent I have ever worked with. When he says something, it is the truth— whether it is concerning the state of the market or the property. If he says he will do something, it’s done and that I always appreciate and find refreshing.

Additionally, Bob’s experience in property and financial analysis was a huge bonus to us as we realigned what to us represented a major part of our portfolio and every day income. His numbers added and if the other agent’s did not, he found out why not and what the reality would be. He proved extremely competent in determining a viable performance budget for the property, I think in part because of his history of asset managing but also because of his native intelligence.

Bob worked hard and to the finish for us. Our property has preformed to what he promised, actually even a little better. We will use him again.
— Sincerely, CJ
Dear Robert Kehiayan

I appreciate the hard work and effort you put into the sale of my property that you listed for me in Santa Ana. This was a unique property and required some real creativity and extra work on your part. Thanks to you and your diligent follow thru, when the problems arose, you took care of them all. I would list other property with you if I had more to sell. If anyone would like to contact me as a reference, please feel free to share my phone number and name with them.
— Sincerely and with appreciation, DP