March 2023
I’m so appreciative of our Harbor Linx Business Support Accounting Team. I remember back in 1989 when I started with McGuire and Hester, yes before some of you were even born, how the accounting department’s desks were no more than a used door on top of two file cabinets – no joke. Accounting was treated like the step child, a necessary evil. Not anymore!
Accounting plays a vital role in running a successful business because it helps to track assets, liabilities, income and expenditures, processes thousands of invoices, ensures statutory compliance, implements internal controls to safeguard our cash and allows all facets of the business to make decisions based on facts, not assumptions or hunches.
Companies that don’t believe this are either out of business or on their way out. The Accounting Team not only provides this service for one company but for 5 separate companies and numerous real estate LLC’s.
- Harbor Linx, Inc., our ESOP holding company
- McGuire and Hester
- Casey Fogli, including CF&T Concrete Pumping as a division
- Harbor Linx Business Support, Inc.
- Circa ’26, Inc.
One of the most critical services the Accounting Team provides is reconciling our cash and investment accounts. Having cash is king, and just as important is understanding the cash needs of each company. Each company needs cash for working capital, for purchasing new equipment. Once this is figured out we set up reserves for our ESOP repurchase obligations. And then only after we determine we have excess funds do we look for investment opportunities. Investments are made in US Treasury, equities, acquisition of a company and finally real estate investments.
Investment in 665 Whitney EDP, LLC
24,254 sf free-standing building on .78 AC parcel in San Leandro was purchased for $4.7 million. Circa owns 90% of this development. Features include 600 Amps, 480V electrical service, 20’ – 22’ clear height, 15 off street parking spaces, two grade level loading doors, sprinklers, and new roof in 2021. $1.8m of Construction rehab work started in Oct. 2022 and will include 4,862 sf of new office space, 600 AMPS, 480V Electrical service.
Construction of improvements to this property started in October 2022.
Investment in Prescott West Oakland EDP, LLC
An LLC was formed to purchase several properties in West Oakland. Circa owns 77.8% of the following lots, all within a block of each other.
- 18th and Campbell Oakland, 43,760 sf, 1.54 acres. Acquisition closed for $7,000,591.
- 1800-1809 Peralta Oakland, 29,882 sf. Acquisition closed
- 1733 Peralta Oakland, 9,446 sf. closed in April 2020
- 1917 – 1933 Peralta Oakland, 36,989 sf. closed in April 2020
Looking for a replacement property for a trucker who owns under 1 AC right in the middle of this project. Property for swap was found and acquisition of 3rd and Adeline was completed in August 2022. Swap will occur once construction rehab work has been completed. Expected transfer to occur sometime in Q3 2023.
Investment in Pittsburg RV & Boat Storage, LLC
Circa 26 purchased 12.51 acres of raw land at 2625 Pittsburg Antioch Hwy, Pittsburg. Circa has controlling interest of 92.5%. The completed property will have a sales office, wash station, propane supply, vacuum station, and approx. 300 solar-covered RV and Boat storage units. Solar panels generating 3 Megawatt of electricity will be used for the covered parking that will be sold to PG&E over a 20 year power purchase agreement. Rents will be $250 – $350/ month depending on size.
Investment in 8 Bar Ranch, LLC
The subject property is located outside of Graeagle, CA. Highlights included 3,240sf stable, 2,826sf equestrian pavilion, 2,792sf shop, caretakers’ cottage, two wine caves, 16,350sf three story lodge, 5,512sf bunkhouse, 1,536sf carriage house, 8 residential lots in Whitehawk HOA, 4 residential lots in Mohawk HOA, airplane hangar at local small craft airfield and many other amenities, including a year-round spring that irrigates the property’s ponds and landscape all on 587 acres.
Exit strategy is to sell the property by 2026. In the meantime, the pasture has been leased out for cattle, the airplane hangar leased to an EMR helicopter and the main property is being used for business development with clients, employee training, and third party rental.
Ford Training Facility, 2185 Elkins Way, Brentwood CA
Circa owns 100% of this 2.5-acre property. Highlights include 9,231 sf industrial office and shop building. 1.5 acres paved and gated yard area and bonus 1-acre future development site. Ford Motor Company is the tenant and uses the property as a showcase West regional training facility for Ford technicians.
Company Headquarters, 2810 Harbor Bay Pkwy, Alameda CA
Circa owns 100% of this owner-occupied 22,868 sf office building. This is the headquarters for Harbor Linx, McGuire and Hester, and Circa. Highlights of the building include a large training room, break room, outside social area, large conference rooms, and a beautiful two-floor open-air lobby.
