Los Angeles Business Journal


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Not Even Close

DEVELOPMENT: AvalonBay looks to revive sketchy L.A. area with project just a mile from its high-end West Hollywood site.AvalonBay is taking mixed-use projects just a mile apart on Santa Monica Boulevard in different directions.

By Hannah Miet October 5, 2015 midnight   $$ Share

Lionstone Buys One Bunker Hill, Rising Realty Will Manage

After converting downtown L.A.’s historic PacMutual building into sought-after creative space and selling it for $200 million last month, Houston real estate investment firm Lionstone Investments and downtown developer Rising Realty Partners will soon be at work on another old building downtown.

Hakim Holdings Acquires Golden Triangle Site

Hakim Holdings has purchased a four-story, 61,000-square-foot Class B office building at 9350 Wilshire Blvd. in Beverly Hills. The firm shelled out $48 million late last month to Lexington Commercial Holdings for the property in the city’s famed Golden Triangle retail sector.

Molina Signs Large Lease in Downtown Long Beach

Long Beach’s fast-growing managed care provider Molina Healthcare Inc. recently signed a deal that will expand its footprint on its home turf.

Brewer Signs Massive Asuza Lease as Part of Expansion

Petaluma beer firm Lagunitas Brewing Co. has signed a 254,800-square-foot lease at 10th Street Center, a new three-building, 342,600-square-foot industrial business park on 21.6 acres on 10th Street in Azusa.

Investors See Upside in Purchase of Cerritos Office Building

A struggling Cerritos office property changed hands earlier this month for $30.5 million.

Sunny Hills Buys LAX Office for $61 Million

In the largest office building trade in the LAX submarket in over a decade, Sunny Hills Management Co. Inc. of West Covina has paid $61.3 million for the Airport Spectrum, a 500,000-square-foot Class A office campus that sits at the entrance to Los Angeles International Airport.

Bay Area Firm Buys Malibu Apartments for $62 Million

San Francisco firm Pacific Eagle purchased Villa Malibu, a 68-unit, 136,000-square-foot Class A luxury apartment community on a 10-acre site at 6487 Cavalleri Road in Malibu earlier this month from Washington, D.C., private equity firm Carlyle Group for $62 million, or roughly $912,000 a unit.

Barrack Engineers Merger of Home Rental Businesses

Thomas J. Barrack Jr., executive chairman of L.A. investment management firm Colony Capital, has extended his reach in the residential market.

Burbank Airport Center Sells for Nearly $20 Million

The Burbank Airport Center has changed hands for $19.8 million, or about $220 a square foot.

Albertsons Puts Two Large Industrial Sites on Market

Albertsons Cos. Inc. has put two huge Los Angeles County distribution centers up for sale.

Sterlings Buy Beverly Hills Estate

Donald and Shelly Sterling, the former owners of the Los Angeles Clippers, have picked up a Beverly Hills estate – with some notable neighbors – for $18.4 million.

TRG, Cresta Buy in Koreatown

L.A.’s Koreatown continues to attract multifamily investors. A joint venture of Beverly Hills firm TRG Investments and Century City’s Cresta Properties has bought a 49-unit, 36,925-square-foot Class C art deco apartment building and adjacent parking lot at 808 S. Hobart Blvd. for $8.4 million, or roughly $230 a square foot, from San Francisco’s Virtu Investments. The property last sold in 2005 for only $4.9 million, or $133 a square foot.

Onni Buys 800 Wilshire for Almost $80 Million

After a quick jaunt into the South Bay, Vancouver developer Onni Group has shifted its focus back downtown, putting down a nonrefundable deposit to buy a 220,770-square-foot Class A office tower at 800 Wilshire Blvd. for more than $79.5 million, sources said.

Colony Buys Office Portfolio for More Than $200 Million

Colony Capital Inc. is not pinching pennies.

Oakwood Venture Pays Top Dollar on Miracle Mile

It’s a sign that Pacific Rim investors are interested in locations outside of downtown Los Angeles, sometimes at an extreme premium.