Los Angeles Business Journal

LA REAL ESTATE

Recent and archived news stories on: Apartments, Architecture, Brokers, Construction, Housing, Mortgages, Offices, Property Management, Realtors...

Miracle Mile Property Faces Massive Departure

REAL ESTATE: Landlord in talks with big names to help replace media tenants.Owner of Wilshire Courtyard may not have to go to great lengths to fill coming vacancies at the Miracle Mile property.

By Bethany Firnhaber November 17, 2014 midnight   $$ Share

Update: With Oaktree Backing, Mann Sells Two Parks

The Mann Biomedical Park in Valencia and Sylmar Biomedical Park in the San Fernando Valley, both owned by Alfred Mann, have been sold to Intertex Cos. in Valencia with financial backing from L.A. investment firm Oaktree Capital Management. Biomedical Park in Valencia has finally closed. It was acquired by Intertex Cos. in Valencia with financial backing from L.A. investment firm Oaktree Capital Management.

Colony to Pay $1.6 Billion for Industrial Portfolio

Santa Monica real estate investment trust Colony Financial Inc. announced Wednesday that it had agreed to acquire Cobalt Capital Partners, a real estate investment trust in Irving, Texas, for about $1.6 billion.

Burns & McDonnell Opens Pasadena Office

Burns & McDonnell, a global engineering, architecture, construction and environmental services firm based in Kansas City, Mo., has opened a new office in Pasadena, its fourth in California.

Oaktree to Expand Downtown L.A. Headquarters

Downtown L.A. asset management firm Oaktree Capital Management has signed a lease to extend and expand its headquarters in the area.

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Koreatown Apartments Flipped, To Be ‘Repositioned’

Apartment buildings in Koreatown continue to be a popular buy for investors. Murano Apartments, a 46-unit multifamily property at 342-50 S. Catalina St., was sold recently to Beverly Hills real estate company SM Management for $11.6 million, or about $252,000 a unit. The seller, San Mateo investment group TDA Inc., had purchased the building for $5.1 million in 2002, according to CoStar. The property was entirely occupied at the time of sale.

Paley Center Site Draws Top Dollar

The Paley Center for Media property sold last week for the highest off-Rodeo Drive price paid for a Beverly Hills retail property since 2007.

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Popular Brentwood Retail Site Trades for $25 Million

A 12,000-square-foot retail building along a busy stretch of San Vicente in Brentwood sold last month for about $25 million, or more than $2,084 a square foot.

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Douglas Emmett Picks Up Carthay Office Property

Carthay Campus, a two-building Class A office campus in Carthay Circle, sold for $75.3 million, or about $351 a square foot.

Marketing Firm Trailer Park Settles Down in Hollywood

Entertainment marketing agency Trailer Park, which specializes in creating trailers for motion pictures, including for recent films such as “The Judge,” “Guardians of the Galaxy” and “Godzilla,” has expanded its commitment to Hollywood.

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American Realty Advisors Acquires Millennium Del Rey

Glendale real estate investment management company American Realty Advisors has acquired the Millennium Del Rey, a 196-unit apartment community in Playa del Rey, in a deal valued at nearly $100 million.

Stinking Rose Site Sold, May Bloom Anew

The site housing Beverly Hills’ famed Stinking Rose restaurant might bloom into something bigger.

Big Law, Big Lease

While the theme struck in downtown Los Angeles has been that most professional firms are contracting and putting more space back on the market, one firm is bucking the trend.

Home Sales Up

Southern California home sales inched up to a five-year high for September as prices have begun to stabilize, according to a report released Monday.

Large Inglewood Residential Redevelopment Moving Ahead

When Inglewood announced last week that it had chosen five developers to compete for a bid to build a transit-oriented project near the site of a future Metro light-rail stop, it put a big emphasis on housing.

Downtown’s Aon Tower Sold to San Francisco Firm

San Francisco’s Shorenstein Properties, a private real estate investment firm and fund sponsor confirmed on Friday the purchase of the Aon Center in downtown Los Angeles for $270 million. The 1.1 million square-foot tower at 707 Wilshire Boulevard is the second tallest building in Los Angeles.