REAL ESTATE

AEG Proposes $1.2B Convention Center Expansion

Anschutz Entertainment Group has proposed a $1.2 billion expansion of the Los Angeles Convention Center that would add as much as 350,000 square feet to the facility, including 250,000 square feet of meeting rooms.

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Tech Co. Ring Moving to Hawthorne

Home security company Ring is moving its headquarters from Santa Monica to Hawthorne early next year, becoming the latest technology business to set up shop in the city that once was an aerospace hub.

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Hotel MdR in Marina del Rey Sells for $127 Million

London & Regional Properties, a United Kingdom-based real estate developer, has purchased its first U.S. hotel, the 283-room Hotel MdR – a DoubleTree by Hilton Hotel at 13480 Maxella Ave. in Marina del Rey, according to HFF Inc., a Dallas-based capital markets and commercial real estate brokerage firm.

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Pasadena Apartment Complex Acquired, Rebranded

Greensboro, N.C.-based real estate investment company Bell Partners Inc. has acquired its second Los Angeles County multifamily property, The Ellington, a 212-unit apartment complex at 3330 E. Foothill Blvd in Pasadena, and renamed it Bell Pasadena, for an undisclosed purchase price.

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Eight-Property Portfolio in L.A. County Sells for $162 Million

Van Nuys-based Sikand Properties has sold an eight-property portfolio of apartment buildings with 644 total units in Hollywood, Pasadena and elsewhere in Los Angeles County for nearly $162 million.

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DCT Deal Expands Prologis’ So Cal Real Estate Portfolio

Prologis Inc., a San Francisco-based real estate investment trust, announced it will purchase DCT Industrial Trust Inc. of Denver for $8.4 billion in a stock transaction which includes the assumption of debt, the companies have announced.

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Malibu Home Sold for Record $110M

Los Angeles County’s largest-ever home sale has occurred in Malibu, where Hard Rock Café co-founder Peter Morton sold his beachfront house for $110 million, or $13,750 per square foot.

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County Seizes 4.2-Acre Lot in South L.A., Mixed-Use Project Planned

Los Angeles County has won court approval for its effort to seize a blighted 4.2-acre lot at Vermont and Manchester avenues in South Los Angeles.

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Vernon Cold Storage Facility Sells for $57.8 Million

Irvine-based real estate investment firm LBA Realty has purchased the Los Angeles Food Center, a 266,400-square-foot cold storage facility at 2652 Long Beach Ave. in Vernon, for $57.8 million, or about $217 per square foot, according to CoStar Group Inc.

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Three Parcels in Malibu Acquired for $42.5M

The Malibu City Council has approved the purchase for $42.5 million of three parcels of land owned by the Malibu Bay Co., the company once owned by the late Univision executive Jerry Perenchio, the city has announced.

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Co-Work Company Centrl Office Leases 29K SF in Little Tokyo

Portland, Ore.-based co-work space company, Centrl Office, has signed a 10-year lease for 29,000 square feet at Little Tokyo’s Brunswig Square at 356-374 E. 2nd St., its first such location outside its home state.

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South Bay Industrial Space Sells for $103 Million

Chicago-based Bridge Development Partners has sold to a Morgan Stanley fund the 512,000-square-foot industrial space, Bridge Point South Bay, at 20333 Normandie Ave. near Torrance for roughly $103 million, or about $200 per square foot, according to sources.

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Carson Industrial Properties Land Two Large Leases

The city of Carson continues to attract tenants in Los Angeles County’s tight industrial real estate market, as plastic tube manufacturer CCL Tube Inc. and logistics company Jerich USA, signed significant leases in the city, broker Cushman & Wakefield announced.

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Mall of America Owner Looking to Buy Former Rocketdyne Site

The Canadian owner of the Mall of America is negotiating to buy one of the largest redevelopment sites in Los Angeles: the former rocket-engine manufacturing site of Aerojet Rocketdyne, according to CoStar Group.

William Carey 15-Acre Campus in Pasadena Acquired by Swiss Company

EF Education First, a Switzerland-based international education company, has agreed to purchase the nearly 15-acre campus of William Carey International University in Pasadena. Terms were not disclosed.

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