Los Angeles Business Journal

LA REAL ESTATE

Recent and archived news stories on: Apartments, Architecture, Brokers, Construction, Housing, Mortgages, Offices, Property Management, Realtors...
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Feds Take Malibu Mansion, Michael Jackson Memorabilia From African Kleptocrat

The Second Vice President of the Republic of Equatorial Guinea, Teodoro Nguema Obiang Mangue, has agreed to forfeit his Malibu Mansion and other assets purchased with corruption proceeds as part of a settlement with the Department of Justice. The settlement forces him to relinquish assets worth an estimated $30 million and prevents him from hiding other stolen money in the United States.

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Chinese Investors Pay Premium for Pasadena Office

A private investor group from China last week paid a premium to buy a 90-year-old Pasadena office property in the city’s historic Old Pasadena district.

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Canadian Developer Flips Venice Apts for $18 Million

The recently completed 19-unit multifamily property at 13365 W. Washington Blvd. in Venice, known as Landmark 19, was sold to a pair of undisclosed investors out of Beverly Hills. The partners bought the 30,500-square-foot building from Canadian developer Bastion Development Corp., which had marketed the property for just shy of $18 million, or nearly $950,000 a unit.

‘Uniformly Flat’ L.A. Skyline Could Take Different Shape

Los Angeles will no longer require tall buildings in the city to have flat roofs and helipads, a change that means the city’s skyline could one day include the kind of narrow tops and grand spires seen in other big cities.

Deal Price for Tower Takes Elevator to Top Floor

In one of the priciest downtown L.A. office deals since the recession, real estate investment management company Cornerstone Real Estate Advisers has negotiated to buy the tower at 801 S. Figueroa St. for about $175 million, according to sources familiar with the transaction.

Santa Monica Apartment Building Trades at Peak Price

A 60-unit apartment complex just five blocks from the beach in Santa Monica sold recently for $26.5 million, or nearly $442,000 a unit.

With Delays, KB Homes Earnings Fall Short

KB Home shares fell in midday trading after the company announced a decline in home sales and quarterly results that fell well short of analysts’ expectations.

Zealot Networks Leases Former Ray Bradbury Home

Danny Zappin, co-founder and former chief executive of Maker Studios Inc., has cinched coveted creative space in Venice for a fledgling digital media studio.

Sunset Complex Sells for Big Bucks

A Sunset Boulevard apartment building with 183 units has sold for $92.7 million, about $507,000 a unit.

Popchips to Move Headquarters to Los Angeles

San Francisco snack food manufacturer Popchips Inc. will move its headquarters to Playa Vista next month.

USC Embarks on Major Expansion

With the demolition of its outdated University Village complete, USC was expected to formally break ground Monday on the $650 million first phase of its $1.1 billion two-phase master-planned Village at USC.

Carwash Buyer Arrested for Money-Laundering

A downtown L.A. investor who recently purchased a prominent South Park development site was among those arrested last week when federal agents raided the Fashion District in connection with an alleged money-laundering scheme for international drug cartels.

Foreclosures and Home Sales Fall

Even as foreclosures fell to more normal levels, home sales in Southern California slipped to a four-year low in August as would-be buyers faced inventory and affordability challenges, according to separate reports released Thursday.

Los Angeles Real Estate More Valuable Than Ever

The value of the taxable property in city of Los Angeles rose by 6 percent over last year’s figure, according to the 2014 Annual Report released on Wednesday by the Los Angeles County Office of the Assessor. The assessed values are the foundation of the property tax system and are used to divvy up tax revenue.

Disney Store Headquarters in Pasadena Acquired

The Pasadena building housing the world headquarters of Disney Stores USA has been acquired by Swig Co., a San Francisco real estate investment firm, it was announced Tuesday.