REAL ESTATE

Larchmont Car Repair Lot Sells for $7M, Plans Call for Mixed Use Development

Westside-based investment firm Crescent Capital Partners has purchased for $7 million, or $373 per square foot, a 19,000-square-foot car repair lot at 5570 Melrose Ave. in the Larchmont neighborhood and plans to turn it into a 52-unit mixed-use apartment complex, according to CBRE Group Inc.

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Three Parcels in Downtown Sell for $134 Million

Beverly Hills-based real estate investor ESI Ventures has purchased three parcels of property totaling 276,000 square feet in downtown Los Angeles for roughly $134 million in order to build a mixed-use creative office campus in the Fashion District, the company announced.

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Melrose Avenue Retail Property Sells for $22.9 Million

A joint venture of Guggenheim Real Estate and L3 Capital, a Chicago-based investment firm, has bought an 11,300-square-foot retail property at 8420-8430 Melrose Ave. in West Hollywood for $22.9 million from American Commercial Equities, a Malibu-based limited liability company.

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Netmarble Games Takes 14K SF in DTLA

The U.S. division of fast-growing South Korean mobile gaming company Netmarble Games Corp. is moving to 600 Wilshire Blvd in downtown Los Angeles in a coup for the neighborhood and for landlord Onni Group.

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Convene Opens Two Locations Downtown

Convene, a New York-based workplace hospitality provider, has partnered with Brookfield Office Properties to open its first two Los Angeles locations, both downtown, at 333 S. Grand Ave. and 777 S. Figueroa St.

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Jamison’s Jaime Lee Named to L.A. Harbor Commissioner Board

Jaime Lee, the chief executive officer of Jamison Realty Inc., a major player in Koreatown real estate, has been named to the Los Angeles Board of Harbor Commissioners by Los Angeles Mayor Eric Garcetti.

Packaging Co. New-Indy Tripaq Adds 44,200 SF Space in Cerritos

Corrugated packaging company New-Indy Tripaq has signed a lease for nearly 44,200 square feet of industrial space at 12765 166th St. in Cerritos, where the company said it will handle overflow from its other Cerritos facility, located at 16069 Shoemaker Ave.

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AI Company Poletus Takes 21,000 SF at the Pacific Design Center

Artificial intelligence solutions provider Poletus has signed a new lease for 21,000 square feet on the eighth floor of the Pacific Design Center’s Green Building at 8687 Melrose Ave. in West Hollywood, owner and developer Charles Cohen announced.

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Ratkovich Co. Sells Stake in DTLA’s The Bloc

The Ratkovich Co. has sold its interest in The Bloc, the 1.8 million-square-foot mixed-use development at 700 S. Flower St. in downtown Los Angeles, to National Real Estate Advisors, one of its equity partners, for an undisclosed amount.

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Investor Pays $20.7 Million for 7.3-Acre Shopping Center in La Verne

An 84,000-square-foot, 7.3-acre shopping center at 2204-2278 Foothill Blvd. in La Verne has been sold to an Arcadia-based private investor for $20.7 million, according to CoStar Group Inc.

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Nearly 1M Square Feet Leased at Goodman Logistics

New Tenants Include Fashion Nova, RIM Logistics and Funai Corp.

The Sydney, Australia-based real estate firm Goodman Group has leased nearly 1 million square feet of logistics space at the fully-leased Goodman Logistics Center in Santa Fe Springs.

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Santa Fe Lofts in DTLA Purchased for $68.5M

The Sherman Oaks-based real estate investment firm MWest Holdings purchased the 11-story, 132-unit Santa Fe Lofts at 121 E. 6th St. in downtown Los Angeles for $68.5 million, or nearly $519,000 per unit, in partnership with GreenOak Real Estate of New York, with a $6 million rehab planned soon for the building.

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LVMH Buys Rodeo Drive Retail Space for $110M

Seller makes $55 million profit on property after one day

LVMH Moet Hennessy Louis Vuitton Inc. purchased a two-story, 6,200-square-foot retail property at 456 N. Rodeo Drive in Beverly Hills for $110 million – or nearly $17,750 per square foot – from Palm Beach, Fla.-based private equity group Sterling Organization, which had acquired the property for $55 million one day earlier.

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Westside Office Buildings Purchased for $42.5M

Boston-based Beacon Capital Partners has purchased two office buildings at 5220 and 5230 Pacific Concourse Drive in Los Angeles, near the 405 and 105 freeway interchange, from LBA Realty of Irvine for $42.5 million or $263 per square foot, according to sources close to the deal.

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Long Beach Apartment Complex Sells for $84.2M

Charleston, S.C.-based developer Greystar Real Estate Partners has purchased the 211-unit Pacific Court Apartments at 250 Pacific Ave. in Long Beach for $84.2 million, or nearly $400,000 per unit, according to CoStar Group Inc.

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