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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.
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 Capital Inc. is not pinching pennies.
It’s a sign that Pacific Rim investors are interested in locations outside of downtown Los Angeles, sometimes at an extreme premium.
IRA Realty Capital saw a $6 million gain late last month when it sold a Pasadena medical office property it acquired just last year.
Mid-Wilshire’s CIM Group has sold a seven-story, 87,000-square-foot Class A office building at 1800 N. Highland.
The creative office conversion craze that has swept through Santa Monica, Playa Vista and El Segundo is reaching deeper into the South Bay, if a recent sale in Torrance is any indication.
Developer Fred Afari has snatched up International Church of the Foursquare Gospel’s 15-property portfolio in Echo Park, paying nearly $18 million for the package.
Lincoln Property Co. and Linwood Investments have sold a 103,800-square-foot, Class A creative office campus in Pacific Palisades to New York real estate equity firm Brickman for $53 million, or roughly $500 a square foot.
WeWork, a New York operator of co-working facilities, is close to signing a lease for roughly 90,000 square feet at the Gas Co. Tower in downtown Los Angeles, according to sources with knowledge of the deal.
Santa Monica design firm DLR Group is moving its regional California office to downtown Los Angeles.
After getting a taste of the creative office market in Playa Vista, New York real estate firm Tishman Speyer set its sights on the blossoming market in El Segundo.
A Canadian developer snatched up a Manhattan Beach office property for roughly $96 million at auction last week.
CBRE Group Inc. announced Tuesday it had acquired PKF Consulting Inc.’s Canadian operations, known as PKF Canada, for an undisclosed sum.
Cain Hoy Enterprises, a Greenwich, Conn., private investment firm, shelled out $130 million for the 118,400-square-foot Class A office building at 100 N. Crescent Drive. The seller, New York’s Clarion Partners, purchased the building in 2012 for $80 million, a 63 percent return in three years.