Stories by Ciaran
Boyle Heights project gets backing from Canyon Partners Real Estate
Century City-based real estate investment firm Canyon Partners Real Estate provided a $49-million loan to finance the construction of the five-story, 200-room Hyatt House hotel
Office market chalks up gain in average asking price despite additions of new space
Demand for office space in Los Angeles County continued to be strong enough to push rents higher despite new supply coming onto the market in the third quarter.
Commercial real estate veteran Bill Boyd and several members of his Glendale office have joined the Seattle-based brokerage Kidder Mathews from Charles Dunn Co.
Malibu-based real estate investment firm Christina Development Corp. has purchased a two-story, 17,000-square-foot storefront retail and office building at 124-148 N. Larchmont Blvd. in Larchmont Village for $23.5 million, or roughly $1,372 per square foot.
Joint venture with Allianz Real Estate in Germany
Hudson Pacific buys in San Francisco.
Strong employment boosts self-storage sector, prompts addition of 588,000 SF in L.A. County
Storage space market lifted by strong job market.
Firm says deal allows focus to shift from management to development; additional liquidity helpful
Brentwood-based real estate investment firm Lowe said its sale of the Two Roads Hospitality business it ran with San Francisco-based private equity firm Geolo Capital to Hyatt Hotels Corp., of Chicago, for $480 million is designed to raise liquidity to fund projects elsewhere.
International Coffee & Tea, which does business as The Coffee Bean & Tea Leaf, is planning to move out of the Wilshire Courtyard campus on the Miracle Mile and into a new corporate headquarters to be built on the 6000 block of West Jefferson Boulevard in the Baldwin Hills/Crenshaw neighborhood.
Westside-based developer Hudson Pacific Properties Inc. and Germany-based Allianz Real Estate have formed a joint venture to purchase San Francisco’s Ferry Building at 1 The Embarcadero, from Blackstone Group affiliate Equity Office for $291 million.
Report pegs average renewal for 75,000 SF or more at 22 months early
CBRE Research finds large office tenants in Los Angeles County renewing leases earlier.
Netflix Inc. has agreed to an 11-year lease of the entirety of Epic, a 13-story, 328,000-square-foot office building located at 5901 Sunset Blvd. in Hollywood and owned by Hudson Pacific Properties.
Canada-based hotelier Westmont Hospitality Group and New York-based real estate investment firm Square Mile Capital Management have purchased the eight-story, 253-room, 206,000-square-foot DoubleTree Suites by Hilton Hotel Santa Monica at 1707 4th St. for $154 million, or nearly $608,700 per room.
An affiliate of Abacus Capital Group, a New York-based real estate investment firm, has purchased the Atrium Apartments, a two-story, 138-unit, 146,000-square-foot apartment complex at 1829 E. Workman Ave. in West Covina, for $33.9 million or nearly $245,700 per unit from MG Properties Group, a San Diego-based apartment owner and operator.
Other new tenants include Soho House, Avery Dennison and The Manufacturery
London-based construction and property consultancy firm Gardiner & Theobald is relocating its local office to 7,100 square feet of space at Row DTLA at 767 S. Alameda St. in downtown Los Angeles after 12 years in Beverly Hills.
A Miami Beach, Fla.-based limited partnership has sold the Laurel Pointe Apartments, a two-story, 115-unit, 70,000-square-foot apartment building at 13607 Cordary Ave. in Hawthorne, for $18.5 million, or nearly $161,000 per unit, to Cordary Apt, a La Jolla-based limited liability company, according to CoStar Group Inc.
Developers look to attract, retain tenants
Amenities are property owners’ newest ammunition to win office tenants.
Building renovations and new tenants help land new financing for building
Lenders refinance Arts District building.
Vons in sale, lease-back of 43,500-SF building
Children’s Hospital invests $90 million to buy neighboring Vons.
Chinatown: Ripe for New Round of Development
The developments profiled here highlight growing developer and investor interest in Chinatown and its adjacent areas.
PK Retail Holdings, a subsidiary of South Korea-based retailer Emart and Shinsegae Group, has signed a lease for nearly 52,000 square feet for its U.S. headquarters as well as a retail complex at 712 S. Olive St. in downtown Los Angeles.
Sherman Oaks-based real estate investment and management firm MWest Holdings has purchased a four-story, 89-unit, 128,200-square-foot condominium complex at 407 W. 7th St. in San Pedro for $36.3 million or nearly $407,600 per unit, from real estate investment company Bascom Group of Irvine.
Children’s Hospital Los Angeles has purchased the 43,500-square-foot Vons supermarket at 4520 Sunset Blvd near Los Feliz for $90 million, or nearly $2,100 per square foot, from Pleasanton, Calif.-based food-and-drug retailer Safeway Inc.
Cosmetics maker, video production firm combine for 81,000 square feet
Compton market gains $4.5 million in lease renewals.
REAL ESTATE: Growth rate down from blistering pace
Last year’s comparatively small uptick in L.A. County deal values suggests a slower time ahead for commercial real estate.
ZIP codes top nation for fast-growth of cohort’s share of population
Two downtown ZIP codes top charts for attracting millennials.
WeWork Cos. Inc. has struck a deal with film director Ron Howard and movie and television producer Brian Grazer, to house their incubator Imagine Impact at its West Hollywood location at the Pacific Design Center’s Red Building at 750 N. San Vicente Blvd.
Tennis legend Billie Jean King and her life partner, former tennis professional Ilana Kloss, will be officially announced as minority owners of the Los Angeles Dodgers on Sept. 21.
Duke Realty Corp., an Indianapolis-based real estate investment company, has purchased a 25.5-acre lot at 13131 Los Angeles St. in Irwindale from a private seller for an undisclosed amount, downtown Los Angeles-based commercial real estate brokerage firm CBRE Group Inc. announced.
The Compton area is keeping two of its business tenants, each of whom renewed leases for their corporate headquarters.
Aegon USA Realty Advisors, a Cedar Rapids, Iowa-based limited liability company, has sold the two-story, 39,000-square-foot Walgreens building at 310 S. Lake Ave.
Recent deals in luxury segment of region’s hotel industry suggest as much
China’s Anbang Insurance Group could fetch $500 million or more for Loews Santa Monica Beach Hotel.
Banking & Finance Quarterly
Meet Shivani Siroya, founder of Santa Monica-based fintech-driven microlender Tala. The company has an eye on winning customers among some of the world’s nearly 2 billion people who don’t have access to banking services, a statistic reported by Paris-based think tank Convergences.
Tishman Speyer, a New York-based real estate investment firm, will soon put up for sale Wilshire Courtyard, a two-building, 1 million-square-foot office campus located at 5700-5750 Wilshire Blvd. on the Miracle Mile.
Sterling Organization, a Palm Beach, Fla.-based private equity group, has purchased Margarita Plaza, a 77,000-square-foot shopping center located at 6900-7100 S. Santa Fe Ave. in Huntington Park, for $23.8 million, or $309 per square foot, in an off-market transaction with Rubenstein Capital, an Oakland-based real estate investment company.
Aegon USA Realty Advisors, a Cedar Rapids, Iowa-based limited liability company, has sold the two-story, 39,000-square-foot Walgreens building at 310 S. Lake Ave. in Pasadena for $23 million, or about $585 per square foot, with a 4.9 percent cap rate, to a private investor in Beverly Hills.
Rates up 3.1 percent this year; 2.7 percent increase expected next year
L.A. County’s burgeoning hotel industry beats national trends.
Price on 12-story office comes to $930 PSF
Beverly Hills-based real estate investment firm StarPoint Properties has purchased the 12-story, 207,000-square-foot office tower at 443 N. Camden Drive.
Video game publisher Nexon America is moving its North American headquarters to the two-story, 49,000-square-foot office building at 621 Hawaii St. in El Segundo after signing a 9-year lease.
Prologis Inc., a San Francisco-based real estate investment trust specializing in industrial properties, has purchased 31.2 acres of land – roughly 1.4 million square feet – at the northeast corner of Del Amo Boulevard and Prairie Avenue in Torrance from PBF Energy of Parsippany, N.J., for $49.3 million, according to CoStar Group Inc.
StarPoint Properties, a Beverly Hills-based real estate investment firm, has purchased the 12-story, 207,000-square-foot office tower at 433 N. Camden Drive – the tallest such tower in Beverly Hills – for $193 million, or around $930 per square foot, from Camden Properties Ltd.
A brother-and-sister lawyerly duo has launched The Brooklyn Cos., a downtown Los Angeles-based firm billed as a real estate firm serving family offices, which has acquired its first property, a four-story, 54-unit, 45,000-square-foot mixed-use apartment building at 240 S. Western Ave. in Koreatown, for $11.3 million, or roughly $208,000 per unit.
Development spearheaded by JLL includes gallery, restaurants, event space
Japan House lands at Hollywood & Highland.
Demand for e-commerce distribution space, cannabis operations help polish sector’s image
The Los Angeles County’s 800-million-square-foot industrial real estate market resembles the ugly duckling from the fairy tale
Anbang Insurance Group Co. of China reportedly is looking to sell a 15-luxury hotel portfolio it bought for $5.5 billion from New York-based private equity firm Blackstone Group in 2016, which includes Loews Santa Monica Beach Hotel.
Pacific Urban Residential, a Palo Alto-based multifamily real estate investment firm, has purchased Los Feliz Club Apartments, a four-story, 134-unit, 114,000-square-foot apartment complex at 1800 N. New Hampshire Ave. in Los Feliz, for $55 million, or about $410,000 per unit, according to CoStar Group Inc.
Benedict Canyon Equities, a Westside-based real estate investment company, has purchased the two-story, 259-unit, 335,000-square-foot Lafayette Parc Apartments at 600-656 S. Glendora Ave. in West Covina for $74 million, or around $286,000 per unit, from Glendora Avenue Properties, a Beverly Hills-based limited-liability company.
Korda Group, a Westside-based property management company, has purchased Trails at San Dimas, a two-story, 214,000-square-foot, 288-unit apartment complex at 444-445 N. Amelia Ave. in San Dimas, for $78.5 million, or nearly $272,600 per unit, from real estate firms Stockbridge Capital Group of San Francisco and CNS Focused Investments of Long Beach.
Target Corp. may resume construction of its half-completed Hollywood store located at the corner of Sunset Boulevard and Western Avenue, a state appellate court ruled, holding the City of Los Angeles complied with California environmental laws and lawfully changed zoning laws to allow for building the project.
REAL ESTATE: Stretch of 7th Street points up potential
Westlake could be the site of the next development boom.
Developer’s second project in neighborhood is seven- story multifamily building
Developers get $22M in funding for non-luxury priced apartments slated for Koreatown.