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Ciaran McEvoy

Stories by Ciaran

USC Health Campus Hotel Snags $49M Loan

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

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Still Strong

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.

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Boyd and Team Join Kidder Mathews from Charles Dunn

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.

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Two-Story Property in Larchmont Village Sells for $23.5M

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.

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Hudson in Deal for S.F. Ferry Building

Joint venture with Allianz Real Estate in Germany

Hudson Pacific buys in San Francisco.

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More to Store

Strong employment boosts self-storage sector, prompts addition of 588,000 SF in L.A. County

Storage space market lifted by strong job market.

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Lowe Sells Two Roads to Hyatt for $480M

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.

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Coffee Bean & Tea Leaf Planning Baldwin Hills HQ

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.

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Hudson Pacific Teams With German Firm to Buy S.F. Ferry Building for $291M

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.

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Cost Keeps Big Renewals Ahead of Schedule

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.

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Netflix to Move into All 13 Stories at Hudson’s Epic in Hollywood

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.

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Hilton’s DoubleTree Suites in Santa Monica Sells for $154M

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.

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West Covina Apartment Complex Acquired for $33.9 Million

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.

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Gardiner & Theobald Takes 7,100 SF at the Row DTLA

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.

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Hawthorne Apartment Complex Sells for $18.5M

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.

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AMENITIES ARMS RACE

Developers look to attract, retain tenants

Amenities are property owners’ newest ammunition to win office tenants.

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Parallel’s $16M Re-Fi in Arts District

Building renovations and new tenants help land new financing for building

Lenders refinance Arts District building.

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CHLA Pays $90M for Next-Door Parcel

Vons in sale, lease-back of 43,500-SF building

Children’s Hospital invests $90 million to buy neighboring Vons.

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L.A. RISING

Chinatown: Ripe for New Round of Development

The developments profiled here highlight growing developer and investor interest in Chinatown and its adjacent areas.

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PK Retail Leases 52,000 SF for U.S. Headquarters, Store in DTLA

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.

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MWest Holdings Buys 128,200-SF Complex in San Pedro for $36.3M

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.

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CHLA Buys Vons Property Adjacent to Hospital for $90M

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.

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2 HQs Renew Leases in Compton Area

Cosmetics maker, video production firm combine for 81,000 square feet

Compton market gains $4.5 million in lease renewals.

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Brokers Hold High Ground

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.

Downtown Distinction: Millennial Move-Ins

ZIP codes top nation for fast-growth of cohort’s share of population

Two downtown ZIP codes top charts for attracting millennials.

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Ron Howard, Brian Grazer Incubator Opens at WeWork’s PDC Location

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.

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Billie Jean King Takes Minority Stake in L.A. Dodgers

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.

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Duke Realty Buys 25.5-Acre Industrial Parcel in Irwindale

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.

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Giovanni Cosmetics, Evox Productions Renew Leases in Compton, Rancho Dominguez

The Compton area is keeping two of its business tenants, each of whom renewed leases for their corporate headquarters.

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Aegon Gets $23M for Pasadena Retail

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.

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Will Loews Santa Monica Top $500M?

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.

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Social Impact Principal: Microloan Market Makes Niche for Fintech Co.

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.

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Tishman Speyer Putting 1 Million S.F. Wilshire Courtyard on the Market

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.

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Huntington Park Shopping Center Acquired for $23.8 Million

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.

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Private Investor Pays $23M for Two-Story Commercial Space in Pasadena

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.

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Local Hotel Room Rates Up, Beat National Rise

Rates up 3.1 percent this year; 2.7 percent increase expected next year

L.A. County’s burgeoning hotel industry beats national trends.

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Wells Fargo Building in BH Goes for $193M

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.

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Nexon America Moving HQ in El Segundo

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.

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Prologis Picks Up 31.2 Acres in Torrance

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.

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StarPoint Properties Buys 12-Story Office Tower in Beverly Hills for $193M

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.

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Brooklyn Cos. Buys Mixed Use Building in Koreatown for $11.3M

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.

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Japan House Lands at Hollywood & Highland

Development spearheaded by JLL includes gallery, restaurants, event space

Japan House lands at Hollywood & Highland.

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Industrial Gets Sexy

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

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Loews Santa Monica Part of Luxury Hotel Portfolio Reportedly for Sale

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.

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Los Feliz Club Apartments Acquired for $55M

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.

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West Covina Apartment Complex Sells for $74 Million

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.

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San Dimas Apartment Complex Acquired for $78.5 Million

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.

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Court Clears Target to Proceed With Sunset/Western Store

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.

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Will Downtown Spillover Fill Out Westlake?

REAL ESTATE: Stretch of 7th Street points up potential

Westlake could be the site of the next development boom.

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Index Secures $22 Million for K-Town Project

Developer’s second project in neighborhood is seven- story multifamily building

Developers get $22M in funding for non-luxury priced apartments slated for Koreatown.

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