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Daina Beth Solomon

Stories by Daina Beth

Downtown Motel to Check Out After $26.5 Million Sale

ACQUISITION: China-linked buyer plans to build 24-story residential-retail building.

A parcel near downtown’s Financial District sold last month for $26.5 million, or $795 a square foot, to a developer that plans to build a 24-story condominium tower in place of a decades-old motel.

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Shoemaker Yet to Find Footing on Abbot Kinney

RETAIL: Adidas’ sign sets off locals’ fear of big chains ruining Venice’s funky vibe.

Venice’s Abbot Kinney Boulevard is famous for the assortment of unique boutiques and eateries lining its eight blocks.

LAX Hotels Land Sales

REAL ESTATE: Blackstone Group pays $97 million for two neighboring properties.

Blackstone Group pays $97 million to double up on LAX-area hotels.

Walking Mall Now Pedestrian

Not all Santa Monica Promenade landlords have been sold on plans to improve the tenant mix.

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Paul Matt, Co-Founder of Matt Construction, Dies at Age 85

Paul Matt, the co-founder and chairman of downtown-based Matt Construction that built major L.A. projects including the Broad museum and Waldorf-Astoria Hotel, died on Friday. He was 85.

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Los Angeles Times to Stay Put in Historic HQ for Now

The Los Angeles Times has no immediate plans to relocate operations after its historic downtown headquarters was sold nine months ago, despite media reports to the contrary, a spokeswoman for the newspaper said.

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El Segundo Hotels Sold for $97 Million

A pair of hotels in El Segundo near Los Angeles International Airport sold last month to New York’s Blackstone Group for nearly $97 million, public records show.

Buzz About Potential Lease Deals at Wilshire Grand

REAL ESTATE: Two tenants could boost occupancy at newly opened tower.

Two leases could get the towering Wilshire Grand Center halfway to filling its office space.

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Investor Cranks Up Industrial Stake in South Bay

ACQUISITION: Rexford’s $30.5 million deal expands holdings in tight submarket.

West L.A.-based real estate investment trust Rexford Industrial got a toehold in one of the country’s tightest industrial submarkets.

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New Hotelier Checks In

REAL ESTATE: Buyer with ties to China picks up Hilton downtown for $115 million.

Buyer books a $115 million deal for a Hilton hotel in downtown’s Little Tokyo.

Little Tokyo DoubleTree Sold for $115 Million

The 434-room DoubleTree by Hilton hotel in downtown’s Little Tokyo has been sold for $115 million, or $264,562 a room, according to industry tracker CoStar Group Inc.

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Speedy Century City Office Deal Delivers Discount

SALE: Investment partners get 33,000 square feet in tight market for $14.7 million.

Time was money in a rare case of distress in Century City’s robust office market.

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Home Goods Move In

REAL ESTATE: Daiso signs lease for former warehouse used by American Apparel.

Home goods retailer Daiso California sews up lease for former American Apparel warehouse.

Patrick Soon-Shiong Pulls Out of Phoenix Biomedical Complex Plan

Biotech billionaire Patrick Soon-Shiong’s plan to build a 7-acre biomedical complex in Phoenix in partnership with the city and Arizona State University is not moving forward, according to local media.

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Koreatown Apartments Sell for $10.5 Million, Slated for Demolition

A Woodland Hills-based real estate investor has purchased five apartment buildings in Koreatown for $10.5 million with plans to tear down the properties, according to CBRE, which represented the seller.

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Daiso Inks Lease at Former American Apparel Distribution Center

Daiso California is taking over American Apparel’s former worldwide distribution center, a 220,000-square-foot warehouse in La Mirada owned by Prologis Inc.

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Spanish Broadcasting System’s Century City Office Fetches $14.7 Million

Miami-based Spanish Broadcasting System Inc. has sold its Century City office building in a fast-tracked deal that the buyer said was brought about by financial pressures.

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Dearden’s Puts Prime Downtown Property On Market

The pending closure of 107-year-old Southern California furniture chain Dearden’s is putting its local real estate portfolio into play.

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California Market Center Opens Door to Investor

SALE: Brookfield acquires hefty stake from Jamison in deal valued at $220 million.

Koreatown-based Jamison Properties’ recent deal to sell a significant stake of its California Market Center to New York-based Brookfield Asset Management Inc. has brought a forward focus to the 1.8 million-square-foot campus in downtown’s Fashion District.

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Jamison Sells California Market Center Stake for $220 Million

Koreatown-based Jamison Properties has sold a stake of its California Market Center, a 1.8 million-square-foot office complex in downtown primarily serving the fashion industry, to Brookfield Asset Management Inc., the companies announced Friday.

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Modular Construction Right Fit for Marriott Hotel

DEVELOPMENT: Project expected to come together faster, with added revenue.

Builder of Hawthorne Marriott put the project together with modular construction in mind.

Education Firm Stays Home in $22 Million Deal

ACQUISITION: Pacific Oaks buys office property it leased with potential for expansion.

Pacific Oaks Education Corp. has acquired the Pasadena office complex where it leases space for $21.5 million – or $287 a square foot – aiming to keep the site as its permanent home with room to expand.

$73 Million Deal For Coastal Country Club

New owner Bay Club picks up property as part of drive for gym, leisure holdings in California.

Bay Club Co. has acquired Manhattan Country Club in Manhattan Beach for $73 million, the latest addition to the San Francisco-based company’s holdings in Southern California.

Manhattan Country Club Sold for $73 Million

Bay Club Co. finalized its acquisition of Manhattan Country Club in Manhattan Beach last week for $73 million, the San Francisco company announced Tuesday.

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Pacific Oaks Education Corp. Buys Pasadena Office Complex for $21.5 Million

Pacific Oaks Education Corp. has acquired the Pasadena office complex where it leases space for $21.5 million, or $287 a square foot, aiming to keep the site as its permanent home with room to expand.

Buyer Doubles Up Downtown in $20 Million Deal

ACQUISITION: DLJ scores pair of artist loft buildings; properties’ future uncertain.

An almost 100-year-old building in downtown’s Arts District designed by prolific L.A. architect John Parkinson and a neighboring brick structure were acquired this month for $20 million by DLJ Real Estate Capital Partners, said sources familiar with the deal.

Century City Mall Clicks With Amazon

Westfield property will serve as home to internet retailer’s push into brick-and-mortar outposts.

Amazon pages a new sales future with plans for a bookstore at a Century City mall.

Google Takes Power Position

REAL ESTATE: Firm moves on data center in downtown.

Google comes into power downtown with data center lease.

Amazon Books Submits Plans for Westfield Century City Store

Amazon Books, part of Amazon.com Inc., applied for building permits last week for a 5,227-square-foot suite at the Westfield Century City mall, according to a record on the L.A. Department of Building and Safety website.

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NFL Inglewood Stadium Opening Delayed to 2020

Southern California’s heavy rains this year eased the drought but put a damper on the NFL’s plans to build a stadium in Inglewood by 2019.

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Restaurateurs Look to Get Cooking in Venice Deal

Many Angelenos see Lincoln Boulevard in Venice as a road to the airport – one lined with a hodgepodge of small businesses ranging from auto repair shops to liquor stores.

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Traction Avenue Buildings in Arts District Fetch $20 Million

A century-old building in the Arts District designed by prolific L.A. architect John Parkinson and a neighboring brick structure sold last week for $20 million to DLJ Real Estate Capital Partners, sources familiar with the deal said.

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Soon-Shiong Plans Nant IPO

BIOTECH: Venture would roll up several pharma units.

Patrick Soon-Shiong will continue to nurse his presence in the sector by forming the NantBio entity.

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Restaurateurs Look to Get Cooking in Venice Deal

ACQUISITION: Father, son buy Lincoln Boulevard land next to Night + Market site.

Many Angelenos see Lincoln Boulevard in Venice as a road to the airport – one lined with a hodgepodge of small businesses ranging from auto repair shops to liquor stores.

Development at Crossroads

REAL ESTATE: Review of project impact underway.

Hollywood’s Crossroads of the World may be getting a makeover.

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Developer Plans 228 Homes in Inglewood Near Rams Stadium

Harridge Development Group is swooping into Inglewood with a plan to build 228 townhomes on an 18-acre site just a mile from the Los Angeles Rams’ planned $2.6 billion stadium.

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Hollywood’s Crossroads of the World Redevelopment EIR Unveiled

A mixed-use development that would be among the biggest in Hollywood history will face public scrutiny with the planned release Thursday of its draft environmental impact report.

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Office Development Gets Jump on Pair of Tenants

LEASES: Culver Pointe puts deals in place with Henkel, Dentsu Aegis for fall arrival.

The ultracontemporary C3 office building under construction in Culver City’s Culver Pointe business park has signed two tenants a half-year before completion.

Snap’s Westside Presence Blamed for ‘Freak’ Out

REAL ESTATE: Founder of carnival-like sideshow says tech scene changing Venice.

Freakshow founder fears Snap’s presence may drop the curtain on Venice’s funky vibe.

USC Books Expansive Student Dorm Project

DEVELOPMENT: Village complex also will bring retail.

USC’s dorm project could serve as a wake-up call that brings investment into the area.

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Hudson Pacific Properties Buys Third Hollywood Studio Site

Hudson Pacific Properties Inc. has finalized its $200 million acquisition of Hollywood Center Studios, the company said Tuesday, bringing its footprint of studio and office space in the market to 1.6 million square feet.

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Iconic Venice Beach Freakshow Closing Sunday After Losing Lease

The Venice Beach Freakshow will offer its final performances Sunday, forced to abandon its boardwalk home because its landlord declined to renew its lease, according to the founder.

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Brexit Fallout Prompts Return of Euro Subsidiary

REAL ESTATE: Tumble in share value drives deal by Kennedy-Wilson Holdings

Brexit fallout spurs Kennedy-Wilson Holdings to buy back European subsidiary.

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Strength of South Bay on Show in Industrial Deal

ACQUISITION: Terreno pays $31.4 million for 23.4-acre Lynwood site near rail spur.

One of the largest South Bay industrial sites to hit the market in more than a decade sold last week for $31.4 million, or $31 a square foot, according to brokerage CBRE.

Douglas Emmett, Qatar Fund Acquire Two Santa Monica Office Buildings for $353 Million

Douglas Emmett Inc. and Qatar Investment Authority continued their sweep of Westside office towers this week, announcing on Wednesday that their joint venture purchased two prime Santa Monica buildings for almost $353 million, or $1,205 a square foot.

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Westwood’s Claremont Hotel Sells for $12 Million, to Get First Renovation

Westwood’s oldest hotel is slated for a makeover. The 55-room Claremont Hotel on Tiverton Avenue, built in 1940, has sold for $12.25 million to Shamina Investments, which intends to give the building its first major renovation, the new owner said Wednesday.

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Cushman & Wakefield Takes Lease at Downtown’s Wilshire Grand

Cushman & Wakefield has signed a 12-year lease to occupy the 24th and 25th floors of downtown’s Wilshire Grand Tower, the real estate services firm said Monday.

Kennedy-Wilson Holdings Set to Acquire European Subsidiary

Kennedy-Wilson Holdings Inc., a Beverly Hills-based real estate investment company, is reeling in its European subsidiary.

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West’s Tallest Tower Leans Toward Major Tenant

LEASE: Government group in talks to take two floors at Wilshire Grand Center.

The 73-story Wilshire Grand Center, the tallest tower in the West, is close to signing its first major office tenant.

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Costly Buildup In Construction

DEVELOPMENT: Crush for crews squeezes project budgets.

Buildup in construction costs is making it harder to put together projects.

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