– CENTRAL AREA
ECHO PARK
Apartment Sale: The Echo Park Del Mor Apartments, at 1549-51 Echo Park Ave., has been sold to Echo Park Pacific for $9.3 million in a deal brokered by Sperry Van Ness. The 44-unit apartment building, built in 1928, sold for nearly $172,000 per unit, claimed to be a record for a brick building in the Echo Park market. The property includes 10 retail units.
HOLLYWOOD
Hollywood History: A 21-unit apartment building at 1760 El Cerrito Place has been sold for $4.2 million. The transaction was brokered by Marcus & Millichap Real Estate Investment Services. The complex was built in 1955 on a 13,382-square foot lot. It is comprised of a mix of singles, one- and two-bedroom units.
– WESTSIDE
WESTWOOD
Dough Time: British media last week reported that Gores Group was in discussions to acquire a stake in U.K. baker Hovis from owner Premier Foods. The London-based parent company was looking to shed assets as it struggles with debt incurred during an expansion spree and a pension deficit. Terms were not disclosed.
WEST LOS ANGELES
Asset Sale: Kilroy Realty Corp. sold a package of 13 office properties in San Diego for about $327 million. The transactions were closed earlier this month and in late December. The properties, which were 91 percent leased, totaled 1.1 million square feet. The company said it would use the proceeds from the sale to invest in other West Coast office properties.
BEVERLY HILLS
In Focus: RealD Inc. a provider of 3-D technologies to film exhibitors, said last week that December box office receipts for screens enabled with its technology would be about $289 million. Of that total, $113 million was attributed to domestic theaters, $176 million to those overseas. For the quarter ended Dec. 31, the company projected gross box office approximately $752 million on screens with its technology, compared with $643 million in the year-earlier period.
WESTCHESTER
Sprucing Up: The Los Angeles World Airports Board of Airport Commissioners awarded the joint venture of Myers & Sons Construction and J. Banicki Construction Inc. a $118 million contract for the construction of LAX’s Central Terminal Area Curbside Appeal Project. The project will improve the streetscape with LED street lighting, road improvements and canopies for Terminals 3 and 4. Construction is expected to begin in spring 2014 and completed next year.
– SOUTH BAY
WILMINGTON
Rail Fine: BNSF Railway entered a plea agreement with the Los Angeles City Attorney related to criminal charges stemming from its failure to report a hazardous spill near the Port of Los Angeles. BNSF pleaded no contest to charges it failed report a June 2012 release of a hazardous material and creating a public nuisance. It agreed to pay more than $140,000, including penalties, medical expenses and lost wages to the Port Police officer affected by the incident, reimbursement for costs borne by local agencies and a charitable contribution to the Cabrillo Marine Aquarium.
– Regional Report
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