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Updated: 13 hours 12 min ago

L.A. Officials ‘Thrilled’ by Amazon HQ2 Short List

Wed, 01/17/2018 - 10:39pm
By: Karen Jordan and Jacquelyn Ryan Los Angeles stakeholders and officials are optimistic about news this morning that the county has made the short list for the possible home of Amazon’s second headquarters in North America. It is the only l

Culver City Brings All The Tech To The Yard

Wed, 01/17/2018 - 4:29am
Move over, Hollywood. Culver City is L.A.’s new hot spot for tech and entertainment real estate. Only months after landing the highly-coveted, quarter-of-a-million-square-foot lease for Amazon Studios, Culver City has also snagged Apple, Inc.’s music and content divisions. The Cupertino-based iPhone maker has signed for more than 200,000 square feet of office space at two locations in Culver City, according to sources familiar with the deals...

Calmwater Capital Completes Final $636 Million Closing on Third Fund

Tue, 01/16/2018 - 8:39pm
Calmwater Capital, a leading national direct commercial real estate lender, held final closing of its third fund, U.S. Real Estate Credit Fund III, with $636 million in total commitments. Similar to its two prior funds, Los Angeles-based Calmwater said it is focusing the fund on originating $5 million to $50 million senior loans for "fundamentally sound assets, but where the financing requires a sense of urgency or complexity and the potential...

Strong Housing Demand Attracting Apt. Developer Interest in LA's Koreatown

Tue, 01/16/2018 - 12:10am
More multifamily construction is headed to Koreatown, with Jamison acquiring a development site at 8th and Harvard and CGI Strategies starting construction on a 121-unit apartment community at 269 S. Mariposa Ave. Jamison, which manages a diversified Southern California real estate portfolio of about 18 million square feet of CRE, acquired the assemblage of parcels at the corner of 8th Street and Harvard from a private investor for $14 million...

Third Street Promenade’s Adidas Building Sells for $30.3 Million

Thu, 01/11/2018 - 7:18pm
More creative office space may be heading to the Third Street Promenade after a joint venture of two Beverly Hills investors bought the Adidas and Burn Fitness building on the popular Santa Monica shopping street for $30.3 million. The buyers, Golden West Properties and Starpoint Properties, bought the 30,450-square-foot building at 1231-1233 Third St. Promenade from private family-operated San Diego Promenade Investors LLC. The sale, at $995...

NAI Capital Names New President, CEO

Wed, 01/10/2018 - 11:39pm
Eric Hasserjian has joined NAI Capital Management as president and CEO. The former managing director of asset services at CBRE, Inc. will be based in NAI Capital’s West Los Angeles office. Hasserjian, who has three decades of industry experience, will lead the agency’s leasing in Southern California. NAI Capital’s headquarters is in Encino, CA. The full-service property management firm offers property owners property management and value...

New Building For Sale at Highest Price Ever in Playa del Rey

Wed, 01/10/2018 - 5:39pm
Playa del Rey's newest office building, a 10,000-square-foot creative office compound with floor-to-ceiling windows and balconies with views of the wetlands, is about to be put up for sale at a price never seen in this tiny, supply-constrained office submarket. Known as the Strand Offices, the three-year-old property at 311-315 Culver Blvd., will go on the market this week with an asking price of $13.5 million, or $1,350 a square foot, according...

Department of Public Social Services Renews Lease for 24,000 SF in Sun Valley

Wed, 01/10/2018 - 12:23am
The Department of Public Social Services of Los Angeles renewed its lease for 24,780 square feet in the Glenoaks Business Park office building located at 9188 Glenoaks Blvd. in Sun Valley, CA. The tenant will occupy the entire two-story building, which was originally constructed in 1985 on 3.8 acres in the Eastern SFV submarket of Los Angeles County. Jackie Benavidez, Matt Dierckman, David Harding, Greg Geraci and Billy Walk with CBRE represented...

Los Angeles Ties for Top US City for Foreign Investment

Tue, 01/09/2018 - 12:52am
For the first time ever, Los Angeles has tied New York as the top city for foreign investment in the United States, according to a new survey published this week by the Association of Foreign Investors in Real Estate (AFIRE). It is a notable jump up from last year when Los Angeles came in second behind New York. The Big Apple has held a substantial lead over Los Angeles for the last seven years, but in 2016, following an influx of investment...

CBRE Global Investors Acquires Irvine Office Bldg for $120 Million

Mon, 01/08/2018 - 11:44pm
Downtown Los Angeles-based CBRE Global Investors scooped up 2600 Michelson Dr., a 16-story office building in Irvine, CA, for $120 million, or about $390 per square foot, from Ocean West Capital Partners and Dune Real Estate LLC in a sale that shows what a hot market Irvine has become. The 16-story, 311,000-square-foot, 4-Star office property is 99 percent occupied with major tenants including Zillow, Premier Business Centers, Jacobs Engineering...

New Affordable Housing Projects On the Horizon in 2018

Mon, 01/08/2018 - 10:21pm
Affordable housing is expected to get a boost this new year with the expected groundbreaking of eight affordable housing projects as a result of funding form Measure HHH. The legislation, which stands for the Homelessness Reduction and Prevention, Housing and Facilities Bond, passed in November 2016 and is designed to help pay for housing for those who are homeless. A total of nine projects have been awarded funding through Measure HHH so far...

Former Playboy Campus in Atwater Village Sells for $31M

Mon, 01/08/2018 - 2:24am
The U.S. arm of Hong Kong-based private equity firm Gaw Capital Partners bought the former Playboy production studio campus known as 3030 Studios in Atwater Village last month in a deal that highlights the growing strength of L.A.’s production studio market. Austin-based private investment firm World Class Capital Group sold the 107,875-square-foot studio campus at 3030 Andrita St. in Los Angeles for $31 million in December, three months after...

Planet Fitness Leases 19,000 SF in San Dimas

Mon, 01/08/2018 - 1:04am
Planet Fitness, a nationwide fitness center, signed a 10-year lease for 18,561 square feet in the retail building at 601 W. Arrow Hwy in San Dimas, CA. The 76,998-square-foot retail building is in the San Dimas Station North submarket and was delivered in 1986. Planet Fitness will be located on the first floor along with retail shops including Boot Barn and Red Robin. Lauren Dressler of Oak Place Partners, Inc. represented Planet Fitness...

Once Stalled Gehry-Designed Santa Monica Tower Being Revived

Fri, 01/05/2018 - 1:05am
A proposed Frank Gehry-designed tower on Santa Monica's Ocean Avenue has been brought back to life at a dramatically reduced size. Developer Jeff Worthe unveiled new renderings and plans for the two-acre site at the corner of Ocean Avenue and Santa Monica Boulevard near the Santa Monica Pier this week that decreases the largest tower to 12 stories from 22 stories. The redesigned project includes 79 apartments, a museum, restaurants and shops as...

Deals for Two Yucca Street Properties Underscore Investor Interest in Hollywood

Wed, 01/03/2018 - 10:27pm
In the latest examples of investor interest in the Hollywood market, a deal that was four years in the making for the sale of a development site closed Thursday, while a historic apartment property down the street also sold in a separate transaction for $32.2 million. WL Yucca Argyle Owner A, LLC, a subsidiary of West Los Angeles developer Champion Real Estate Co., purchased 6220 Yucca St. for $17 million from a family in Burbank. The company...

West Hollywood Multifamily Portfolio Sells for First Time in Decades

Tue, 01/02/2018 - 11:22pm
Private investors have sold a two-building, 42-unit portfolio in West Hollywood, CA for $15.15 million. The first transaction involved the sale of a 12-unit property at 1114 N. Kings Rd. for $341,000 per unit in an all-cash deal to a Japanese buyer. A 30-unit property at 7705 Hampton Ave., traded for $368,000 per unit to a local investor. The portfolio had not been on the market in more than 30 years, and attracted multiple bidders, according...

Terreno Realty Corporation Pays $37.6M for Gardena Industrial

Tue, 01/02/2018 - 9:46pm
Terreno Realty Corporation acquired the 231,000-square-foot industrial building at 1855 W. 139th St. in Gardena, CA from Zeiden Properties LLC for $37.6 million, or about $163 per square foot. The property is comprised of two buildings, built in 2003, and is equipped with 24 dock-high doors and three grade-level doors. There is parking for 163 cars. Both parties handled the direct sale in-house. Please see CoStar COMPS #4084453 for more information...

Why California Industrial Market Is 'On Fire'

Wed, 12/27/2017 - 9:06pm
With the new year will come new rules, among them the legalized selling of marijuana in the state of California. Jan. 1 marks the statewide legalization date for marijuana. However, the city of Los Angeles will not begin accepting applications from cannabis businesses until Wednesday, Jan. 3, and is reportedly behind in processing permits. While many are still learning the laws and permitting that are involved with cannabis sales, it is mandatory...

Why Industrial Is 'On Fire'

Wed, 12/27/2017 - 9:06pm
With the new year will come new rules, among them the legalized selling of marijuana. Jan. 1 marks the statewide legalization date for marijuana. However, the city of Los Angeles will not begin accepting applications from cannabis businesses until Wednesday, Jan. 3, and is reportedly behind in processing permits. While many are still learning the laws and permitting that are involved with cannabis sales, it is mandatory for cannabis businesses...

In Rare Trade, Union Bank of California Building Under Contract to CIM Group

Wed, 12/27/2017 - 1:00am
Another week and another big sale pending in Beverly Hills as the CIM Group has agreed to buy the Union Bank of California Building at 9460 Wilshire Blvd. CIM has placed the building under contract and the sale is expected to close in the first quarter of 2018. The nine-story, Class A building includes nearly 100,000 square feet of office space with 30,000 square feet of ground-floor retail. The building, which occupies a prime location one block...