Los Angeles
InterContinental to Occupy Korean Air’s $1.1B Wilshire Grand Skyscraper in LA
The 73-story, 1,100-foot-high Wilshire Grand hotel will be the tallest building in the Western U.S.
Rexford Industrial Acquires Fully Leased Industrial Property in San Fernando Valley for $30.5 Million
Southern California’s industrial market is clearly improving lately and Rexford Industrial Realty Inc. is also jumping on the bandwagon. The real estate investment trust recently announced the cash-funded acquisition of 9120 Mason Avenue in Chatsworth, CA for a reported fee of $30.5 million. The company specializes in owning and operating industrial properties located in SoCal infill markets.
Work Begins at Fountainview at Gonda Senior Living Community in Playa Vista
The latest Playa Vista retirement community is officially under construction as developer C.W. Driver has begun operations at the site of its Fountainview at Gonda Westside campus. The developer’s latest project will take shape on a 2.5 acre lot. The developer is looking to complete the 460,000-square-foot project by 2016. The project will be closely affiliated with the Los Angeles Jewish Home Organization.
Airport Distribution Center in Ontario, CA Acquired by Guthrie Development as Company Expands in Inland Empire
Airport Distribution Center in the City of Ontario, CA was recently snapped up in a deal that industry insiders estimate at around $20 million. The buyer was Guthrie Development Company, who along with a private equity partner acquired the industrial asset from Panattoni Development Company. The seller worked with a team from real estate brokerage firm CBRE during the transaction.
CLG Starts Work at its R3 Lofts Mixed-Use Project on Redwood
California Landmark Group recently announced that is has started construction on its Marina Arts District mixed-use project. The company is currently developing its R3 Lofts project, a $30 million venture that has a development deadline set for the spring of 2016. CLG is working on the site at 4091 Redwood Avenue, where it will develop a concept that combines a residential component and dedicated creative office space aimed at its residents.
Murdock Plaza Becomes Part of Tishman Speyer’s Office Portfolio
A West Los Angeles office asset recently traded hands as developer, operator and manager Tishman Speyer move to acquire the property known as Murdock Plaza. The new owner is most likely set to carry out a renovation process in order to update the asset located at 10900 Wilshire Boulevard. The financial terms of the transaction were not disclosed but real estate data provider PropertyShark.com has the property valued at approximately $85 million. However, industry estimates place the transaction value at around $120 million. Back in 2007, the property traded for a similar fee, having been acquired for $125 million.
Atlas Capital Leads Investor Group to Acquire L.A.’s EVOQ Properties
Affiliates of Atlas Capital, Square Mile Capital and USAA have announced plans to acquire EVOQ Properties. EVOQ’s holdings include more than two million square feet of rentable space and more than 13 acres of prime development land in Downtown Los Angeles.
Chinese Developer Wanda Group Continues Large-Scale Development Involvement with Winning Bid at 9900 Wilshire Site
Chinese developer Dalian Wanda Group recently announced that it will take charge of the coveted plot of land located at 9900 Wilshire Boulevard. The Beijing-based company beat out ten different competing entities from North America and Asia The company also announced plans for an investment amounting to approximately $1.2 billion for the site, with the company set to build a mixed-use development project.
Burbank Office Property Acquired by Granite Properties in $49 Million Deal
A Burbank office building was recently acquired by Granite Properties as the company expanded its SoCal office portfolio past the one million square feet mark. The buyer paid Legacy Partners Realty Fund I LLC a fee of $49 million for the asset located in the city’s Media District. Legacy Partners was represented by Kevin Shannon, Tom Bollinger and Michael Longo of CBRE, while Granite Properties was represented by its own employees, Paul Bennett and Tom Miller.
Rockefeller Group Acquires 236 KSF Office Portfolio in Beverly Hills
Rockefeller Group Investment Management Corp. has acquired UTA Plaza and The Ice House, a premier 236,000-square-foot portfolio on Civic Center Drive in Beverly Hills, Calif., from Tishman Speyer.