Los Angeles
Chinese Developer to Spend $200M on 4.6-Acre Site in Downtown LA
The Los Angeles real estate investment community is abuzz with news of Oceanwide Real Estate Group’s pending acquisition of Fig Central, a 4.6-acre entitled development site located downtown, just across from Staples Center and the multibillion-dollar L.A. Live entertainment destination.
Los Angeles Hotels Trade Hands to Chinese Investors
Southern California seems to be the perfect hospitality market for Chinese investors as two recent hotel deals were made by different companies entering the city’s real estate market. Chinese real estate developer Hazens Investment completed the acquisition of the Sheraton Gateway Los Angeles Hotel for a fee of $96 million, while earlier this month the Torrance Marriott South Bay was acquired by the Sichuan Xinglida Group Enterprises Co. for $74 million.
Hines REIT Agrees to Purchase the Howard Hughes Center from Blackstone Group
With 2013 all but over, the Los Angeles real estate market looks set to end the year with a huge headliner as one of the largest office asset acquisitions that the city has seen this year is set to take place. The media has been buzzing over the past week with news that Hines Real Estate Investment Trust Inc. has agreed to purchase the Howard Hughes Center from current owner Blackstone Group LP for a fee of $506 million.
Hines REIT Agrees to Purchase the Howard Hughes Center from Blackstone Group
With 2013 all but over, the Los Angeles real estate market looks set to end the year with a huge headliner as one of the largest office asset acquisitions that the city has seen this year is set to take place. The media has been buzzing over the past week with news that Hines Real Estate Investment Trust Inc. has agreed to purchase the Howard Hughes Center from current owner Blackstone Group LP for a fee of $506 million.
One Santa Fe Tops Out—Transit-Oriented Community is Just One Year from Completion
One of the most high-profile mixed-use projects in the entire downtown area recently reached an important milestone recently as One Santa Fe topped out. The development constitutes a $160 million investment made by a joint venture between Goldman Sachs Urban Investment Group and McGregor, Cowley and Polis. Construction duties for the project are being carried out by local developer, Bernards.
Sears Building in Boyle Heights Trades Hands for $29 Million as New Owner Takes Charge of Redevelopment Hot Spot
One of downtown L.A.’s landmark buildings recently traded hands and is set for a change of direction for its use. The Sears Roebuck & Co building, one of the most high-profile structures in the entire Boyle Heights neighborhood, was purchased by residential developer Izek Shomof for a total fee of approximately $29 million. The building was previously owned by MJW Investments, an entity that has owned the asset for the past nine years. The property was previously the focal point of a massive redevelopment project that has since tanked.
Lincoln, Phoenix Property Company and Paragon Announce Six New Leases for Runway at Playa Vista
A trio of companies that are currently in charge of the development process for a major Los Angeles retail project recently announced a number of new leasing agreements. Lincoln Property Company, Phoenix Property Company and Paragon Commercial Group have agreed terms with six new tenants for space at their Runway at Playa Vista retail center, currently underway. The property’s tenant roster will add the names Chase Bank, Wells Fargo Bank, Lyfe Kitchen, Panini Café, Hopdoddy Burger Bar and Sol Cocina. According to the developers, an influx of fashion retailers signing leases at the Runway is expected in the near future.
Wood Partners Debuts Warner Park Luxury Community in San Fernando Valley
Wood Partners has recently opened one of its projects in the Los Angeles area, as the local residential market is about to see a steady flow of new units being added to the market. The developer is now done with its latest San Fernando Valley luxury project, an endeavor that has cost Wood Partners approximately $75 million.
G&L Realty Gets $264M Refi for Southern Calif. Medical Portfolios
US Bank provided Beverly Hills-based G&L with $176.5 million in financing for five medical office and retail properties in the Golden Triangle district of Beverly Hills, plus a $63.5 million loan for a portfolio of three medical office buildings in other major Southern California submarkets.
Hudson Pacific’s Element LA Development Signs Riot Games as Single Tenant in Blockbuster Deal
As the Californian office market heats up due to increased activity in the San Francisco Bay Area, but recently it was Southern Cali’s turn to grab the attention of the real estate industry. Hudson Pacific Properties announced this week that it had perfected a leasing agreement for the entire space at its in-development Element LA office campus. The company that has signed on as the single tenant for the creative office project is Riot Games INC., the developer and publisher of hit online game League of Legends. The agreement is the largest of its kind to be signed in Southern California in five years.