Los Angeles
NoHo Office Property Acquired by Kennedy Wilson Partnership
As the L.A. office market continues its climb from the depths of the recession, some investors are taking every opportunity made available to them. It was recently announced that Kennedy Wilson, an international real estate investment and services firm, acted as a partner in the acquisition of a North Hollywood office asset. The Beverly Hills-based investor provided $7.9 million of equity for the transaction which totaled $45 million. $30 million in financing was secured by the parties involved in the purchase from Pacific Western Bank.
Los Angeles Area Residential Properties Secure Loan Deals
Top financing firm Johnson Capital recently announced that it has provided deals for a seven-property multifamily portfolio, including mobile home parks, a few of which are located around Los Angeles. The national real estate capital advisory firm recently released a statement pointing out the fact that a total of $174 million had been arranged for the properties by representatives from its Phoenix, AZ office. Dave Susank and Neal Churney are the two Johnson employees handling the financing deals.
SummerHill Appoints Patrick S. Simons as Senior VP of New SoCal Division
The growing multifamily market of Southern California is prompting changes to companies and shifting strategies. To that effect, SummerHill Apartment Communities, a division of SummerHill Housing Group, has enlisted the talents of Patrick S. Simons, an industry veteran, to help with the company’s brand new SoCal division. The professional will become a new Senior Vice President with SummerHill, and will run the developer’s new Irvine office, located at 18401 Von Karman Avenue.
New Little Tokyo Apartment Community Breaks Ground as Downtown L.A. Continues Rise
With Koreatown communities in L.A. now moving and the submarket’s multifamily sector set for continuous growth, it is time to switch the focus shift to another community’s development endeavors, namely Little Tokyo. Residentinal developer SARES-REGIS Group recently announced that it has broken ground on a new mixed-use apartment development in the historic downtown community. The rental apartment complex was designed for SRG by TCA Architects, the company responsible for the six-acre master-planned community that the development is part of.
K2LA Luxury Development Selects Cobalt Construction for Second and Third Buildings
One of the largest luxury multifamily projects under development in Los Angeles now is the K2LA urban development. The project’s developer, Century West Partners, has recently announced that it has selected a company to handle the second and third phases of construction at the site. Cobalt Construction Company will take over the development of the second and third buildings located at 680 Berendo and 685 New Hampshire.
Shanghai Greenland to Buy Stake in M-U Downtown LA Project, Invest $1B
China-based Shanghai Greenland Group will acquire an interest in Metropolis from CalSTRS and invest $1 billion in the project, which is entitled for nearly 1.7 million square feet of mixed-use development.
TOD Starts & Stops
Although a broad coalition of stakeholders around the country embraces transit-focused development., such projects are by no means immune from criticism.
Live/Work Community in Studio City Secures Recapitalization Deal Worth $37 Million
One of the city’s strong points will always be linked to the film industry and that appeal is precisely what prompted Cahuenga Pass Development’s Universal Lofts project. The company recently completed a recapitalization on the project, secured by locally-based real estate investment banking firm, Dekel Capital. The company arranged for a total of $37.5 million in bridge and mezzanine debt for Cahuenga.
Kilroy’s Sunset Media Center Holds Major Tenant Nielsen Media Research, Adds FilmL.A. to Roster
L.A.’s office market continues to be driven by the entertainment industry as two companies have signed leases at the soon-to-be-renovated Sunset Media Center in Hollywood. Bought by real estate company Kilroy Realty Corp. at the end of 2012, the office building is set to receive extensive interior improvements as the new owner has from the outset stated its intention to raise the value and profile of one of the area’s largest office buildings. The last major renovation process to be carried out at the facility took place in 1987, 16 years after the building’s completion.
CalPERS Fund Buys LA-Area Buildings from Hines for $550M
TechCore, a fund managed by GI Partners, has purchased One Wilshire, a 30-story Class A telecom and office building in downtown Los Angeles, as well as three buildings in the L.A. suburb of El Segundo, for a total of $550 million.