Los Angeles
Western National Nabs 496-Unit Suburban LA M-F for $100M
Western National Realty Advisors wraps up acquisitions under its $200 million Western National Realty Fund II with the purchase of Ironwood and Fairway Palms, a sprawling 496-unit apartment compound in the suburban Los Angeles town of Rancho Cucamonga.
Woodbridge Capital Partners, Oaktree Capital Management to Redevelop Century Plaza Hotel
The project calls for a two-tower residential complex that will also feature a 100,000 square-foot plaza featuring retail space and dining area. Two acres of land would be transformed into public open space that would feature fountains and courtyards. Pei Cobb Freed’s project designs also include the restoration of Century Plaza Hotel’s iconic arched building, the end result being transformed into a building that would feature 394 hotel rooms and 63 high-end residential units.
George Smith Partners Secures $185M in Financing for Retail Portfolio
DJM Partners has refinanced a four-property retail portfolio in Southern California with $185 million in financing arranged by the Los Angeles-based real estate investment banking firm George Smith Partners.
Mixed-Use Development Announced for Palms Neighborhood
L.A.’s Palms submarket has seen its fair share of turmoil but important changes are slated for the Westside neighborhood after a recent report announces a new mixed-use development. Frost/Chaddock Developers has announced that work has commenced at its $30 million Palms apartment community that will use the proximity of a planned Expo Line light-rail station as its hook. The Expo Line is a Los Angeles County Metro Rail line between Santa Monica and L.A.’s downtown area. Frost/Chaddock’s new residential complex has a construction deadline set for May 2014.
AIMCO Breaks Ground on $140M M-F Redevelopment in LA’s Trendy Venice Neighborhood
Lincoln Place, the largest garden-style apartment complex in the Los Angeles beach community of Venice, is about to get the facelift of a lifetime.
$2B Century Plaza Project Wins Unanimous Vote of LA City Council
With the final approval of the Los Angeles City Council secured, Next Century Associates is moving forward with its $2 billion plan to redevelop the historic Hyatt Regency Century Plaza Hotel and build two 46-story residential towers as part of a 1.5 million-square-foot mixed-use project.
Hines Lines Up Transit-Oriented Multifamily Development in Pasadena After Completing Land Deal
A new multifamily development is set to take shape in Pasadena after international real estate firm Hines recently announced that it has acquired a patch of land on which it intends to develop a residential community. The company will develop a for-rent residential complex in a submarket that it has deemed one of the strongest for such projects in Southern California. Handling the development process will be Hines’ Multifamily Division, and entity created back in 2011 in order to better manage and develop the company’s multifamily assets.
Related Breaks Ground on $120M Downtown LA Project
Related California has broken ground on a $120 million, 19-story, 271-unit apartment building in downtown Los Angeles’ Grand Avenue Project.
Caruso Targets a Host of Properties in Central Pacific Palisades for Renovation and Rebranding
The central properties seem to have cost Caruso a total amount in the $40-$50 million range. However, the financial terms of the transaction were not disclosed to the media and an accurate number is currently not available. Most of the properties are currently tenant-free and are 50-60 years old, making them perfect for a complete overhaul. The Times points out that even the tenants in place have clauses in their short-term contracts that stipulate that the owner has the right to modify the property and redevelop the site. Continue reading →
Culver City Creative Office Campus Development Breaks Ground
A new Culver City office campus officially broke ground recently when developer Hackman Capital Partners LLC kicked off the construction of its WorkScapes at the Hayden Tract facility. The project includes the renovation and conversion of three different industrial buildings, operation for which the company has also recently secured a senior loan from Deutsche Bank. The space will be turned into creative offices that would match current market standards for facilities in the Westside. Continue reading →