Month: October 2018

Empire State Building (Credit: iStock) Why have shares of real estate investment trusts failed to perform well recently? A mass offloading by Japan-based REITs may be the answer. In 2016, REIT funds based in Japan that targeted the United States held 7 percent of the U.S. REIT market, or $68 billion, according to the Wall…

(Credit: Wikimedia Commons) With less than a week to the elections, fundraising for and against Proposition 10 – which would repeal a state law that prohibits local rent control – has topped $100 million, making it one of the most expensive campaigns in state history. But its opponents have an overwhelming lead, outpacing funds in…

A CBRE office space (Credit: CBRE) CBRE is entering the co-working business. The brokerage announced on Wednesday that it is launching Hana, a subsidiary that will enter property management agreements with landlords to provide flexible office space to large corporate clients. In getting into the co-working business, the world’s largest real estate services company is…

The AES Power Plant in Redondo Beach (Credit: AES California, Getty Images) UPDATED, Oct. 31, 5:45 p.m: Leo Pustilnikov, a real estate investor, has emerged as the buyer of the contentious AES Power Plant site, closing the book on a years-long process.  Acting through an LLC named Next Century Power, Pustilnikov acquired two lots on…

3638 South Motor Avenue (Credit: Pixabay) A proposal to build a multifamily complex in the Palms neighborhood has been slightly revised following the passage of the Transit Oriented Communities program. An LLC named UB Motor, linked to Raffi Shirinian, a local Los Angeles-based investor, filed plans requesting approvals to build 62 units at 3638 South…

Opportunity Zones map, Somera Road Ian Ross Add Somera Road to the growing list of real estate investment groups seeking to raise millions of dollars to invest in distressed areas as part of a new federal program. Somera Road is looking to raise $500 million to invest in Opportunity Zones, and is in talks to…

A developer has proposed a 108-unit mixed-use project in place of this auto shop in Culver City. (Credit: iStock, Google Maps) Plans were filed today with the city of Los Angeles for a new mixed-use project with 108 residential units in Culver City. The building, which would be constructed at the site of an auto…

550 Seabreeze Hotel (Credit: iStock) In 2012, a trio of developers drew up plans to build a 12-story InterContinental hotel in Fort Lauderdale Beach. The Las Olas Ocean Resort would include a 12,000-square-foot restaurant from the management company behind Senior Frog’s. To fund the development, the ownership group tapped Bancorp Bank and later, dozens of…

HCL Corporation CEO Roshni Nadar Malhotra and Urban Fulfillment Services’ Westlake branch at 30870 Russell Ranch Road The Westlake branch of mortgage processing firm Urban Fulfillment Services LLC is shutting its doors, a possible symptom of the slowing housing market. The closure will result in the elimination of 85 jobs, including financial analysts, credit risk…

(Credit: iStock) U.S. home prices are continuing to lose steam. In August, annual home-price gains slid below 6 percent for the first time in a year, according to the S&P CoreLogic Case-Shiller Index. The index, which measures average home prices in major metro areas, reported a 5.8 percent year-over-year gain, compared with 6 percent in…