Month: January 2019

(Credit: Pixabay) A state audit has revealed California has been undercharging private users of state-funded veterans facilities, thus denying veterans programs money owed to them. The California Department of Veterans Affairs, which oversees eight residential facilities, and the Department of General Services, allegedly entered into long-term agreements with third parties — which included theaters, museums…

DaVita CEO Kent Thiry and an aerial shot of 1237 East Main Street A new dialysis clinic in Alhambra has sold for $15 million, showing the strength of a niche market catering to the chronically ill. The seller was an Alabama-based developer named B2 Partners (pronounced “B-squared”), which bought the block-through site at 1237 E.…

CBRE’s Daniel Rainer and the Water Garden in Santa Monica:  Spaces is eating up more office square footage in Los Angeles. The coworking firm, which is owned by International Workplace Group, signed a 10-year lease for 69,200 square feet at the Water Garden office campus in Santa Monica, adding to its rapid expansion in the…

LA Mayor Eric Garcetti (Credit: Nikki Ritcher, and Wikipedia) The field of candidates for the 2020 Presidential election looks to be widening, but Los Angeles Mayor Eric Garcetti says he won’t join the fray. The 47-year-old said at a news conference on Tuesday that he will not run for the highest office in the nation, following…

From left: 5959 Randolph Street, a rendering of the Torrance project, and 5300 Sheila Street Los Angeles’ industrial market cooled down in the latter half of 2018 due to limited available space and nervousness about the cycle coming to an end, according to a new report. The plateauing concluded a year in which investors preyed…

10.6-acre plot in Bel Air Another large chunk of land seeking a record sale has hit the Los Angeles property market. A 10.6-acre spread overlooking the swanky Hotel Bel Air is listing for $150 million, according to Bloomberg. The property covers three lots, each with permits to build a 60,000-square-foot home on them, the news…

(Credit: iStock) Small-time real estate investors are being blocked from a tax break that was originally meant to benefit them. The Treasury Department recently released final rules detailing how owners of businesses including limited liability companies can receive a deduction of up to 20 percent, according to Bloomberg. The law, which was part of 2017…

Crystal Hefner and Christian Dumontet (Credit: Ernst and Young) The co-founder of a startup acquired by food delivery giant Grubhub has a new pad in the Hollywood Hills. Christian Dumontet purchased the home of Crystal Hefner, widow of Playboy founder Hugh Hefner, for $5 million. Hefner did not make a profit on the sale. Her…

Robert Reffkin (Credit: InsideHook) After a nationwide expansion spree last year, Compass is taking a breather. The brokerage won’t enter any new markets in 2019, according to Inman. CEO Robert Reffkin said the company will instead be focusing on hiring and growth in its current markets. “For us, this year, we don’t want to spread…

Top row: The Maling Barnes team Bottom Row, from left: Eric Roseman, John McMillan, and Jim Linn An investment sales team has jumped ship from Colliers International to Avison Young. The Maling-Barnes team, comprised of brothers Chris and David Maling and Patrick Barnes, have joined Avison Young as principals of its Downtown Los Angeles office.…