Month: February 2022

Dick Marconi and 39250 Ortega Highway in San Juan Capistrano (Marconi Museum, Berkshire Hathaway Home Services) A 1,225-acre ranch near San Juan Capistrano that includes Tuscan-style village and an animal preserve with giraffe, zebras and African antelope is on the market for $23 million. Dick Marconi–a co-founder of Herbalife, philanthropist and race car driver–is listing…

1350 North Western Avenue, Hollywood (Loopnet) Gemdale USA Corp. has sold a 75,600-square-foot Hollywood office building leased by Netflix and a parcel next door for $93 million. The Pasadena-based firm traded the 3.5-acre site at 1350 North Western Avenue to The Georgetown Co. of New York, the Commercial Observer reported. Newmark, which represented Gemdale, announced…

Frank Lloyd Wright and Richard Weintraub with the Freeman House at 1962 Glencoe Way, Hollywood Hills (Getty Images, Zillow, Wikipedia, WeintraubRE) The University of Southern California has sold a Frank Lloyd Wright house in the Hollywood Hills for $1.8 million with the condition that it be preserved. The Samuel and Harriet Freeman House (USC Architecture…

Hitch Ranch proposed site (Hitch Ranch) A major Ventura County housing project could soon take a step forward after beginning the environmental approvals process. The City of Moorpark, where the development would be located, published its Draft Environmental Impact Report on the project, known as Hitch Ranch, on February 18. A planning commission meeting over…

Peter Merlone and Bradley Geier of Merlone Geier Partners (Merlone Geier Partners, Google Maps) A local investor has bought a shopping center in Huntington Beach for $25.3 million. TN Investments, run by Thomas Thongvan Nguyen, bought the six-acre shopping center through a limited partnership called GWBC, property records show. JLL brokered and announced the deal…

Rendering of the proposed project at 2800 Casitas Avenue (Department of City Planning) Rexford Industrial Realty has paid $43 million for a 117,000-square-foot industrial building along the Los Angeles River in the Glassell Park, ending a bitter fight over a proposed housing project. The Sawtelle-based real estate investment trust purchased the property at 2800 Casitas…

William Witte and Dennis Cruzan with 21250 Hawthorne Boulevard (LoopNet, Cruzan, Adam Southard, iStock) Related Companies and its partner Cruzan have refinanced an office complex in Torrance, a signal that lenders are still willing to finance the still-sluggish sector. The firms scored a $59.2 million loan from the Teachers Insurance and Annuity Association of America,…

Rendering of 5057 North Klump Avenue (Ken Stockton Architects) Developers plan to bulldoze half-century-old apartments in North Hollywood and replace them with a new five-story multifamily complex. The proposal calls for tearing down a 28-unit North Hollywood apartment building at 5057 N. Klump Avenue dating from the early 1970s to build a 94-unit complex of…

Bold New York’s Jordan Sachs (iStock, Illustration by Kevin Cifuentes for The Real Deal) Jordan Sachs, the founder of residential brokerage Bold New York, has launched a boutique lending venture in Santa Monica, The Real Deal has learned. Sachs is one of founders of Sunday Capital, which specializes in multifamily loans ranging from $1 million…

(Los Angeles Conservancy, iStock/Illustration by Steven Dilakian for The Real Deal) Officials of the State of California have told counterparts with the City of Los Angeles to rezone to accomodate 255,000 new homes or risk losing billions in affordable housing grants. The state Department of Housing and Community Development has rejected the city’s previously submitted…