Month: November 2022

ServiceNow’s William “Bill” McDermott and 2431 Riviera Drive (Compass, Getty) The mystery buyer of a 10,000-square-foot beachside mansion in Laguna Beach for $43 million last year has been revealed. William “Bill” McDermott, CEO of ServiceNow and among the highest-paid tech executives in the nation, bought the home at 2431 Riviera Drive, Dirt.com reported. McDermott bought…

CIM’s Richard Ressler, Avi Shemesh and Shaul Kuba with rendering of 3022 South Western Avenue (CIM Group, Nadel Architects) CIM Group aims to build a 114-unit apartment complex in Jefferson Park, adding one more development to an extensive complex along South Western Avenue. The developer, based in Mid-Wilshire, has filed plans to build the mixed-use…

Kingsbarn’s Jeff Pori and Cruzan’s Dennis Cruzan and with 23332 Mill Creek Drive (Kingsbarn Real Estate Capital, Cruzan, LoopeNet) Cruzan’s first acquisition in Orange County didn’t go so well. The firm sold the 223,000-square-foot office complex in Laguna Hills for a loss this month, disposing of it for about $2 million less than what it…

Real Estate Development Associates’ Jason Krotts and Bill Goltermann; South Ontario Logistics Center, Euclid and Merrill Avenues, Ontario (Real Estate Development Associates, Getty) Real Estate Development Associates aims to build a 2.9 million-square-foot warehouse hub in the Inland Empire. The Newport Beach-based developer plans to construct the distribution warehouse campus at Euclid and Merrill avenues…

444 South Flower Street (Getty, Joe Collver/CC BY-SA 3.0/via Wikimedia Commons) A foreclosure auction for Coretrust’s 444 South Flower tower in Downtown L.A. has been delayed, The Real Deal has learned. Oaktree Capital, a mezzanine lender on the property, in September pursued a UCC foreclosure auction for equity interests in the tower, with an auction…

Prologis’ Hamid Moghadam and rendering of 1716 E. 7th Street (Prologis, Getty, Jackson Liles) Prologis, a global builder of industrial warehouses, wants to take a Downtown Los Angeles bus into Hollywood. The San Francisco-based developer has filed plans to redevelop a former Greyhound bus terminal into an 8.3-acre studio production campus at 1716 East 7th…

(Getty Images) Documentary filmmakers claim that a Los Angeles real estate developer described as a “bundler” of campaign donations with connections to now-U.S. Rep. Tony Cardenas (D-Calif.) and U.S. Sen. Alex Padilla (D-Calif), led a double life as a notorious and abusive director of hardcore porn. Mark Handel, a commercial and residential real estate developer,…

Developer Geoff Palmer with one of his properties (Getty, G.H. Palmer Associates)   A federal judge has dismissed billionaire developer Geoff Palmer’s lawsuit that challenged Los Angeles’ COVID-19 emergency eviction moratorium, the Los Angeles Times reported. The moratorium, which is still in effect, prohibits landlords from evicting tenants due to COVID-related nonpayment of rent, among…

(Getty; Illustration by The Real Deal) Rents have increased about 11 percent for a two-bedroom apartment in Los Angeles, according to a year-to-year index comparison by apartment listing site Zumper. Nationally, Los Angeles remained at its seventh place ranking in Zumper’s list of top 10 U.S. cities for priciest rentals. The index, released every month,…

Minnesota Vikingas owner Zygi Wilf and 5655 Lindero Canyon Road in Westlake Village, CA (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Nasch Properties) Zygi and Mark Wilf, the billionaire owners of NFL team Minnesota Vikings, bought an office complex in Westlake Village, a rare sign of activity in a slumping Los…