Month: January 2023

(Getty) The exodus out of California to other states has tapped the brakes. The number of outbound moving vans fell nearly 4 percent last year from 2021, but was still 55.7 percent of all trips, according to a study by the Orange County Register. The Register crunched annual migration reports from the Allied, Atlas and…

Compass’ Michael Franco with 1 Pelican Crest Drive (Google Maps, Compass) Orange County marked the New Year with the sale of a $30.6 million mansion in Newport Beach, or $14.4 million less than its original asking price. The seven-bedroom, 10-bathroom home sold on Jan. 4 at 1 Pelican Crest Drive in Newport Coast, the Orange…

Deutsche Bank’s Christian Sewing and Stan Kroenke with 6220 North Topanga Canyon Boulevard (Getty, Google Maps) Stan Kroenke’s purchase of The Village in Woodland Hills last month was funded by a $244 million acquisition loan from Deutsche Bank, The Real Deal has learned. The German bank provided the non-recourse, senior term loan to Missouri-based development…

A photo illustration of 9402 South Broadway (Getty, Morphosis) Archeon Group is poised to buy a city-owned lot in South Los Angeles to build 180 apartments tied to a grocery store. 94B, an affiliate of the Koreatown-based development and architecture firm, will buy the 2.8-acre property at 9402 South Broadway for an undisclosed price, Urbanize…

23816 Malibu Road in Malibu with Dean Factor (Google Maps, Getty) Dean Factor, a great-grandson of Hollywood cosmetics mogul Max Factor, has placed his home for sale with an asking price of $40 million. The main house and a detached guest house at at 23816 Malibu Road comprise six bedrooms and six bathrooms. The estate…

MGR Real Estate’s Michael G. Rademaker with 855 East Guasti Road (MGR, Getty) MGR Real Estate has bought a 147,700-square-foot office building in Ontario for $38.5 million. MGR, based in the city, bought the Ontario Airport Tower, a six-story building at 2855 East Guasti Road, the Inland Valley Daily Bulletin reported. The seller was undisclosed.…

19 Hughes Avenue, Irvine (Google Maps) EBS Realty Partners and a Connecticut investor have bought the former manufacturing campus for Teva Pharmaceuticals Industries in Irvine for $24 million. The Newport Beach-based commercial investor and Penwood Real Estate Investment Management bought the three industrial buildings at 19 Hughes Avenue, the Orange County Business Journal reported. The…

ApartmentList’s Rob Warnock (ApartmentList, Getty) The cost to rent a Los Angeles apartment dipped 1 percent in December, but that does not mean it’s becoming a cheaper city to live in, according to a research report from Apartment List, a San Francisco-headquartered rental listing site. The median rent in Los Angeles, for apartments of all…

USC President Carol Folt and a rendering of the expansion plans for the Boyle Heights health campus (LA City Planning, Twitter/@PresidentFolt) The University of Southern California is adding to its health sciences campus development push in Boyle Heights with plans for a new seven-story, $315 million building. The USC Discovery & Translational Hub, as the…

JPMorgan’s Jamie Dimon and Ratkovich Company’s Brian Saenger with 5950 Bowcroft Street (JPMorgan, LinkedIn, Google Maps, Getty) Cheap debt might be impossible to score, but companies are still managing to push through financing deals in a high interest rate environment. The Ratkovich Company and JPMorgan secured a $41 million loan on its recently purchased Culver…