Month: July 2024

Two Westwood Village movie theaters that lit up their silver screens during the Great Depression will shut their doors. Regency Theatres will close the Regency Village Theatre, the landmark movie house also known as the Fox Village Theater at 945 Broxton Avenue, and the Regency Bruin Theatre at 848 Broxton Avenue, according to the Los…

Forget about an off season for the South Bay’s residential market. The regional market, about 20 miles south of downtown Los Angeles, accounted for last week’s two largest signed contracts, according to Eklund-Gomes’ weekly luxury residential report for L.A. County. The six-bed, nine-bath home at 934 1st Street in Manhattan Beach’s Hill Section neighborhood topped…

A Beverly Hills doctor wants to transform a commercial strip across from Cedars-Sinai Medical Center in Beverly Grove into a five-story apartment complex and medical office building. Dr. Peyman Banooni, an obstetrician-gynecologist affiliated with Cedars-Sinai, has filed plans to build the 18-unit apartment building and offices at 8620 West 3rd Street, Urbanize Los Angeles reported.…

A stalking-horse buyer has offered $500 million for the abandoned Oceanwide Plaza in Downtown Los Angeles. An unidentified Los Angeles developer is in talks to buy the trio of half-completed condo and hotel towers at 1101 South Flower Street, the Wall Street Journal reported. The parlay comes as the graffiti-covered plaza developed by Beijing-based China…

Rexford Industrial Realty knows something other industrial landlords may not: smaller boxes means fuller boxes. The Los Angeles-based real estate investment trust is weathering a national warehouse slump by focusing on smaller buildings that average 26,000 square feet, Bisnow reported, citing an earnings call. The numbers appear to say it all. In June, Rexford’s warehouse…

The City of Los Angeles has permitted far fewer homes this year, despite demand. From January through June, the city approved permits to build 5,208 homes, 18.9 percent fewer than the first half of last year, Urbanize Los Angeles reported, citing figures from a study by Hilgard Analytics and Zenith Economics. The decrease works out…

South Bay broker Bryn Stroyke represented the seller this week in Manhattan Beach’s priciest home sale. It’s his third time selling the beachfront property. Ty Bergman, co-founder of the Bergman Properties team at Equity Union Real Estate, represented the buyer in the $24.5 million sale of 1800 The Strand. Stroyke, co-founder and partner of Bayside…

Kingsbarn Realty Capital has sued its lender over a derailed $121.8 million acquisition of a Hollywood office property that’s leased to Kim Kardashian’s Skims clothing brand, The Real Deal has learned.   Las Vegas-based Kingsbarn, through an entity called KB Acquisitions, went into contract to buy 1601 Vine Street in December 2022, court documents show. The…

Brookfield Properties’ Gas Company Tower in Downtown Los Angeles is officially up for grabs. Lenders on the 52-story tower have scheduled a foreclosure auction for the property on Aug. 16, according to a notice of trustees’ sale filed with Los Angeles County earlier this week.  Citi Real Estate and Morgan Stanley, which held a $350…

Federal investigators will look into California Association of Realtors’ forms and contracts that a national consumer group calls “anti-consumer” and “unreadable.” The U.S. Justice Department has launched a “formal inquiry” into the trade group’s paperwork for home sales drafted ahead of a national real estate commission settlement slated to take effect next month, the Orange…