Month: August 2024

Downtown Crenshaw Rising, a South Los Angeles group, has filed a lawsuit over its failed $115 million bid for the Baldwin Hills Crenshaw Plaza in 2021, claiming that Deutsche Bank arm DWS Group “demonstrated a preference” for White buyers. In a complaint filed on Aug. 26, Downtown Crenshaw Rising, along with an organization called Members…

RCB Equities and Real Estate Development Associates have secured a $115 million loan to buy the struggling Puente Hills Mall in City of Industry in a redevelopment play. The Mid-Wilshire- and Newport Beach-based investors landed the financing to acquire the nearly 1.2 million-square-foot indoor mall at 1600 South Azusa Avenue, the Commercial Observer and Commercial…

Lendlease and Aware Super have snagged $316 million in construction financing for a mixed-use project containing 260 luxury apartments in Baldwin Hills. The Australia-based developer and pension fund secured the loan for Habitat, a 461,000-square-foot, two-building project at 3401 South La Cienega Boulevard, the Commercial Observer reported. It would replace a 3.5-acre storage facility.  Barings…

SHB wants to build a 298-unit affordable housing complex in North Hollywood. The locally based developer led by Stephen Shishikyan has filed plans to build the eight-story apartment building at 12001 Victory Boulevard, Urbanize Los Angeles reported. It would replace a commercial building housing the Lilit Bakery Cafe. Plans for the apartment complex east of…

Philanthropist Dr. Gary Michelson has pledged $120 million to found a medical institute, the anchor tenant at a UCLA research campus carved from the former Westside Pavilion in West L.A. The billionaire surgeon-inventor and his wife, Alya, awarded the funds for the California Institute for Immunology and Immunotherapy at the UCLA Research Park at 10800…

Josh Altman is beyond bullish on Orange County. The co-founder of Douglas Elliman’s The Altman Brothers Team sees big potential nearly 60 miles south of where he and his brother opened their first standalone office on Robertson Boulevard in Los Angeles. This week the Altman Brothers debuted their permanent Corona del Mar flagship, which Altman…

Voyant Beauty has inked a deal for three industrial warehouses in Chatsworth. The Chicago-based cosmetics firm leased the buildings with a combined 180,000 square feet at the Rexford Mason Business Center at 9200-9250 Mason Avenue, the Commercial Observer reported. Brokers Erica Balin and Scott Caswell of Lee & Associates represented Voyant in the lease. Terms…

Silver Creek Development has received a green light to redevelop the famous Viper Room nightclub in West Hollywood with an 11-story hotel and apartment highrise. The Scottsdale, Arizona-based developer led by Franck Ruimy was approved by the West Hollywood City Council to build the tower on a block-long site at 8850 Sunset Boulevard, Urbanize Los…

A 3.5-acre equestrian estate overlooking the Back Bay in Newport Beach has sold for $22.85 million. Buck Johns, a major donor to the Republican Party, sold the 6,900-square-foot home at 2600 Mesa Drive, in Santa Ana Heights, the Orange County Business Journal reported. The buyer was undisclosed. The deal set a home sale record for…

C.J. Segerstrom & Sons will tear down an aging office park in Santa Ana to build a 313,000-square-foot industrial campus. The Costa Mesa-based investor owned by the Segerstrom family was approved by the Santa Ana City Council to build the three-building industrial complex at 3100, 3110 and 3120 West Lake Center Drive, the Orange County…