Month: August 2024

Southern California Affordable Housing wants to build a 148-unit complex in Westlake, across from MacArthur Park. The Rancho Cucamonga-based nonprofit developer, doing business as SCAH-LA, has filed plans to build the eight-story building at 2400 West 7th Street, across from the southwest corner of the park, Urbanize Los Angeles reported. It would replace a corner…

Dune Drifter, a new hospitality firm with ties to the Marriott family, has bought the Pacific Edge Hotel in Laguna Beach for $80 million. The Century City-based firm led by Cramer Williams bought the 125-room, beachfront hotel at 647 South Coast Highway, the Orange County Business Journal reported. The seller of the Mid-Century hotel was…

Official, the two-year-old brokerage thrown into chaos after claims of rape and sexual assault against two of its co-founders, has lost the last agents from its Los Angeles and broader Southern California footprint.  The Watson Salari Group is decamping for The Beverly Hills Estates, brokers Brent Watson and Marco Salari confirmed to The Real Deal.…

Silicon2 has picked up two office and industrial buildings in Buena Park for $53.3 million, or $12.3 million more than they traded for two years ago. The South Korea-based distributor of K-Beauty cosmetics with a West Coast hub in Santa Fe Springs bought the two-building complex at 5530 Beach Boulevard and 5609 River Way, the…

A Malibu Cove Colony property tops last week’s list of the largest residential contracts signed in Los Angeles County. That’s the word from the Eklund Weekly Luxury Report LA, which tallied contracts signed on listings above $4 million within the county between Aug. 5 and Aug. 11. The four-bed, three-bath home at 26940 Malibu Cove…

James Kohlberg, chairman of KKR, has drawn a line in the sand across Malibu’s Broad Beach against its alleged theft by neighbor Mark Attanasio, owner of the Milwaukee Brewers. Kohlberg, son of the late private equity firm co-founder Jerome Kohlberg, has accused Attanasio in a lawsuit of stealing beachfront sand near his house at an…

A California legislator has proposed a law that would limit contracts between homebuyers and their brokers to about 90 days. Assemblywoman Stephanie Nguyen, D-Elk Grove, has introduced a bill to limit homebuyer-agent contracts required under the National Association of Realtors legal settlement to three months, the Orange County Register reported. If Assembly Bill 2992 passes,…

The losses at Hudson Pacific Properties are adding up.  The Los Angeles-based office and studio investor reported a loss of $47 million in the second quarter, marking its 13th quarter of consecutive net losses, according to financial filings and an earnings release last week.  The firm’s second-quarter losses were down from the $52 million net…

A housing developer from the San Francisco Bay Area has spent $87.3 million for an apartment complex in Monrovia.  SCS Development bought the Paragon at Old Town apartments in a deal that closed late last month, according to property records filed with Los Angeles County. Marcus & Millichap’s Institutional Property Advisors brokered the deal and…

Related California has moved forward with plans to replace a shopping center in Santa Ana with an urban retail village with nearly 4,000 homes north of South Coast Plaza. The Santa Ana Planning Commission will consider plans by the Irvine-based developer to redevelop the Metro Town Square at 3694 South Plaza Drive, Urbanize Los Angeles…