Month: February 2025

To lie or not to lie about $5,556-a-day in pay, that is the question between Los Angeles Mayor Karen Bass and Steve Soboroff, the city’s wildfire recovery czar. Soboroff, L.A.’s chief recovery officer, told a crowd at Harvard-Westlake School last week he was “lied to” by the mayor, who promised he’d be paid $500,000 by…

Culver City-based Primestor Development is getting ready to swing hammers in Los Angeles after raising $215 million to invest in new multifamily projects near public transit, The Real Deal has learned. Primestor closed its Urban Vision Fund I after bringing in $215 million from investors over the past two years, according to a spokesperson for…

Newport Beach-based firm JH Real Estate Partners bought Village Walk Center, a 133,000-square-foot mall in Pico Rivera, for $37.5 million, The Real Deal has learned. The deal for the property, with the addresses of 8500, 8540, 8580 Whittier Boulevard and 5005 Paramount Boulevard, closed on Feb. 10, according to a deed filed in Los Angeles…

A Lakewood developer wants to build a 222-unit apartment complex in Mid-Wilshire. A limited liability company led by Paul Tran has filed plans to build the eight-story building at 4201 West Pico Boulevard, Urbanize Los Angeles reported. It would replace some commercial storefronts. Plans by 4201 Pico Investment call for  222 studio, one-, and two-bedroom…

Beleaguered Forever 21 may not be forever–and it definitely does plan to close its headquarters in Downtown Los Angeles. The apparel retailer will shutter its share of a fashion hub at the California Market Center at 110 East 9th Street, in the Fashion District, the Torrance Daily Breeze and Bisnow reported, citing a regulatory filing…

More inventory is piling into Los Angeles County’s luxury market as dealmaking struggles to keep pace. Douglas Elliman’s Eklund Gomes team reported 100 new single-family listings added to the market last week as some industry watchers wait to see whether the trend shakes out to a full-blown buyer’s market. The seven-day period ended Feb. 23…

Blackstone has nabbed 93 shopping centers across the West Coast, including eight in Southern California, by acquiring the Retail Opportunity Investment Corporation for $4 billion. The New York-based investor acquired the San Diego-based real estate investment trust and its 10.5 million-square-foot portfolio of grocery-anchored shopping centers in Southern California, San Francisco, Seattle and Portland, the…

A new development firm backed by $40 billion in combined career volume and a portfolio at launch of $4 billion in real estate has launched. Redeavor enters the market offering development sales, advisory and capital services with a team hailing from s firms such as The Agency, Douglas Elliman, Official and ST Residential. The firm’s…

Gov. Gavin Newsom wants Uncle Sam to shower Los Angeles County with another $39.7 billion in fire disaster relief, while allies to President Donald Trump want strings attached to the funds, including one who wants to deflate a public body that makes crucial real estate development decisions for valuable coastland.  The governor has asked Congress…

Snarled traffic and lunch at Mike’s Deli on First Street were once par for the course for some 48,000 municipal employees clustered around the Civic Center in Downtown Los Angeles. That all changed when the city went on lockdown five years ago. A citywide remote work policy remains elusive for the country’s second-largest municipal workforce.…