Category: Uncategorized

Prime Residential just plunked down more than $50 million for an apartment complex near Los Angeles’ Museum Row.  The San Francisco-based multifamily owner and operator acquired the 134-unit Palm Court Apartments at 740 South Burnside Avenue for $51.3 million, or roughly $388,000 per unit, Commercial Observer reported. An affiliate of Studio City-based Harrison Properties was…

Mosaic, a six-building retail property in downtown Long Beach, has traded for $30 million.  Mosaic Promenade Holdings LLC, an entity tied to Los Angeles investor Homan Siman, bought the roughly 148,400-square-foot portfolio from Turnbridge Equities, Waterford Property Company and Monument Square Investment Group, L.A. Business First reported. The deal works out to about $202 per…

As the impacts of Measure ULA continue to impact Los Angeles real estate, new strategies to avoid the property transfer tax are emerging — including luxury homeowners choosing extensive remodels over selling. While this can mean more business for contractors, brokers are feeling clients’ hesitancy to ink deals. Oren Levy — founder of Gesh Group,…

Elysian Housing and Capstone Equities are planning to build a new affordable housing development in Woodland Hills.  Los Angeles-based Elysian Housing and New York-based Capstone Equities purchased 21155 Califa Street, L.A. Business First reported. A one-story, 35,000-square-foot commercial building at the site would be demolished to make way for more than 300 units of income-restricted…

The leafy inner-city enclave of Hancock Park was home to the priciest residential contract in Los Angeles County last week.  The mansion at 344 South Hudson Avenue which has a $16.5 million asking price topped all other homes that went into contract — based on a report compiled by Marcy Roth of Douglas Elliman’s Eklund…

After an hours-long confirmation hearing and a lengthy break that got the lawyers on the same page, a federal bankruptcy court appears ready to confirm the sale of Oceanwide Plaza.  The City of Los Angeles earlier today pulled its May objection to the KPC-Lendlease JV’s proposed $470 million purchase of Oceanwide Plaza — the three-tower,…

The onetime Calabasas home of Stevie Wonder is back on the market for a notably lower price than when it first came up for sale.  The 3-acre estate at 5192 Parkway Calabasas is available for purchase for $9.7 million, Mansion Global reported. Wonder and his ex-wife Kai Milla-Morris lived there from when they purchased the…

Investment in Southern California retail properties is on the rise in the region despite less retail space selling overall.  In the first six months of the year, retail investment in Southern California reached more than $3.5 billion in Los Angeles, Orange and Ventura counties and in the Inland Empire, Commercial Observer reported. The new figure…

Caruso is suing an old the Commons at Calabasas tenant.  Rick Caruso’s outfit claims the tenant, which appears to be Fresh Brothers, a pizza place, didn’t pay its rent and owes $38,000. The shop’s lease expired, and it moved out — but Caruso still wants his money, plus interest, attorney fees, cost of suit and…

Los Angeles’ residential real estate scene experienced a big shake up this week that appears to have left legendary brokerage Hilton & Hyland under the Keller Williams umbrella. Based on records from the California Department of Real Estate, 16 of the firm’s remaining 17 agents now have their licenses under Forward Sunset Inc., also known…