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Construction is booming in Los Angeles and throughout Southern California. Downtown towers are sprouting up left and right, a new $1.5 billion bridge spanning the mouth of the Los Angeles River at the Port of Long Beach is taking shape, and a $2.6 billion football stadium for the Los Angeles Rams broke ground last month in Inglewood. But a new report by the Los Angeles Economic Development Corp., “Building the Future: Construction in Southern California,” says the region still hasn’t fully recovered from the recession and that the construction industry faces a challenging regulatory environment and high costs.
Michael Ferro, chairman of L.A. Times owner tronc Inc., has purchased an additional 42,126 shares of stock in the company, according to a Nov. 28 filing with the Securities and Exchange Commission. The stock was acquired through Ferro’s investment vehicle, Merrick Venture Management Holdings, at an average cost of $12.93 a share for a total transaction of about $545,000.
Tax hikes could burn vaping shops, customers
Vaping businesses fear a new state tax will leave little breathing room for their profit margins.
Lincoln Property Co. and Rockwood Capital are diving into the South Bay office market with their purchase last week of a 355,000-square-foot office campus in El Segundo. The property - comprised of three office buildings and two retail properties - sold for $120 million, or roughly $338 a square foot, according to a source familiar with the deal. DivcoWest, the seller, declined to comment. Lincoln plans to spend millions on a year-long renovation, part of a plan to attract technology, media, and entertainment companies to fill the office space that is currently half empty, said Rob Kane, Lincoln’s senior vice president.
Cedars-Sinai snapped up a 24-story office tower on Wilshire Boulevard for $295 million this month, or nearly $646 a square foot. That makes it the priciest deal per square foot on Miracle Mile in at least the past decade, according to CoStar records. The seller was Morgan Stanley & Co., which had purchased the site in 2010 for $174 million, or about $380 a square foot. The seller was Morgan Stanley & Co., which had purchased the site in 2010 for $174 million, or about $380 a square foot.
Glendale-based Apollo Medical Holdings Inc. was the week’s biggest gainer, rising 29 percent to close at $4. Guidance Software Inc., the Pasadena investigative software company, also saw big gains, shooting up 24.9 percent to close the week at $6.81. The week’s biggest laggard was Commerce-based furniture maker Nova Lifestyle Inc., which sank 25.4 percent to close at $2.41.
Development struggles in part stoked by social media have Jerry Snyder strictly focused on entitled properties
Jerry Snyder talks L.A. development and why he’s no friend of social media.
A Look Ahead: What’s on the agenda for Los Angeles business in the coming week
While the Los Angeles Dodgers’ baseball season ended last month, the second season of the club’s three-month accelerator program is nearing its grand finale.
DEVELOPMENT: China’s Dalian Wanda OK with additional taxes, fees.
Chinese developer Dalian Wanda Group is poised to pay megabucks to the city of Beverly Hills in an unprecedented development deal for the construction of its elite condo-hotel project, One Beverly Hills.
Century City investment bank Houlihan Lokey Inc’s second quarter earnings report showed revenues were up 18 percent over the same period last year with the company bringing in $187 million in the second quarter.
REAL ESTATE: Property value may lie in residences.
Donald Trump is still looking for the green from his 2002 acquisition of an L.A. golf course.
INTERNET: Social Reality hires new CFO, turns to Kathy Ireland for advice.
Ad tech firm Social Reality boards Nasdaq on the back of acquisition-fueled growth.
John Visconti, former chief executive of Axium International Inc., was convicted on Tuesday of tax evasion, conspiracy to defraud the Internal Revenue Service, and filing a false tax return.
CEC Capital Group has reached a deal to acquire Santa Monica’s Siemer & Associates, a boutique advisory firm specializing in the media and technology space.