Los Angeles Business Journal


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Veteran Developer Finds New Life in Old Properties

REAL ESTATE: Value-add office approach hailed as big plus by Nelson Rising.Developer Nelson Rising talks about his new passion: repositioning old buildings for office use.

By Hannah Miet November 30, 2015 midnight   $$ Share

Creative Office in Long Beach

Adler Realty Investments Inc. of Woodland Hills has sold a 210,281-square-foot office complex in Long Beach for $35.2 million to a joint venture that aims to convert it to a creative office space.

CityView Sells Properties it Bought ‘Opportunistically’

Westwood’s CityView announced Monday it has sold four multifamily properties in Los Angeles County that it acquired at deep discounts during the downturn. It did not say how much it had paid for the properties, but said it sold them for $141 million. The properties are located in Hollywood, North Hollywood, Covina and La Mirada.

In Quest to Go National, CBRE Acquires Retail Services Firm in Midwest

Downtown L.A. real estate giant CBRE Group Inc. is expanding its retail footprint in the Midwest.

El Segundo Office Property Trades at Premium

A fund formed by San Francisco real estate investment firm Roxborough Group and Santa Monica investment firm Montana Avenue Capital Partners has reeled in a big one.

UCLA Acquires Oxy’s Former Westwood Home

UCLA has purchased the former headquarters of Occidental Petroleum Corp., which relocated to Houston last year, for $92.5 million.

Capital Improvement as Finance Firm Signs Long-Term Lease

Capital Group Cos., one of downtown L.A.’s biggest tenants, made a commitment last month to stay at 400 S. Hope St. for 15 more years after its lease runs out in 2018.

New York Life Bets on Life in Culver City

New York Life Real Estate Investors has made a $131.3 million bet on Culver City.

New Lease Develops at Kodak Site in Hollywood

SIM Group, which provides services to the entertainment industry, signed a 10-year lease last month for 65,000 square feet at the Eastman Kodak Co. campus at 1017 N. Palmas Ave. in Hollywood. Sources said the lease is valued at almost $45 million.

Century National Properties Sells Calabasas Office for $24 Million

Adler Realty Investments Inc. of Woodland Hills has purchased a 100,000-square-foot office building in Calabasas for $24 million from Santa Monica’s Century National Properties Inc.

Lionstone Buys One Bunker Hill, Rising Realty Will Manage

After converting downtown L.A.’s historic PacMutual building into sought-after creative space and selling it for $200 million last month, Houston real estate investment firm Lionstone Investments and downtown developer Rising Realty Partners will soon be at work on another old building downtown.

Hakim Holdings Acquires Golden Triangle Site

Hakim Holdings has purchased a four-story, 61,000-square-foot Class B office building at 9350 Wilshire Blvd. in Beverly Hills. The firm shelled out $48 million late last month to Lexington Commercial Holdings for the property in the city’s famed Golden Triangle retail sector.

Molina Signs Large Lease in Downtown Long Beach

Long Beach’s fast-growing managed care provider Molina Healthcare Inc. recently signed a deal that will expand its footprint on its home turf.

Brewer Signs Massive Asuza Lease as Part of Expansion

Petaluma beer firm Lagunitas Brewing Co. has signed a 254,800-square-foot lease at 10th Street Center, a new three-building, 342,600-square-foot industrial business park on 21.6 acres on 10th Street in Azusa.

Investors See Upside in Purchase of Cerritos Office Building

A struggling Cerritos office property changed hands earlier this month for $30.5 million.

Sunny Hills Buys LAX Office for $61 Million

In the largest office building trade in the LAX submarket in over a decade, Sunny Hills Management Co. Inc. of West Covina has paid $61.3 million for the Airport Spectrum, a 500,000-square-foot Class A office campus that sits at the entrance to Los Angeles International Airport.