Los Angeles Business Journal

LA REAL ESTATE

Recent and archived news stories on: Apartments, Architecture, Brokers, Construction, Housing, Mortgages, Offices, Property Management, Realtors...
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American Realty Advisors Acquires Millennium Del Rey

Glendale real estate investment management company American Realty Advisors has acquired the Millennium Del Rey, a 196-unit apartment community in Playa del Rey, in a deal valued at nearly $100 million.

Stinking Rose Site Sold, May Bloom Anew

The site housing Beverly Hills’ famed Stinking Rose restaurant might bloom into something bigger.

Big Law, Big Lease

While the theme struck in downtown Los Angeles has been that most professional firms are contracting and putting more space back on the market, one firm is bucking the trend.

Home Sales Up

Southern California home sales inched up to a five-year high for September as prices have begun to stabilize, according to a report released Monday.

Large Inglewood Residential Redevelopment Moving Ahead

When Inglewood announced last week that it had chosen five developers to compete for a bid to build a transit-oriented project near the site of a future Metro light-rail stop, it put a big emphasis on housing.

Downtown’s Aon Tower Sold to San Francisco Firm

San Francisco’s Shorenstein Properties, a private real estate investment firm and fund sponsor confirmed on Friday the purchase of the Aon Center in downtown Los Angeles for $270 million. The 1.1 million square-foot tower at 707 Wilshire Boulevard is the second tallest building in Los Angeles.

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Feds Take Malibu Mansion, Michael Jackson Memorabilia From African Kleptocrat

The Second Vice President of the Republic of Equatorial Guinea, Teodoro Nguema Obiang Mangue, has agreed to forfeit his Malibu Mansion and other assets purchased with corruption proceeds as part of a settlement with the Department of Justice. The settlement forces him to relinquish assets worth an estimated $30 million and prevents him from hiding other stolen money in the United States.

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Chinese Investors Pay Premium for Pasadena Office

A private investor group from China last week paid a premium to buy a 90-year-old Pasadena office property in the city’s historic Old Pasadena district.

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Canadian Developer Flips Venice Apts for $18 Million

The recently completed 19-unit multifamily property at 13365 W. Washington Blvd. in Venice, known as Landmark 19, was sold to a pair of undisclosed investors out of Beverly Hills. The partners bought the 30,500-square-foot building from Canadian developer Bastion Development Corp., which had marketed the property for just shy of $18 million, or nearly $950,000 a unit.

‘Uniformly Flat’ L.A. Skyline Could Take Different Shape

Los Angeles will no longer require tall buildings in the city to have flat roofs and helipads, a change that means the city’s skyline could one day include the kind of narrow tops and grand spires seen in other big cities.

Deal Price for Tower Takes Elevator to Top Floor

In one of the priciest downtown L.A. office deals since the recession, real estate investment management company Cornerstone Real Estate Advisers has negotiated to buy the tower at 801 S. Figueroa St. for about $175 million, according to sources familiar with the transaction.

Santa Monica Apartment Building Trades at Peak Price

A 60-unit apartment complex just five blocks from the beach in Santa Monica sold recently for $26.5 million, or nearly $442,000 a unit.

With Delays, KB Homes Earnings Fall Short

KB Home shares fell in midday trading after the company announced a decline in home sales and quarterly results that fell well short of analysts’ expectations.

Zealot Networks Leases Former Ray Bradbury Home

Danny Zappin, co-founder and former chief executive of Maker Studios Inc., has cinched coveted creative space in Venice for a fledgling digital media studio.

Sunset Complex Sells for Big Bucks

A Sunset Boulevard apartment building with 183 units has sold for $92.7 million, about $507,000 a unit.