Martin family shops stake in massive West L.A. development
When the Martin family first proposed a public-transit-oriented megaproject on the site of its West L.A. Cadillac dealership, some thought it ironic. Were the purveyors of Escalades really embracing walkability?
Recent marketing materials from Eastdil Secured show the Martins are serious about the project, and they’re looking for someone to ride shotgun.
The family is seeking a co-developer or partner to buy a 49 percent stake in the 807,200-square-foot development. Some industry sources said the site will more likely sell outright, for a price that could top $200 million. Hudson Pacific Properties, Boston Properties and Kilroy Realty are all rumored to be circling the site, but none could be reached for comment.
The Martins secured the 4.6-acre property in September 2016. The Gensler-designed proposal includes 619 apartment units, 150,000 square feet of creative office space and 100,000 square feet of retail space. Construction is set to begin in 2018 and end in 2021.
The site sits next to Kilroy’s Westside Media Center, an office campus and home of video game developer Riot Games. The area has seen significant development interest in recent years. CIM Group recently proposed a 154-unit mixed-use development in West L.A. Alan Casden broke ground on Casden West L.A, a 595-unit apartment building with 15,000 square feet of retail.
Blackstone is buying big in Burbank
Blackstone Group is making a major recapitalization play in Burbank.
The real estate giant agreed to buy majority stakes in five or six office properties in Burbank in a deal estimated to be worth $1.5 billion. The sellers are the various partners of investor Jeffrey Worthe, who heads Santa Monica-based Worthe Real Estate Group. They will cash out of the buildings, while Worthe will retain a small interest and continue to manage them. Eastdil Secured is arranging the deal.
The portfolio includes office buildings Pinnacle 1 and Pinnacle 2 on West Olive Avenue; the Pointe offices at 2900 West Alameda Avenue; the Tower Burbank at 3900 West Alameda Avenue; the Central Park at the Toluca Lake building at 3500 West Olive; and the Disney building at 3800 West Alameda, according to REAlert.
Trump advisor Carla Sands lists Malibu pad for $18M
Carla Sands has had it with sand.
The Vintage Capital chair — who President Trump recently nominated as the U.S. ambassador to Denmark — listed her 7,500-square-foot villa on Broad Beach in Malibu for sale on Sept. 14.
Ocean views surround the two-story home, which has five bedrooms, a three-car garage and a Crestron smart-home system. Sands purchased the home with her late husband, real estate businessman and Vintage founder Fred Sands, for $14.7 million in 2013, property records show.
Coldwell Banker’s Christopher Cortazzo and Hilton & Hyland’s Linda May have the listing.
Sands joined the Trump’s economic advisory council in 2016, and last month she was nominated to the ambassador position, which is subject to Senate confirmation.