Inking a new type of deal: Real estate players among investors in L.A. Weekly
The new owners laid off several people earlier this week
Earlier this week, news broke that L.A. Weekly had been sold to a mysterious company known as “Semanal Media.” Now, the buyer group has been revealed, and includes many prominent players from the real estate community.
Among those investors are hotelier Paul Makarechian, chief executive of Beverly Hills-based Makar Properties, and Michael Mugel, who founded a Santa Ana-based development firm, Curbed reported.
Makar Properties, a spinoff of family-owned Capital Property Holdings, developed the $240 million Monarch Beach Resort in Dana Point. Under Makarechian, the luxury resort became known for extravagant parties, and later was sold to a Seattle real estate investment firm for $235 million in 2010, records show.
The Beverly Hills-based firm also owns several other properties in Southern California, as well as in Montana and Florida, according to its website.
Mugel founded Red Mountain Group, a Santa Ana-based development firm that redevelops distressed shopping centers. Red Mountain owns the shopping center at 6855 S. La Cienega Boulevard in West L.A., among 25 others in Southern California. [Curbed] – Natalie Hoberman