Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. PT. Please send any tips or deals to tips@therealdeal.com
This page was last updated at 4 p.m. PT
Dedeaux Properties adds 1 million square feet in Riverside. The firm has bought a sprawling portfolio from seller Hillwood Development Company, which was founded by Ross Perot Jr. in 1988. The newly construction warehouse and distribution center sits on 52 acres in the Inland Empire. [TRD]
LaBianca house, scene of Manson-tied double-murder, sells. A Los Feliz home where Charles Manson’s “Family” killed grocery chain owners Leno LaBianca and his wife Rosemary, sold for just under $2 million. The buyer was “Ghost Adventures” host Zak Bagansa, a Travel Channel star whose Haunted Museum in Las Vegas already features other Manson memorabilia. [Curbed]
Compass wants laid-off Uber employees to join their company. Just one day after Uber laid off a third of its marketing team, Compass’ chief creative officer Matt Spangler tweeted that they should come check out the open roles at Compass. The brokerage firm just announced a $370 million funding round on July 30 and in the midst of tripling its product-and-engineering team. [TRD]
Reese Witherspoon has a new Malibu home. The actress paid $6.25 million for a farmhouse-style property in Zuma Beach. The pad sits on two acres, and includes a guesthouse. [Variety]
Hollywood & Highland, Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller
The Hollywood & Highland Center traded for $325 million. The U.S. arm of China-based Gaw Capital Partners joined with DJM Capital to buy the 463,000-square-foot entertainment complex from CIM Group, which has owned it since 2004. CIM Group will retain ownership of the iconic Dolby Theatre. [TRD]
City Council candidate prodded over real estate lobbying. John Lee, a candidate for District 14 and a veteran of City Hall, was grilled by his opponent Loraine Lundquist at a North Hills forum over his work as a consultant and lobbyists for firms with business in front of the city. Real estate influence at City Hall is under the microscope following Councilman Jose Huizar’s donation scandal that broke last year. [LAT]
ORCI CEO Andrew Orci and 3415 S. Sepulveda Boulevard (Credit: The Swig Company)
Advertising agency Orci decamps to Palms. The Latino-focused firm La Agencia de Orci & Asociados signed a 15,000-square-foot lease at a Swig Company-owned office building on South Sepulveda Boulevard. The office is near the border with tech-heavy Culver City. Orci has worked with Coca-Cola, Jack in the Box and Honda. [TRD]
Faring is planning a cancer research center in West Hollywood. The local investment firm wants to build a 34,500-square-foot facility at Roberston and Beverly Boulevards, near where it is also planning a nine-story hotel. The research center would be 10 stories. [Urbanize]
The Sherman Oaks home on Greenleaf Avenue (Credit: Rodeo Realty)
A cannabis-themed open house in Sherman Oaks could be part of a growing trend. Rodeo Realty, Society Group PR, and cannabis industry members-only club Mota Group, invited 100 people to the home to smoke, vape, and get CBD cream massages. Rodeo Realty’s Ben Quibrera said the home on Sherman Oaks’ aptly named Greenleaf Avenue, which listed at $3.5 million, went into escrow within two weeks. [Business Insider]
Mortgage tax reduction’s elimination isn’t slowing middle-class buyers. The Trump administration’s 2017 tax overhaul tweaked a deduction many in Washington saw as a key support of the housing market. But it hasn’t negatively affected sales in the way many economists and real estate experts thought it would. [NYT]
The Chesterfield project planned in South L.A. (Credit: Adobe Communities)
City planning officials will consider another South L.A. affordable housing project. Wakeland Housing & Development Corporation’s 43-unit Chesterfield project will go before the city planning commission later this week. Wakeland wants to streamline permitting through SB 35, a state measure that is meant to accelerate affordable housing production. [Urbanize]
“Saturday Night Live” alum Kevin Nealon sold his Pacific Palisades home, finally. Nealon and wife Susan Yeagley sold the 5,600-square-foot Georgian-style home for $4.9 million. The seven-bedroom abode, which is a half-mile from the beach, had been on the market for three years. [LAT]
A Venice couple is working outside the system to tackle the homeless housing shortage. Heidi Roberts and John Betz have provided housing for 98 people by renting out market-rate properties they’ve bought or rented themselves. They say their model of doubling-up on bedrooms can provide housing quicker than the traditional nonprofit system, and they are seeking both private and public funds to expand it. [LAT]
Compiled by Dennis Lynch and Natalie Hoberman
FROM THE CITY’S RECORDS:
A developer filed plans to demolish two single-family dwellings and build a 6-story, 32-unit building at 1303 & 1307 Orange Grove Avenue in Carthay Square. [LADCP]
Compiled by Jerome Dineen