Bow West wraps West Adams creative office conversion, “Avengers” director revealed as buyer of “Dynasty” mansion: Daily digest

A daily roundup of LA real estate news, deals and more for September 3, 2019

TRD LOS ANGELES /
September 03, 2019 09:00 AM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m. Please send any tips or deals to [email protected]

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DirectoDirector Anthony Russo (credit: Gage Skidmore via Wikipedia)

“Avengers” director Anthony Russo is the mystery buyer of “Dynasty” mansion. Russo paid $15.6 million for the Arden Villa in Pasadena, an estate that appeared in the 1980s soap opera and several films. [LAT]

 

Bow West wraps West Adam creative office project. The Downtown L.A.-based developer completed its creative office conversion of La Cienega Place, a former industrial building outside Culver City. Bow West purchased the property in 2017 and started on its conversion shortly after. It totals 29,000 square feet. [LABJ]

 

Gov. Newsom and state lawmakers strike state-wide rent cap deal. State policymakers agreed to cap rent increases at 5 percent plus inflation per year for the next decade. They also agreed to renter protection measures. The deal was announced late Friday and will need the approval of both state legislative bodies within two weeks. [LAT]

 

Olivia Wilde and Jason Sudeikis pick up Silver Lake villa. The Hollywood couple paid $3.5 million for the 2,833-square-foot home that overlooks Silver Lake Reservoir. Local design firm DISC Interiors remodeled the 1928 home in 2016. The home hit the market a couple of weeks ago and there was seemingly healthy competition for it: Wilde and Sudeikis closed $150,000 above listing. [Variety]

 
T.J. Maxx is bucking the closure trend (Credit: Mike Mozart via Flickr)
T.J. Maxx is bucking the closure trend (Credit: Mike Mozart via Flickr)

Nationwide retail store closures could top 12,000 by year-end. Large retail chains including Payless, ShoeSource and Gap have already announced 7,888 closures this year, putting those on pace to blow away the record 8,139 closures seen in 2017. Some off-price retailers, such as T.J. Maxx, however, are expanding. [NREI]

 

Keller Williams is recommending agents charge nothing for clients selling on Offerpad. Instead, agents will receive a 1 percent fee from the instant buyer, and potentially another 1 percent commission for listing the property. The arrangement — which Keller Williams emphasizes is just a recommendation — comes as part of the brokerage’s new partnership with Offerpad. [Inman]

 

Opportunity Zones could boost investor returns by 70 percent. In an analysis of projects from the Far West Side of Manhattan to New Orleans and Houston, the New York Times found that investors taking advantage of the Opportunity Zone program have been focusing on the 7 percent of zones that already have above-average household incomes. And many of the projects that will benefit from the tax break were underway before the Legislation was enacted. [NYT]


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