Unlicensed pot dispensaries far outnumber legal ones, project to turn Toluca Lake bank into big resi complex advances: Daily Digest

A daily round up of LA real estate news, deals and more for September 11, 2019

TRD LOS ANGELES /
September 11, 2019 03:50 PM

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

This page was last updated at 3:50 p.m. PT

California’s illegal cannabis dispensaries far outnumber the legal ones. A state audit found there are 2,835 unlicensed dispensaries and delivery services operating in the state. That’s at least three times as big as the legal dispensary market. The report comes as state officials struggle with how to regulate the blooming industry. [LAT

A plan to redevelop a Chase bank building in Toluca Lake pushes ahead. A city committee signed off on a 234-unit project that would repurpose the Chase bank building on Lankershim Boulevard. Frederick Delijani of Sterling Real Estate Group is behind the project, which still requires City Council approval. [Curbed

Adam Neumann (technically) lost $10 billion. The WeWork founder’s 22 percent stake was reportedly pegged as high as $14 billion earlier this year. But after a rocky path to the company’s IPO, its valuation has plummeted, and Neumann’s stake is now worth closer to $3 billion. [Bloomberg]

Forever 21 is planning to file for bankruptcy as soon as Sunday. The retail chain could close as many as 700 stores in such an event, bringing an end to months of hemorrhaging money while it struggled to secure a loan. [WSJ]

 
Holland Partners’ proposed project on St. Andrews Place (Credit: Togawa Smith Martin)
Holland Partners’ proposed project on St. Andrews Place (Credit: Togawa Smith Martin)

Holland Partners faces appeal over 185-unit Hollywood complex. The Laborers’ Union International of North America claims that the project’s environmental impact report does not comply with the California Environmental Quality Act. The group filed its appeal to the Central Area Planning Commission. Earlier this year, developer Icon Company accused the union and the Southwest Regional Council of Carpenters of using CEQA appeals to force Icon and other developers into using union labor on their projects. [Urbanize]

 

Rexford picks up pair of Downey industrial assets for $26.8 million. Rexford Industrial picked up a 5.9-acre property on Bellflower Boulevard and a 3.7-acre property on Imperial Highway. The latter was a leaseback deal. Last week, Rexford acquired five properties around the L.A. area for a total of $110.3 million. [PR Newswire]

 

A 30-bed women’s shelter in Hollywood opened as part of L.A.’s “A Bridge Home” program. The shelter opened at a restored Mid-century Modern library on Gardner Street and is the seventh shelter for Mayor Eric Garcetti’s “A Bridge Home” program to open. That brings the total number of beds through the program to 377. The mayor wants at least 15 shelters through the city, totaling 1,500 beds. [LAT]

 

Thousand Oaks R&D Campus sells. L.A.-based HATCHspaces and Chicago-based Singerman Real Estate LLC bought the 161,000-square-foot Think Here campus from Harbor Associates. The campus will be rebranded as HATCHcampus @ Conejo Spectrum as a life sciences complex. [BusinessWire]

 
Softbank CEO Masayoshi Son and WeWork CEO Adam Neumann (Credit: iStock and Getty Images)

SoftBank has some leverage over WeWork’s IPO. While the Japanese conglomerate doesn’t have control of WeWork’s board to override an IPO, it does have significant levers to pressure WeWork. In addition to the billions of dollars it has invested, it also has control over WeWork’s Asia business and is yet to release a $1.5 billion commitment. [TRD]

 

Low rates are increasing loan enthusiasm. Mortgage applications jumped 2 percent last week, compared with the previous week, and remained 69 percent higher than the same week last year. Interest rates are also down slightly; the average contract interest rate for a 30-year fixed rate mortgage with conforming loan balances dropped to 3.82 percent from 3.87 percent over the week. [CNBC]

 

FROM THE CITY’S RECORDS:

Alexandria Enterprises, LLC wants to build a 19-unit Transit Oriented Communities project at 556 N. Alexandria Avenue near Metro’s Vermont/Beverly Red Line station north of Koreatown. Three units would be set aside for “very low-income” renters. [LADCP]

An applicant named Fred Yaghoubtil filed plans for a five-story, 12-unit TOC project at 950 S. Wilton Place on the southern edge of Koreatown. Two units would be set aside for “low income” renters. [LADCP]


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