The Real Deal Los Angeles

Posts Tagged ‘Commercial Real Estate’

  • Rolling Greens will roll into Arts District with 64K sf lease

    Mateo Street property includes land and two industrial structures
    March 23, 2017 05:30PM

    Rolling Greens founder Greg Salmari and the property at 1005 S Mateo Street

    Maybe the grass is greener in the Arts District after all.

    Rolling Greens, the Los Angeles nursery chain known for high-end plant arrangements, will soon call the hip neighborhood its third home. [more]

  • Sitt: Investors take “conservabull” route when deciding where to park cash

    NYC, Milan and Madrid are among the safest bets
    March 23, 2017 12:00PM

    Joe Sitt (Credit: Bloomberg)

    From the New York website: Call it the Running of the “conservabulls.”

    Joseph Sitt, head of Thor Equities, employed the term on Bloomberg TV on Wednesday, referring to investors who are looking for a safe place to park their cash. [more]

  • San Pedro mental health facility could be transformed into boutique hotel

    Nearly century-old building expected to sell for $10M
    March 23, 2017 08:30AM

    Harbor View House 921 S. Beacon Street and Council member Joe Buscaino

    Harbor View House, a 1925-built San Pedro building home to California’s largest facility for the mentally ill, just hit the market for the first time in nearly half a century.

    The five-story property, which is slated to sell for about $10 million, could be developed into a boutique hotel or apartment building. The building’s owner, Healthview Inc, will relocate residents from the S. Beacon Street property over the next eight months, according to the Daily Breeze. [more]

  • Queen Mary getting $250M boost with new entertainment complex

    Owners of struggling Long Beach tourist attraction hope for a turnaround
    March 22, 2017 05:30PM

    Rendering of Queen Mary Island complex (Gensler)

    Urban Commons, the owner of the historic Long Beach cruise ship Queen Mary, received some bad news last week when a marine survey found the ship could quickly collapse if its disrepair isn’t addressed. But the L.A. investment firm seems to be taking it in stride.  [more]

  • Investors have $1.7T ready to deploy, and LA is their No. 1 target in the Americas

    With prices high, buyers are looking for yield over growth
    March 22, 2017 12:00PM

    Global investor preference by region (Credit: CBRE, click to enlarge)

    From the New York website: There’s $1.7 trillion of dry powder across the globe just waiting to be deployed into real estate in 2017. Los Angeles was the No. 1 target for investors in the Americas, while New York City slipped down one spot to No. 3.

    But investor concerns ranging from a real estate bubble bursting to a black swan economic event throwing markets into turmoil has analysts projecting transaction volume to stay flat at $895 billion, according to CBRE. [more]

  • Here’s where California real estate players ranked on Forbes’ billionaires list

    Donald Bren topped off the list, which also includes John Sobrato and Rick Caruso
    March 22, 2017 11:00AM

    From left: Edward Roski, Jr., Rick Caruso, and Donald Bren

    No California real estate player landed a top 10 spot on Forbes’ latest billionaires list, but developers with projects on the West Coast held prominent ground.

    The richest real estate mogul in the world, in 18th place, is Wang Jianlin of the Wanda Group. Wanda’s U.S. subsidiary is behind the $1.2 billion One Beverly Hills project. With an estimated fortune of $31.3 billion, Jianlin is China’s richest man, and beyond real estate, his company is known for its holdings in entertainment. [more]

  • Jodie Poirier on her CBRE promotion, “Baywatch” and the industrial market

    She is now managing director of South Bay operations
    March 21, 2017 04:00PM

    Jodie Poirier (via CBRE)

    Jodie Poirier is now the managing director of CBRE’s South Bay operations. She stepped into the role in February after two years as a director in the company’s advisory and transaction services occupier business, where she pursued large, often complex, occupier assignments throughout the U.S.

    A graduate of Cornell University, Poirier earned her master’s degree in real estate development from the Massachusetts Institute of Technology, then made her way through the ranks at JLL, Colliers International and the Davis Cos. before landing at CBRE. There, her team of three collectively won $83 million in business.

    In her new role, she will focus on the South Bay area, which covers the twin ports of Los Angeles and Long Beach, along with approximately 31.7 million square feet in the office sector and 220 million square feet in the industrial market. Poirier will oversee the 145 people involved in CBRE’s spectrum of service offerings — including advisory and transactions, capital markets and enterprise facilities management — across all lines of business, including office, industrial, retail and multifamily.

    On the eve of her promotion, she sat down with The Real Deal to discuss South Bay’s challenges and the experiences that led her to a career in real estate. [more]

  • In wake of Oakland fire, artists forced to move out of Fashion District gallery

    City cited Think Tank gallery for its unpermitted residential community
    March 21, 2017 03:16PM

    Main floor at 939 Studio, John Kennamann (939 Studio/LinkedIn)

    The Oakland warehouse fire that killed 36 people at the Ghost Ship artist colony is having an impact on commercial spaces in Los Angeles.

    Think Tank Gallery in the Fashion District was once home to 17 artists but all of them moved out following citations from city officials, which were part of an increased effort to ensure all properties are permitted for their uses. Now, the future of the gallery is uncertain, L.A. Weekly reported. [more]

  • Larry Flynt unveils $5M Gardena casino renovation, will invest further $60M in area

    City is finally coming around after initial disputes with casino operator
    March 21, 2017 08:30AM

    Larry Flynt and the site of the Lucky Lady Casino at 1045 West Rosecrans Avenue

    Updated, March 22, 2016, 3:06 p.m.: The city of Gardena took a reluctant bet when it approved porn mogul Larry Flynt’s latest casino project, but it looks like the odds may be in its favor after all.

    Flynt unveiled a $5 million renovation of the 50,000-square-foot former Normandie Casino on March 18, after installing new chandeliers, furniture, and carpeting, the Los Angeles Times reported. He’s renamed the venue the Lucky Lady Casino and festooned it with a new neon sign depicting a half-dressed woman swinging her bare leg, the paper said. [more]

  • Movers & Shakers: Sperry recruits from Cushman, Colliers taps self-employed broker … & more

    Stepp Commercial hires broker from L.A. Live
    March 20, 2017 04:00PM

    Reza Ghobadi and Tia Jones

    Sperry Commercial Global Affiliates has a fresh poach: Jimmy Chai is jumping ship from Cushman & Wakefield to be Sperry’s new managing director in its Koreatown office.

    Chai was a director for 9 years at Cushman, where he amassed over $500 million in transactions, Sperry said in an announcement Monday. He specialized in leased investments, landlord and tenant representation, and land development. [more]