Panot Capital has scored a $50.8 million loan to refinance 10 century-old apartment buildings in Hollywood and other parts of Los Angeles. The Houston-based investor led by Aaron Iskowitz and Zain Sayed secured the loan for the vintage properties with 482 apartments across the city, the Commercial Observer reported. The locations of each property were undisclosed. The loan from Israel Discount Bank of New York, or IDB, comes on a seven-year term with four years of interest-only payments at a rate of 5.94 percent.  The deal was arranged by Northmarq, which described it as “a below-market-r ..read more

Macerich has an episode of déjà vu, after a $300 million loan on its Santa Monica Place mall goes to special servicing — the second time in two years.  The loan on the 527,000-square-foot mall is expected to see “imminent maturity default,” according to Trepp.  In August 2022, the same loan was sent to special servicing for the same reason. But Macerich managed to negotiate an extension with lender Wells Fargo, by buying a rate cap, a hedge against rising rates. With that new extension, the loan is currently set to expire in December.  Macerich did not respond to a request for c ..read more

Centurion Partners is poised to sell five office buildings in Santa Ana at the end of a decades-long, capital-lease deal for $100. The Newport Beach-based developer led by Scot Matteson will close its deal with the County of Orange next year for the 212,000-square-foot cluster of buildings along South Grand Avenue, the Orange County Business Journal reported.  The addresses of the buildings and closing date for the capital lease deal were not disclosed, nor were the terms of the lease. The offices west of the 55 Freeway are being leased by the county’s Social Services Agency, which has oc ..read more

Decron Properties cashed out of Los Angeles and into Phoenix.  After selling two apartment complexes in Thousand Oaks, Decron has bought a 266-unit complex in Glendale, Arizona, for $69 million, the firm announced Wednesday.  Decron used the proceeds from the Ventura County sales, which totaled $65.5 million plus loan assumptions worth $105.5 million, to buy the Phoenix-area property through a 1031 exchange, which allows real estate investors to defer capital gains taxes as long as certain federal tax rules are met and they invest gains in another property. PB Bell, a Scottsdale-base ..read more

Industrious is expanding its coworking offices around Los Angeles with new locations in Westwood and Santa Monica. The New York-based coworking firm led by Jamie Hodari and Justin Stewart has opened a 20,800-square-foot office at 1100 Glendon Avenue in Westwood Village, the Commercial Observer reported. In December, the flex workspace company plans to open a 23,331-square-foot office at 808 Wilshire Boulevard in Santa Monica. Given their size, it appears each office was leased. Terms of the deals were not disclosed. Industrious teamed up with Santa Monica-based Douglas Emmett to open the Indus ..read more

WeWork, the embattled New York-based coworking firm, said on Monday it filed a motion to keep its leases at two Los Angeles locations.  The company included both as a part of the five lease assumptions it disclosed on April 15 as part of its Chapter 11 bankruptcy reorganization. The first L.A. location is at 5161 Lankershim Boulevard in North Hollywood. The other WeWork coworking space is located at 10250 Constellation Boulevard in Century City. According to a WeWork spokesperson, the company has seen “really strong demand” for coworking spaces with the rise of flexible work post-pandemic ..read more

Kanye West has knocked $14 million off the price of a beachfront house in Malibu he has stripped of any windows, doors and wiring.  The rapper and designer has relisted his gutted, 4,000-square-foot concrete house designed by Japanese architect Tadao Ando at 24844 Malibu Road for $39 million, according to the Robb Report. He bought the brutalist beachfront property in 2021 for $57.25 million in cash, then launched a renovation he didn’t complete. The house needs windows and doors, along with plumbing, electrical, HVAC and interior finishes.  In December, he listed the fixer-upper for ..read more

Los Angeles voters were asked to back a “mansion tax” to raise money for homeless housing after passing a $1.2 billion bond measure to build the same. Now Mayor Karen Bass wants rich residents and businesses to pitch in more money. During her State of the City address, the mayor called on business leaders, charities and wealthy residents to donate money to get homeless Angelenos off the streets, the Los Angeles Times reported. Bass urged those with the means to help buy or lease buildings that can be converted into housing for L.A.’s 46,000 homeless residents. “We have brought the public secto ..read more

Amazon.com has inked deals for two distribution warehouses of 1 million square feet each in the Inland Empire, where vacancy has ticked up in the top industrial market in the nation. The Seattle-based e-commerce giant last quarter leased one warehouse at 4000 South Hamner Avenue in Ontario and another at 6120 Clinker Drive in Jurupa Valley, the Commercial Observer reported, citing a report from Savills. The owner of the new Amazon warehouse in Ontario is Dermody Properties, based in Reno. Terms of the deal were not disclosed. The property is not far from three other large Amazon distribution a ..read more

When Lincoln Property Company bought 1500 Quail Street in Newport Beach in 2018, the company lauded the office building as a “trophy asset,” a “rare opportunity” and a property with “very stable cash flow.”  Circumstances have changed.  Lincoln Property defaulted on a $23.3 million loan tied to the 90,000-square-foot building last month, according to a notice of default filed with Orange County. The firm did not respond to a request for comment before publication.  The Dallas-headquartered commercial landlord bought the building with an unnamed institutional investor in 2018, pa ..read more