Rexford spends $1B to buy SoCal industrial portfolio from Blackstone
The Real Deal LA
by Isabella Farr
13m ago
Rexford Industrial Realty has bought 3 million square feet of industrial properties in Southern California from Blackstone in a whopping $1 billion deal, adding almost 7 percent of square footage to its portfolio.  Rexford acquired 48 properties, which are scattered across Los Angeles and Orange counties, the firm announced on Thursday. The sale came out to around $332 per square foot on average.  Rexford used proceeds from corporate debt sales and cash on hand for the acquisition, rather than any sort of mortgage collateralized by the properties.  The portfolio is 98 percent le ..read more
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Fab Factory leases 66K sf production studio in East Hollywood
The Real Deal LA
by TRD Staff
13m ago
Fab Factory Entertainment has leased a 66,000-square-foot postproduction studio, office and event center in East Hollywood. The North Hollywood-based production unit of Fab Factory inked a master lease for the three-story building at 1377 North Serrano Avenue, the Los Angeles Business Journal and the Commercial Observer reported. Terms of the lease were not disclosed.  The building, dubbed Fab Factory South, once served as the postproduction hub for Netflix. It has 11 studios and several sound suites, as well as a Crystal LED Theater on the top floor, one of only three in L.A. The complex ..read more
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AIDS Healthcare bids $53M for Skid Row housing portfolio in DTLA
The Real Deal LA
by TRD Staff
13m ago
The AIDS Healthcare Foundation has offered a top bid of $53 million to buy a portfolio of a dozen residential buildings on Skid Row. The Hollywood-based nonprofit, the world’s largest charity for those with AIDS, emerged as the top bidder for the first dozen of 17 buildings owned by the Skid Row Housing Trust, the Los Angeles Times reported, citing an unidentified source. The 17 buildings, mostly old single-room occupancy hotels, contain 1,200 rooms and were listed for sale after the trust hit financial headwinds a year ago. The organization is now in receivership. The foundation has proposed ..read more
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Ex-LA Deputy Mayor Ray Chan found guilty in developer bribery scheme
The Real Deal LA
by TRD Staff
1d ago
Former Los Angeles Deputy Mayor Raymond Chan has been found guilty of arranging bribes from developers for him and convicted ex-Councilman José Huizar. The former public official who spent decades at Los Angeles City Hall was found guilty Wednesday of racketeering, bribery, fraud and giving false statements to investigators in the sprawling pay-to-play corruption case, the Los Angeles Times reported. The federal jury reached the verdict in hours, finding Chan guilty on 12 of 12 counts. Sentencing is slated for June 10. Chan’s attorney, John Hanusz, told the judge that his client would appeal t ..read more
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Shangri-La accuses former CFO of embezzling $40M intended for homeless housing
The Real Deal LA
by TRD Staff
1d ago
First the state accused Shangri-La Industries of fraud. Now the developer of homeless housing has accused its former beancounter of living high on the hog after stealing from the firm. The Downtown Los Angeles-based developer of motel-to-home conversions has sued Cody Holmes, its former chief financial officer, for allegedly embezzling millions of dollars, the San Bernardino Sun reported. Shangri-La accused the 29-year-old Holmes of bank fraud and check kiting from 2022 through last year from company lenders, banks and brokers, according to the complaint. The firm alleges its former CFO moved ..read more
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Washington Prime faces default of $85M loan on Westminster Mall
The Real Deal LA
by Isabella Farr
1d ago
Washington Prime Group is on the brink of defaulting on an $85 million loan tied to a mall in Orange County.  The loan on the 1.2 million-square-foot Westminster Mall, located in the city of Westminster, has gone to special servicing for “imminent monetary default,” according to Trepp, citing comments from servicer Torchlight Loan Services. Morningstar Credit Analytics flagged the loan’s move to special servicing earlier this month. Washington Prime declined to comment. JPMorgan Chase provided the floating-rate loan in 2014 and packaged it into a commercial mortgage-backed securities pool ..read more
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Planned Parenthood LA buys South Central industrial building for $38M
The Real Deal LA
by TRD Staff
2d ago
Planned Parenthood Los Angeles has bought a 73,600-square-foot industrial and office building in Historic South Central for $37.9 million. The healthcare nonprofit purchased the 2.4-acre property at 320 and 336 West 31st Street, just off the 110 Freeway, the Commercial Observer reported, citing local property records. The seller was New York-based Fortress Investment Group, which bought the building near USC in 2021 for $22.8 million. The price works out to $515 per square foot. It’s not clear if Planned Parenthood L.A., the largest nonprofit in Los Angeles County, will employ its 25,400 squar ..read more
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Brookfield sells 777 Tower in DTLA for 50% below outstanding debt 
The Real Deal LA
by Isabella Farr
2d ago
Brookfield Properties is selling 777 South Figueroa Tower, formerly one of its trophy office towers in Downtown Los Angeles, for about half of the outstanding debt on the property.  South Korea-based investment firm Consus Asset Management is in a deal to buy the 1 million-square-foot tower for about $145 million, according to reports from Bloomberg and Real Estate Alert, which cited unidentified sources. Brookfield did not immediately respond to a request for comment.  If the deal closes at that price, it will come out to about $145 per square foot, in line with other Downtown L.A ..read more
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Wilshire House unit sells in LA’s priciest condo deal this year
The Real Deal LA
by Christian Bautista
2d ago
A full-floor unit at Wilshire House has traded in the priciest condo deal in Los Angeles County so far this year, The Real Deal has learned.  The property, Unit 20C at the 20-story luxury residential development, changed hands in a $7.8 million transaction, property records show. The home is a three-bedroom, five-bath unit spanning 5,400 square feet. The purchase price stands as the highest sale for a condo unit in the county this year, according to data from appraisal firm Miller Samuel.  The price works out to $1,444 per square foot. The buyers are University of California, Los Ang ..read more
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Trammell Crow wins final approval for 1,600 homes at NoHo station
The Real Deal LA
by TRD Staff
2d ago
Trammell Crow has won final approval to build a 2.2 million-square-foot development in North Hollywood, with nearly 1,600 homes, offices and retail around the B Line subway terminus. The Dallas-based developer and its affiliate, High Street Residential, received a green light from the Los Angeles City Council to build the project around the North Hollywood Station at Lankershim and Chandler boulevards, the Los Angeles Daily News reported. The 15.9-acre project, known as District NoHo, will be developed on land owned by the Metro transit agency and could break ground next year. It will be built ..read more
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