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Friday, July 31, 2015

DTLA Luxury Living Sees Leasing Surge

LOS ANGELES—Only 10 months after opening, the Emerson is 85% occupied and collecting some of the highest rents in the market. In this EXCLUSIVE interview, Related California’s Gino Canori talks about the strategy behind their success.



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Thursday, July 30, 2015

Retail in WeHo Is Having a Moment

LOS ANGELES—In this EXCLUSIVE interview, Charles Dunn Co.’s Sharona Javaheri talks West Hollywood retail, explaining what is driving the highly active market, rising rental rates and the challenges for retailers.



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Wednesday, July 29, 2015

Long Term Lease Inked for PCT Building

EL SEGUNDO, CA—Direct marketing firm Guthy-Renker is consolidating SoCal offices with a 90,000 square foot deal arranged by CBRE.



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Not Every Loan Deal Needs Speed

LOS ANGELES—Looking to get the best rate, the owners of the National City Bank Tower began the refinance process six months early, securing a 3.5% rate and avoiding an 18-basis-point rise in the 15-year treasury bill.



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Tuesday, July 28, 2015

RKF Promotes Five Brokers

NEW YORK CITY—The quintuplet of industry professionals has been made vice chairmen, marking the first time the retail firm has moved brokers into the position.



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Colliers Lands Major Office Management Deal

LOS ANGELES—Skyview Center, a 407,000-square-foot office building near LAX, names Colliers as its property manager, which plans to make the building more efficient and increase its NOI.



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Monday, July 27, 2015

Los Angeles Economy Is Finally Post-Recovery

LOS ANGELES—As part of GlobeSt.com’s 15-year anniversary celebration, we chatted with local sources about how the L.A. office market has fared, and what law has made a major impact on price per square foot construction.



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Liberty Properties Takes Big Box Off Market

FONTANA, CA—Liberty Properties buys a 410,000-square-foot building for $36.8 million, Prologis signs a 210,000-square-foot lease and Center Court Apartments lands $19.4 million for construction financing, in this week’s wrap-up of deals.



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ETCO Homes Condo Build Stuns at Preview

BEVERLY HILLS, CA—460 Palms, a 35-unit condo development, opens its doors for a preview event to show off the stunning interior units, which are already nearly sold out.



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Bridge Development Expands in L.A.

LOS ANGELES—After announcing 1 million square feet in spec construction, the developer hires Tom Ashcroft as SVP to manage entitlements and development of the company’s California assets.



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Friday, July 24, 2015

DreamWorks HQ Trades for $215M

LOS ANGELES—Griffin Capital plucks the five-building, 416,000-square-foot property from SunTrust Equity Funding, which purchased the property five months ago for $185 million.



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Ares and Kayne Anderson Initiate $113B Merger

LOS ANGELES—The two companies enter into a merger agreement to become the largest alternative asset manager with $113 billion in assets.



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Industrial Rehab Announced, Tenants Fall In

LOS ANGELES—Terreno Realty Corp. announces plans to renovate a three-building industrial property and pre-leases 74%—indicating the tight supply in the market.



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Thursday, July 23, 2015

Mayor Garcetti Commends Circa at Ground Breaking

LOS ANGELES—More than 150 people, including Mayor Eric Garcetti and councilmember Jose Huizar, attend the ground breaking of Circa, a $500 million mixed-use project in DTLA, GlobeSt.com reports in this UPDATE to a previous story.



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TruAmerica Strikes in PNW with $115M Buy

LOS ANGELES—The multifamily investor buys a five-property portfolio in Seattle and Portland from FPA Multifamily at a 40% discount to replacement cost.



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Appetite Strong for Workforce Housing

DOWNEY, CA—Several lenders compete to fund an $18.8 million acquisition loan for the Bascom Group’s recent purchase of a 112-unit value-add apartment complex, GlobeSt.com reports in this UPDATE to a previous story.



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Wednesday, July 22, 2015

Developers Hit Attainable Housing Markets

SYLMAR, CA—Presidio and Williams Homes break ground on Foothill 74, a community with 74 for-sale townhomes in the $300,000 price range.



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MOB Developers Opt for Adaptive Reuse

LOS ANGELES—Cox, Castle & Nicholson partner David Lari talks about his recent healthcare roundtable and what panelists say is driving the development of healthcare real estate in this EXCLUSIVE interview.



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CIT Deal for OneWest Clears Hurdles

NEW YORK CITY—Led by chairman and CEO John Thain, the combined company will have more than $65 billion in assets and more than $30 billion of deposits.



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$500M Mixed-Use Build Breaks Ground

LOS ANGELES—Today, a joint venture including Hankey Investment Co. and Jamison Services begins construction of Circa, a 1.6-million-square-foot mixed-use project in Downtown Los Angeles.



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Tuesday, July 21, 2015

Developer Secures $1.6M Per Unit Financing

SANTA MONICA, CA—A developer secures high per-unit first mortgage debt at 125% of the total construction cost for a nine-unit apartment complex.



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Speed Lands Rare Big Box Industrial

SANTA FE SPRINGS, CA—Custom Cos. signs a 63-month, 300,000-square-foot lease at a recently renovated industrial facility in Santa Fe Springs, negotiating and securing the lease in less than 60 days.



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Fifty City-Owned Assets on the Market

LOS ANGELES—Cushman & Wakefield is handling the sale of sale of land, leased fees, easements and air rights from CRA/LA, the successor to the city's Community Redevelopment Agency.



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Is Your Lease Financeable?

LOS ANGELES—If a lease is structured properly, the tenant’s interest under a lease can be pledged to a lender as collateral for a loan, say sources in this EXCLUSIVE commentary on the subject.



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Monday, July 20, 2015

LABC Names First Female Chair

LOS ANGELES—Nadine Watt, president of Watt Cos., will succeed Jacob Lipa as a chair on the Los Angeles Business Council, becoming the first woman to hold a seat on the board.



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Harbor Group Enters SoCal Retail Market

BEVERLY HILLS—In its first SoCal retail investment, the firm purchases a fully leased 14,000-square-foot retail property in Beverly Hills’ Golden Triangle for $40 million.



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Apple Hospitality Pays $103M for Three Hotels

RICHMOND, VA—Apple Hospitality REIT, Inc. reports it has closed on the acquisition of one hotel in Florida and two hotels in California for a combined purchase price of approximately $103 million.



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MacFarlane Partners Want $400M

LOS ANGELES—The developer is bringing its Park Fifth development to the market to look for a joint venture capital partner or to presell the would-be property before it breaks ground later this year.



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Friday, July 17, 2015

Downey Market Is An Investor Haven

DOWNEY, CA—The Bascom Group buys a 112-unit apartment complex in the submarket, saying that it offers everything from great job centers to proximity to the cultural centers of both L.A. and O.C.



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Creative Office Breaks Pricing Records

EL SEGUNDO, CA—Montana Avenue Capital Partners sells the Station, a 53,778-square-foot creative office property, for $31 million, or $580 per square foot—80% more than the last highest comp in the market.



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Lenders Competitive But Not Overreaching

LOS ANGELES—Although many lenders have been increasing leverage and offering concessions to stay competitive, Sagiv Rosano of Rosano Partners says that they are still adhering to core fundamentals.



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Cold Storage Bldgs. Ready for Center Stage

CHICAGO—Changes in eating habits, and the economic recovery, are fueling expansion, and these rarely-traded assets have started to attract more interest.



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Thursday, July 16, 2015

Value-Add Multifamily Fetches $44M

MORENO VALLEY, CA—Proving that value-add multifamily is experiencing its moment this cycle, the sale of the Broadstone Overlook attracted attention from 160 buyers before private investor MJW Properties won the bid.



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Greysteel Plans to Hit $100M+ in L.A.

LOS ANGELES—The East Coast-based brokerage and capital markets firm opens its first West Coast office in Los Angeles, with plans to achieve several $100 million in transactions.



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DoubleTree Del Mar Trades Hands

SAN DIEGO, CA—Southwest Value Partners buys the DoubleTree San Diego Del Mar, Pacific Coast Warehouse signs a 181,000-square-foot lease in Chino and Auction.com names a new VP in this week’s wrap-up of deals.



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R.D. Olson Opens Marriott SpringHill Suites

BURBANK, CA—In conjunction with the opening, the developer enters into a sale agreement with Apple REIT for the 102,075-square-foot, 170-room hotel.



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What Do Brokerage Mergers Mean at Local Level?

LOS ANGELES—One source in this EXCLUSIVE series on a bifurcated industry says that the industry is becoming a handful of really big companies at the Fortune 1000 level and a bunch of smaller ones at the regional level—with very little in between.



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Wednesday, July 15, 2015

Single-Family Rental Market Attracts HomeUnion

LOS ANGELES—The investment management firm expands its business to Southern California, focusing specifically on key markets in the L.A. area.



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TMC Makes Strategic New Hires

LOS ANGELES—Diana Hallal and Christina Johnson join the firm as SVP of business development and business development associate to focus on growing the firm’s business and acquiring loans.



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Condo Prices Rise After 3-Month Lull

LOS ANGELES—Downtown Los Angeles condo prices are up 3% for the month of June—a 14% year-over-year increase—after seeing a decrease in April, May and June.



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Tuesday, July 14, 2015

Private and Public Capital Battle Over NNN Asset

SPOKANE, WA—A public REIT wins the $24.4 million acquisition of a Home Depot, Pacific Coast Warehouse signs a 181,000-square-foot lease in Chino and Auction.com names a new VP in this week’s wrap-up of deals.



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The Dollar Store Niche Is Booming

LOS ANGELES—In this EXCLUSIVE interview, Rosano Partners’ Sagiv Rosano and Sam Kangavari tell all about the increasing activity in the niche sector of Dollar Stores.



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Realty Mogul Secures $35M in Series B

LOS ANGELES—The crowdfunding platform will strengthen its tech platform with the funds raised in the series B round, which was led by Sorenson Capital with additional funding from Canaan Partners.



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Monday, July 13, 2015

Examining SoCal Industrial Valuations

SOUTHERN CALIFORNIA—How much higher can industrial prices climb before a market correction occurs? GlobeSt.com spoke EXCLUSIVELY with three Voit Real Estate Services executives in the market to find out.



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Investors Scramble for Affordable Housing

LOS ANGELES—A 150-unit affordable housing portfolio trades hands for $24.8 million, $700,000 over the asking price, in a highly competitive transaction.



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Successful Retail Landlords Handpick Tenants

LOS ANGELES—After signing three new leases, the consistently fully occupied Malibu Country Mart tells GlobeSt.com its recipe for success.



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Friday, July 10, 2015

DTLA Office Market Continues to Strengthen

LOS ANGELES—In a lease transaction valued at $11.6 million, Executive Office for New Immigration renews its 72,200-square-foot lease for five-years at the fully occupied City National Bank Building in Downtown Los Angeles.



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DTLA Attracts Expanding Businesses

LOS ANGELES—Another tech company moves its headquarters to the downtown market because of the walkability and the thriving city center.



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Thursday, July 9, 2015

Does Cap Rate Really Affect the Risk of an Investment?

LOS ANGELES—When considering a potential asset investment, there are a number of different means by which to separate the wheat from the chaff. This EXCLUSIVE column takes a closer look.



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Industrial Market Tightens, Rents Rise

LOS ANGELES—The Saywitz Co. signs three industrial leases in the L.A. area—showing that the market is still booming and rental rates are on the rise.



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Wednesday, July 8, 2015

Competition for Multifamily Product Soars

GLENDALE, CA—IMT Glendale Apartments, a 67-unit multifamily complex, trades hands for $20 million in a transaction that garnered interest from 54 institutional and private investors.



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Not Every Deal Needs to be North of Wilshire

SANTA MONICA, CA—In this EXCLUSIVE Q&A, Kimberly Roberts Stepp of Stepp Commercial gives us the latest on the anomaly that is the Santa Monica multifamily market—including where investors should be looking for deals.



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Tuesday, July 7, 2015

Science Leasing Volume Reaches Historic Highs

PASADENA, CA—Alexandria Real Estate Equities leases 1.9 million square feet of science and technology space in 2Q15, the highest leasing volume in the company’s history.



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SFV Sees High Investor Demand

LOS ANGELES—With multifamily construction trailing well behind demand, investors are finding higher yields in the Valley.



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Griffin Capital Enters Greater Boston Market With Andover Buy

ANDOVER, MA—Griffin Capital Corp. of El Segundo, CA reports it has acquired a fully-leased office and research and development building here for $11.5 million, plus closing costs.



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Monday, July 6, 2015

DTLA Construction Booms Across Sectors

LOS ANGELES—From multifamily to retail and office, downtown construction isn’t slowing down, with more than 3 million square feet of commercial space, 10,000 multifamily units and 2,600 hotel rooms under construction.



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Rossetti Designs Top-Notch Lakers Facility

EL SEGUNDO, CA—The design firm plans a brand new state-of-the-art facility that will house the basketball team’s business operations and training facility in one building.



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How to Maximize Shrinking Space Needs

LOS ANGELES—Although there has been a good amount of talk about traditional firms moving to creative space with open floor plans, they still have—and will continue to have—a need for private offices, says one executive in this EXCLUSIVE Q&A.



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$200M Wellness Village Lands in Antelope Valley

PALMDALE, CA—Thomas Partners Properties unveils the Oasis, a 420,000-square-foot wellness center to provide out patient services to the Antelope Valley community.



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Thursday, July 2, 2015

Vestar Renovates, Signs Major Tenants

LOS ANGELES—Vestar begins a $12-million renovation project on the Peninsula Center and signs leases with four retailers, including Sports Authority and Ulta Beauty.



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CBRE GI Closes Value-add Fund at $1.3B

LOS ANGELES—With about $75% of US Value 7 committed to date, the Strategic Partners team has “already made substantial progress toward executing a disciplined and selective investment plan,” says president Vance Maddocks.



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Wednesday, July 1, 2015

New Homes Land in Eagle Rock

LOS ANGELES—Planet Home Living is under construction on PRISM, a 15-home community in Eagle Rock priced in the $600,000 range and scheduled to open in September.



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Transwestern President George Garfield Passes

LOS ANGELES—The western regional president passes away after battling ALS. Here, we remember him and his contribution to our industry.



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Life Co. Grants Watt Plaza $220M

CENTURY CITY, CA—The 903,000-square-foot office campus secures a 15-year fixed-rate loan through Prudential Mortgage Capital Co., which is looking to lend to these types of high-quality properties.



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Where is the Yield for Investors?

LOS ANGELES—Developing medical-office buildings and paying close attention to timing in each market are two ways investors are increasing yield in a low-cap-rate environment, said speakers at RealShare National Investment & Finance.



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Is an Investment Slowdown a Good Thing?

LOS ANGELES—With so much capital in the market, a potential tapping of the brakes by investors could be a welcome change in the near future, said speakers at RealShare National Investment & Finance.



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