The Bloc Roof Comes Off

LOS ANGELES—Developers remove the roof from the Bloc, transforming the downtown shopping destination into an open-air retail center—a major milestone in the development of the project.

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Value-Add Apartments Get 30 Offers

SHERMAN OAKS, CA—The sale of a 105-unit apartment complex receives 30 offers from a range of investors looking to uncover untapped demand for luxury multifamily, GlobeSt.com reports EXCLUSIVELY.

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US Bank Tower Signs Anchor Tenant

LOS ANGELES—Lewis Brisbois Bisgaard and Smith signs a 215,230-square-foot lease with OUE Limited at the US Bank Tower. It is the largest lease completed in more than 18 months.

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Verizon Drives Traffic with Destination Store

LOS ANGELES—Santa Monica’s Third Street Promenade is the home of the brand’s first destination store on the West Coast, which will help to drive traffic.

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West Coast Ports Reach Labor Agreement

LOS ANGELES—After an 11-month dispute, the West Coast ports ratify the labor agreement with dockworkers, which will be retroactive to July 1, 2014.

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Vestar Takes on Glendora Marketplace

GLENDORA, CA—The retail management company adds Diamond Ridge at Glendora Marketplace, a 399,264-square-foot shopping center to its portfolio.

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IRG Looks to Acquire Pfizer Campus in NY

PEARL RIVER, NY—Pfizer, Inc. has signed a purchase-sale agreement for nearly 200 acres of its life science campus here with Industrial Realty Group, Globest.com has learned EXCLUSIVELY.

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Housing Gains Mean Added Boost for Industrial

“All of the raw materials and finished goods that contribute to a new home flow through the supply chain and spend some time in an industrial property,” points out David Egan, Americas head of industrial research at CBRE.

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SoCal Industrial Has “Best Fundamentals”

LOS ANGELES—In this EXCLUSIVE Q&A, Rexford Industrial’s Howard Schwimmer and Michael Frankel talk about the REIT’s competitive investment strategy.

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Long-Term Financing Is Very Cheap

LOS ANGELES—PSRS secures a 25-year 4% fixed-rate loan at only 40 basis points higher than the cost of a 10-year fixed-rate loan, showing that long-term financing is still incredibly inexpensive.

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JV Scoops Major Wilshire Office Building

LOS ANGELES—Intercontinental Real Estate Corp. and the Swig Co. have teamed up to buy 6300 Wilshire Blvd., a 22-story, 408,000-square-foot office building for an estimated $150 million.

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RICS Rallies Private Sector for Army Reserve

LOS ANGELES—After the Army Reserve facilities chief issued asked the private sector to help the government manage its assets, RICS immediately springs into action, GlobeSt.com reports in this UPDATE to a previous story.

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New Industrial Build Fetches $20M

LOS ANGELES—An industrial owner-operator buys a newly developed 201,345-square-foot industrial building in an off-market transaction, GlobeSt.com reports EXCLUSIVELY.

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Retail Center Fetches $43M

LOS ANGELES—NoHo Commons, a 60,930-square-foot retail center, trades hands between Redrock Noho Retail and JH Real Estate Partners for $706 per square foot.

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Retailer Signs $26M Industrial Lease

RIVERSIDE, CA—SRG signs a 10-year 579,708-square-foot industrial lease, Marcus & Millichap’s Hessam Nadji gets a promotion to SVP and the Siegel Group Nevada buys extended-stay properties in this week’s wrap-up of deals.

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Wells Fargo Names CMBS Originations Leader

LOS ANGELES—Wells Fargo appoints Eric Gunderson as the Southwest regional manager for CMBS originations to oversee originations in the territory.

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The Metropolis Signs Hotel Indigo

LOS ANGELES—The $1 billion mixed-use project in Downtown Los Angeles signs Hotel Indigo to serve as the hotel brand for the property’s 350-room, 18-story luxury hotel.

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Office Users Increase Space Per Employee

LOS ANGELES—DaVita Healthcare Partners signs a 185,000-square-foot lease at Apollo@Rosecrans, a move that more than doubles its former 90,000-square-foot regional headquarters in Torrance.

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Avison Young Expands Retail Platform

LOS ANGELES—Stephanie Skrbin joins the firm as a specialist to focus on institutional retail leasing and investment practice in Southern California and mid-cap retail product and clientele.

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Major Industrial Markets “Frothy”

LOS ANGELES—Although the major industrial markets have record-low vacancies, some developers think these markets are frothy at this point in the cycle, according to Jim Klein of Klein Commercial and the CEO Power Panel moderator at I.CON ’15.

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Laramar Focuses on L.A. Multifamily Market

LOS ANGELES—After buying a 32-unit property in Koreatown, the value-add investor tells GlobeSt.com about its interest in the L.A. market in this EXCLUSIVE Q&A.

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Rexford Buys Infill Assets with Excess Land

LOS ANGELES—The public industrial REIT buys two fully leased properties for $29 million, and gains more than 100,000 square feet of excess land between the two sites.

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DTLA Condo Prices Fall by 6%

LOS ANGELES—For the last two months, condo prices in the downtown market have decreased by a total of 6%, but is still 15% higher year-over-year.

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Hilton Crystal City Secures $55M Refi Loan

ARLINGTON, VA—After completing a renovation at the hotel, owner JBG Companies has secured a $55-million loan to refinance its Hilton Crystal City hotel here.

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Army Reserve Wants Help Managing Assets

LOS ANGELES—At RICS’ annual Summit of the Americas, Army Reserve facilities chief James Balocki calls on the private sector to help the government mange its assets.

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DealPoint Merrill and SVNIC Join Forces

LOS ANGELES—The two firms form a private equity platform under the name SVN DealPoint Merrill Realty Partners with the goal of investing $100 million in its first year, GlobeSt.com reports EXCLUSIVELY.

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Mariners Bay Apartments Lands $96M

MARINA DEL REY, CA—Legacy Partners Residential secures the funds to acquire and renovate the 379-unit apartment complex and its existing docks and waterfront promenade.

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Growing Pharmaceutical Firm Relocates to Waltham

WALTHAM, MA—FORUM Pharmaceuticals Inc. has relocated operations from facilities in Watertown and Brighton to 112,500-square-feet of leased space at the former ADP building at 225 Second Ave. here.

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DTLA Retail Sales Rank in the Top 1%

LOS ANGELES—According to a new report from MasterCard that tracks retail spending of cardholders, the downtown market has several areas that rank in the top 1% in the state and country for total revenue performance.

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NGKF Expands SoCal Leadership

LOS ANGELES—The brokerage firm hires five new professionals to leadership positions in its three L.A. offices, GlobeSt.com reports EXCLUSIVELY.

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Kennedy Wilson Takes on Oceanwide Plaza

LOS ANGELES—Ed Sachse of Kennedy Wilson—which was just tapped to handle retail leasing at the massive Oceanwide Plaza development—talks about the trends and drivers in the downtown retail market in this EXCLUSIVE Q&A.

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Colony Capital Exec Joins AssetAvenue

LOS ANGELES—Peer-to-peer lending platform AssetAvenue taps Varun Pathria to serve as the firm’s chief investment officer.

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Grocery-Anchored Retail Leads Market

LOS ANGELES—In this EXCLUSIVE interview, Scott Burns, formerly of Wilson Retail Group and now of JLL, about the robust retail sector in L.A., development trends and why investors are taking bigger risks.

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NNN Asset Trades at $500PSF

LOS ANGELES—A triple-net-lease tenant buys its 31,242-square-foot location, and then turns around and sells it to a hungry group of investors, netting approximately $1 million in profit.

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Bernards Doubles Up On Multifamily Builds

LOS ANGELES—Bernards nears completion of two Camden projects—one in Glendale and the other in Hollywood—showing that multifamily development hasn’t slowed down.

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Institutional Industrial Investors Arrive in North L.A.

With L.A. North/Ventura industrial vacancy rates at 2.4%, we talked to market expert Mike Tingus of Lee & Associates about the lack of space and what is driving the demand in this EXCLUSIVE Q&A.

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Renovation Trend Hits Neighborhood Retail Centers

THOUSAND OAKS, CA—Like many of the major shopping centers and retail, Oakbrook Shopping Center is undergoing a multi-million redevelopment to improve efficiency and fill up its remaining vacancies.

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JLL Focuses on Southwest Retail

LOS ANGELES—Following the recent purchase of Wilson Retail Group, JLL’s Peter Belisle explains the firm’s strategic and long-term focus on the retail sector, GlobeSt.com reports in this UPDATE to a previous story.

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Where California Buyers Go for NNN Yield

LOS ANGELES—The California net-lease market is hot, which is driving up prices and compressing cap rates as compared to cooler markets, Colliers’ Christopher Maling and Peter Bauman tell GlobeSt.com EXCLUSIVELY.

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CBRE Global Investors Like L.A.

LOS ANGELES—The investment fund buys a grocery-anchored shopping center in Burbank, and says it likes Los Angeles suburban markets with strong demographics.

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How Omni-Channel Retail Increases Efficiency

LOS ANGELES—Smart retailers realize consumers do their research online before entering the store, so they’re tweaking their digital and physical sales processes, Matthews Retail Group’s Kyle Matthews tells GlobeSt.com EXCLUSIVELY.

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JLL Acquires Wilson Retail Group

LOS ANGELES—JLL expands its retail business with the acquisition of the mid-sized retail brokerage group, which was active in five Southern California counties.

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StarPoint Properties Hires Marc Gordon

LOS ANGELES—Gordon joins the company as VP, taking the helm of the debt and new equity practice group, GlobeSt.com reports EXCLUSIVELY.

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Quantum Completes Refinance in 10 Days

LOS ANGELES—A multifamily mixed-use property on the verge of default secures a $33 million bridge loan in 10 days from application to close.

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Well-Located Distressed Assets Are Not Extinct

BURBANK, CA—Interstate Equities Corp. buys a 34-unit value-add multifamily property that is walking distance to Downtown Burbank with plans to renovate the property and raise rents by $500 per unit.

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Development Sites Find Easy Funding

BEVERLY HILLS, CA—A 36,000-square-foot development in Beverly Hills secures $23 million, another sign that more and more lenders are looking to finance projects in high barrier-to-entry markets.

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Ventura County Sees Record-Breaking Multifamily Prices

LOS ANGELES—The Vines, a 164-unit class-A multifamily complex, trades hands for $55.5 million, or $338,628 per unit, the highest price paid per unit in Ventura County for the past 10 years.

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Single Designer/Builder Contracts on the Rise

MANHATTAN BEACH, CA—C.W. Driver completes construction of the $19 million Manhattan Beach Library, a LEED-certified project that they helped design and build—a trend that is becoming more common for builders.

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Office Market At Its “Healthiest”

LOS ANGELES—The 1Q15 numbers are in, and they show that the office market is the strongest it has been in several years, according to Lee & Associates’ CEO Jeff Rinkov.

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Stream Realty Buys and Renovates Pacific Center

LOS ANGELES—The investor secures a $49.9 million loan to acquire the 302,628-square-foot office building and perform renovations to the lobby and interior units, GlobeSt.com reports EXCLUSIVELY.

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Competition Soars for Grocery-Anchored Retail

LOS ANGELES—JH Real Estate Partners buys the Hawaiian Gardens Town Center, a 124,645-square-foot grocery-anchored shopping center, for $33 million in a competitive transaction that drew multiple offers.

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Infill Industrial Garners Great Returns

LOS ANGELES—Rexford Industrial acquires an infill single-tenant facility and an infill 10.26-acre paved storage facility in two off-market transactions.

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Retail Vacancy Rates Hit All-Time Lows

LOS ANGELES—The historically low vacancy rates in urban core markets are expected to boost retail development, and therefore absorption, which has lagged so far in the recovery.

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DTLA’s Tallest Living Wall Opens

LOS ANGELES—Rising Realty Partners completes construction of Downtown Los Angeles’ first pocket park and an 80-foot living wall at its PacMutual Campus in Downtown Los Angeles.

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Why Private Money Loans Are On the Rise

LOS ANGELES—Investors are using private loans as a tool to acquire and pull cash out of properties because of the speed and certainty of execution they provide, Lone Oak Fund’s Alexa Mizrahi tells GlobeSt.com in this EXCLUSIVE interview.

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What Seasoned Brokers Bring to the Table

LOS ANGELES—It takes a year to get a year’s experience, Patrick Toomey of Matthews Retail Group, Inc., tells GlobeSt.com in this EXCLUSIVE look at why it makes sense to hire an experienced brokerage team.

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Retail Center Secures 90% LTC Financing

LOS ANGELES—Optimus Properties and Infinity Redevelopment secure a $22 million loan for the $24 million purchase of the Juanita Tate Marketplace, a newly developed 77,000-square-foot shopping center.

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Retail Development Continues to Lag

LOS ANGELES—Bob Peterson of Passco talks about where retail investors are finding opportunities as pricing continues to rise and why it’s a good thing that retail development is being kept in check, in this EXCLUSIVE interview.

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Industrial Is a “Darling” of CRE

LOS ANGELES—The 1Q15 industrial report from Lee & Associates shows that the industrial sector is booming and shows no signs of slowing down anytime soon.

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CBC Alliance Launches DTLA Office

LOS ANGELES—Former CBRE brokers Matthew Renshaw and Mark O’Brien join CBC Alliance as managing partners, and will launch the firms Downtown Los Angeles office, GlobeSt.com learns EXCLUSIVELY.

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Meta Housing Opens First Arts Colony

LOS ANGELES—The affordable housing developer’s first non-senior living arts colony opens in San Pedro, bringing 49 units of live/work and gallery space for artists.

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National Firms Continue Regional Buys

LOS ANGELES—CBRE is acquiring its Columbia, SC affiliate, while Avison Young has made Remington Group founder William Connor a principal and Colliers has expanded its North Texas base.

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Karlin RE Lending Rebrands As Calmwater Capital

LOS ANGELES—Calmwater Capital spins off from Karlin Asset Management with secured credit lines from two global banks and an equity investment from a top-20 university endowment.

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Chesapeake Takes DTLA Ace Hotel for $103M

LOS ANGELES—The lodging trust buys the property for $566,000 per key and enters into a new management contract with the hotel brand, which will continue to operate at the location.

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Caruso Creates Singular Digital Experience

LOS ANGELES—Chris Baccus gets a promotion to SVP of digital marketing, and talks to GlobeSt.com about the brand’s digital marketing strategies and how they meet client needs in the digital space.

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Kilroy Disposes $309M in Office Assets

LOS ANGELES--The developer is carrying out its business plan to recycle capital back into the company with the disposal of ten office properties located in West Coast markets.

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Bixby's Pacific Center Fetches $69M

TORRANCE, CA--After getting a $6-million makeover, the 292,000-square-foot office building trades hands between Bixby, who bought the property in 2013 for $52 million, and Stream Realty Acquisition.

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Storm Properties Scoops Industrial Land Site

LOS ANGELES--The industrial developer buys a 5.5-acre land site with plans to build an 115,000-square-foot class-A industrial facility.

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