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Thursday, December 31, 2015

Small Property Breaks Big Record

SANTA ANA, CA—A 6-unit multifamily property trades for a record-breaking $306 per square foot, Century Communities expands its unsecured credit facility to $300 million and CW Driver completes a $26-million renovation in this week’s wrap up of deals.



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Boutique Hotel Hits DTLA Historic Core

LOS ANGELES—International lifestyle group Hoxton buys the historic Los Angeles Transit Building for $30 million with plans to convert the property into a boutique hotel.



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Creative Tenants Head Downtown

LOS ANGELES—Design firm Ware Malcomb moves its headquarters to Downtown Los Angeles in what they call a “strategic move” to be in the center of commercial real estate activity.



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Wednesday, December 30, 2015

Residents Move to Stop Massive Developments

LOS ANGELES—The Coalition to Preserve L.A. is fighting massive development projects, and has proposed a ballot measure that will require developers to follow the general plan with no exemptions.



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How Newhall Ranch Affects Developers Now

LOS ANGELES—We sat down with Allen Matkins’ Fernando Villa for an EXCLUSIVE interview to find out how the Newhall Ranch decision is affecting developers today.



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How Newhall Ranch Affects Developers Now

LOS ANGELES—We sat down with Allen Matkins’ Fernando Villa for an EXCLUSIVE interview to find out how the Newhall Ranch decision is affecting developers today.



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Tuesday, December 29, 2015

Compton Gets 1M SF of New Industrial

COMPTON, CA—Trammell Crow Co. breaks ground on the Brickyard, a two-building, 1-million square-foot class-A industrial building in Compton.



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The Lowest Cap Rate Of the Year Is…

GLENDALE, CA—A private investor purchases a 43-unit property in Glendale at a 3.57%, the lowest cap rate paid for a multifamily property in Glendale in the last 12 months.



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Smart Money Heads to DTLB

LOS ANGELES—With rising rents in the South Bay and Orange County, Long Beach is the next submarket to see smart investors make-over the market, GlobeSt.com reports in this EXCLUSIVE story.



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Monday, December 28, 2015

Rexford 2015 Acquisitions Surpass $230M

LOS ANGELES—The industrial REIT continues its infill strategy this year, buying 20 high-quality investments for the year and adding 2 million square feet to its portfolio.



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Interwest Capital Picks Up Hilton

OSWEGO, OR—Interwest Capital Corp. buys a Hilton Garden Inn and taps Evolution Hospitality as the manager, CIP Real Estate secures a $24.1 million loan to refinance a business park and CIM Group completes construction of 9Seventy in this week’s wrap-up of deals.



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Newhall Ranch Could Help the L.A. River

LOS ANGELES—With major similarities between the two projects, the Newhall Ranch decision could ultimately help the L.A. River project avoid timely court battles, GlobeSt.com reports in this EXCLUSIVE Q&A.



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More Multifamily Supply Slated for 2016

LOS ANGELES—With the market hitting a peak, multifamily owners are recognizing that next year is the time to sell, according to Lee & Associates’ Cory Stehr and Cole Martens in this EXCLUSIVE interview.



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Thursday, December 24, 2015

Value-Add Investors Flock to Hollywood

LOS ANGELES—Value-add multifamily investors from outside of California are placing their capital in the reviving Hollywood market.



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Will Development Save the Real Estate Cycle?

LOS ANGELES—Cox, Castle & Nicholson hosts a roundtable to discuss the permitting process in Los Angeles and how the city can help facilitate development projects, GlobeSt.com reports EXCLUSIVELY.



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Wednesday, December 23, 2015

Where Do Millennials Live in Los Angeles?

LOS ANGELES—Downtown, Hollywood and Playa Vista are hotspots for the demographic, according to this map from JLL that shows millennials outnumber baby boomers by 10% in these markets.



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Fed’s Rate Hike Won’t Derail 2016

LOS ANGELES—According to Dekel Capital’s Shlomi Ronen, the Fed made the right decision in raising the interest rate, and he doesn’t except it to have a significant affect in the coming year, GlobeSt.com reports in this EXCLUSIVE story.



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Closer Look at Recent Climate Change Decisions

SAN DIEGO—In this EXCLUSIVE commentary, one source takes a closer look about two recent CA Supreme Court opinions on climate change and the California Environmental Quality Act.



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BH Properties Frees Up Borrowing Capacity

LOS ANGELES—The investor secures a total of $110 million for 17 properties in Arizona, Florida and California, freeing capital so that it can pursue opportunistic acquisitions, GlobeSt.com reports EXCLUSIVELY.



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Tuesday, December 22, 2015

Retail Investors Stick to Daily Needs Strategy

LOS ANGELES—Ares Management and Citivest Commercial Investments partner to buy the Downtown Novato Center and Temecula Town Center, two grocery-anchored retail centers.



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American Realty Scores Promenade Mixed-Use

SANTA MONICA, CA—The investor buys Citron on the Promenade, a retail, office and multifamily mixed-use property that was recently renovated and has a strong rent roll with high-performing tenants.



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Investor Takes Big Risk on State Street Buy

SANTA BARBARA, CA—A private investor buys a 46,813-square-foot retail store at a 5% cap rate and a tenant lease that rolls in three years for the high-barrier-to-entry State Street location, GlobeSt.com reports EXCLUSIVELY.



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Monday, December 21, 2015

MWest Opts for Bridge Loan Despite Rising Rates

LOS ANGELES—The investor secures a short-term $52 million loan through Mesa West for the acquisition of the Emerald Terrace Apartments after banks weren’t aggressive enough on pricing, GlobeSt.com reports in this UPDATE to a previous story.



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Kennedy Wilson Secures $475M Credit Facility

LOS ANGELES—Kennedy Wilson expands its credit facility, partnering with three new banks in the syndicate, and closes its previous $300 million credit facility.



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Entertainment Users Fuel Ultra-Low SFV Vacancy

LOS ANGELES—Entertainment users are migrating from the Hollywood market to the San Fernando Valley—helping to push the vacancy rates below 1% in the already tight market.



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Friday, December 18, 2015

Arena Joins Lendlease Americas Development Business

NEW YORK CITY—Lendlease appoints Alexa Arena as general manager of development west coast where she will be for leading and growing our development capabilities throughout the California market.



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Spec Industrial Build Lands in Sun Valley

LOS ANGELES—Xebec and Cornerstone break ground on a two-building, 361,038-square-foot industrial development on 15 acres of land it purchased in October.



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Thursday, December 17, 2015

DTLA’s Record-High Condo Prices Didn’t Last

LOS ANGELES—Condo prices are down 2% in Downtown Los Angeles after the sales efforts at the Metropolis helped push square-foot prices to record highs of $800 per square foot in October.



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How Will CRE React to the Fed Hike?

LOS ANGELES—The Fed’s nominal rate interested rate increase yesterday will reinforce confidence in the strength of the economy, says Lee & Associates CEO Jeff Rinkov in this EXCLUSIVE interview.



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Opposing Perspectives Drives Multifamily Activity

In part one of our four-part EXCLUSIVE analysis of the multifamily market, Capital One Multifamily’s Grace Huebscher weighs in on the hardening of divergent views on the market’s future.



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Banking on Apartments for the Long Term

LOS ANGELES—With young people graduating with debt and moving into apartments for longer periods of time, some don’t see homeownership as the American dream, which bodes well for apartments, Gelt’s Keith Wasserman tells GlobeSt.com EXCLUSIVELY.



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The Latest Example of Post-Recession Success

LOS ANGELES—Archway Holdings Corp. sells the renovated 9033 Wilshire for $75 million, $1,000 per square foot higher than the 2008 purchase price.



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Wednesday, December 16, 2015

Despite High Office Vacancy, Jobs Drive DTLA

LOS ANGELES—The office vacancy is 18.4% in Downtown Los Angeles, but with a jobs-to-residents ratio of 8 or 9 to 1, multifamily developers are still drawn to the market.



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Barker Pacific Forms Value-Add Joint Venture

Michael Barker: “We think the cycle is a bit long in the tooth, but we think the affordable range of multifamily is less susceptible to a severe downturn.”



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Bank of the West Expands in Pasadena

PASADENA, CA—Bank has just inked a deal for 5,000 square feet currently under construction at 595 East Colorado, along the Rose Parade route.



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No Standard for Evaluating GHG Impact

LOS ANGELES—A recent reversal on an EIR judgment regarding a residential-development project shows that analysis of GHG emissions’ impact on climate change is complex and can hinder deals and development, Miller Starr Regalia’s Arthur Coon tells GlobeSt.com EXCLUSIVELY.



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How Value-Add Competes With New Construction

LOS ANGELES—It’s all about rents, according to Joe Leon of JLL, who explains that rents for renovated older product can be $300 to $500 less than new construction, GlobeSt.com reports in this EXCLUSIVE story.



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Tuesday, December 15, 2015

DTLA Hospitality Ready for a Strong 2016

LOS ANGELES—Hotel RevPAR is up 7% for the year, according to the 3Q15 report from the DCBID, and Carol Schatz says that 2016 promises even more growth.



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Debunking Private Banking Misconceptions

LOS ANGELES—Brian Good of Eagle Group Finance sits down for an EXCLUSIVE interview to discuss the growth of private lending and why the stigma is old news.



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Why TruAmerica Continues Pacific NW Target

LOS ANGELES—In an UPDATE to a previous article, the firm’s senior managing director of acquisitions tells GlobeSt.com that Seattle and Portland demonstrate some of the best economic fundamentals in the country.



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Would You Buy This Building?

LOS ANGELES—In this EXCLUSIVE story, Kyle Kazan of Beach Front Properties reveals the shocking before-and-after photos of his latest value-add project adjacent to Downtown Los Angeles.



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Monday, December 14, 2015

Court Rules on CEQA Greenhouse Gas Guidelines

LOS ANGELES—In a court case about the 20-year ongoing Newhall Ranch development, a Supreme Court rules to change the method by which greenhouse gases are collected, GlobeSt.com reports in this EXCLUSIVE interview.



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Mwest Competes With 15 for K-Town Apartments

LOS ANGELES—The sale of Emerald Terrace Apartments had massive competition with 15 offers from a wide-range of buyers, which the seller’s team says isn’t unusual in this market, GlobeSt.com reports in this UPDATE to a previous story.



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Invest in Your Assets or Lose Tenants

LOS ANGELES—Owners who maintain their properties and provide the latest amenities will continue to attract Millennials; those who don’t do this risk losing them, Avison Young’s Chris Cooper tells GlobeSt.com EXCLUSIVELY.



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DTLA Office Rate Still Hovers at 18%

LOS ANGELES—According to the latest report from the DCBID, office vacancy in the submarket is dropping, but the report shows that it is still hovering in the high double-digits.



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Friday, December 11, 2015

Sares-Regis Fund Buys First Building

LOS ANGELES—The firm’s newly launched multifamily fund II buys the Vista Pointe Apartment Homes, a 216-unit multifamily property in Covina, GlobeSt.com reports in this UPDATE to a previous story.



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Developers Find Hurdles in Hollywood

LOS ANGELES—Hollywood is pushing a renaissance, but Champion Real Estate says that unclear zoning and a lengthy entitlement process is deterring the developers from making a mark.



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Why SoCal Money is Migrating South

SAN DIEGO—The investment market in Los Angeles and Orange County has become so fiercely competitive that investors seeking Southern California opportunities are naturally turning to San Diego, experts tell GlobeSt.com EXCLUSIVELY.



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Thursday, December 10, 2015

Leaders Back USC Real Estate Degree

LOS ANGELES—BH Properties makes a donation to the Price School of Public Policy to fund the school’s new undergraduate real estate development degree, GlobeSt.com reports in this EXCLUSIVE story.



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Multifamily Heats Up in Henderson

HENDERSON, NV—The Roxborough Group and the Bascom Group buy apartment complexes in Henderson, NV, MBK Rental Living plans a 208-unit apartment development, and an investor secures $38.8 million for the acquisition of the SeaTac Office Center in this week’s wrap-up of deals.



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Amenitized Buildings Flood into Koreatown

LOS ANGELES—Century West Partners is expanding K2LA into the largest and most amenitized apartment building in Koreatown.



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Wednesday, December 9, 2015

Wilshire Corridor Medical Office Has Extreme Value

LOS ANGELES—After funding a bridge loan for a Beverly Hills medical office building, Eagle Group Finance explains why the product type is so appealing in that market.



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Metropolis Celebrates Topping Off

LOS ANGELES—Developer Greenland USA lays the final piece of the first residential town at Metropolis, the highly anticipated $1 billion mixed-use development in Downtown Los Angeles.



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Ethika Launches $1B Diversified Fund

LOS ANGELES—Ethika Investments’ newest value-add fund is expected to attract $250 million in equity, which will be used to acquire $1 billion in real estate investments in 30 US markets.



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Why Does Stillwater Like West Covina?

NEWPORT BEACH, CA—The office sector in that region of L.A. pulls employees from several different markets including Orange County and the Inland Empire, John Drachman tells GlobeSt.com in this EXCLUSIVE story about a recent JV acquisition.



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Tuesday, December 8, 2015

Hollywood 2 Acres Fetch Record Price

LOS ANGELES—Champion Real Estate sells a 1.75-acre entitled Hollywood land site for $39.9 million, or $160,000 per door, a record land price in the submarket.



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Long Beach Shows Its Office Clout

LONG BEACH, CA—The city has all of the qualities office investors look for in a dense urban market—access to public transit, residential development, retail—and the rents are far below its South Bay rivals, GlobeSt.com reports in this EXCLUSIVE story.



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Futterman: We’re Fiercely Independent

NEW YORK CITY—In an EXCLUSIVE sit down with GlobeSt.com on site at ICSC’s national deal making conference, the founder of RKF talked about industry trends, the state of his firm and worked to put merger rumors to rest.



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’08 Crisis Attracted Foreign Capital

LOS ANGELES—Onni Group began investing in the US after the financial crisis, and plans to continue to place capital in the L.A. market, where it sees a wealth of multifamily and office opportunities, GlobeSt.com reports in this EXCLUSIVE story.



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Monday, December 7, 2015

Leaders Convene to Battle Vet Homelessness

LOS ANGELES—MWest’s Karl Slovin and TruAmerica’s Bob Hart ask landlords to donate units for the 5,000 homeless veterans on the streets in Los Angeles.



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Institutions Diversify into Office, Industrial

LOS ANGELES—Institutional Property Advisors expands into office and industrial to accommodate its SoCal institutional clients looking to diversify, GlobeSt.com reports in this UPDATE to a previous story.



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GSP: “Cycles Don’t Die From Old Age”

LOS ANGELES—From regulatory changes to economic volatility, George Smith Partners’ David Rifkind tells us what to expect from the capital markets in 2016 in this EXCLUSIVE interview.



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Friday, December 4, 2015

Arts & Culture, DTLA’s Next Big Driver

LOS ANGELES—With all of its other ducks in a row, the downtown market is now seeing an influx of arts and culture users—from museums to art galleries—leasing space in the market.



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Allen Matkins Shows Its Holiday Spirit

LOS ANGELES—The who’s who of CRE professionals in Los Angeles ring in the season at Allen Matkins’ annual holiday party.



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Watt Expands Westside Foothold

LOS ANGELES—The office investor spends $27 million on a value-add property, noting an increasing demand on the Westside for repositioned office product.



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Two Long-Lackluster Submarkets Find Their Upcycle

NEW YORK CITY—On the surface, there’s little commonality between Williamsburg, Brooklyn and the Arts District of Los Angeles. But look closer.



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Thursday, December 3, 2015

Luxury Single-Family Faces Oversupply

LOS ANGELES—The above $5 million single-family luxury market stalls due to dry demand and a glut of supply, but the sub $2 million market is strong, Nick Segal of the Partners Trust says in this EXCLUSIVE interview.



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Ocean West Shows Confidence in Long Beach

LOS ANGELES—The investor buys an office building for $35 million in the downtown area, and says it sees a strong emerging office market.



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Single-Family Sees Another REIT Merger

AGOURA HILLS, CA and SCOTTSDALE, AZ—The combination of American Homes 4 Rent and American Residential Properties Inc. will achieve greater density in AMH’s key markets, the company said in an investor presentation Thursday.



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Good Timing Drives CityView’s $141M Sale

LOS ANGELES—The investor completes its value-add business plan on four multifamily assets bought during the downturn, noting that it is prime time in the market to sell.



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Wednesday, December 2, 2015

MWest Continues Its Eastside Love Affair

LOS ANGELES—MWest’s purchase of the 302-unit Emerald Terrace Apartments in Koreatown shows that it is still bullish on the east side multifamily market.



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Single-Tenant Grocery Still Requires Due Diligence

LOS ANGELES—While grocery has become the single-tenant safety tenant, Chris Sands and Daniel Hoogesteger say that checking the back debt is still important before jumping in to an investment in this EXCLUSIVE interview.



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L.A. Is Onni’s US Market of Choice

LOS ANGELES—The Canadian-based developer is bullish on the Downtown Los Angeles market, GlobeSt.com reports in this UPDATE to a previous story on the investor’s purchase of 800 Wilshire.



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Tuesday, December 1, 2015

West Coast’s Fifty Under Forty

LOS ANGELES—Selected from a pool of more than 500, this year’s batch of west coast based young professionals truly represents the cream of the crop of the commercial real estate industry.



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200-Acre Tech Center Trades Online

EUGENE, OR—Auction.com sells the vacant Eugene Tech Center, General Atomics leases 112,000-square-feet of industrial space, and Bernards completes Santa Monica College in this week’s wrap-up of deals.



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Casino Drives Bell Garden’s Hospitality

LOS ANGELES—R.D. Olson Construction completes construction of the Bicycle Hotel and Casino, which was tailored to the casino users and the local community.



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Port Proposes Shift in Cargo “Free Time”

LONG BEACH, CA—The Port of Long Beach recommends changing cargo-unloading time from four-day periods to six shifts to speed delivery and increase availability to cargo owners.



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