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Hilton & Hyland hires team from Halton Pardee, JLL names a new exec… & more


Hilton & Hyland hires team from Halton Pardee, JLL names a new exec… & more By Natalie Hoberman | December 08, 2017 01:00PM Mick Partridge and Justin Alexander (Credit: Hilton & Hyland, Wikimedia Commons) Luxe residential brokerage Hilton & Hyland poached Justin Alexander and Mick Partridge — also known as Alexander Partridge — from the Venice-based Halton Pardee and Partners this week. Alexander previously served as director of sales at Halton Pardee, while Partridge was one of the six listing agents on the team. The duo specializes in properties in Beverly Hills’s Platinum Triangle and on the Westside. Reid McCartney joined commercial brokerage JLL this week as its new executive vice president and Los Angeles market lead of the Project and Development Services team. McCartney, who previously worked at Tesla, will oversee the direction, management and execution of projects for the firm. Developer TruAmerica Multifamily, based in Sawtelle, promoted Matthew Ferrari...
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National Cheat Sheet: Inside commercial real estate’s data wars, new leaders named at Elliman and Related … & more

National Real Estate News
Clockwise from top left: The Skirball wildfire threatening the Los Angeles area, New York City Mayor Bill de Blasio, Art Basel in Miami, and Andrew Right, Anthony Foxx, Stephen Ross of Related. Who will lead commercial real estate’s data revolution? With data increasingly considered a sacred resource in commercial real estate, a battle is raging between the companies that control the information used in many transactions. CoStar Group, the longtime industry leader, is fighting off competition from its main rival Xceligent and many other smaller firms, leaving brokers, landlords and other real estate professionals caught in the middle. CoStar and Xceligent are not only fighting in court, but have also launched PR attacks on each other, complete with reports of data piracy and even sex trafficking. [TRD] Realtors: GOP tax plan will lower coastal home values and inventory The National Association of Realtors predicts that changes to property taxes, mortgage interest,...
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Rexford Industrial buys Inglewood FedEx building for $54M


Rexford Industrial buys Inglewood FedEx building for $54M The property is fully leased to FedEx until 2031 December 08, 2017 11:00AM 687 N. Eucalyptus Ave, Inglewood CA (Credit: JLL) Rexford Industrial Realty has scooped up the 143,400-square-foot industrial building home to FedEx at 687 N. Eucalyptus Avenue in Inglewood sold for $53.9 million — or $376 per square foot, CoStar reported. The property’s sellers were MetLife, Inc. and Panattoni Development Company, Inc., which jointly acquired the site in December 2015 for $7.4 million. FedEx fully leased the customized building in 2016 and will stay on as the main tenant until 2031. Cushman & Wakefield’s Kelli Snyder, Michael Condon, Edward Hernandez and Mike Adey had the listing. Rexford’s in-house brokers represented the investment trust. Rexford is continuing to nab industrial properties on the heels of its massive $211 million acquisition of a six-building campus in Compton, marking the South Bay’s biggest sale in...
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LeBron James snags another Brentwood home for $23M


LeBron James snags another Brentwood home for $23M Could he be thinking about joining the Lakers next year? December 08, 2017 10:00AM LeBron James (Credit: Wikimedia Commons, Max Pixel) LeBron James is now two-for-two in Brentwood. The four-time NBA MVP dropped $23 million to acquire a second home in the wealthy enclave, just two years after spending $21 million on another property nearby , the Los Angeles Times reported. The two-story mansion boasts eight bedrooms and nine-and-a-half bathrooms over 15,850 square feet of living space. Amenities at the newly constructed, Traditional-style estate include a wine cellar and cigar room, sauna, swimming pool, home theater and outdoor barbecue area complete with beer taps. Santiago Arana of the Agency brokered the deal. The 32-year-old James — a three-time NBA champion — currently plays for the Cleveland Cavaliers, but will be a free agent after this season. His Brentwood neighbors include Snap Inc.’s Evan...
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Multimillion-dollar Bel Air homes obliterated by LA wildfire


Multimillion-dollar Bel Air homes obliterated by LA wildfire Southern California fires continue to devastate region December 08, 2017 09:00AM A wildfire burns in Bel Air, California (credit: Getty) UPDATED at 10:40 a.m.: A quartet of wildfires continues to devastate Southern California, with the Skirball Fire in Los Angeles tearing through a handful of multimillion-dollar homes in Bel Air. At least six homes in the hills of Bel Air — the most expensive neighborhood in Los Angeles — were totally destroyed on Wednesday, according to the Wall Street Journal. Zillow estimated them to be worth about $20 million. Roughly 1,700 homes were located in mandatory evacuation zones from the Skirball Fire, and Zillow has estimated that their total value at $6.4 billion. The fires have torched 116,000 acres across Southern California so far and are still going strong despite nonstop work from thousands of firefighters. Addresses of the damaged homes in Bel...
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Masa Son has brought his billions to Compass. What happens next?


From left: Robert Reffkin, Ori Allon and Masayoshi Son (Photo illustration by Lexi Pilgrim for The Real Deal) A five-year-old New York-based residential brokerage has now raised more than $750 million in venture capital. Let that sink in. Just a month after raising $100 million in a Series E round, Compass received a $450 million infusion from SoftBank, the company announced Thursday, giving it a new valuation of $2.2 billion. The capital makes Compass the richest brokerage in the country – no one else even comes close– and sets it up to make a flurry of acquisitions in coming months. In this, it mirrors WeWork. The shared-office space company hit a valuation of $20 billion earlier this year after its most recent investment round, also led by SoftBank, a Japanese conglomerate that is transforming the world of venture capital through its $97.7 billion Vision Fund. Since launching in May, the fund...
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Bank of the Ozarks chief urges “perspective” on deteriorating condo prices


Bank of the Ozarks chief urges “perspective” on deteriorating condo prices “We are still getting paid off,” George Gleason told analysts Tuesday April 12, 2017 01:30PM By Katherine Clarke Clockwise from left: Renderings of 9 Dekalb Avenue, Tishman Speyer’s Macy’s Development, Xinyuan’s 615 10th Avenue and George Gleason From TRD New York: Sometimes it seems like Bank of the Ozarks is the only show left in town, lending hundreds of millions to developers across the city amid a condo financing drought. Its aggressive approach has led some industry insiders to question whether the Arkansas-based lender is becoming overexposed to a downturn in the New York City condo market. Not so, according to its chairman and CEO George Gleason. Speaking on a first quarter earning call Tuesday, Gleason told analysts he feels confident that Ozarks will be paid off in full on loans it’s financing in the Empire State, though its developer...
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Pasadena landlords can no longer get away with evicting tenants without helping them move

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Pasadena landlords can no longer get away with evicting tenants without helping them move New rule closes loophole that let landlords off the hook April 12, 2017 12:00PM Pasadena landlords must now pay relocation fees for tenants they want to evict, after city officials closed a loophole in the city’s tenant protection law. Prior to the change, landlords could avoid paying tenants’ moving costs if they provided 30 days notice before evicting them. As a result, only 91 Pasadena tenants received moving assistance in the past 13 years. The costs for landlords could range from $1,894 to $4,454 per tenant. Tenants with household incomes in excess of 140 percent of the median income for Los Angeles County will not qualify for the benefit. Landlords can only evict if they plan to demolish the building or remove the unit from the rental market. Los Angeles City is also considering legislation that would better...
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Valley Cold Storage and Transportation Locates Distribution Hub In Santa Teresa, New Mexico

Related Research Valley Cold Storage and Transportation, which ships goods in New Mexico and Texas, will invest $14 million to build a new 105,000 square-foot facility in Santa Teresa, New Mexico . This new facility will be the third major expansion in Santa Theresa's 166-acre Westpark Logistics Center in the last six months. It follows the expansions of MCS Frames and FedEx Ground. Westpark is the first new industrial park to be built in Santa Teresa in the last 15 years, and other tenants FedEx and MCS have both built new facilities totaling nearly 500,000 square feet. The Economic Development Department will contribute $140,000 in LEDA funds toward the construction of the new cold storage facility . "We want to thank the Governor, the New Mexico Economic Development Department, the New Mexico Economic Development Partnership and the Mesilla Valley Economic Development Alliance for partnering with us to make...
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Joint Venture LignoTech Florida Plans Manufacturing Center In Fernandina Beach, Florida

Related Research Borregaard ASA (BRG) and Rayonier Advanced Materials Inc. (RYAM) will locate their new venture, LignoTech Florida, in Fernandina Beach, Florida . The new manufacturing facility will be housed at RYAM’s Fernandina Beach site and will create 50 jobs in Nassau County. Rayonier Advanced Materials is the leading global supplier of high-purity, cellulose specialties natural polymers for the chemical industry. Borregaard operates the world’s most advanced biorefinery. By using natural, sustainable raw materials, the company produces advanced and environmentally friendly biochemicals, biomaterials and bioethanol that replace oil-based products. The new operation will provide environmentally friendly alternatives to oil-based products used in construction, agriculture and other industrial applications. Construction for the project is expected to begin shortly with operations beginning approximately 18 months after the commencement of construction. Paul Boynton, the Chairman, President & CEO of Rayonier Advanced Materials, said, “We’re excited to move forward with this new...
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Total Quality Logistics Opens Distribution Hub In High Point, North Carolina

Related Research Total Quality Logistics will open a new $308,000 facility at 4135 Mendenhall Oaks Parkway in High Point, North Carolina . The company intends to add 70 jobs during the next five years, with an opening target date in March 2017. Based in Cincinnati, Ohio, TQL is the second largest freight brokerage firm in North America. The firm connects customers in a variety of industries to trucks belonging to carriers and owner-operators for efficient and reliable transportation. “Opening a new location in High Point helps us to build on the success we’ve had in North Carolina for several years,” said TQL president Kerry Byrne. “Charlotte was our company’s third-ever satellite office to open in the country, and we are pleased to continue to grow our footprint in the state.” The expansion by TQL was made possible in part by a performance-based grant of up to $70,000 from...
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Peet’s Coffee Invests $58 Million In Suffolk, Virginia, East Coast Manufacturing Complex

Related Research Peet’s Coffee, a craft coffee brand, will invest $58 million to establish an East Coast manufacturing operation in the City of Suffolk, Virginia . The company will build a 175,000-square-foot Roastery to produce a variety of coffee, with plans to create 135 new jobs. “Financing the development of an East Coast Roastery in Suffolk, Virginia, our first outside of our LEED Gold certified location in Alameda, California, is a strategic investment in the company,” said Dave Burwick, CEO, Peet’s Coffee. “Suffolk is the perfect location to support our high-quality standards while ensuring that the freshest beans are made available to our east coast consumers much more quickly than today.” Virginia Economic Development Partnership worked with the City of Suffolk and the Hampton Roads Economic Development Alliance to secure the project for Virginia. Governor McAuliffe approved a $1 million grant from the Commonwealth Opportunity Fund to assist...
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BAE Systems Expands San Diego, California, Shipyard Facility

Related Research A leading provider of ship repair, maintenance, modernization, conversion, and overhaul services for the Navy and others, BAE Systems received a new 950-foot-long, 55,000-lifting-ton floating dry dock at its shipyard in San Diego, California . According to company officials, the dry dock is part of the company’s $100 million investment in the yard to service the anticipated increase of U.S. Navy ships on the West Coast. “We have made the strategic investment to meet the ship repair needs of the Navy,” said Joe Campbell, Vice President & General Manager of BAE Systems Ship Repair. “With two large dry docks now in our shipyard, we’ll enhance the San Diego industrial base’s ability to repair warships in their homeport, providing the key maintenance and modernization work needed for the ships’ continued service to our nation and the stability for the ships’ crews.” The new floating dry dock arrived...
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US Bank reaches $13.5M settlement over foreclosed homes scandal

Former City Attorney Carmen and the US Bank Tower in L.A. at 633 West 5th Street
US Bank reaches $13.5M settlement over foreclosed homes scandal Suit filed in 2012 claims bank let 170 homes fall into disrepair September 30, 2016 12:27PM Former City Attorney Carmen and the US Bank Tower in L.A. at 633 West 5th Street U.S. Bank agreed to pay $13.5 million in a settlement with the Los Angeles City Attorney over allegations it neglected hundreds of its foreclosed properties, most of which are located in low-income areas of South L.A. and the San Fernando Valley. Under the terms of the settlement, U.S. Bank would pay $11.9 million in civil penalties for violating the Municipal Code and agree to maintain foreclosed properties for two years, as required by law, the L.A. Business Journal reported. The settlement must still be approved in court. The lawsuit against U.S. Bank, filed in 2012 by City Attorney Carmen Trutanich, focused on 170 L.A. properties U.S. bank acquired through foreclosure. It...
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Investor lists longtime Holmby Hills compound with funicular for $79M

The estate at 300 Delfern Drive (Credit:
Investor lists longtime Holmby Hills compound with funicular for $79M Four-acre estate once belonged to socialite Edith Mayer Goethe September 30, 2016 10:30AM The estate at 300 Delfern Drive (Credit:300delferndr.com) For well-heeled buyers who want the sprawling estate without the walking that comes with it, this $79 million Holmby Hills estate comes with its own funicular. Investor Gary Wilson, the former Northwest Airlines chairman, is selling the four-acre estate, which comprises four residences, two swimming pools and two greenhouses. The funicular, or inclining railway, allows residents to traverse a hill on the property without breaking a sweat. Wilson started assembling the compound in the early 1990s when he purchased the 11-bedroom main house from socialite Edith Mayer Goetz. Goetz was the daughter of Hollywood heavyweights Louis Mayer and William Goetz, and often screened movies in the home. He later nabbed three additional guesthouses from a neighboring property when it came on the market....
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Fashion mogul Guy Attal relists Coldwater Canyon compound for $22.8M

Attal's Coldwater Canyon estate
Fashion mogul Guy Attal relists Coldwater Canyon compound for $22.8M Property has been on and off the market for six years September 30, 2016 09:30AM By Katherine Clarke Guy Attal’s Coldwater Canyon estate Fashion mogul Guy Attal, the head of label Fabrizio Gianni, has slashed the price of his Coldwater Canyon home by nearly $3 million, bringing the ask to just $22.8 million. The price cut is the latest in a string of price slashes and hikes Attal has made since first listing the gated estate for sale in 2010. At its priciest, it was listed for $28.5 million. Attal bought the nearly 15,000-square-foot Paul Williams-designed estate for just $2.55 million in 1999, records show. It was last taken off the market in August, priced at $25.8 million. Williams & Williams Estates has the exclusive listing. The multi-winged estate has a home croquet lawn, an outdoor dining room, a two-lane bowling...
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Ratkovich wants to sell Google’s Playa Vista airplane hangar

Ratkovich CEO Wayne Ratkovich, Google CEO Sundar Pichai and the Spruce Goose hangar at
Ratkovich wants to sell Google’s Playa Vista airplane hangar Bids for site, which Google is renovating, are expected to reach $300M September 30, 2016 08:30AM Ratkovich CEO Wayne Ratkovich, Google CEO Sundar Pichai and the Spruce Goose hangar at 5865 South Campus Center Drive (Credit: Youtube, Search Engine Land and Playa Vista Home Sales) A mere three months after Google leased its former “Spruce Goose”airplane hangar in Playa Vista, developer Ratkovich Company is making moves to sell the property and several adjacent buildings. The four buildings, collectively known as the Hercules Campus, are expected to sell for up to $300 million. Together, they will span 525,000 square feet after Google completes its buildout. Under its 16-year lease, Google is paying $11 million in rent every year for the properties. That’s about 50 percent below the average asking rate in Playa Vista, REAlert reported, attributing the discount to the fact that Google is...
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WeHo developer Faring Capital buys City National Bank building in Long Beach for $47M

100 Oceangate Street Jason Illoulian
WeHo developer Faring Capital buys City National Bank building in Long Beach for $47M “This project would cost 3, 4, or 5 times more if it was an LA property,” CEO Jason Illoulian September 29, 2016 05:00PM By Hannah Miet An investment and development firm that’s hyperactive in West Hollywood is taking a big leap into Long Beach. Faring Capital just closed on the purchase of a 229,000-square foot Class A office tower at 100 Oceangate Street for $47 million, CEO Jason Illoulian told The Real Deal . It paid the seller, Steelwave, $205 a square foot for the property, which has views of the ocean. Eastdil Secured’s Steve Somer and Mike Kathrein brokered the transaction. Faring will modernize the building with a focus on utilizing courtyard space and common areas, Illoulian said. “ Long Beach is becoming a real live, work, play downtown, and we like the affordability aspect, he...
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China’s richest man warns the country is facing a RE bubble

China’s richest man warns the country is facing a RE bubble Wang Jianlin says prices are rising in Chinese cities but dropping in smaller towns September 29, 2016 04:00PM From the New York website : Wang Jianlin — who built a massive fortune developing real estate in China — says the market is now facing the “biggest bubble in history.” Jianlin, who is the country’s richest man, says the problem is that prices are continuing to rise in cities like Shanghai, but are dropping in thousands of smaller cities where there are vast numbers of vacant properties. “I don’t see a good solution to this problem,” the Dalian Wanda Group chairman said in an interview with CNN Money. “The government has come up with all sorts of measures — limiting purchase or credit — but none have worked.” He’s not worried of a sudden collapse in economic growth. China’s economy is...
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CAA managing partner sells Beverly Hills home for $5.2M

Meryl Streep, Kevin Huvane and the house at 1720 Ambassador Avenue
CAA managing partner sells Beverly Hills home for $5.2M Kevin Huvane bought the 1930s traditional for $1.65 in 1988 September 29, 2016 02:00PM By Cathaleen Chen Meryl Streep and Kevin Huvane (by Kevin Mazur, Getty Images) and the house at 1720 Ambassador Avenue (via the Agency) Talent scouting powerhouse Kevin Huvane sold his Beverly Hills abode for $5.2 million Tuesday, just days after it hit the market for $4.95 million. The buyer is a real estate attorney from Bel Air and his family, buyer’s broker Rochelle Maize of Nourmand & Associates told The Real Deal. The traditional-style residence sits on Ambassador Avenue — a quiet stretch of north of Sunset. It spans 4,139 square feet and contains four bedrooms and four bathrooms.  “Houses like this don’t come in often at a relatively low price,” Maize said. “When they do, they’re gone very quickly.” Huvane — who claimed to have felt, as a 16-year-old in...
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