October 15, 2012 |
Colorado apartment landlord Archstone broadened its Southern California empire this month by spending more than $100 million on seaside properties in Venice and Marina del Rey. Archstone, which operates upscale apartments in coastal markets, bought the Frank, a 70-unit complex on Rose Avenue in Venice, for $56.2 million. It also purchased the Bay Club, which has 205 units -- and 207 boat slips -- on Tahiti Way in Marina del Rey for $43.95 million. The Frank, which was renamed Archstone Venice on Rose, is a complex completed this year by the seller, Portland, Ore., developer Gerding Edlen Development Inc. Los Angeles landlord Decron Properties Corp.
September 19, 2012 |
The Anschutz Co. expects its sports and entertainment empire to sell for at least $5 billion, two people familiar with the sale process told the Los Angeles Times. The so-called "bid books" for the AEG sale have not been distributed to potential investors, said the people, neither of whom was authorized to comment publicly. The book lists the assets for sale and provides confidential financial information about them. A sale is not expected to be completed until next year. Colony Capital, a Santa Monica-based real estate investment firm, is interested in exploring a bid for AEG, a person familiar with the process said Wednesday.
September 9, 2012 |
Here is a roundup of alleged cons, frauds and schemes to watch out for. Credit card interest - The Federal Trade Commission is sending refunds to more than 4,400 consumers who were defrauded by a telemarketing firm that promised to reduce their credit card interest rates in exchange for an upfront fee. The FTC sued Economic Relief Technologies and several related firms and individuals in 2010, accusing them of a massive telemarketing fraud....
July 25, 2012 |
A Torrance office building called South Bay Tower was sold for $52 million Tuesday to real estate investment firm Bixby Land Co. The purchase is part of a strategy by Bixby to acquire underperforming or financially troubled commercial properties during a low point in the real estate cycle. In the last two months, the Irvine company also bought two office buildings in Silicon Valley. "Given the downturn that we have just had, there are throughout California a number of good-quality assets that either have a broken capital structure or have occupancy that is substantially lower than would be attractive to many investors," said Bill Halford, chief executive of Bixby.
July 24, 2012 |
MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, turned a profit in the second quarter as the company settled some large debts. The Los Angeles real estate investment trust — which also owns buildings in Glendale, Pasadena and Cerritos — continued to let go of properties that were heavily encumbered with debt while hanging on to most of its trophy buildings in L.A.'s financial district. MPG finished the quarter ended June 30 with net income of $67.3 million, or $1.32 a share, down 43% compared with $118.4 million, or $2.42, in the same period of 2011.
July 22, 2012 |
Newport Beach real estate investment management firm Buchanan Street Partners bought a Rancho Cucamonga office building for $10.6 million. Buchanan bought a 75,000-square-foot building in HavenPark, a master-planned office campus, from Dallas-based Thackeray Partners. The three-story building at 9680 Haven Ave. was completed in 2007 during the last real estate boom and is 89% leased. “We are pleased to acquire this building at a significant discount to replacement costs,” said Kimberly Stevenson, a Buchanan vice president.