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Real Estate Investment

November 2, 2006 | Roger Vincent, Times Staff Writer
The former West Hollywood headquarters of noted architect Charles Luckman was sold Wednesday for a near-record price per square foot in Los Angeles County, accentuating a run-up in local office values over the last few years. Los Angeles-based Mani Bros. Real Estate Group bought two Sunset Boulevard office buildings on the eastern border of Beverly Hills for undisclosed terms, said Chief Executive Simon Mani.
July 21, 2013 | By Cale Ottens
Sinking money into real estate investment trusts is considered to be one of Wall Street's most complex investments. Owning shares of REITs gives investors an opportunity to get investment exposure to real estate, including apartments, shopping centers and office buildings. But they've gained a reputation of being risky and confusing - especially after the industry was pummeled during the last real estate crash. Even Lloyd McAdams, chief executive of Anworth Mortgage Asset Corp., makes no bones about saying his Santa Monica REIT does carry some risk.
From the eager anticipation and lively conversations emanating from the crowd in Anaheim's Marriott Hotel ballroom, it seemed like a rock star was en route. But when a side door opened, controversial TV real estate investment adviser Tom Vu bounded toward the podium. "Hi! You ready to make big money?" Vu, 34, asked as the crowd of about 1,000 people leapt to their feet in applause. "Motivating folks is in my blood. You wanna be rich don't you? Well if you make no money with me, you a loser!"
June 20, 2013 | By Roger Vincent
A once-notorious building on Hollywood Boulevard next door to where ABC's "Jimmy Kimmel Live!" television show is broadcast has been sold to a Maryland real estate investment firm. The three-story retail and office property, built in 1921 and across the street from the historic TCL Chinese Theatre, has had a rise, fall and comeback fitting for a Hollywood tale. Once known as the Seven Seas building for the nightclub it housed, 6904 Hollywood Blvd. enjoyed popularity in the mid-20th century but fell far and hard in the 1980s and 1990s when scores of businesses departed Hollywood and the neighborhood earned a reputation for being disreputable and even dangerous.
July 2, 1989
The California Assn. of Real Estate Investors, a 370-member organization of investors, will hold its first meeting in South Orange County on July 27 at the Irvine Marriott in Irvine. The longstanding North Orange County CAREI meeting will be held July 25 at the Anaheim Plaza Resort Hotel. Both meetings are scheduled for 7 p.m. and will deal with "How to Find and Buy Foreclosed Properties."
October 3, 1997 | MELINDA FULLER, Melinda Fulmer covers real estate for The Times
Real estate investment trusts have been snapping up Orange County apartment complexes for some pretty extravagant sums. But these high prices aren't so outrageous, industry experts say, considering where the apartment market is headed. Multifamily construction starts are expected to drop off this year after a whirlwind of activity last year at Irvine Ranch and in south Orange County, according to a research report by Marcus & Millichap.
April 26, 1990 | From Times wire services
Xerox Corp. today reported a first-quarter loss of $254 million, or $2.93 per share, stemming from its interest in a struggling Chicago-based real estate investment firm. Otherwise, the company reported "good growth" in its document-processing business and a slump in earnings from its financial services division that it attributed to the weak market for property and casualty insurance.
November 6, 1997 | From Bloomberg News
Real estate investment trusts bought a record $11.3 billion of commercial properties amid a strong economy in the third quarter, up from $6.6 billion a year earlier, according to a study released Wednesday. REITs are on pace to scoop up $35 billion of real estate this year, topping the $20-billion mark set in 1996, according to the joint study by Los Angeles-based broker CB Commercial Real Estate Services Inc. and money manager Alliance Capital Management.
He's the money man behind St. Louis' bid to land the Rams, but to many in Los Angeles and even St. Louis, Stan Kroenke might as well be The Invisible Man. Unlike Peter Angelos, the colorful Baltimore Orioles owner who has spoken openly about his attempts to purchase a minority share of the Los Angeles Rams, Kroenke's pursuit of the team has been as private as the twin-engine jet he owns. The Columbia, Mo.
November 25, 2007 | Kathy M. Kristof, Times Staff Writer
Many investors chase hot returns, buying assets that have recently performed well, but experts have long maintained that you'd be better off putting your money in sectors that are down in the dumps. That's why it might make sense to take a look at real estate investment trusts -- publicly traded investment pools that typically buy commercial properties such as shopping centers and medical buildings. Although REITs have outperformed stocks over the last decade, they have been slammed this year.
March 17, 2013 | Alejandro Lazo
Invitation Homes bought one of its first fixer-uppers in the San Fernando Valley just last May, a three-bedroom steps from a sought-after school in north Granada Hills. More than 200 homes later, the company's Dodger Blue "for rent" signs are a fixture in the Valley -- markers for a massive Wall Street wager on the housing recovery. Created last year by private equity titan Blackstone Group, Invitation Homes has spent about $3.5 billion buying 20,000 houses in nine U.S. markets, including Southern California.
November 6, 2012 | By Roger Vincent, Los Angeles Times
MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, turned a profit in the third quarter as it continued to shrink its property portfolio. The Los Angeles real estate investment trust, which also owns buildings in Glendale and Cerritos, continued to sell heavily indebted properties while hanging on to most of its trophy buildings in L.A.'s financial district. MPG reported third-quarter net income of $88 million, or $1.57 a share, up from $25.6 million, or 51 cents, in the same period last year.
October 15, 2012 | Roger Vincent
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 | By Bill Shaikin
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 | By Stuart Pfeifer
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 | By Roger Vincent, Los Angeles Times
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.
Capitulating to new federal rules governing thrift industry investments, Downey Savings & Loan Assn. said Monday that it will sell nearly $600 million worth of real estate investments over the next five years. And as it unloads its real estate holdings, Downey will begin acting "more like a commercial bank than a thrift," stressing short-term commercial and consumer loans and downplaying residential mortgage lending, said Maurice L. McAlister, president and co-founder of the 33-year-old thrift.
In what amounts to the largest U.S. life insurance company failure in history, Mutual Benefit Life Insurance Co. on Monday asked New Jersey regulators to take control of the company because of its sagging real estate investments and a run by its policyholders. New Jersey Insurance Commissioner Samuel Fortunato will submit a plan today in state Superior Court to rehabilitate the firm.
July 24, 2012 | By Roger Vincent, Los Angeles Times
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 | By Roger Vincent
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.
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