November 6, 2012 |
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.
CALIFORNIA | LOCAL
March 25, 2006 |
A USC lecturer who teaches at the university's business school was arrested Friday by FBI agents for allegedly bilking investors -- many of them his students -- out of more than $1.5 million and spending much of the money on show horses. Barry Howard Landreth, 36, was arrested at the two-story home he rents in Orange County's gated Coto de Caza community on charges of wire fraud. Authorities said that he lured investors into a real estate investment scheme, promising them huge returns.
October 31, 1991 |
A group of affiliated real estate investment and development companies with more than 200 acres of land in Riverside and San Bernardino counties has thrown in the towel and filed for bankruptcy liquidation in the face of mounting debts and lawsuits by disgruntled partners. The filings represent the largest bankruptcy of an Orange County development firm since the recession began last year. And the four subsidiaries of Irvine-based Westamerica Inc.
October 26, 2008 |
Michael and Esther Maston had hoped the fertility drugs would work, but they weren't ready for the news that they were going to have triplets: a boy and two girls. "We can't afford to send three kids to college" at the same time, Michael, a civil engineer for Rancho Cucamonga, recalled saying in the doctor's office that day in 2001. Since then, the Mastons have been focused on saving for their children's college educations and building a retirement fund for themselves.
CALIFORNIA | LOCAL
September 23, 1995 |
State and local authorities are investigating an alleged multimillion-dollar investment swindle whose victims include members of the Friars Club. The probe of Univest Home Loan Inc., a Gardena-based firm that uses funds of private investors to finance real estate loans, was triggered by complaints from some clients that their money was stolen.
November 21, 2000 |
Big institutional investors are adding some new twists to their customarily staid approach to investing in real estate. Besides investing directly in properties and accumulating portfolios of mortgages, some pension funds and other large institutional investors are creating separate pools of investment dollars to invest in real estate in ways they haven't tried before.
March 25, 1990 |
When Siavosh Ardalan bought a three-bedroom home in Woodland Hills late last year, he thought that the prospects for real estate investing were bright. Prices had been appreciating at double-digit rates for the past two years, and homes in the San Fernando Valley were being snapped up almost as quickly as they were listed. After pouring thousands of dollars into remodeling--putting in new windows, french doors and a marble fireplace--Ardalan listed the house for sale in November.
July 20, 1991 |
The bad news continued Friday for the insurance industry as Moody's Investors Service lowered its credit ratings on six prominent life insurance companies because of their investments in troubled commercial real estate. The New York-based credit rating agency downgraded John Hancock Mutual Life Insurance Co. of Boston; Massachusetts Mutual Life Insurance Co. of Springfield, Mass.; Mutual Life Insurance Co. of New York; New England Mutual Life Insurance Co.
February 24, 2012 |
An asking price of $78.8 million will make a splash in any neighborhood. And the fact that this one includes a temperature-controlled trout pond with a two-story waterfall doesn't hurt. Donald Abbey , the founder of a commercial real estate investment and management firm bearing his name, has listed a recently completed estate in Bradbury, in the San Gabriel Valley. More than nine years in the making, the Palladian-style compound occupies an 8-acre promontory with city and ocean views.
March 6, 2012 |
MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, narrowed its loss in the fourth quarter even as occupancy in its buildings continued to slip. The Los Angeles real estate investment trust also faced rising costs of office space improvements required to keep and attract tenants. "The downtown L.A. market continues to bounce along the bottom, and MPG faces considerable leasing challenges," said analyst Michael Knott of Green Street Advisors. "Tenants hold the upper hand, as MPG's leasing costs increased to even higher levels, and its occupancy is now below 80%. " MPG, which also owns buildings in Orange and San Diego counties, finished the quarter with a net loss of $31.5 million, or 62 cents a share.