CALIFORNIA | LOCAL
May 2, 2012 | By Ruben Vives, Los Angeles Times
On Tuesday morning, 80-year-old Bobby Salisbury took the last of his items from his boat moored at Colonial Yacht Anchorage in Wilmington and stuffed them inside his gray Nissan off-road truck. "I'm the happiest guy today," he said sarcastically. For years, Salisbury has lived at the marina. Then last month, the Los Angeles Harbor Department ordered him and more than 90 other tenants to leave by May 1, calling the dock and 138 slips in Berth 204 too dilapidated to be safe.
BUSINESS
April 22, 2012 | By Roger Vincent, Los Angeles Times
Cautious growth among white-collar firms kept the Los Angeles County office market flat in the first quarter as average rents and occupancy remained unchanged from a year earlier. A handful of neighborhoods such as Santa Monica, Pasadena and Glendale are tightening in favor of landlords, but others remain relative bargains for renters. "Santa Monica is a classic example of where there is a flood of activity by technology-minded companies that have really created an extensive demand, driving down vacancy and driving up rental rates," said Neal Resnick, managing director of property brokerage Avison Young.
BUSINESS
April 16, 2012 | By Roger Vincent, Los Angeles Times
Former executives of office landlord MPG Office Trust Inc. have launched their own property company with the purchase of a landmark Los Angeles office building. Nelson and Christopher Rising of Rising Realty Partners expect their acquisition of Pacific Center at 6th and Olive streets to close Monday. Terms of the purchase from Alliance Commercial Partners were not revealed, but experts familiar with downtown real estate prices value the deal at $60 million. The new owners will change the name of the complex to the PacMutual Building, in keeping with origins of the Beaux Arts-style complex that can be traced to railroad tycoons Charles Crocker, Leland Stanford and Mark Hopkins.
CALIFORNIA | LOCAL
April 16, 2012 | By Ruben Vives, Los Angeles Times
Harold Hazelton can't imagine living on land. For more than 30 years, the 76-year-old and his wife, Donna, 75, have resided on their 43-foot Grand Mariner at Colonial Yacht Anchorage in Wilmington. That soon will end, however. "I don't know what we're going to do," he said. "I don't like living on land. I've been on water all of my life. " The Hazeltons are among 95 tenants who face eviction May 1, the result of port officials having labeled the marina's dock and its 138 slips in Berth 204 as too dilapidated to be safe.
BUSINESS
April 15, 2012 | By Roger Vincent
Former executives of office landlord MGP Office Trust have launched their own property company with the purchase of a landmark Los Angeles office building. Nelson and Christopher Rising of Rising Realty Partners expect their acquisition of Pacific Center at Sixth and Olive streets to close Monday. Terms of the purchase from Alliance Commercial Partners were not revealed, but experts familiar with downtown real estate prices value the deal at $60 million. The new owners will change the name of the complex to the PacMutual Building, in keeping with the origins of the Beaux Arts style complex that can be traced to railroad tycoons Charles Crocker, Leland Stanford and Mark Hopkins.
BUSINESS
April 15, 2012 | By Martin Eichner
Question: I own two houses on the same street. I live in one and rent out the other. The tenants in the rental house have seven months left on their lease. I would like to move my wife's mother into the rental house so she can move out of my house. Will I be able to do that? Answer: A lease is an agreement that is binding on all parties to it, tenant and landlord. Some leases have "escape clauses" that allow either party to cancel upon giving notice, typically 30 days. If the lease agreement you used for this rental does not include an escape clause, you have no general right to unilaterally cancel the lease.