Real Estate
Universal Hotel Plans Expansion
The Hilton Universal City Hotel, which is located steps away from Universal Studios Hollywood, may be getting bigger. In an expansion plan unveiled last month, Sun Hill Properties Inc., the operator of the flagship hotel, announced plans to build a 395-key hotel addition directly adjacent to the existing hotel. “It’s been a long time coming, […]
Architects Work on Affordable Housing Projects
As the city continues to incentivize developers to build more affordable housing, much of the legislation allows for the relaxation of typically rigid standards, already beginning to change the look and feel of new projects. “I am now designing projects that look different than what they used to look like,” said Sam Aslanian, founder and […]
Firm Repairs 10 Freeway
Two San Fernando Valley-area companies emerged last week with ties to the 10 Freeway segment south of downtown Los Angeles that was shut down after being damaged in a pallet fire earlier this month. Calabasas-based Apex Development Inc. leased the land underneath the freeway upon which state officials said the fire started in the early […]
A Big Case of Sibling Rivalry
A real estate owner with thousands of multifamily units across the Valley is at the center of a 20-year, multibillion dollar dispute. Against his own family. Five brothers, sons of a diamond merchant hailing from the Indian state of Gujarat, whose ages now range from the 50s to 70s, have been in contention for more […]
Moorpark Industrial Sales Highlight Strong Sector
Two separate industrial properties recently changed hands in Moorpark, as the area continues to be a magnet for investors seeking stable properties with a strong tenant base. The Westlake Village-based branch of commercial real estate brokerage firm Lee & Associates managed the sale of both fully occupied independent assets, which totaled more than $20 million. […]
Chatsworth Residential Property Trades for $107M
A 280-unit luxury multifamily community located in the foothills of the Santa Susana Mountains in Chatsworth sold for $107 million. Institutional Property Advisors, a subsidiary of Calabasas-based leading commercial real estate brokerage firm Marcus & Millichap, closed the deal on the asset, which is called Summerset Village. “Well maintained by an institutional owner for over […]
Car Wash Sells for $4 Million
Hanley Investment Group, a real estate brokerage and advisory services company based in Corona del Mar that specializes in retail property sales, arranged the sale of a new Bliss Car Wash in Valencia for $3.72 million. The arrangement, which was part of a 1031 exchange, marks Hanley Investment Group’s 80th car wash sale in the […]
Public Storage Closes $2.2B Deal
Glendale-based Public Storage Inc., one of the largest operators of self-storage centers in the U.S., officially expanded its market share as it finalized its acquisition of Simply Self Storage from Blackstone Real Estate Income Trust Inc. for $2.2 billion. The acquisition encompasses 127 properties spread across 18 states, adding about 9 million square feet to […]
Retail is His Jam: Q&A with Sandy Sigal
Sandy Sigal founded Calabasas-based NewMark Merrill Cos. Inc. in 1997 and has grown it into a real estate company with 12 million square feet of assets and a portfolio worth more than $2 billion. Sigal began his real estate career nearly four decades ago by joining homebuilder West Venture Cos. While there, he founded its […]
Goldrich Kest Plans to Build in Studio City
Culver City-based Goldrich Kest is constructing a 129-unit apartment complex alongside the Los Angeles River in Studio City, a major milestone for the company, as it marks its first ground-up development in more than 15 years. The five-story multifamily complex, which will be called The Crescent, will feature a variety of studios and one-, two- […]