Developer Rick Caruso Opens Latest Luxury Apt Project

admin — Tue, 27 Nov 2012 20:04:09 +0000

Caruso Affiliated has opened 8500 Burton Way, which brings modernist design and 5-star concierge services, along with pricy rents, to the intersection of La Cienega and Burton Way. The 8-story, $65 million project east of Beverly Hills built by the company owned by Los Angeles developer Rick Caruso strives to be no less than an architectural and experiential showcase, boldly redefining apartment living in Los Angeles. The glass tower will feature…

CalPERS’ Real Estate Portfolio Returns Slump

admin — Tue, 27 Nov 2012 20:01:06 +0000

The California Public Employees Retirement System’s (CalPERS) Real assets segment could not duplicate prior quarter’s success, when it was the highest returning major asset class. Share this story with your followers Tweet The investment class, that primarily includes real estate, finished the third quarter with a small positive gain of 0.9%, which trailed both the total fund policy benchmark as well as its own custom policy benchmark (2…

Santa Monica Office Bldg. Trades for $12 Million

admin — Tue, 27 Nov 2012 19:59:52 +0000

Tessler, Rubin & Co. sold 820 Broadway in Santa Monica, CA, to Archway Properties for $12 million or $630 per square foot. The office building measures about 19,047 square feet and was 100 percent leased at the time of sale. The property, which was constructed in 2004, was designed by renowned architect David Hibbert and was previously occupied by Google. Current tenants include Coda, Icon Mobile and Cross Campus. Andrew Wilson of Lee & Associates…

Decron Invests $70M in L.A. Area Multifamily

admin — Tue, 27 Nov 2012 19:56:28 +0000

Decron Properties Corp. purchased the 397-unit garden style multifamily community at 1518 Patricia Ave. in the Los Angeles, CA, area for $70 million, or $176,322 per unit. The complex was built in 1985 and covers 16 acres in Simi Valley. The Creekside Apartments feature 40 three-bedroom/two-bathroom units, 190 two-bedroom/two-bathroom units, 80 two-bedroom/one-bathroom units and 87 one-bedroom/one-bathroom units. Community amenities include two…

Multifamily Property – Los Angeles

admin — Wed, 30 May 2012 04:58:40 +0000

Asking prices for multifamily properties rose to $154,730 per unit, a 1.1% increase compared with the end of the prior quarter. For the year, asking prices have fallen 2.6% on the year. Asking prices for multifamily properties hit a three-year peak in October 2007 at $209,684 per unit. In comparison, the current median asking price is down by 18%. The lowest asking price in the past three years was $152,213 set last month.

Office Property – Los Angeles

admin — Wed, 30 May 2012 05:09:12 +0000

The average asking price for office properties in the metro area was $237.66 per square foot for the month. This represents a decrease of 3.9% year-over-year as well as a decrease of 1.6% compared to the end of the fourth quarter of 2011. This month, asking prices for office properties are at their lowest in three years. The previous three-year low was $239.98, set last month.

Industrial Property – Los Angeles

admin — Wed, 30 May 2012 05:13:28 +0000

The average asking price for industrial properties in the metro area was $131.24 per square foot for the month. This represents a decrease of 5.4% year-over-year as well as a decrease of 1.4% compared to the end of the fourth quarter of 2011. This month, asking prices for industrial properties have fallen to a new three-year low. The previous three-year low was last month at $131.67.