Demand For Cannabis Property Eases in the Los Angeles Industrial Market
Brokers Notice Price Differences From Start of Year Brokers say the cannabis market's effect on industrial real estate is easing this year in Los Angeles as the industry takes shape following a frenzy of activity spurred by its legalization. When Los Angeles began accepting applications for the sale of cannabis for recreational purposes at the beginning of 2018, the industrial market in the nation's second-largest city surged as hopeful businesses with cash on hand started le
Rexford Industrial Pays $29.5M for Chatsworth Industrial Bldgs
Allegretti & Company Sells 256,000-SF Business Park Rexford Industrial acquired four industrial buildings at 9200, 9230 and 9250 Mason Ave. and 9171 Oso Ave. in Chatsworth, California, for $29.5 million, or about $115 per square foot, from Allegretti & Company. The sale represented the seller's downleg in a 1031 tax-deferred exchange. The buyer, paying cash for the portfolio, cited the investments' location in Southern California’s high-demand infill industrial market. The fo
Mixed-Use Project to Bring 244 Apartments to Warner Center
Another large residential project is in the works in Warner Center. A Montecito-based entity filed plans for a 244-unit mixed-use development at 21201 W. Victory Boulevard, city records show. The seven-story project would include 61 live-work units and a total of about 246,000 square foot. Around 50,500 square feet would be “non-residential,” including 16,800 square feet of office space. It would include 219 parking spaces. Read more here https://therealdeal.com/la/2018/12/18
Another Q Building Planned for Warner Center
Architecture firm Newman Garrison + Partners has shared its first look at the Q at Erwin, its latest project in a network of mixed-use residential buildings, all called Q, in Warner Center under development by California Home Builders in Canoga Park. Construction is slated to begin in 2020 and end in 2023 for the seven-story residential tower. Read more here http://sfvbj.com/news/2018/dec/05/california-builders-plans-another-q-building-warne/
Blumenfield Concerned Over Lack of Affordable Housing in Warner Center
Since the Warner Center 2035 Specific Plan launched in late 2013, there has been a burst of multifamily development, but now a principal author of the plan wants to fix its approach to affordable housing. Curbed Los Angeles reports that, according to figures offered by the office of Los Angeles City Councilmember Bob Blumenfield, L.A.’s planning department has approved 2,502 units of housing in Warner Center, a figure that includes no low- or middle-income affordable housing
Developer Plans Multifamily in Sun Valley
Developer GATA Woodley LLC, with representation by land using consulting firm Malian & Associates, has filed an application with the Los Angeles Department of City Planning to develop a vacant lot in Sun Valley for a multifamily project, per Urbanize.LA. Described as “a trapezoid-shaped property,” the Sun Valley land, at 8554 N. Glenoaks Blvd., would be the site of a proposed 51,000-square-foot building housing 56 residential units. Seven of these apartments would be designat
L.A. Second in Nation For Office Rent Growth
Office rents in Los Angeles have grown nearly 16% since 2016, fueled by tech and entertainment tenants. Los Angeles is second in the nation for rent growth. According to the Tech 30 report from CBRE, office rents in Los Angeles have grown 15.8% in the last two years, making it the second tech market in the nation for office rent growth, behind Atlanta and followed by Orange County. This is a significant increase from last year, when Los Angeles was ranked 12th in the same rep
Building Energy Benchmarking Program
Program Overview Assembly Bill 802 (Williams, 2015) directed the California Energy Commission to create a statewide building energy use benchmarking and public disclosure program for buildings larger than 50,000 square feet. The Commission's regulations require building owners to report building characteristic information and energy use data to the Commission by June 1 annually, beginning in 2018 for buildings with no residential utility accounts, and in 2019 for buildings wi
Sales of Likely Opportunity Zone Properties Climb 8 Percent Over Last Year
Investors pumped $2.6 billion more into properties covered by the federal Opportunity Zone tax incentive initiative -- an 8 percent increase from the same time last year -- even before the Treasury Department released guidelines on the program. Almost 40,000 properties in the nation's more than 8,760 zones have sold this year, according to CoStar data. More than 51,400 properties are being actively marketed for sale. And the release this month of the first round of regulation
Prop. 13 could be partly undone in 2020 – here’s what you should know
Two years from now, California voters may have a chance to touch the third rail of state politics. A coalition of good-government groups, social justice organizations, affordable housing advocates and teachers unions held press conferences across the state today announcing they had submitted signatures for a measure that would significantly increase property taxes on California businesses and generates tens of billions in revenue for local and state governments. If the measur
