El Segundo
REAL ESTATE
Raising Cane’s in Carson Sold for $7.5MM, Completing Buyer’s 1031 Exchange
CBRE has announced the sale of a single-tenant net lease property, occupied by Raising Cane’s Chicken Fingers Drive-Thru, in Carson, Calif. The property sold for $7.53 million, representing a cap rate of 4.65%. CBRE’s Senior Associate George Felix and Executive Vice President Dan Blackwell represented the buyer, a repeat...
The Salary Needed To Afford a Home Has More Than Doubled Since Before the Pandemic—See How Your City Is Faring
Scraping together enough money to buy a home can seem like a fruitless endeavor, especially in today's housing market dominated by high mortgage rates and soaring list prices. And it becomes even more daunting when the definition of "enough money" keeps increasing. That's exactly what's happening across the country, where...
Successful Transaction: Historic 612 S. Broadway sold for $16M
The historic building at 612 S. Broadway was sold for $16 million, according to Cushman & Wakefield. The sale of the 80,000-square-foot landmark in DTLA’s historic core was brokered by the Cushman & Wakefield team of Mike Condon Jr., Erica Finck, Reid Gratsch, Brittany Winn, and Kylie Rawn, in partnership with Mark Zakarian.
300+ Echo Park apartments, $6.5 million Los Feliz home, & other real estate news
Here's your rundown of Eastside real estate news. A large mixed-use complex has been approved for the corner of Sunset Boulevard and Everett Street by the City Planning Commission, and it now goes to the City Council, Urbanize reported. Plans call for 327 apartments, parking for 263 vehicles, and ground-floor commercial space. That's much larger than was previously proposed a decade ago. Construction should take about 30 months, and could start at the end of this year, Urbanize said.
Above Par: Pro Golfer Michelle Wie West Sells Her Standout Encino Estate for $6M
Pro golfer Michelle Wie West just found a buyer for her lavish Encino, CA, estate. She put the ace of a place on the market in January for $6,495,000, then dropped the price to $6,299,000 in April. It sold this month for $6,025,000. According to Realtor.com records, the pro golfer...
Column: Long Beach needs tens of thousands of new homes to address the housing crisis
Last week I wrote a column about how other cities are building tens of thousands of new homes to address the housing crisis. Long Beach has been lagging far behind the production in cities like San Diego and Oakland. Just 635 homes were permitted in 2023, according to housingdata.app. That’s not enough.
New 163-Unit Affordable Housing Project Breaks Ground in Long Beach's Midtown
The City of Long Beach has officially embarked on a journey to expand its affordable housing inventory with the groundbreaking of 1400 Long Beach, a new 163-unit complex catering to low-income families. Located in the heart of Midtown, the project aims to transform a previously vacant lot into a community-enhancing residential space. Mayor Rex Richardson, at the ceremony said, "We are thrilled to begin construction for this exciting project in Midtown," and emphasized the city's ongoing mission toward increasing affordable housing availability.
Developer Offloads Huntington Park Senior Housing
VP Tom Papoulias of Coldwell Banker Commercial West arranged the sale of the Seville Gardens Apartment Community, a 225-unit senior housing apartment complex located at 2701 Randolph St. in Huntington Park The transaction closed at $33,750,000. Papoulias represented the seller, Seville Gardens, LLC. The buyer, Equity Consultants Equity, Inc., plans...
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