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August 21, 2023

'Completely Obliterated': LA County Hotel Sales Drop 53% In Early 2023
Deputy Mayor Of LA Rachel Freeman Discusses The City's Policies, Plans, Housing Production & Addressing The Affordable Housing Crisis Sept. 26

Hotel sales in Los Angeles County declined nearly 53% in the first half of 2023 compared to the same time last year, according to a report this week from Atlas Hospitality Group. 

Only 17 hotels in LA County traded hands in the first half of this year, down from 36 sales last year. The county’s largest transaction was the $760M foreclosure sale of the Fairmont Century Plaza Hotel, although the full price tag included the hotel, retail space and some of the condos in the Century City property. 

'Completely Obliterated': LA County Hotel Sales Drop 53% In Early 2023

Interest rates are hammering transaction volumes, and buyers and sellers are far apart on offers, Atlas Hospitality Group President Alan Reay said. Even when both parties can agree on a price, often those properties aren’t getting appraised and financed. Only one hotel transaction over $5M closed in the city of Los Angeles in…

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As The Aerospace Industry Approaches $1T, Real Estate Struggles To Keep Up

Boosted by investments from billionaires, longstanding companies and the federal government, the aerospace and defense industry in the U.S. is expected to rocket to $1T by 2026. But as money pours in, the specialized needs of aerospace companies mean real estate is struggling to keep up, even in some of the country’s established space hubs.

To conduct their sensitive research, aerospace and defense companies need real estate that is secure, pristine and generally much higher quality than what most other industries require.

As The Aerospace Industry Approaches $1T, Real Estate Struggles To Keep Up

“Testing facilities need to be immaculate,” said Pulsar Fusion CEO Richard Dinan, whose UK-based rocket engine company is looking to expand into the United States. “What might be really wonderful space for a computer tech company might not be good enough for a space tech company. Our tech has to…

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‘Demand Is There, But Labor Is Lacking’: Agorus’ Greg Otto At Bisnow’s Orange County Event

PRESENTED BY:   Agorus
 
‘Demand Is There, But Labor Is Lacking’: Agorus’ Greg Otto At Bisnow’s Orange County Event

The housing market in Southern California has always been one of the most vibrant in the country, but it is increasingly becoming more unaffordable due to high property taxes, strict building codes and heightened construction costs. Renters now make up 45% of…

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With Conversion Options Limited, Demolition Breaking Through For Underused Offices
With Conversion Options Limited, Demolition Breaking Through For Underused Offices  

With hope for a full-fledged return to office fading, the conversation around underused office buildings in cities nationwide has largely featured the idea of converting them into housing, laboratory space or another in-demand property type. But with high costs and a litany of other challenges, conversions have been largely characterized as a drop in the empty-office bucket.

Cue the wrecking ball.

It may seem like an extreme step, but as expectations for full Class-B and C offices crumble and renovation costs climb, demolishing buildings to free up the land under them for a new use is gaining traction. Kyle Bass, founder of Dallas-based Hayman Capital Management, told Fortune…

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Weekend Interview: Primestor's Arturo Sneider On Developing LA's Underserved Areas
Weekend Interview: Primestor's Arturo Sneider On Developing LA's Underserved Areas  

This series goes deep with some of the most compelling figures in commercial real estate: the deal-makers, the game-changers, the city-shapers and the larger-than-life personalities that keep CRE interesting.

Arturo Sneider is the co-founder and CEO of Primestor Development, a Los Angeles-based retail property manager and developer. Since its founding in 1992, Primestor has focused on bringing quality retail and development to historically overlooked areas, including Pacoima, Watts and Norwalk. The company has a more than $750M portfolio and has a handful of larger mixed-use projects in various stages of completion across the city and county of Los Angeles. The company also launched a fund for transit-oriented projects and is more than halfway to its $300M goal. 

“Things have changed a lot since we started,” Sneider said, referring to growing interest in the markets where his company has based its business. 

Here, Sneider shares insights on his approach to retail and details on the company's largest project yet: a mixed-use redevelopment of the Panorama City Mall. 

Bisnow: In April, Primestor closed the first half of a new fund, the Urban Vision Fund, to the tune of $165M for projects near public transit in California, focusing on ground-up multifamily and retail. I hear a lot of talk about California being a bad place to…

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PODCAST: Breaking Down The CrowdStreet-Nightingale Missing Millions Scandal
PODCAST: Breaking Down The CrowdStreet-Nightingale Missing Millions Scandal  

On this episode of Bisnow Reports, we discuss the ongoing saga of Nightingale Properties and CrowdStreet — the two companies at the center of crowdfunding real estate deals that resulted in millions of dollars allegedly being embezzled.

Bisnow’s Jarred Schenke and Ethan Rothstein talk over the botched deals that saw around $60M of investor money disappear, which have resulted in the Department of Justice investigating after  nearly $40M of equity raised on CrowdStreet was allegedly diverted into accounts controlled by Nightingale CEO Elie Schwartz. Nightingale raised…

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