Eretz Properties, a Los Angeles-based investment firm, has acquired the Pico Gateway Apartments in the Pico-Robertson neighborhood for $22.4 million, or $574,359 per apartment.
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The original location of high-end fashion retailer Fred Segal on Melrose Avenue has been sold for $43 million to CormackHill, a Vancouver, British Columbia, retail real estate investor. Beverly Hills real estate investment firm Kennedy Wilson brokered the deal for the 29,000-square-foot, ivy-coated shopping landmark.
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U.S. commercial real estate prices dropped in January for the first time since 2010, a sign of weakening demand by investors after a six-year rally that pushed values to records.
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Gehry and a developer partner have presented an unsolicited plan that would include a hotel, offices, condos, a park, and more.
Earlier this month, developer Townscape Partners and the architecture firm Gehry Partners presented an unsolicited plan to the Beverly Hills City Council to build a huge mixed-use campus that would include hip office space, a five-star hotel, retail, and a three-acre public park on about seven acres of land that is, for the most part, owned by the city (a small portion is privately held). The Beverly Hills Courier reports that the council is expected to approve an agreement at their meeting tonight that should help this unexpected and enormous project take a big step forward.
Continue reading “FRANK GEHRY WANTS TO BUILD A HUGE MIXED-USE CAMPUS IN THE HEART OF BEVERLY HILLS”