Michael Aushenker

Staff Reporter

Email: maushenker@sfvbj.com
Phone: 818-316-3123

Recent Stories

Van Nuys Apartments Sell for $680,000 a Unit

An eight-unit Van Nuys multifamily complex has sold for $5.6 million, or $681,250 per unit, according to brokerage Marcus & Millichap Inc.

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Four-Story Multifamily Development Proposed for Reseda

The Los Angeles City Council has approved plans for a residential development that will add 27 units to the housing inventory in Reseda.

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Multifamily Complex to Rise Near CSUN

A property located at 8940 N. Reseda Blvd. in Northridge will bring five stories of apartments to the market near California State University – Northridge.

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Construction Complete at L’Oreal Offices in Encino

Design studio Ware Malcomb announced Tuesday that construction is complete at L’Oreal’s Pulp Riot offices, located at 16501 Ventura Blvd. in Encino.

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Westlake Village Office Portfolio Fetches $55 Million

A massive multi-property office portfolio, totaling 256,602 square feet in Westlake Village, has traded for $55 million.

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Seeking Suburbia

RESIDENTIAL: Brokers report the urban lifestyle has lost its appeal for millennial homebuyers.

The catchphrase “live/work/play” captures the strategy of real estate developers appealing to younger workers, often in the tech and entertainment industries, who want a walkable urban lifestyle near their employment

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Chatsworth Hills Academy Sells Campus for $9 Million

A school campus belonging to Chatsworth Hills Academy has sold for $9 million.

Zillow Honors Local Economic Forecasters

Local economists Matthew Fienup and Dan Hamilton have been named recipients of the 2020 Crystal Ball Award for the Zillow Home Price Expectations Survey, formerly known as the Case-Schiller Home Price Expectations Survey.

Half-Acre Property in Santa Clarita Sells for $1.5 Million

A commercial property with only 1,292 square feet in Santa Clarita has sold for $1.5 million.

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149-Room Hotel Proposed on Ventura Boulevard in Woodland Hills

A four-story, low-rise hospitality structure is in the planning stages for Ventura Boulevard in Woodland Hills.

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Adler Realty Sells Fontana Retail Property

Woodland Hills-based Adler Realty Investments has sold a retail property in Fontana for $4.95 million.

Gelt Acquires $41 Million Self-Storage Portfolio in Memphis

Tarzana-based real estate developer Gelt Inc. has invested $41 million to buy eight self-storage facilities in Memphis, Tenn.

L.A. County Official Sentenced for Taking Bribes from Newbury Park Contractor

A Los Angeles County official was sentenced Tuesday for accepting bribes from a Newbury Park contractor, according to the Justice Department.

L.A. Council Member Huizar’s Corruption Case Involves Valley Consultant

Jose Huizar, an elected member of the Los Angeles City Council, was arrested Tuesday on federal racketeering charges that allege he accepted bribes to help real estate developers secure approval for their projects – including one bribe facilitated by a development consultant in the Valley.

Limoneira Joint Venture Sells 42 Residential Lots

Limoneira Co. announced Thursday that its joint venture to build the Harvest at Limoneira development in Santa Paula has closed sales on 42 more lots.

E-commerce Company Takes Huge Space in Valencia

Newmark Knight Frank announced Wednesday that it has negotiated a huge industrial lease in Valencia to be used as a last-mile warehouse and distribution center for a major but unspecified e-commerce company. The site comes with a pair of large parking lots for warehouse employees and trucks.

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Entertainment, Logistics Firms Sign San Fernando Leases

Two companies have signed leases at the same property in city of San Fernando for a combined 73,000 square feet.

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Apartment Association Challenges Legality of Housing Moratoriums

The mounting economic hardship of landlords has prompted advocacy group Apartment Association of Greater Los Angeles to file a lawsuit against the city of Los Angeles on behalf of its 10,000 members, the landlords of some 150,000 units throughout Los Angeles proper including the San Fernando Valley.

Chef Merito Buys Sun Valley Industrial Space for $5.8 Million

Spice and seasoning manufacturer Chef Merito Inc. has purchased a Sun Valley industrial facility for nearly $5.8 million.

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Three Sun Valley Warehouses Sell for $8.3 Million

A three-building portfolio with 45,600 square feet of warehouse space in Sun Valley has sold for $8.27 million, or $189 per square foot.

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Automotive Property Sells for $3.1 Million in North Hollywood

An automotive business property in North Hollywood has sold for $3.1 million with an eye toward redevelopment.

Rental Houses for Middle-Aged Millennials

REAL ESTATE: American Homes 4 Rent to build dwellings.

American Homes 4 Rent builds houses not for owners but for renters.

Promenade 2035 Project Approved by City

Entitlements for the Westfield Promenade 2035 mixed-use complex went before a May 28 hearing of the Los Angeles City Planning Commission and received unanimous approval.

Fewer People, More Space

Architects and builders see continued need for centralized workplaces.

One casualty of the coronavirus may be the open office configurations which thrived until 2020, but the work-from-home fade isn’t going to replace centralized workspace, according to designers, architects and builders interviewed by the Business Journal.

Self-Storage Facility Opens in Camarillo

SecureSpace enters Ventura County market.

SecureSpace Self Storage has announced the grand opening of a new self storage facility in Camarillo.

Farmers Market’s Marketer Retires

Van Nuys resident recalls Caruso’s Grove development.

On May 29, Mark Panatier, who has been in charge of the marketing team, media and community relations and the construction development for the Original Farmers Market in Los Angeles — officially retired —just shy of 30 years working for owner A.F. Gilmore Co.

Amazon at Needham Ranch Site

E-commerce company takes 97,000 square feet.

Amazon.com Inc. is ready to take a major presence in the Santa Clarita Valley.

Westfield Postpones Reopening Malls in San Fernando Valley, Valencia

Westfield has indefinitely delayed the reopening of their malls in the San Fernando and Santa Clarita valleys, according to an announcement on the shopping center developer’s website.

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Developer Eyes Mixed Use Project on $40 Million Burbank Parcel

Developer SJ4 Burbank has purchased 8 acres in Burbank from Northridge Properties for $40 million.

22-Unit North Hills Multifamily Sells for $4.7 Million

Kelly Morgan Commercial Group at KW Commercial has transacted the sale of 8805 Orion Ave., a 22-unit multi-family property in North Hills, for $4.7 million.

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Promenade 2035 Project Passes Planning Commission With Unanimous Vote

Westfield’s Promenade 2035 project has passed an important milestone after a unanimous vote during its entitlements hearing with the Los Angeles City Planning Commission.

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Marcus & Millichap to Lay Off 175 Staffers

Calabasas-based brokerage Marcus & Millichap Inc. will lay off 175 salaried employees, or 20 percent of its 877-person workforce, as the coronavirus outbreak ripples through the commercial real estate industry.

Westfield’s Woodland Hills, Valencia Shopping Centers to Reopen June 3

Westfield Topanga & The Village in Woodland Hills and Westfield Valencia in the Santa Clarita Valley will reopen June 3.

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SecureSpace Self Storage Opens in Camarillo

SecureSpace Self Storage has announced the grand opening of a new self storage facility in Camarillo.

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Van Nuys Multifamily With 96 Units Sells for $19 Million

A 96-unit apartment building in Van Nuys has sold for just over $19.3 million, or $200,337 a unit.

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Landsea Sells More Houses During Crisis

Developer moves inventory in Chatsworth and Simi Valley.

Landsea Homes continues to make waves in the Southern California residential real estate market with three more houses sold in Chatsworth.

Near-Record Multifamily Purchase

Ventura County apartments trade for $92 million.

The Artisan at East Village in Oxnard has sold for $92 million, or $339,154 per unit, in one of the highest payouts ever for a Ventura County commercial property, according to CoStar Group.

Retail Rent Drop

REAL ESTATE: Shopping center owners face lower income and rising costs.

Even prior to the coronavirus crisis, retail centers faced monumental challenges from Amazon.com Inc.-led e-commerce. Now, with the pandemic triggering an unprecedented shutdown of business, many retail tenants — from high-profile national chains to independent business owners — are requesting deferments or abatements on rent, putting landlords in a serious bind.

Bring on the Units

DEVELOPMENT: Reseda and Canoga Park enjoy surge of apartment building.

The bedroom communities of Canoga Park and Reseda may seem sleepy by comparison to North Hollywood or Woodland Hills, yet there is more going on than meets the eye in these Valley neighborhoods, with new commercial and residential developments, purchases and overhauls in recent months.

Nimble ASGN Thrives Despite Job Market Chaos

STAFFING: Federal contracts, IT work buoy company through crisis.

A solid first quarter and several major government contracts will help ASGN Inc. weather the Coronavirus storm.

Escrow Closes on New Needham Ranch Land

Trammell Crow, Clarion advance on second phase of buildout for industrial park in Santa Clarita Valley.

Trammell Crow and Clarion Partners announced mid-May that they are in the throes of closing escrow on a 137-acre piece of real estate at Center at Needham Ranch that will pave the way for the completion of the 252-acre industrial park’s second phase.

Multifamily Muddle

RESIDENTIAL: Landlords say new rules promote lawsuits and non-payment of rent.

Since March, the state of California has sought to protect residential tenants from landlord abuse by imposing moratoriums on rent hikes and evictions as they navigate the coronavirus crisis.

Amazon to Occupy 97,000 Square Feet in Santa Clarita

Amazon.com Inc. is ready for a major Santa Clarita Valley presence.

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Westfield Unveils New Renderings of Promenade 2035

Shopping mall developer Unibail-Rodamco-Westfield has unveiled new illustrations for Promenade 2035, its 34-acre mixed-use complex in Warner Center that will replace the current Westfield Promenade mall.

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Casa Pacifica Appoints Shawna Morris as Chief Executive

Camarillo-based Casa Pacifica Centers for Children and Families, a crisis-care and residential treatment facility for foster or at-risk children, announced Tuesday a transition in its leadership.

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38-Unit Sunland Apartment Complex Sells for Nearly $12 Million

Parkview East Apartments in Sunland has sold for $11.7 million, according to Encino-based Matthews Real Estate Investment Services.

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Valley Home and Condo Sales Drop 47 Percent in April

Stay-at-home orders in April negatively impacted San Fernando Valley’s real estate market, according to a Southland Regional Association of Realtors report, which showed a 47 percent drop in the number of houses and condominiums sold for the month.

Two-Property North Hills Retail Portfolio Sells for $6.3 Million

A retail portfolio of two adjacent parcels totaling 52,260 square feet of land has traded hands in North Hills for $6.3 million.

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Former Weider Building in Warner Center Fetches $12.8 Million

The former home of Weider Health & Fitness in Warner Center has sold for $12.8 million, according to Jim Markel, vice president and regional manager of Marcus & Millichap’s Encino office.

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Conejo Chamber Starts Relief Fund for Small Businesses

The Greater Conejo Valley Chamber of Commerce Foundation, in partnership with the cities of Thousand Oaks, Westlake Village and Agoura Hills, has created a relief fund to help local small businesses endure the financial impact of the COVID-19 pandemic.