Retail to Residential
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
You read a lot about office-to-residential conversions. Retail properties are also candidates for such transformation, and increasingly so. Note recent plans for three retail properties in Los Angeles. Also for today: Meet the most powerful figures in commercial real estate finance.
— Tom Acitelli, Deputy Editor
Retail-to-Resi Plans Secure Loan in Los Angeles
Beverly Hills development and investment firm Bolour Associates announced Tuesday that it has provided $20 million in debt financing for the multifamily redevelopment of three properties in prominent locations in Greater Los Angeles. The borrower, North Carolina-based Grubb Properties, will use the funds to revamp three sites by adding a combined 378 new apartments. Terms of the financing were not immediately disclosed. One property currently includes 10,500 square feet of retail at 700 Santa Monica Boulevard in Santa Monica, and it’s slated for 99 new units. A second property includes 27,000 square feet of retail at 1200 Vine Street in Hollywood, and will be redeveloped into 151 units. The third site is a 30,900-square-foot land parcel at 5240 Lankershim Boulevard in North Hollywood in the San Fernando Valley, which will become 128 apartments.
Check out our newest Deals of the Week, featuring the top commercial real estate transactions at a glance — plus a deep dive into the key players behind each transaction.
2024 Power Finance
“I ain’t afraid of no ghost,” was the mantra of Peter Venkman, Egon Spengler, Ray Stantz and Winston Zeddemore in the 1984 film “Ghostbusters.” The thesis of the movie resonated as we compiled this list, 40 years later, covering a time in commercial real estate when things have been a wee bit scary, to say the least, with plenty of things that go bump in the night. While our Power Finance honorees didn’t slide down a pole in a firehouse when clients called this past year — as far as we know, at least — we view them as Ghostbusters of a different kind. They had their own versions of proton packs, equipped to deal with a ghoulish year of transaction high-vaults, in which many ghosts from deals and rate environments gone by finally rose from the dead and had to be dealt with, stat.
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