Bianca Barragan

Los Angeles

Writer at Bisnow

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Articles

Washington Prime Selling Its Share Of Troubled Westminster Mall

6 days ago | bisnow.com | Bianca Barragan

Part of the Westminster Mall will soon be up for sale as WPG, formerly known as Washington Prime Group, moves to sell the remainder of its portfolio across the country. WPG sold off half of its portfolio last year following a 2021 Chapter 11 bankruptcy. The other half of the portfolio, including the 51-year-old enclosed Orange County mall, is either on the market now or soon to be listed, a company spokesperson told the Orange County Business Journal.
This Week's LA Deal Sheet: 200 Apartments Coming To Torrance

6 days ago | bisnow.com | Bianca Barragan

Legacy Partners and asset manager DWS Group have broken ground on Soto, a 200-unit apartment complex in Torrance. The five-story development at 3863 Carson St. is adjacent to the Del Amo Fashion Center. The complex was designed by Architects Orange and features a mix of 200 studio, one- and two-bedroom apartments ranging from 633 SF to 1,118 SF.
Consolidations Weigh Down LA's Prime Office Buildings

6 days ago | bisnow.com | Bianca Barragan

Major companies rethinking their office needs have contributed to softer fundamentals for Los Angeles' prime office properties despite countless refrains of a nationwide flight to quality among office tenants. Vacancy rates for Class-A office reached 23.6% in LA in the first quarter, according to CBRE. Class-B property, meanwhile, carried a 16.9% vacancy rate, and the overall office market was 24.2% vacant to start the year.
DTLA's Wedbush Center Heads To Special Servicing

1 week ago | bisnow.com | Bianca Barragan

The debt on a 21-story office tower known as the Wedbush Center on Wilshire Boulevard in Downtown has transferred to special servicing this month. Debt holder Cerberus Capital Management missed the March maturity date on a $128.4M CMBS loan tied to the property, according to a report from Morningstar Credit. The property at 1000 Wilshire Blvd. had a net cash flow in 2023 of 45% below underwriting.
Larchmont, Fairfax Offer A Glimpse Into LA Retail's Changing Tides

1 week ago | ourcommunitynow.com | Bianca Barragan

Share Los Angeles’ retail scene has long offered a tale of two cities. While some districts boast blocks of luxury boutiques frequented by the rich and famous, others are known for their quirky vibe aligned with California’s laid-back reputation. As e-commerce and changing spending patterns have cut into retailers’ bottom lines, the city’s retail landscape has changed. It’s still a tale of two cities, but now the dividing line comes down to customers: who gets them, who doesn’t and why.
Larchmont, Fairfax Offer A Glimpse Into LA Retail's Changing Tides

1 week ago | bisnow.com | Bianca Barragan

Los Angeles’ retail scene has long offered a tale of two cities. While some districts boast blocks of luxury boutiques frequented by the rich and famous, others are known for their quirky vibe aligned with California’s laid-back reputation. As e-commerce and changing spending patterns have cut into retailers’ bottom lines, the city’s retail landscape has changed. It’s still a tale of two cities, but now the dividing line comes down to customers: who gets them, who doesn’t and why.
'Don't You Want Us Back?' Commercial Property Owners On The Hook For Cleanup After LA Fires

1 week ago | bisnow.com | Bianca Barragan

Flames still raged in the Los Angeles area when Matt Schodorf lined up at the county planning department to kick off the rebuilding of his coffee shop, Café de Leche. The shop formerly sat on Altadena’s Lake Avenue but had been reduced to ash and rubble mere days before. Many of its neighbors suffered the same fate as the Eaton fire bore down on the small community, just one of many fires that blazed across Southern California in January.
New Report Says Measure ULA Stifles Apartment Production

1 week ago | bisnow.com | Bianca Barragan

A study from UCLA and Rand says it's found a "causal link" that shows that the city's real estate transfer tax, Measure ULA, has probably led to a decline in the construction of new apartments. Released Friday, the study found a decrease in sales of property usually developed into multifamily projects. The study's authors estimate that Measure ULA has resulted in at least 1,910 fewer units per year.
This Week's LA Deal Sheet: Formosa Buys Office Campus In Newport Beach

1 week ago | bisnow.com | Bianca Barragan

Formosa Limited, owned by Newport Coast executive Joe Wen, has acquired 5000 Birch St., a pair of office buildings totaling 310K SF in Newport Beach, the Orange County Business Journal reported. The seller was Manulife Financial Corp., based in Toronto. A sale price was not disclosed. Formosa brought in Lincoln Property Co. to provide property management for 5000 Birch.
New York's Largest Mall, Destiny USA, In Default On $300M Loan As Larger Trouble Looms

2 weeks ago | bisnow.com | Bianca Barragan

An aerial view of the 2.4M SF Destiny USA mall in Syracuse, New York The owner of the 2.4M SF Destiny USA, New York’s largest mall, has defaulted on a $300M mortgage on the property. An independent auditor's report, presented with the most recent financial statements of parent company Pyramid Management Group, says, “These conditions raise substantial doubt about the company’s ability to continue as a going concern,” Syracuse.com reported.