Originally published on March 1, 2017 - Excerpt
USC has added a medical office building to its immense real estate portfolio, purchasing the 150,000-square-foot site on the USC Health Sciences Campus where it had leased space from owner Doheny Eye Institute, a nonprofit affiliated with rival school UCLA.
A source familiar with the deal said the price was just over $110 million.
The building was marketed by Charles Dunn and Kennedy Wilson and attracted bids for as much as $125 million, or $833 a square foot, according to sources familiar with the transaction. Investor interest was particularly strong because USC held a lease for the building, constructed by Doheny in 1976 with a major expansion in the mid '90s, for another two decades.
Originally published on February 1, 2017 - Excerpt
The Real Deal: There must be pressure to deliver a project of this magnitude on time. What were the first steps towards getting it off the ground?
Thomas Feng: Oceanwide Plaza is the first [North American] project for Oceanwide Holdings, so it needs to be successful and it needs to set the bar. The first step we took was partnering with local experts that really know the market. We didn’t come here thinking we knew it all. We partnered with CallisonRTKL architects, who designed 717 Olympic and L.A. Live, along with Kennedy Wilson for retail and other top of the line consultants.
Originally published on September 20, 2016 - Excerpt
A bleak sight of sallow grass and withered shrubs in the beach resort city of Malibu may be revitalized soon. The deserted 650-acre, 18-hole Malibu Golf Club was sold in late August to an obscure Chinese investment company, Shinhan-Golden Faith International Development, in a $30.5 million all-cash deal. The property was last bought by investors including former Lehman Brothers’ CEO Richard Fuld in 2006 at $33 million. Following the credit crunch sweeping the country, the club’s operator filed for bankruptcy twice in 2009 and 2015, before the estate was court designated to a receiver. Approved for use as a golf course, clubhouse, meeting facilities and bungalows, the site was branded by the seller’s representative Kennedy Wilson Properties as a wellness and conference center for marketing. “Chinese investment in the greater Los Angeles area is strong, and it continues to accelerate,” says Fred Cordova, executive vice president of the agent.
Originally published on May 18, 2016 - Excerpt
Poke is the latest craze to hit the fast casual restaurant boom, according to Michael Pakravan, VP at Kennedy Wilson and a fast-casual retail specialist. He recently signed three new poke restaurant leases in Los Angeles on behalf of Hoke Poke, OkiPoki and Honeyfish Poke. ... Poke fits perfectly in the fast-casual trend. It is affordable, it is customizable and it is Instagrammable. On top of that, it is healthy and can be prepared very quickly. If you look at some of the characteristics that we have talked about in the past regarding fast-casual restaurants, you see a lot of those elements with poke. Customers have the ability to customize, similar to Chipotle or pizza concepts where you get to literally pick every topping. Optionality is important. For example, Hoke Poke is a new poke shop that is opening downtown, and they give customers the option of ordering one of five chef-designed bowls or the option to create a personalized combination.
Originally published on May 18, 2016 - Excerpt
One of the most exciting mega projects under construction right now in Downtown LA is the massive Oceanwide Plaza being built on Figueroa directly across the street from the Staples Center. ... When completed in late 2018, Oceanwide Plaza will add about 153,000 square feet of retail space to the burgeoning Figueroa corridor, which includes other large-scale projects like Circa and Shenzhen Hazens’ W Hotel project (hopefully Marriott won’t get rid of W if it acquires Starwood!). The Kennedy Wilson team, including DTLA broker Justin Weiss, will be handling the leasing of the project.
Originally published on May 16, 2016 - Excerpt
“Apple’s going to be massive,” said Justin Weiss, a senior associate for Beverly Hills real estate services firm Kennedy Wilson. “Once that gets announced, the seas will part.”
Originally published on April 11, 2016 - Excerpt
"Rates on Abbot Kinney are not that far off from those of Melrose Place and Third Street Promenade, which range from $15 to $20 a square foot. Rents have been high on those other streets,” Deschaine said. “Obviously, national and regional brands can sustain higher rents, but sometimes it’s not just the rent. It’s what are you selling and are you getting people in the door and pricing your product right as well?”
Originally published on March 24, 2016 - Excerpt
“The seller has owned the property for the last 15 years, and the family decided to focus on their primary business,” Ed Sachse, executive managing director of the brokerage group at Kennedy Wilson, tells GlobeSt.com. “I don’t believe that this indicates any type of broader trend. This sale was really only predicated because the ownership was really ready to move on. I don’t think that it had anything to do with any market trends.” Sachse represented the seller and the buyer in the transaction, along with EVP Fred Cordova and senior associate Michael Puleo.
Originally published on March 23, 2016 - Excerpt
The sale was negotiated for an undisclosed amount by Ed Sachse—executive managing director of global real estate investment and services firm Kennedy Wilson—and the buyer is international retail real estate investor, CormackHill, LP.
"This was the first time in over 40 years that this high profile property had been on the market. We experienced incredible interest from all types of buyers—local to international and private capital to institutional," Sachse tells Racked LA. "CormackHill was drawn to this property for its prime retail location in the famed Melrose Heights shopping district and iconic location as the original epicenter of high fashion in Los Angeles."
Originally published on February 5, 2016 - Excerpt
Looking for a healthy and tasty food joint in Venice? Look no further, because Yellow Fever is coming to 2570 Lincoln Blvd. in the Plaza Marina shopping center. Yellow Fever dishes up Asian-inspired customizable bowls with non-GMO, locally grown ingredients.
Kennedy Wilson’s Michael Pakravan and Ed Sachse negotiated a 10-year lease on behalf of Yellow Fever, while also representing the landlord, Quiet Lion 7, LP.
Pakravan says “Consumers are looking for food that is much more visual… there still remains a need for personalized, healthy Asian-inspired cuisine, and Yellow Fever’s innovative offerings fill a niche that Southern Californians are craving.”