July 20, 2015
About 50 assets went on the market recently, none of which seem all that attractive to the investment community, even though they are valued at $300 million and in attractive Los Angeles-are locales.
The reason that investors might not find them all that uplifting on returns is because rents for the assets are free in many cases. The portfolio is part of a state-run program called the Community Redevelopment Agency of Los Angeles that Gov. Jerry Brown pulled the plug on for budget reasons.
But additionally, there are some big names that might attract investors. For example, the Dolby Theatre land rights in Hollywood, where the Academy Awards are held, and the ground under the Angels Flight railway facility, on Bunker Hill.