Editors’ Weekly News Roundup October 20 – October 24
California was the place to be for making commercial real estate news this past week, as far as Connect CRE readers were concerned. All five of the week’s most-read stories were local rather than national news, with the Golden State accounting for four of those stories and a Los Angeles connection in each of those four.
A shopping center sale that did not include a grocery anchor topped the rankings. LA Investor Acquires Sacramento-Area Shopping Center reported that LA-based Bershon Realty acquired The Shops at Laguna Reserve in the Sacramento suburb of Elk Grove.
Although a supermarket wasn’t part of the acquisition, it may have been a draw as far as prospective buyers were concerned. The 33,308-square-foot Shops at Laguna Reserve is shadow-anchored by a newly constructed Safeway.
Nashville office was the subject of the week’s second most-read story. Law firm Holland & Knight will relocate from Nashville City Center in 2026, and as a result, the 27-story office tower has gone on the market. We reported in Nashville Highrise Loses Largest Tenant, Up for Sale that Holland & Knight accounted for one-third of the 1988-vintage property’s square footage.
A Newmark team is marketing Nashville City Center to potential buyers. The current ownership paid $105.3 million in 2019.
The next three stories in the top five all focused on the LA area. Ranking third for the week was CAA Warns That LA County Emergency Declaration Could Trigger Eviction Ban, with the California Apartment Association stating its opposition to a vote by the Los Angeles County Board of Supervisors declaring a state of emergency tied not to a natural disaster but to federal immigration policy.
“If every economic or social disruption is enough to trigger emergency eviction bans, then the constitutional protections for property owners are not just weakened — they are effectively optional,” wrote Whitney Prout, CAA EVP, legal affairs, in a posting on the association’s website.
An artifact of Southern California history was the subject of the week’s fourth most-read story. 1950s-Era Covina Bowl Listed for Sale informed readers that Progressive Real Estate Partners has the listing for the freestanding commercial property.
Covina Bowl is considered a prime example of the Googie style of futuristic architecture that was popular in SoCal from the 1940s to the 1970s. List price for the property is $2,495,000.
Ranking fifth in the Connect CRE top five was a leasing success story for Manulife US REIT, the owner of 865 S. Figueroa St. in Downtown LA. The 11-year deal reported in Banc of California Expands DTLA Presence, Signs 40K-SF Lease includes signage rights on the property’s north and south sides.
“California is the fourth-largest economy in the world, and the Los Angeles area is one of its largest drivers,” said Jared Wolff, CEO of Banc of California. “Expanding our presence in downtown demonstrates how committed we are to serving the greater LA market and how proud we are to be part of this community.”