Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. PT. Please send any tips or deals to tips@therealdeal.com
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Hackman Capital Partners is James Cameron’s new landlord in Manhattan Beach. The investment firm has been gobbling up studios left and right. Now it’s purchased the 22-acre Manhattan Beach Studios for $650 million, as well as the studio operating company MBS Services, from Washington, D.C.-based Carlyle Group. The campus is the headquarters of James Cameron’s production company Lightstorm Entertainment. The Real Deal first reported the camps were in advanced discussion in June. [LAT]
State says development costs are too high amid housing crisis. A report from California housing officials says state lawmakers should urge counties and cities to make fees more predictable and transparent in order to lower costs for developers, arguing that high costs are preventing housing production. [TRD]
Compass has a competitor in the East Bay. Red Oak Realty is now the largest indie real estate brokerage in the area after acquiring Marvin Gardens Real Estate, which will increase the firm’s headcount to 160 brokers. [Inman]
Toni Morrison (Credit: Getty Images)
The places that late Nobel laureate Toni Morrison called home. The idea of “place” played a central role in the Ohio-born writer’s work. She spent most of her adult life living in and around the New York City area, including in Queens and Manhattan’s Tribeca neighborhood, but it was her house in Grand View-on-Hudson that is most well-known. [TRD]
California officials threaten to sue Cupertino if it doesn’t meet housing goals. State housing officials say the city that Apple calls home is at risk of missing its goal of approving 1,064 new units by 2023. A local group has sued the city over approval of a 2,400-unit project near Apple’s headquarters. The city would likely miss its housing goal if the project is axed. [San Francisco Chronicle]
A rendering of the plaza that American Airlines has purchased naming rights for (Credit: LASED)
American Airlines first to sign naming deal at Rams-Chargers stadium in Inglewood. The airline will have exclusive naming rights to a 2.5-acre plaza at the massive L.A. Stadium and Entertainment District complex. The development team has yet to sign a deal for the naming rights to the actual stadium, but Bay Area-based lender Social Finance Inc. is reportedly in talks for the rights. [LABJ]
Walgreens to shutter 200 stores nationwide. The Deerfield-based drug store giant has not said which stores will close, and added that employees and patients will face minimal disruption by being shifted to other locations. Walgreens is seeking to cut $1.5 billion in costs and will also close 200 stores in the United Kingdom. [Chicago Tribune]
Wayne LaPierre (credit: Gage Skidmore on Flickr)
National Rifle Association chief Wayne LaPierre sought investment from the firm’s former ad agency to buy a $5 million Dallas mansion. The deal, which ultimately didn’t pan out, emerged in a probe by the New York Attorney General’s office into the group’s operations. [WSJ]
SoftBank’s Masayoshi Son is banking that his firm can offload Sprint in a merger with T-Mobile. The mobile carrier has been a thorn in the side of SoftBank, and racked up $47 billion in debt. He said Wednesday that shedding Sprint will allow him to focus on Softbank’s Vision funds, valued at $200 billion. [Bloomberg]
FROM THE CITY’S RECORDS:
A developer filed plans for a 412-unit mixed-use complex with 36,000 square feet of retail space at 5525 W. Sunset Boulevard, now a strip mall. [LADCP]
Compiled by Dennis Lynch