Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m. and 4 p.m. PT. Please send any tips or deals to tips@therealdeal.com
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Arthouse movie chain Laemmle Theatres may fall to Netflix and its ilk. Low attendance and the dominance of home-streaming may be forcing the West L.A.-based family company to put up its nine locations for sale. Laemmie’s movie houses include two in Beverly Hills and one in Santa Monica. Company president Greg Laemmle said he was “exploring a number of different options.” [LADN]
Reggie Bush is looking to score on the sale of his Pacific Palisades pad. The former NFL player and USC standout wants $10 million for the 7,500-square-foot contemporary he bought in 2014 for $7.8 million. Bifolding walls on both levels of the home provide views of the Pacific. Bush is now a college football commentator for Fox Sports. [LAT]
Beverly Hills BMW dealership trades for $70 million. The four-acre dealership on Wilshire Boulevard has a 93,000-square-foot showroom and a 246,000-square-foot auto repair facility, but also has redevelopment potential. An extension of the Metro Purple Line will run under Wilshire Boulevard, and the city of Beverly Hills is rezoning the area to allow for more dense development. [LABJ]
A home in Trousdale Estates topped last week’s priciest residential sales in L.A. In addition to that $8 million property, homes in the Hollywood Hills, Studio City, and Westwood also made The Real Deal’s roundup of top sales. [TRD]
Uncertainty over $18 billion Tubbs fire liabilities sends PG&E stocks cratering. A bankruptcy judge ruled that jurors should decide whether the troubled California utilities provider should be liable for damages related to 2017’s deadly Tubbs fire in Santa Rosa. The fire killed 22 people and destroyed more than 5,600 structures. [LAT]
Douglas Elliman is entering the Texas market. The brokerage announced on Tuesday a joint venture with Houston-based Sudhoff Companies to launch in Houston with a 50-agent office. They plan to expand to Dallas and Austin. As part of the deal, Sudhoff Companies will be folded into the Douglas Elliman brand. [TRD]
Major mREIT dividend cuts are a potential recession indicator. Three of the largest real estate investment trusts that package and sell residential mortgage-based securities have cut dividends this year. The cuts followed an inversion of yields on three-month and 10-year treasuries in March, which made it more expensive for the mREITs to borrow money to buy up long-term mortgages. [TRD]
New tariffs against Chinese imports could impact apparel retailers. One analyst estimated that 25 percent tariffs on apparel could cause as many as 12,000 stores to shut down. About 40 percent of all clothing and 70 percent of shoes sold in the U.S. are made in China, and a 10 percent tariff against these products kicks in on September 1. [WSJ]
The We Company is somehow worth 10 times as much as this public competitor. Office operator IWG, best known for its Regus brand, filed for bankruptcy after the dot-com crash. The firm’s experience has often been used as a point of reference for WeWork’s business model, as it nears its IPO. [WSJ]
FROM THE CITY’S RECORDS:
Developer Wiseman Residential has filed plans for a 77-unit apartment complex on the corner of Venice Boulevard and Glencoe Avenue in Venice. Wiseman requested height bonuses granted to developments in Transit Oriented Communities. [LADCP]
An entity tied to Adam O’Neill of Square One Homes and Stonebridge has filed plans for a 109-unit, mixed-income apartment building on 13th Street and South Pacific Boulevard in San Pedro. The development would include 97 market-rate and 12 very low income units. [LADCP]