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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Illegal pot shops are on the rise in L.A., and Weedmaps will stop promoting them. The popular online cannabis shop finder has taken fire for including unlicensed shops alongside legal shops in its directory. Authorities have used Weedmaps to find and shut down unlicensed shops in the past, as Los Angeles County did to take down a South L.A. shop earlier this summer. The company doesn’t seem to be slowing down though. In June, Weedmaps’ parent company signed a 115,000-square-foot lease at the Row DTLA.
Green Sage founder Ken Greer , Lotus Property CEO Faisal Ashraf, and the Cannery on San Leandro Street
Oakland commercial cannabis redevelopment project gets financing package. Real estate investment firm Green Sage secured $55 million in debt to turn the 441,000-square-foot former fruit cannery into a cultivation and distribution facility. It is one of the largest single-asset real estate financing deals in the cannabis industry. [TRD]
Gwyneth Paltrow (credit: Georges Biard via Wikipedia)
Gwyneth Paltrow hired a book curator to help remodel her Brentwood home. The actress and Goop founder hired Juniper Books founder Thatcher Wine to curate 500 to 600 books to fill her shelves when she remodeled the home. [Observer]
City of LA approved $49 million in bond financing for South L.A. affordable projects. The three projects to receive funding are planned with 172 affordable units between them. Affirmed Housing, LINC Housing Corporation, and Clifford Beer Housing are developing them individually. [Urbanize]
Doris Day’s former Beverly Hills home hits the market for $14.5 million. The 4,300-square-foot home was built in 1922 on around two-thirds of an acre with four bedrooms and 3.5 baths. There’s a swimming pool and a basketball half-court. The home is likely to be demolished and the property redeveloped, as many aging homes in the Golden Triangle have been over the last several years. [LAT]
Wafra Capital buys controlling interest in fix-and-flip lender Anchor Loans. The New York-based investment arm of Kuwait’s public pension fund has been a minority owner in Anchor since 2015, providing equity and access to debt and capital markets. Calabasas-based Anchor provides short-term loans, typically one-year terms, to flippers for their renovation projects. It originated $1.4 billion in loans last year. [CO]
Planned 156-room hotel in Hollywood hits a snag. Residents of rent-controlled apartment buildings at the development site say their landlord is trying to force them out of their apartments so he can build a hotel. They’ve appealed the city’s approval of the project. The tenant rights group L.A. Tenants Union is supporting the appeal. [TRD]
Producer Ryan Ahrens sells Malibu compound for $13 million. The property spans an acre near Point Dume and includes a five-bedroom main house and a guesthouse. Chris Cortazzo of Compass had the listing. Ahrens is the co-founder of Argent Pictures and his credits include “American Made” and “Birth of a Nation.” [LAT]
WeWork rival Industrious had raised $80 million. The flexible-office-space firm’s Series D funding round brings its total funding to more than $220 million, and puts pressure on rival WeWork ahead of its initial public offering. Industrious adopted a new business model last year, which has seen it move away from traditional leases and into partnerships with landlords and building owners. CEO Jamie Hodari said relying on management contracts was “more sustainable, thoughtful and less risky,” and said he intended to phase out existing leases. The position is at odds with rival WeWork, which has $47 billion in lease commitments over the next 15 years. [Bloomberg]
In a quick 180, President Trump changed course on tax cuts. Trump says he will not pursue payroll and capital gains tax cuts to boost the U.S. economy, despite stating days ago that the White House was considering such measures. [WSJ]
Now, a presidential hopeful has taken aim at WeWork’s valuation. Democratic candidate Andrew Yang — whose signature policy, the “freedom dividend” would award Americans over 18 a basic income of $1,000 each month — has called out WeWork’s $47 billion valuation on Twitter, calling the figure “utterly ridiculous.” Earlier this week, developer Douglas Durst in a letter to Crain’s questioned whether the co-working giant’s model could withstand a downturn. [Business Insider]
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]