BKM Capital and Kayne Anderson's $1.8 billion purchase of a Blackstone light industrial portfolio and Rexford's $1.2 billion sale to EQT have pushed 2026 Southern California portfolio volume past $3 billion, Bisnow reported. CBRE brokers say several more large portfolio trades are in the works.

Los Angeles industrial asking rents averaged $1.19 per square foot in the third quarter, down 4% from a year earlier and about 30% below the $1.71 of the third quarter of 2023.

Institutional buyers are taking Los Angeles and Orange County warehouses at a discount on the bet that rents recover.

With about 67% of the vote counted, all eight city measures on the Los Angeles ballot were passing, LAist reported.

Measure TE exempts Palisades Fire victims from the Measure ULA transfer tax on home sales through Jan. 6, 2030. PRT changes lease rules at the airport, DWP and harbor departments, and PL folds seven area planning commissions into one appeals body.

Measure FD's half-cent sales tax would raise about $345 million a year for the fire department.

Mental health platform Grow Therapy leased more than 78,000 square feet at 145 Delancey St. in Essex Crossing, its second Manhattan lease in a year after taking 19,000 square feet at 100 Broadway, Commercial Observer reported.

The company plans to invest $15 million and add 123 jobs, backed by $1.4 million in state Excelsior tax credits. Rent and term were not disclosed. Lower Manhattan asking rents averaged $62.40 per square foot in the third quarter.

The Appellate Division reversed a September Staten Island ruling and dismissed a challenge to the city's rollout of its pied-a-terre surcharge, amNY reported. Other suits, including a constitutional challenge, remain pending.

The tax targets one- to three-family second homes worth more than $5 million and co-ops and condos valued at $1 million or more. It adds carrying cost for luxury condo buyers, a key exit for Manhattan developers and their lenders.