Long Beach Office Building Sells For $13.35 Million

Los Angeles-based real estate company CBRE today announced the $13.35 million sale of an office building located at 1501 Hughes Way in Long Beach. The four-story, 78,279-square-foot property is 88% occupied and sold to Atlantic Pearl Investments for $175 per square foot. CBRE’s Mark Shaffer, Anthony DeLorenzo, Gary Stache and Doug Mack represented the seller, a private real estate fund.

 

Molina Healthcare Reports Losses

Yesterday, Molina Healthcare reported a loss of more than $500 million in 2017, mostly incurred toward the end of the year. Fourth quarter losses included $365 million in “impairment losses, restructuring and separation costs, and loss on debt extinguishment,” as well as $53 million in increased costs due to the termination of cost-sharing reduction subsidy payments, according to a press release. President and CEO Joseph Zubretsky called the losses “legacies of the past,” and said that future reports will show improvement.

Happy Valentine’s Day: $31 Million In Fake Perfume Seized At Local Ports
U.S. Customs and Border Protection agents assigned to the San Pedro Bay ports seized more than $31 million in imported fake perfume, the agency announced today. In total, 475,056 bottles of fake designer perfume were confiscated just in time for Valentine’s Day. Perfume is absorbed by the body, so the use of fake perfume could result in exposure to hazardous chemicals, according to Customs.

 

California Exports Grew More Than Imports In 2017

California’s December exports increased by 9.1% compared to December 16, according to an analysis released by Beacon Economics today. Exports by California businesses totaled $15.32 billion. Imported goods received increased by 6.2% compared to December 2016, at a total of $38.29 billion, according to the report.

 

CAR Reports 1% Increase In Housing Affordability

The number of California households that could afford a median-priced, $550,990 home was 29% during the fourth quarter of 2017, according to a report by the California Association of Realtors. The figure represents a 1% increase from the third quarter, but a 2% decrease compared to the fourth quarter of 2016. Los Angeles, Madera and Mariposa/Tuolumne were the most improved counties, each gaining 3% from the previous quarter.

 

Ship & Shore Environmental, Inc. Forms Alliance With University Of California, Irvine

Signal Hill’s Ship & Shore Environmental, Inc. has formed a partnership with the University of California, Irvine to collaborate on best practices and research related to environmental problems. The company’s CEO Anoosheh Oskouian is now also member of the dean’s leadership council for the school of physical sciences, as well as a member of the university’s executive roundtable.

 

Rep. Alan Lowenthal Makes Moves To

Bestow Congressional Gold Medal To Billie Jean King

Today, Rep. Alan Lowenthal and House Democratic Caucus Chair Joe Crowley introduced legislation to award the Congressional Gold Medal to Long Beach native Billie Jean King to recognize her achievements in and contributions to athletics, women’s rights, American culture and the LGBT community. King won 39 tennis championships over her 30-plus year career. In a prepared statement, Lowenthal said that King has been “a trailblazer in the fight for equality.”

 

 

 

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