Few issues in California this year have generated as much debate as Proposition 15, the “split-roll” ballot measure that could raise property taxes on commercial and industrial properties for the first time in decades. Groups representing California landlords and developers have spent $20 million this year opposing Prop 15. Supporters of the bill raised about $30 million during the same period of time. Prop 15 would update Prop 13, a ballot measure passed in 1978
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Act of God? Mall operator Unibail-Rodamco-Westfield said its lease agreements with Express cover such events, and still require the retailer to pay the rent. Now Unibail is suing Express, saying the retailer owes $30 million in skipped rent across 27 locations throughout the U.S. Fourteen of those stores are in malls in California, according to the suit, filed in Los Angeles County Superior Court. Many struggling retailers have argued the pandemic allows for missed rent
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JLL has let go some of its high-profile brokers as the battered real estate market continues to squeeze the city’s brokerage firms. Investment sales brokers Brock Emmetsberger, Tom Gammino and Will Suarez were laid off by the firm, sources told The Real Deal. The reason was poor production as brokers across the city have struggled to complete deals during the pandemic, according to one source. Representatives for JLL did not immediately respond to requests for
Dealpath, the data management startup backed by the likes of Blackstone and JLL, received a new capital injection from Nasdaq’s investment arm. Nasdaq Ventures provided Dealpath with the new funding to help the proptech company to expand its cloud-based platform that manages the workflow on investment transactions, the companies told The Real Deal. Nasdaq declined to divulge the size of the investment. The latest cash injection follows investments from real estate players like Blackstone, JLL
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