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BizBrief: Today’s News To Know

Downtown Long Beach Creative Office Building Sells For $60.5 Million

The Hubb, a 210,428-square-foot creative office building in Downtown Long Beach, has sold for $60.5 million, real estate advisory firm Newmark Knight Frank (NKF) announced today. Located at 100 W. Broadway, the six-story building had $12 million of improvements completed in 2017 and is 88% leased. The seller, a joint venture between Singerman Real Estate and Ocean West Capital Partners, was represented by NKF Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Directors Laura Stumm and Michael Moll. Bob Safai of Madison Partners represented the buyer, Redwood Partners.

Los Altos Sears And Kmart To Be Sold
Sears Holdings Corporation on November 21 filed a motion to sell 505 Sears and Kmart stores, including one of each in Long Beach, following its Chapter 11 bankruptcy filing last month. In a letter filed by financial advisory and asset management firm Lazard Frères & Co. LLC on behalf of Sears Holdings, the company indicated it would consider liquidation bids, as well as those that allow the stores to continue operating. The Los Altos Gateway Kmart building  (Spring Street and Bellflower Boulevard) is 131,363 square feet, according to owner Robertson Properties Group. Los Angeles County lists the Los Altos MarketCenter Sears building (Stearns Street and Bellflower Boulevard) at 125,451 square feet.

Community Meeting For Signal Hill Development

Signal Hill Petroleum is hosting a community meeting Tuesday, December 4, from 6-8 p.m. to provide an update and receive feedback on its proposed Heritage Square mixed-use development. Located on eight acres on Cherry Avenue across from Home Depot, the proposal includes 199 multi-family units, four single-family homes and 28,800 square feet of retail space, in addition to the existing 14,000-square-foot Mother’s Market. The meeting is being held in the Signal Hill City Council Chambers, 2175 Cherry Ave.

Preparing For Upcoming New Business Laws

The California Chamber of Commerce has created a video for businesses explaining three new laws going into effect in 2019, which will require the following:

  • By January 1, 2020, all employers with five or more employees must provide supervisors with two hours of sexual harassment training, and one hour for non-supervisors, within six months of being hired or promoted. The training must be repeated every two years.
  • Any publicly held corporation with “principal executive offices” in California must have at least one female board director by December 31, 2019. Depending on the board’s size, the law requires up to three female boardmembers by the end of 2021.
  • Employers must provide “a reasonable lactation space other than a bathroom” as of January 1, 2019.

New Retirement Plan Option For Businesses

This week, California Treasurer John Chiang is launching a new retirement savings program for businesses with five or more employees. The program, CalSavers, is an option for businesses that do not already offer retirement plans for workers and “will facilitate a retirement savings program without any administrative headaches or fees,” according to a statement from Chiang’s office. The program is being announced at a series of press events throughout the state this week, kicking off tomorrow in Los Angeles.

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