Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
California
California building sells for $64M less than 2019 as problems plague city
A property in California that sold for $86 million in 2019, has been acquired by a new owner for $64 million dollars less.
The building, at 410 Townsend street in San Francisco, was bought for just $22 million, SFGATE reported this week, in what could be an illustration of how the city is still battling against an underwhelming office real estate sector.
The property boasts 78,000 square feet and four floors and had been a home for tech firms in the area, said the website.
San Franscico’s office market is still struggling to recover from the COVID shock when lockdowns and stay-at-home orders led to a significant rise in home working. There were vacancy rates of about 22 percent at the end of the first quarter of 2024, according to real estate firm CBRE’s analysis.
Georgeclerk/Getty Images
But the new owners of the 410 Townsend street property believe the market is about to rebound.
“It’s our opinion that this is the start of the recovery for the San Francisco real estate market and 410 Townsend provides us with the opportunity to acquire a best-in-class creative brick and beam office asset well below replacement cost and where the asset traded in 2013 and 2019,” Albert Pura, senior director of one of the buyers, New York Life Real Estate Investors, told SFGATE.
But San Francisco’s office space real estate fightback is still in the early stages. CBRE’s analysis showed that the city ended the first quarter of this year with what they described as negative 387,000 square feet of net absorption
It was “the seventh consecutive quarter of occupancy losses,” the analysis said.
Homes have been hit hard too.
The data did show some interest in offices from research and development tenants, whose demand was up by about 56 percent. But even then, the nature of their interest pointed to some softness in the overall market.
“The increase in tenant demand is largely driven by tenants who need to make decisions about their space as their leases are coming to term. Many companies are seeking to reduce the size of their current space, which portends further occupancy losses,” CBRE’s report warned.
“The software and internet industry continued to lead demand along the Peninsula contributing to about 51.3 percent of the active requirements.”
CBRE’s says its report looks at the office building market of at least 10,000 square feet and collects its information “through telephone canvassing, third-party vendors, and listings received from owners, tenants and members of the commercial real estate brokerage community.”
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
California
California man arrested for impersonating bank official, coercing money from Colorado victim
A 25-year-old California man is charged with three felonies after intercepting a package in Colorado containing $11,000 in cash he allegedly obtained via a computer scam.
Earlier this year, a Mesa County resident contacted authorities after receiving a message. The sender reportedly claimed to be an employee of the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency created by the Congress that insures and oversees the banking industry.
The resident claimed the purported FDIC representative stated the resident’s bank account had been compromised and needed to be secured. The resident was instructed to send cash from the account to an address in southern California, according to the Mesa County Sheriff’s Office.
The resident later chose to stop the shipment. But, according to the sheriff’s office, the box containing the cash was already in the process of being shipped.
A man later identified as Youbin Huang of El Monte, Calif., a Los Angeles suburb, came to the package’s location in Grand Junction and picked it up using documents which contained the Colorado resident’s personal information, per the sheriff’s office.
A nationwide warrant for Haung’s arrest was issued by the Mesa County Sheriff’s Office on Feb. 25. Huang was arrested by the California State Patrol on April 13, according to a press release from the sheriff’s office. Huang was brought to Colorado and booked into the Mesa County Detention Facility on May 10.
Huang is charged with theft, identity theft, and computer fraud, all felonies, and all state charges. He was advised June 11 and posted an $11,000 cash bond to obtain his release from jail that day. He has another court hearing on July 9.
The Mesa County Sheriff’s Office stated in its press release that Huang was “intimately involved in the perpetration of the scam.” It did not specifically state that Huang acted alone, nor if he was the person who impersonated an FDIC employee and communicated with the Colorado resident online.
MCSO recommended Coloradans never give out their personal or financial information to an unsolicited caller, allow remote access to their phones or computers, send gift cards or crypto currency as a form of payment, or send cash in the mail. As well, if they are unsure about what they are being asked to do, call law enforcement, family members, or a trusted friend to get advice.
Massive fire erupts at Boyle Heights cold storage facility
The blaze began on the roof’s solar panels before an interior ammonia leak and explosions forced rare, defensive aerial water drops on the 491,000-square-foot warehouse.
Fox – LA
A smoke advisory remains in place across Boyle Heights after a flare-up at a cold-storage warehouse fire, with officials urging residents to limit outdoor exposure as smoky conditions spread.
Public health officials warned Saturday that smoke from the South Los Palos Street blaze had drifted into surrounding neighborhoods, advising people to stay indoors, close windows, and avoid breathing in the smoke.
The blaze began shortly after 2:30 p.m. Wednesday at 1400 S. Los Palos St., and rapidly spread across the solar panels on the roof of the 491,000-square-foot warehouse, while an ammonia leak developed inside the building and thick smoke billowed into the air, prompting shelter-in-place orders for nearby residents and businesses.
LAFD officials said Saturday that crews spent the night working to prevent the fire from spreading to nearby homes and other units in the complex, including an adjacent cold storage facility.
“The good news is, all of our air monitoring that has been done by our department, Hazmat, LA County Hazmat, as well as AQMD, has shown that there are no additional toxic chemicals or hazards within that smoke other than normal structure fire smoke,” LAFD Capt. Branden Silverman said. “That said, no smoke is good smoke. We know that people are being affected by this in our city as well as LA County’s jurisdiction, and we do want you to take precautions to avoid that smoke whenever possible.”
This is a breaking news story. Check back later for more details.
Smoke advisory in effect; residents urged to limit exposure
The South Coast Air Quality Management District has extended a particle pollution advisory through at least midday Saturday as smoke from the fire continues to drift across Boyle Heights, East Los Angeles and nearby communities.
While shelter-in-place orders issued earlier in the week have been lifted, officials emphasized that smoky air remains a concern.
Fire officials said visible smoke may increase at times as crews continue suppression efforts, though there is no additional hazard beyond the smoke itself.
- Health guidance remains consistent:
- Use air purifiers or air conditioning if available
- Stay indoors with windows and doors closed
- Avoid outdoor activity, especially for sensitive groups
Fire reignites after wind shift; crews brace for ongoing flare-ups
The fire, which began Wednesday afternoon at a roughly 500,000-square-foot cold-storage facility, flared up again Friday evening after a shift in wind conditions, sending black and white smoke billowing into the sky.
Los Angeles Fire Department officials have described the incident as complex, warning the fire will likely “ebb and flow” due to deep-seated flames inside the structure and difficult access conditions.
Firefighters remain largely limited to exterior operations due to safety concerns inside the building, continuing to pour water onto the structure and targeting hotspots.
No injuries have been reported.
Shelters open as precaution; officials stress safety
Although there are no evacuation orders, officials have opened temporary shelters for residents seeking relief from smoke or uncomfortable conditions, according to a statement by Los Angeles County Board of Supervisors Chair Hilda Solis.
Shelters include:
- City Terrace Park, 1126 N. Hazard Ave.
- Pecan Recreation Center, 145 S. Pecan St.
Los Angeles County leaders said the sites were opened “out of an abundance of caution” as firefighting operations continue.
Residents are also being urged to:
- Monitor air quality alerts
- Keep pets indoors
- Wear masks if going outside
What caused the Boyle Heights fire?
Officials and the facility operator, Lineage Logistics, say the blaze appears to be linked to rooftop solar panels on the warehouse, though the exact cause remains under investigation.
The blaze spread across rooftop solar panels before firefighters discovered flames burning deep inside the cold‑storage areas, complicating containment efforts.
Fire officials noted that the structure’s size and layout — along with hazards such as stored equipment and limited access — have required unusual tactics, including the use of water-dropping helicopters typically used on wildfires.
Where is Boyle Heights?
Boyle Heights is a densely populated neighborhood just east of downtown Los Angeles, bordered by major freeways including the 101 and 5. It sits near East Los Angeles and is home to residential communities, schools, and industrial sites, including the cold-storage warehouse where the fire is burning.
City News Service contributed to this report.
A California man was arrested on suspicion of committing lewd acts and exploiting minors through online platforms.
The Santa Barbara County Sheriff’s Office identified the suspect as Edward “Eddie” Alessandro Zarate, 20, of Santa Maria.
On May 28, authorities began investigating Zarate over allegations that he was communicating with underage girls online and exchanging sexually explicit material with them.
Detectives later learned that Zarate allegedly communicated with minor victims through mobile phone apps such as Whipd, Purp, Wizz and Snapchat, along with exchanging text messages.
Zarate’s profiles appeared to portray him as a juvenile.
“Once he established communication with minors, he would often encourage them to move conversations off the platform and continue communicating via text message,” the sheriff’s department said. “During these conversations, Zarate would disclose his true age and identity.”
So far, authorities are aware of two female juveniles who have met with Zarate in person and reportedly engaged in lewd acts.
He is accused of communicating with minors in multiple states including California, Florida and Illinois. In California alone, detectives believe Zarate contacted minors from Los Angeles, Oxnard, Santa Barbara, San Diego, Santa Maria, Lompoc, Paso Robles, Nipomo, Arroyo Grande and San Francisco.
“Based on the scope of the investigation, detectives believe there may be additional survivors who have not yet been identified,” authorities said.
On June 10, Zarate was arrested and booked on multiple felony charges including oral copulation with a person under 18 years of age, unlawful sexual intercourse with a minor, sending harmful matter to a minor, and two counts of possession of obscene material depicting a minor.
Anyone who may be a victim, has communicated with Zarate online or through text or has information on the case is asked to call Sheriff’s Detectives at 805-681-4150. Anonymous tips can be provided to the SBSD’s tipline at 805-681-4171 or online at SBSheriff.org.
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