EL SEGUNDO, CALIF. – A 112,695-square-foot office building in El Segundo has sold to a joint venture between Bixby Land Company and Cornerstone Real Estate Advisers, LLC for an undisclosed sum. Cornerstone worked on behalf of an institutional investor. The five-story building is located at 2101 El Segundo Blvd. The JV plans to invest $10 million to reposition and lease the building to stabilization. It was completely vacant at the time of sale. Shubin + Donaldson Architects will design the new contemporary work environment. Bixby represented itself in this transaction, while the seller, The Krausz Companies, was represented by CBRE’s Bill Bloodgood.
MARINA DEL REY, CALIF. — DoubleTree by Hilton has opened the 277-room Hotel MdR Marina del Rey – a DoubleTree by Hilton hotel in the Los Angeles beach community. The hotel was formerly known as the Courtyard Los Angeles Marina del Rey before it was purchased by Channel West Group and Arris Investments LLC. It is operated by Evolution Hospitality, which also made an equity investment in the hotel. Preliminary renovations began in 2012, while property renovations are expected to be complete in early 2014. The $7-million renovation will include the addition of six more guestrooms. It is being carried out by architecture firm CMMI.
CULVER CITY, CALIF. – A 30,000-square-foot industrial building in Culver City has sold to a joint venture between Industry LTD and Saber Realty Advisors for $8 million. It is located at 5900 Blackwelder Street. The JV plans to execute a multimillion-dollar capital improvement project at the facility to convert it into creative office space. The conversion will include the addition of 10,000 square feet of new mezzanine space. The seller was owner-user Burke Williams Spa. Industry Partners will handle leasing for the space.
LIVERMORE, CALIF. — The former JE Higgins Lumber facility in Livermore has sold to Mission Trading Company for $5.1 million. The71,680-square-foot facility is located at 6951 Southfront Road. Mission Trading Company was represented by Mike Smith of Lee & Associates. The seller, Douglas P. Wilson Company, acted as the court-approved receiver and was represented by Michael Donnelly, Michael Carrigg and Michael Lloyd of Colliers International.
PORTLAND, ORE. — Johnstone Supply has renewed its lease for 124,610 square feet of office and warehouse space in Portland. The facility is located at 11632 NE Ainsworth Circle. It serves as the company’s headquarters. Johnstone Supply was represented by Tyler SheilsandKevin Kriesienof Jones Lang LaSalle’s Portland office. The landlord, Industrial Income Trust, was represented by Scott Kappes of Capacity Commercial Group.
HUNTSVILLE, ALA. AND CORDOVA, TENN. — Boston-based Panther Properties Investment LLC has acquired a three-property multifamily portfolio, totaling 740 units, for $75 million. The three Class A apartment communities include the 276-unit Huntsville Parc at the Arsenal in Huntsville, the 238-unit Villas at Grays Creek in Cordova and the 226-unit Carrington at Houston Levee in Cordova. The acquisition marks Panther's first investment in Alabama and second and third in Tennessee. The private equity real estate firm acquires, develops and manages Class A apartment communities in the Southeast.
CHARLOTTE, N.C. — Gvest Partners plans to build a new 340-apartment community in Charlotte's historic arts district. Construction is expected to start soon on The Yards at NoDa, a $37 million development in the NoDa district, which is home to galleries, restaurants, bars and performing spaces. The property will include studio, one-, two- and three-bedroom apartments. Amenities will include a resort-style pool, fitness center, clubhouse and a dog park. Gvest is providing the equity investment for the new development and Wells Fargo provided the construction financing.
NEW ORLEANS — Chesapeake Lodging Trust has purchased the W New Orleans — French Quarter from Starwood Hotels & Resorts Worldwide Inc. for $25.5 million. Starwood has entered a long-term management contract to continue operating the hotel. The 97-room property is located on Chartres Street, near Jackson Square and many of the retail and jazz clubs of the French Quarter. The hotel also includes a fitness center and Creole cuisine restaurant.
BLUFFTON AND HILTON HEAD, S.C. — Kandu Capital LLC and its operating company, Bloom Senior Living, have acquired two seniors housing communities in Bluffton and Hilton Head, S.C., from Brookdale Senior Living for $7.2 million. The acquisition includes the Carolina House of Bluffton, a 59-unit assisted living and memory care community, which was built in 2000. The second property is Carolina House of Hilton Head, a 58-unit assisted living and memory care community built in 1999. Bloom plans to upgrade the properties.
ATLANTA — Central Pipe & Supply has acquired a 195,000-square-foot industrial building at 4335 Wendell Drive in west Atlanta. The company will relocate its Doraville, Ga., headquarters to the new facility. The two-story property, formerly the headquarters of Printpack, features more than 140,000 square feet of warehouse space and 55,000 square feet of office space. Denton Shamburger of Lincoln Property Co. Southeast represented the seller, Printpack, in the transaction. Ed Riggins of Cresa Atlanta represented the buyer.