LOS ANGELES — Park Hotels & Resorts has completed the disposition of Ace Hotel Downtown Los Angeles, located at 929 S. Broadway. An undisclosed buyer acquired the property for $117 million, or $643,000 per key before customary closing costs. Located in downtown Los Angeles, the hotel features 182 guest rooms in a mix of seven layouts; a rooftop wading pool; on-site food and beverage options, including Best Girl, Upstairs and Coffee Counter; event space; and The Theatre, a restored 1920s theater with 1,600 seats, a three-story, 2,300-square-foot grand lobby, open balcony, mezzanine and vaulted ceiling.
WEST COVINA, CALIF. — Community Preservation Partners (CPP) has purchased Cameron Park Apartments, a multifamily property located at 929 W. Cameron Ave. in West Covina, for $52 million. The acquisition includes nearly $10 million in renovations, plus measures to keep all 158 units at below market rents for the next 55 years. Built in 1970 and lightly renovated in 2002, the 14-building property features a 158 units in a mix of one-, two-, three- and four-bedroom apartments. CPP plans to implement an extensive renovation to the property, including upgrades to the interiors and exteriors, improvements to the common area facilities, and a reconfiguration of the community building and office space. Renovations began in October, with completion slated for summer 2020. The rehabilitation will include a total roof and window replacement; new HVAC, electrical load and plumbing upgrades; new energy-efficient lighting; stucco repair; new paint; full unit turns; ADA upgrades; path-of-travel improvements; common-facility improvements; security upgrades; and new landscaping. Foundation for Affordable Housing, the nonprofit managing general partner for the deal, supported CPP in the acquisition. Additional equity and development partners included Citi Community Capital and WNC & Associates, CPP’s parent company.
SAN DIEGO — IDS Real Estate Group has purchased an office building, located at 4181 Ruffin Road in San Diego’s Kearny Mesa district. Massachusetts-based Office Properties Income Trust sold the property for $23.7 million. Originally built in 1981 and renovated in 2013, the property features 148,488 square feet of office space. At the time of sale, the property was 83 percent leased to four tenants, including the U.S. General Services Administration, a travel insurer and a technology company. Louay Alsadek, Hunter Rowe and Brad Black of CBRE represented the seller in the transaction.
SAN MARCOS, CALIF. — Gershman Properties has purchased San Elijo Hills Town Center, a lifestyle center located at 1620, 1628, 1640 and 1646 San Elijo Road in San Marcos. Ambient Communities dba SEH Lifestyle Center LLC sold the asset for $16 million. Built in 2019, the property features 23,076 square feet of retail space. Current tenants include Starbucks Coffee, Cyclebar, Everbowl, Sourdough Bread Co., Tapa Tapa Spanish Restaurant, SETS Kitchen & Bar, Lourdes Mexican Food, Grand Vision Optometry, San Elijo Pediatric Dentistry and Downtown Academics Tutoring. Rob Ippolito, John Jennings and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction.
LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …
ONTARIO, CALIF. — Buchannan Street Partners has completed the disposition of a two-building office campus located on East Guasti Road in Ontario. MGR Real Estate Inc. acquired the asset for $38.6 million. Built in 2005 and 2007, the complex features 159,092 square feet of Class A office space. The five-story, 91,357-square-foot property situated on 6.54 acres at 3110 E. Guasti Road is known as University Plaza, while the three-story, 67,735-square-foot building located at 3200 E. Guasti Road is known as Waterside Center I. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of Newmark Knight Frank’s U.S. Capital Markets team represented the seller, while the buyer was self-represented in the transaction.
SAN DIEGO — Newport Beach, Calif.-based Focus Real Estate has completed the disposition of Copperwood Center, an industrial park located in San Diego’s Oceanside neighborhood. Newport Beach-based CB Copperwood LLC acquired the asset for $20 million. Located at 3365, 3375 and 3385 Mission Ave. and 101, 102, 105, 106 and 110 Copperwood Way, the eight-building complex features 140,945 square feet of industrial space. Originally built in 1984, the property was 97 percent leased to 64 tenants at the of sale across suites ranging from 886 square feet to 7,397 square feet. Additionally, Copperwood Center features visible signage for each unit and more than 350 parking spaces. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented the seller, while Paul Lafrenz, Josh McFadyen and Joe Crotty of Colliers International San Diego Region represented the buyer in the transaction.
ALAMEDA, CALIF. — Wood Partners has broken ground on Alta Buena Vista, an apartment community located at 1501 Buena Vista Ave. in Alameda. Situated on the northern waterfront, the 10-acre community will mix the existing six-acre historic 1920s-era Del Monte Warehouse with new apartments and retail spaces. BAR Architects designed the project. Slated to open in early 2022, Alta Buena Vista will offer 372 apartments in a mix of studio, one- and two-bedroom floor plans, as well as two- and three-bedroom townhomes. Additionally, the property will feature a fitness center, resident lounge, multiple roof decks and 11,000 square feet of ground-floor retail space.
IRVINE, CALIF., AND SALT LAKE CITY — Irvine-based Faris Lee Investments, a national retail advisory and investment sales firm, and Salt Lake City-based MTN Retail Advisors, a grocer-specialized data collection and analytics provider, have entered into a partnership agreement. The collaboration will allow the team to combine Faris Lee’s retail, real estate, finance and investment advisory services with MTN’s predictive analytics and proprietary technology, including artificial intelligence machine learning. “MTN’s retail-specific, fact-based analytics will factor into the valuation, underwriting and assessment of these assets as we examine the real estate in any local market for the benefit of the occupier, investor/developer and lender,” says Rick Chichester, president and CEO of Faris Lee Investments. MTN maintains data records on more than 28,000 active U.S. grocers — a number that will grow to include 40,000 grocers over the next 18 months as the partnership takes shape. “We are not a market research firm, a demographer or an aggregator,” says Doug Munson, principal and founder of MTN Retail Advisors. “We take an analytic approach to retail investment that doesn’t exist anywhere else today. Our methods have been refined over the company’s 15-year history, through physical site visits to every grocery we have on …
LOS ANGELES — Santa Monica-based BLT Enterprises has completed the sale of a former gas station and parking lot in Los Angeles. Wiseman Residential acquired the fully entitled property for $13.7 million. BLT, in partnership with KFA architects, Dale Goldsmith as land-use counsel and other consultants, obtained entitlements through the City of Los Angeles’ Transit Oriented Communities ordinance for a six-story, 119-unit apartment building at the site. Located at 11261 Santa Monica Blvd., the property will feature 17 affordable housing units, a variety of floor plans, a gym, outdoor patios and barbecues, as well as open space and community gathering areas. Anthony Muhlstein and Brian Bowis of Newmark Knight Frank represented BLT Enterprises, while Wiseman Residential was self-represented in the deal.