HONOLULU — Inland American Lodging Group, Inc. has acquired the 645-room Aston Waikiki Beach Hotel in Honolulu for $183 million. The resort is located on Waikiki Beach along Kalakaua Avenue. It also features a heated outdoor swimming pool, sun deck, 19,400 square feet of retail space, and 3,300 square feet of indoor and outdoor meeting space, including the 1,288-square-foot Coconut Club. The retail space is fully leased by Tiki's Bar & Grill and Wolfgang Puck's Express. The hotel will continue to be managed by Aston Hotels & Resorts. Inland American Lodging Group is a wholly owned subsidiary of Inland American Real Estate Trust, Inc.
Western
LOS ANGELES – The James hotel brand has made its way onto the Sunset Strip. CIM Group and its joint venture partner Denihan Hospitality Group have announced The James Los Angeles will open in West Hollywood in 2016. It will be located at the southeast corner of Sunset and La Cienega boulevards within CIM’s two-block Sunset La Cienega mixed-use development. The 286-room hotel will be the first new ground-up hotel in West Hollywood in about 30 years, according to CIM. The James Los Angeles will feature two restaurants, a rooftop and lobby bar and about 10,000 square feet of meeting space. CIM is designing and developing both The James Los Angeles and two residential towers across La Cienega that will contain 190 units and about 40,000 square feet of retail space. This will be the fourth hotel to operate under The James brand. There are additional hotels in Chicago, New York and Miami.
EVERETT, WASH. — Lowe Enterprises Investors (LEI) has purchased the 352-unit Covington Farms apartment complex in Everett for $42.8 million. The community is located at 10115 Holly Drive in the city’s Paine Field area, which is 25 miles north of Seattle. It is situated near the Everett Mall, Port of Everett and Comcast Arena. The community was built in 1989. It is currently 95 percent occupied. Covington Farms will be managed by Greystar. Gail Neuburg of ARA Northwest represented the seller, Heitman Capital Management, in this transaction. LEI purchased the community on behalf of an investment client. The company is focused on multifamily and commercial acquisition and development opportunities nationwide, though it is particularly targeting the West and Pacific Northwest.
HOLLYWOOD, CALIF. – Construction has commenced on a 245,000-square-foot creative office campus in Hollywood that is being developed by J.H. Snyder Co. The two-building campus will be located at 959 Seward directly across from Hollywood Center Studios. The glass complex will contain a restaurant, fitness center, outdoor event space, screening room and bike storage. Construction should be complete by the first quarter of 2016. It will be designed by Ware Malcomb. The Multi-Employer Property Trust will provide a $95-million participating loan to an LLC affiliated with J.H. Snyder.
LOS ANGELES — An undisclosed private investor has purchased Sylmar Square Shopping Center, a 139,661-square-foot, grocery-anchored shopping center in the Los Angeles submarket of Sylmar, for $16.8 million. The center is located at 13700-13790 Foothill Blvd. Sylmar Square is anchored by Vons Supermarket. Other notable tenants include Chase Bank, Verizon and Payless ShoeSource. It was originally constructed in 1957 and renovated in 2003. Additional renovations are in progress. Fariba Kavian of NAI Capital’s West LA office represented the seller, C-III Asset Management, in this transaction.
LOS ANGELES – A six-building industrial complex in Los Angeles has sold to Rexford Industrial Realty for $6.6 million. The 88,330-square-foot complex is located at 1500-1510 W. 228th Street. It is currently 98 percent occupied. The acquisition was partially funded with proceeds from the sale of Kaiser, a 124,640-square-foot industrial property in San Diego. That property was sold in a tax-deferred 1031 exchange. The remainder of the funding was provided through Rexford’s line of credit.
SANTA MONICA, CALIF. – A 20-unit apartment complex in Santa Monica has sold to 1027 ENA, LLC for $6 million. The community is located at 1027-1033 20th Street. It was built in 1956. Kimberly Roberts Stepp of Charles Dunn Company represented both the buyer and the seller, Eisen, LLC, in this transaction.
SAN DIEGO – A 20,000-square-foot parcel of land in the Bankers Hill neighborhood of San Diego has sold to R Fifth & Nutmeg, c/o Colrich for $5.3 million. The land is located at 2665 5th Ave. The buyer plans to develop an upscale mixed-use project that would include 45 luxury condos with 7,500 of retail space. The seller was Nutmeg & Olive LLC, c/o The Cathedral Church of St. Paul. The transaction was handled by Victor Krebs of Colliers International.
PHOENIX — Ross Plaza, a 64,744-square-foot neighborhood retail center in North Phoenix, has sold to BH Properties for $3 million. The plaza is located at 10606-10653 N. 43rd Ave. near the Arizona State University west campus. It is anchored by Ross Dress For Less, which occupies more than half of the plaza. The buyer plans to refurbish the property.
SALT LAKE CITY — KBS Real Estate Investment Trust III has acquired a 426,657-sqare-foot office tower in Salt Lake City’s Central Business District for $170.5 million. The Class A tower is located at 222 Main near the TRAX Main Line light rail system stop. The tower was 85 percent leased at the time of sale. Its largest tenants include Goldman Sachs and Holland & Hart law firm. The structure was built in 2009 and was the first building in Utah to achieve LEED-Gold certification. KBS REIT III also owns the 198,324-square-foot Gateway Tech Center in Salt Lake City.