SANTA MONICA, CALIF. – The 38-room Embassy Hotel in Santa Monica has sold to Lighthouse Investments and Paligroup for an undisclosed sum. The duo worked in partnership with a local private equity firm. The 1927 boutique beach lodge is currently undergoing a renovation that will convert it to the Paligroup’s signature hotel product. It will open as Palihouse Santa Monica this summer. The seller was represented by Rod Apodaca and Bob Kaplan of CBRE Hotels and by Laurie Lustig-Bower and Kamran Paydar of CBRE’s Century City office. Joint venture equity and debt financing, which covered the acquisition and renovation, was facilitated by Tim Meier, Nicholas White and ScottEschelman of Preferred Capital Advisors.
Western
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.
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 Sheils and Kevin Kriesien of Jones Lang LaSalle’s Portland office. The landlord, Industrial Income Trust, was represented by Scott Kappes of Capacity Commercial Group.
SAN FRANCISCO — A 50,000-square-foot parcel that may soon be home to the West Coast’s tallest tower has sold to Hines and Boston Properties for $192 million, or nearly $4,000 per land foot. The firms plan to construct the 1,070-foot Transbay Transit Tower on the site, which sits adjacent to the future Transbay Transit Center inside San Francisco’s South of Market (SOMA) district. Construction is set to begin on the tower as early as this summer. It is scheduled for completion in 2016, just before the transit facility is due to open. Once the tower tops out, it is anticipated to be the seventh tallest building in the U.S., a title that currently belongs to the Chrysler Building in New York. The 60-story tower is being designed by Pelli Clarke Pelli and built by a partnership between Clark Construction and Hathaway Dinwiddie.