REDLANDS, CALIF. – The 296-unit Barton Vineyard Apartments in Redlands has received a $32.7-million refinance. The Class A community is located at 26630 Barton Road. The 10-year loan features a 2.31 percent adjustable interest rate and a 30-year amortization schedule. It was arranged by Rob Cantizano of Berkeley Point Capital through Fannie Mae’s Structured ARM program.
Western
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.
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 Hiltonhotel 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.
REDLANDS, CALIF. – The 296-unit Barton Vineyard Apartments in Redlands has received a $32.7-million refinance. The Class A community is located at 26630 Barton Road. The 10-year loan features a 2.31 percent adjustable interest rate and a 30-year amortization schedule. It was arranged by Rob Cantizano of Berkeley Point Capital through Fannie Mae’s Structured ARM program.
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.
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.