The LA Deal Sheet
An Abbot Kinney-built property in Venice has just sold for $10M.
Sitting one block away from Venice’s famous boardwalk and beach, the Rose Hotel has sold to Cardinal Equities, which is headed by Peter Cohen.
A private investor named Bruce Douglas had owned the 10,900 SF mixed-use apartment and operational hotel at 15 Rose Ave. since 2017, according to property records on commercial real estate data site Reonomy.
Paloma Realty Partners represented the seller. Re/Max Commercial’s Scott Rosenberg and Casey Lins represented the buyer.
Built in 1908 by developer Abbot Kinney, whose name is one of the most popular streets in Los Angeles, the 25-unit hotel is part apartment and part hotel with large suites.
The property was a brothel and motel before being converted into the Rose Hotel in 2014.
According to Rosenberg, the property was sold partially vacant and in need of restoration.
“Dating back to its inception and [throughout] the 1960s and '70s, the hotel had a long-standing history as a hideaway for Hollywood elites,” Rosenberg wrote in an email to Bisnow. “In recent years, the hotel had developed a loyal following of internationally known artists and models.”
The New York Times in 2015 said, “the Rose is an emblem of both the area’s storied past and its new appeal.”
SALES
In an off-market transaction, Meridian has sold the Cotton Medical Center in Pasadena to Healthcare Realty Trust, a REIT. The sales price was not disclosed. The Cotton Medical Center features two free-standing, multi-tenant office buildings totaling 115K SF. Meridian acquired the property in 2016 for $34.8M, according to Reonomy. The company poured $10M into interior and exterior renovations and boosted occupancy to 86%. The two companies were self-represented in the deal.
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Shelby3325 has acquired a 9,600 SF research and development facility in Ontario from 3325 Shelby for $2.54M. Built in 1970, the facility sits on a 1.3-acre site at 3325 Shelby St. NAI Capital’s Nicholas Chang, Richard Lee, Justin Kuehn and Sione Fua represented the seller.
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Pacific West Communities has purchased a 6.5-acre land parcel in Indio from the United States Marshals Service for $2.01M. The owner plans to build mixed-use low-income housing and retail on the site at 47555 Jefferson St. NAI Capital’s Kenneth Ward and Gian Starita represented the seller.
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Rexford Industrial Realty has acquired a 60K SF industrial building in Compton from High Street Realty Co. for $11.5M. The building sits on 3 acres at 750 West Manville St. The Klabin Co.’s Todd N. Taugner and Frank J.H. Schulz represented the buyer and seller.
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GF Capital acquired a 20,700 SF office building in Irvine from Swinerton Builders for $6M. GF Capital, along with their affiliates, plan to relocate its business to the office building at 17731 Mitchell North. JLL’s Scott Wetzel represented Swinerton. Far West Industries’ Scott Lissoy represented GF Capital.
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In a 1031 exchange, BDC has acquired a 111,400 SF office building in Aliso Viejo from AEW for $59M. Built in 1999, the four-story One Enterprise office building sits on 7.27 acres of land at 1 Enterprise. Newmark Knight Frank’s Paul Jones, Kevin Shannon, Brunson Howard, Blake Bokosky and Brandon White represented the seller. Newmark’s Nick Kucha represented the buyer.
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Mitchell Co. has purchased a 118K SF single-tenant light industrial building in Tustin from Everwest Holdings and Bantry Holdings for $29M. Canon Medical Systems USA occupies the building at 2441 Michelle Drive. Newmark Knight Frank’s Paul Jones, Kevin Shannon, Bret Hardy, Blake Bokosky and Brandon White represented the sellers. Lee & Associates’ Tom West represented the buyer.
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BEH-4 has purchased a six-unit apartment building in Los Angeles from a private investor for $2.2M. The property is located at 8005 Waring Ave. Marcus & Millichap’s Sam Liberow represented the buyer and seller.
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First Industrial Realty Trust has purchased three parcels totaling 16.3 acres in the Inland Empire from three private owners. The land prices were not disclosed. First Industrial plans to develop a 315K SF industrial distribution center on the land parcels located at the southeast quadrant of Rider Street and Redlands Avenue in Perris. Avison Young’s Stan Nowak and Cody Lerner represented First Industrial.
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LB View has acquired a 12-unit apartment building in Long Beach from a private investment group for $2.9M. Built in 1961, the 7,200 SF apartment at 5558 to 5562 Dairy Ave. closed at a 6% cap rate. Stepp Commercial's Robert Stepp represented the seller. Stepp's Travis Traweek represented the buyer.
EXECUTIVE NEWS
HED has hired Nicke Pierotti as a project architect and Sean Wanderwall as a project manager. Prior to joining HED, both worked at Carrier Johnson + Culture. Wanderwall served as a project architect at Carrier Johnson. Pierotti had worked as a designer.
