The LA Deal Sheet
The first AC Hotel to be built in Los Angeles has finally been completed.
R.D. Olson Construction has completed construction on the AC Hotel by Marriott in Beverly Hills.
This is the first AC Hotel for the European brand. Reliable Properties and Seaview Investors developed the hotel. Interstate Hotels & Resorts is managing it, according to Hotel Business. R.D. Olson Construction worked with architecture and design firm AXIS/GFA on the project.
The AC Hotel Beverly Hills is an 11-story, 176-room hotel with a rooftop lounge, a fitness center, meeting spaces, and administrative and community areas.
The property is located in the Miracle Mile area and a block away from Rodeo Drive.
SALES
A private investor has purchased a 35K SF office building in Temecula from MIG Real Estate for $5.18M. Built in 2003, the office building at 1 Ridgegate Drive recently underwent property improvements including new asphalt, landscaping, HVAC system and exterior and interior paint. CBRE's Matt Pourcho, Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson represented the seller.
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Colliers International represented EverWest Real Estate Partners in buying a $37M industrial property located at 1560 East Sixth St. in Corona. Padma Laxmi LLC sold the 210,345 SF warehouse with a seven-year lease back at the close of escrow. Colliers Executive Vice President Richard Schwartz, First Vice President Joey Reaume and Associate Tommy Gilmore represented the buyer.
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A private investor has purchased a 16-unit apartment building in Riverside from an undisclosed seller for $2.46M. The 22K SF Bel Air Apartments at 3500-3530 Lou Ella Lane features a mix of eight one-, two- and three-bedroom units. CBRE’s Cray Carlson and Nick Mercurio represented the seller and buyer.
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Brookfield Asset Management has acquired two industrial buildings totaling 408K SF in Carson from Western Tube & Conduit Corp. for $63.6M, according to the Los Angeles Business Journal, citing CoStar records. Built in 1974, the building at 2001 East Dominguez St. is 306K SF. The other building at 20740-20750 South Wilmington Ave. is 102K SF. JLL's Zachary Sakowski and Cushman & Wakefield’s Michael Condon Jr. and Erica Finck represented the buyer and seller, the LABJ reported.
EXECUTIVE NEWS
Allen Matkins has elected Tim Hsu, Jonathan Lorenzen, Brian Michel, Lindsay Tabaian and Britney Willhite to the firm partnership. Hsu is a finance, real estate and general litigation attorney in the firm's Los Angeles office; Lorenzen is a real estate transactional attorney in the firm's San Diego office; Michel is a real estate transactional attorney in the Century City office; Tabaian is a land use, environmental and general litigation attorney in the Los Angeles office; and Willhite is a transactional real estate attorney in the Orange County office.
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The American Institute of Architects has elevated Omgivning founder and principal Karin Liljegren to its College of Fellows. The College of Fellows is AIA's highest membership honor and recognizes architects for their exceptional work and significant contributions to architecture and society. Only 3% of AIA members have this distinction, according to the AIA website. The AIA cited Liljegren's “notable contributions to the advancement of the profession of architecture.” Liljegren is based in Los Angeles and specializes in projects in downtown Los Angeles.
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Coreland Cos. has elevated Cheryl Todd and Vicky Hammond to principals and promoted Erika Griggs to vice president of finance. Todd, who joined Coreland in 2006, will continue to oversee all aspects of the company’s real estate management division. Hammond will oversee Coreland’s client services and operations, including a specific emphasis on the company’s private portfolio of properties, as well as focusing on corporate growth and best practices. In her new role as vice president of finance, Griggs will continue her oversight of the accounting division while joining the firm’s executive team.
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Arup has named Scott Russell a principal. As its new Los Angeles office leader, Russell will be responsible for advancing the company's strategic initiatives including sustainable development, digital transformation, supporting change-making projects and contributing to a better Los Angeles region. Russell has more than 20 years of experience. He previously served as the head of marketing and communications for Arup’s Americas region.
