The LA Deal Sheet

R.D. Olson Construction broke ground on a 223-key, dual-brand Hilton Garden Inn and Home2 Suites just two blocks from Disneyland Resort in Anaheim’s growing Resort District.

The 220K SF property will have a 100-room Home2 Suites and a 123-room Hilton at 1441 South Manchester Ave. 

“We are honored to partner with Nara Investments to deliver a dynamic new hotel offering in the fast-growing Anaheim market,” R.D. Olson President Bill Wilhelm said in a news release. 

The Hilton will be a full-service hotel with a modern design, according to the news release. The Home2 Suites rooms will feature a full-sized sleeper sofa, workspace and in-suite kitchen with a refrigerator. 

Guests at either hotels will have access to shared amenities such as a restaurant, bar, pool, hot tub, kids splash pad, lobby, 1K SF of meeting space, 1,500 SF of retail space and valet parking. 

“Dual branding has become a major trend in the hospitality industry, with guests benefiting from a wider variety of experiences and choices and owners benefiting from greater efficiencies,” Wilhelm said.

The groundbreaking comes as Disneyland is slated to open its much-hyped Star Wars: Galaxy’s Edge attraction. The 14-acre theme park is expected to boost attendance at the complex and bring in visitors from all over the world for years to come.

In 2017, Disneyland brought in 18.3 million visitors, according to a 2017 Themed Entertainment Association/AECOM report. Anaheim attracted more than 24 million visitors for the year. 

Olson said the new dual-branded hotel will add much-needed supply for Disneyland visitors and surrounding neighbors.The project is expected to be completed by the end of 2020. The ground-up construction will take place on the former site of a Quality Inn.  

R.D. Olson Construction is working alongside BRR Architecture and Studio 11 Design on the project.

SALES

A private investor has purchased a 24-unit apartment building in Hollywood from an undisclosed seller for $6.2M. Built in 1964, the building at 6536 La Mirada Ave. sits on a 17,185 SF lot and features a mix of studios, one-bedroom and two-bedroom units. Marcus & Millichap's Jordan Asheghian and Tony Azzi represented the buyer.

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Norman International has purchased a 22,271 SF office building in La Palma from Greenlaw Partners and Westbrook Partners for an undisclosed price. The single-story building, which is currently vacant, is at 28 Centerpointe Drive and part of the larger Centerpointe La Palma campus. CBRE’s Anthony DeLorenzo, Gary Stache and Doug Mack represented the seller. 

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Treehouse Real Estate Investment Trust has acquired two properties, a retail storefront on Highland Drive in Las Vegas and a 45K SF Dutch greenhouse manufacturing and distribution facility in Desert Hot Springs from undisclosed sellers for $33.5M. Terms of the deal were not disclosed. 

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Younan Properties has purchased a three-building office campus in Westminster from an undisclosed buyer. The acquisition price was not disclosed. The 130,800 SF office campus is at 5405, 5455 and 5555 Garden Grove Blvd. Brokers of the deal were not disclosed.

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Terreno Realty Corp. has sold an industrial building in Corona to an undisclosed buyer for $12.4M. The 90K SF industrial building sits on 5 acres at 2095 California Ave. Brokers of the deal were not disclosed.

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The Stanley A Sirott Trust has purchased a 10-unit apartment building in West Hollywood from an undisclosed seller for $3.69M. The property is at 7631 Norton Ave. Marcus & Millichap’s Sam Liberow represented the buyer and seller. 

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Max Sales Group has purchased a 64K SF industrial building in the City of Industry from Art Weiss Industrial Properties for $11.5M. The industrial property is at 15240-15250 Nelson Ave. Westgate Industrial Properties’ Carol Taubman represented the buyer. Daum Commercial Real Estate’s Charles Johnson represented the seller.

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In a 1031 exchange, Milan Capital Management has purchased a 84K SF office building in La Mirada from Saunders Property Co. for $13.64M. The four-story, Class-A building at 16700 Valley View Ave. is 90% leased to 24 tenants. CBRE’s Gary Stache, Anthony DeLorenzo, Mark Shaffer, Rickey Warner and Doug Mack represented the seller. The buyer represented itself. 

LEASES

Representing Positive Investments, Avison Young has negotiated two new office leases totaling 9,200 SF at 222 East Huntington Drive in Monrovia. Reach Autism Therapies has signed a seven-and-a-half-year lease to occupy 4,970 SF of office space. McClaugherty & Associates signed a seven-year lease to occupy 4,240 SF. Avison Young’s Andrew Berk and Mark Evanoff represented Positive Investments and McClaugherty & Associates. Brokers from Cushman & Wakefield represented Reach Autism Therapies.

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Advanced Nutrients has signed a 10-year lease with Cohen Brothers Realty Corp. to occupy 13,500 SF of office space at the Pacific Design Center’s Green Building at 8687 Melrose Ave. in West Hollywood. Financial terms of the deal were not disclosed. Cohen Brothers’ Marc Horowitz represented the landlord. Cresa’s Marc Bretter represented Advanced Nutrients.

EXECUTIVE NEWS

Co-living operator Quarters has hired Eduardo Foss as director of West U.S. Expansion. Foss will be responsible for leading transactions on behalf of the company in Los Angeles, Orange County, San Francisco and Denver. Foss will offer master leases and capital to multifamily developers and acquire sites with programmatic partners, according to the company. Prior to Quarters, Foss served as an acquisitions manager at Universal Standard Housing.

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Hudson Pacific Properties has appointed media and entertainment executive Christy Haubegger to the company’s board of directors. Haubegger succeeds outgoing board member Michael Nash of Blackstone. Haubegger is an agent at Creative Artists Agency, where she leads multicultural business development for the agency and provides insights on diverse markets to company’s clients. Prior to her work with CAA, Haubegger founded Latina Magazine.

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Matthews Real Estate Investment Services has appointed Rob Zaharia as vice president of the Matthews Multifamily Division. Zaharia will be responsible for leading and building the company’s team on serving the needs of institutional and private multifamily clients in Los Angeles County. Prior to joining Matthews, Zaharia served as vice president at SVN. 

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Real estate and construction lawyer E. Rich Hurst has joined law firm TroyGould. Hurst specializes in business and real estate litigation, including construction defect, contract, real estate and corporate matters. Hurst received his J.D. at Loyola Law School and was admitted to the bar in 1995.

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Bridge Development Partners has made several executive moves. Bridge Development has hired Scott Denham as senior vice president of development and Brendan Kotler as vice president of development in its Los Angeles office. Denham will oversee Bridge’s development activity and its development team for Southern and Northern California. Denham will work with Kotler, who will manage development and entitlement processes for new and value-add industrial projects. Prior to joining Bridge, Denham served as vice president of development and construction at Rexford Industrial Realty. Kotler joined Bridge from Unibail-Rodamco-Westfield, where he served as a development director.

Additionally, Bridge has promoted Greg Woolway to vice president of acquisitions. Woolway will focus on expanding the company’s industrial portfolio in the Bay Area and Inland Empire. Woolway joined the company in 2016.

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Ryan M. Leaderman has joined the Los Angeles office of Holland & Knight as a partner in the West Coast Land Use and Environmental Practice Group. Leaderman will focus on obtaining and negotiating land use entitlements for complex land use planning and mixed-use developments and securing project approvals for all types of major developments in Southern California.