The 44-room Days Inn by Wyndham near Disneyland in Anaheim has sold for $8.6 million, according to Moorish Group.
The hotel, located at 1030 W. Ball Road on the northwest corner of Disneyland Drive, has not been renovated since it was built in 1983. Amenities include free breakfast, WiFi, on-site parking, and coin-operated laundry rooms.
TMG did not identify the buyer, only describing the investor as a real estate loan group based in Orange County.
“With much-needed improvements, the property will be able to take advantage of the hotel’s prime location to take advantage of the massive upside that is in place, particularly given the expansion and improvement plans for Disneyland that Disney announced at D23 last week,” said Otto Ozen, Executive Vice President. . Chairman of Talaat Moustafa Group.
Renovated Westminster apartment building sells for $6 million
An updated 60-year-old apartment building in Westminster sold for $5.96 million, or $298,000 per unit, according to Cushman & Wakefield.
Buyer and seller are not recognized by Cushman Brokers. However, the buyer was described as a “local resident and investor” in Orange County who implemented the 1031 exchange.
Mark Bridge at Cushman & Wakefield’s Multi-Family Advisory Group in Orange County represented both sides of the deal.
“This asset has provided the investor with a fantastic opportunity to acquire a high quality residential asset with strong occupancy and in a great and convenient rental location,” Bridge said.
The property at 8361 15th Street has eight one-bedroom and one-bathroom units and 12 two-bedroom and one-bathroom units. Built in 1963, the building offers an on-site launderette, an updated courtyard, and 30 designated parking spaces.
Renovations included a new roof, new asphalt, and new landscaping.
The R&D building in Irvine brings in $11 million
The two-story R&D building at 6 Thomas near Irvine Spectrum has been sold for $11 million to MP Biomedicals, according to NAI Capital Commercial.
At the time of sale, the 1.5-acre building was vacant. The new owner plans to occupy part of the building and lease the remaining space to tenants in the life sciences/biomedical industry, according to NAI brokers.
CBRE represented the seller, Alexandria Real Estate Stocks.
Second Drift Hotel Starts in Santa Barbara
Irvine-based TMC Hospitality is opening a second boutique hotel under the Drift brand this fall in downtown Santa Barbara.
The 45-room hotel in a 1920s building has been reimagined in a Mediterranean design in partnership with architecture firm ANACAPA.
When introducing its first concept, TMC said the Drift concept is aimed at “social group travelers looking to get off the beaten path.” The hotels will feature minimalist décor using locally sourced materials, according to the company.
Night at the Fights celebrates 30 years
Want to see commercial real estate executives get rid of that — wearing actual gloves?
NAIOP SoCal will host the 30th Night in the Fights on October 6 at the OC Fair & Event Center, Hangar Building in Costa Mesa.
The annual Black Tie event will feature two professional boxing matches and two matches between professionals in the Southern California real estate industry.
The local boxers who dare to enter the ring are Charles Banks of FCL Builders against Stephen Madigan of Kidder Matthews, and Jack Carder of Bercadia against David Sarnoff of Pacific Southwest Realty Services.
This year, the event celebrates a Star Wars theme all night long, including a main event, a sit-down dinner, and an after-party with a casino, music, cigar lounge, cocktails and industry nets.
Tickets and event information can be found at naiopsocal.org/night-at-the-fights-2
people in real estate
Leo Goldschwartz joined the Coldwell Banker Realty office in Newport Beach. In 2017, Goldschwartz was a star on Bravo TV’s Real Estate Wars while working for Compass.
Real estate transactions, leases, new projects, industrial hires, new projects, and upcoming events are compiled from press releases by contributing writer Karen Levine. Email items and high-resolution images to Business Editor Samantha Gowen at [email protected] Please allow at least a week to post. All elements are editable for clarity and length.