The 44-room Days Inn by Wyndham near Disneyland in Anaheim has sold for $8.6 million, according to The Mogharebi Group.
The hotel at 1030 W. Ball Road at the northwest corner of Disneyland Drive has not been renovated since it was built in 1983. Amenities include free breakfast and Wi-Fi, onsite parking and coin-operated laundry rooms.
TMG did not identify the buyer, only describing the investor as an Orange County-based real estate syndication group.
“With much-needed improvements, ownership will be able to leverage the hotel’s prime location to seize the tremendous upside that exists, especially given the expansion and improvement plans for Disneyland announced by Disney at D23 last week,” said Otto Ozen, an executive vice. president at TMG.
Renovated Westminster apartment building sells for $6 million
An updated, 60-year-old apartment building in Westminster has sold for $5.96 million, or $298,000 per unit, according to Cushman & Wakefield.
The buyer and seller were not identified by Cushman brokers. The buyer, however, was described as a “local resident and investor” in Orange County who executed a 1031 exchange.
Mark Bridge at Cushman & Wakefield’s Multifamily Advisory Group in Orange County represented both sides in the deal.
“This asset provided an investor a great opportunity to acquire a quality apartment asset with strong occupancy and in a great, convenient rental location,” Bridge said.
The property at 8361 15th St. has eight one-bedroom, one-bathroom units and 12 two-bedroom, one-bathroom units. Built in 1963, the building offers an on-site laundry room, updated courtyard and 30 assigned parking spaces.
Renovations included a new roof, new asphalt and new landscaping.
R&D building in Irvine fetches $11 million
A two-story research and development building at 6 Thomas near Irvine Spectrum has sold for $11 million to MP Biomedicals, according to NAI Capital Commercial.
At the time of the sale, the building on 1.5 acres was vacant. The new owner plans to occupy a portion of the building and lease out the remaining space to tenants in the life science/biomedical industry, according to NAI brokers.
The seller, Alexandria Real Estate Equities, was represented by CBRE.
Second Drift hotel to debut 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 was restyled with a Mediterranean design in partnership with the architecture firm ANACAPA.
The Drift concept, TMC said when its first concept debuted, is aimed at “social group travelers looking to get off the beaten path.” The hotels will feature minimalistic decor using locally sourced materials, according to the firm.
Night at the Fights celebrates 30 years
Want to see commercial real estate executives duke it out — with actual gloves on?
NAIOP SoCal will host the 30th Night at the Fights on Oct. 6 at the OC Fair & Event Center, Hangar Building in Costa Mesa.
The annual black-tie gala will feature two professional boxing matches and two bouts between local Southern California real estate industry pros.
The local boxers who will dare to step into the ring are Charles Banks of FCL Builders vs. Stephen Madigan of Kidder Mathews, and Jack Carder of Berkadia vs. David Sarnoff of Pacific Southwest Realty Services.
This year, the event celebrates a Star Wars theme through the night, including the main event, a sit-down dinner, and an after-party with a casino, music, cigar lounge, cocktails and industry networking.
Tickets and event information can be found at naiopsocal.org/night-at-the-fights-2
People in real estate
Leo Goldschwartz joined the Newport Beach office of Coldwell Banker Realty. In 2017, Goldschwartz was a star of Bravo TV’s “Real Estate Wars” show while he worked at Compass.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for publication. All items are subject to editing for clarity and length.