Real estate news: Anaheim hotel sales near Disney hint at larger hotel ahead
Two aging hotels in Disney’s resort district in Anaheim could meet the wrecking ball after an Irvine investor paid just over $20 million for both properties.
In late June, the 60-year-old Budget Inn in Anaheim sold for $12 million to Sunstone Development, according to property records.
The Mogharebi Group brokered the deal for the seller, a family trust. The brokerage said Sunstone is exploring “long-term alternative strategies for the site including full-service hotel uses.”
The deal for the 24-room hotel at 1042 Ball Road was the second on that block for Sunstone, which also bought the adjacent 44-room Days Inn by Wyndham for $8.66 million last September. The Days Inn at 1030 W. Ball Road sits at the northwest corner of Disneyland Drive.
Otto Ozen, an executive vice president at Mogharebi, said Sunstone saw the combined properties as “much more valuable than the sum of its parts.”
Blake Wettengel, chief executive officer at Sunstone, said the firm was “excited to be Disneyland’s neighbor and a part of Anaheim’s future.”
The firm declined to provide more details, only saying they are “looking at various options.”
Fountain Valley-based Hyundai Motor America is joining a burgeoning automaker mecca in New York City’s Meatpacking District, buying a boutique building at 500 West 14th St. for $22 million.
The automaker, like Irvine-based Rivian Automotive and several other brands, is looking to expand its presence in the Big Apple.
The freestanding building is just blocks from the Hudson River.
“The building will provide HMA with further prominent branding in one of New York’s most popular neighborhoods,” said Don Yahn at Cushman & Wakefield, which represented HMA in the deal.
Other automakers in the area include Genesis, Lucid Motors, Mercedes-Benz, Lexus and Polestar.
In June, Rivian unveiled its plans to occupy a building in the Meatpacking District. The hipster enclave on the city’s West Side is known for its restaurants, clubs and museums.
The electric vehicle maker is creating Rivian Spaces, a showroom to grow the startup’s reputation. The 10th Avenue floor-to-ceiling glass storefront is Rivian’s first location on the East Coast. The automaker already has Rivian Spaces in Venice and is building one in Laguna Beach’s former South Coast Cinemas theater.
Construction on an affordable senior housing complex begins later this week in Buena Park.
Orchard View Gardens breaks ground Tuesday, Aug. 15 at 8300 Valley View St.
The community is taking shape on 1.76 acres of mostly unused church land. The project includes 66 apartments for seniors 62 and older who earn less than 60% of the area’s median income. Eight homes also will be reserved for seniors who have been homeless.
Orchard View Gardens is a partnership project for National CORE, the city and St. Joseph’s Episcopal Church. Orange County Health Care Agency and Hope through Housing Foundation will offer onsite services.
LBA Realty in Irvine bought the Newcastle Slover Logistics complex in Fontana for $37 million.
The company paid $8 million an acre for the property at Cypress and Slover Avenues, according to Vizzda, a commercial real estate data provider. It includes a 95,600-square-foot distribution warehouse completed earlier this year.
The seller was Newcastle Partners Inc., which has an office in Corona and is based in San Francisco.
The deal closed June 29, Vizzda documents show.
A 34,199-square-foot property occupied by Superior Grocers in Buena Park has sold for $6.875 million, according to SRS Real Estate Partners’ National Net Lease Group in Newport Beach.
The grocery store at 6931 La Palma Ave. has seven years remaining on its triple net lease.
SRS represented the unidentified seller, which was described as a partnership from Southern California, and the buyer, identified only as a Southern California-based private investor. The brokerage said the seller, notably, did not execute a 1031 exchange.
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.
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