Pacific Hospitality Group in Irvine is spending $12 million to update its DoubleTree by Hilton Santa Ana, not far from John Wayne Airport and South Coast Plaza.
The hotel 201 East MacArthur Blvd. will remain open during the project, PHG said.
The lobby, front desk, restaurant and bar and all 253 guest rooms will get a “sleek and modern feel,” the company said.
The hotel fitness center is getting update, too, and a new yoga studio is being added.
Aaron Saliba, general manager of the DoubleTree, said the updates should be complete by spring 2024.
The 21-unit Tropicana Apartments in Huntington Beach sold for $7 million cash or $337,714 per unit, according to CBRE in Newport Beach. (Photo courtesy of CBRE)
Surf City apartments sell for $7 million
The 21-unit Tropicana Apartments in Huntington Beach sold for $7 million cash or $337,714 per unit, according to CBRE in Newport Beach.
The brokerage said the sale was the largest apartment transaction in downtown Huntington Beach in at least 10 years.
The sellers and buyers were listed as LLCs in property documents. CBRE said both are based in Surf City.
The 60-year-old four-building complex is about one block from the beach at 201 10th St. In about 10,000 square feet of rentable space, the buildings include a mix of one- and two-bedroom floor plans with ocean views in some units.
CBRE noted that the 10th Street property was its 18th multifamily sale in the city in the past 36 months. The brokerage and others have seen a flurry of activity in the small apartment building market. We’ve noted a multitude of such deals in recent months as buyers execute 1031 tax deferred exchanges.
In early October, CBRE negotiated two sales for small apartment complexes nearly 60 years old in Anaheim. Both sold to different buyers for a combined $5.5 million. Also in October, a 16-unit apartment complex in Anaheim sold for $4.2 million, according to Cushman & Wakefield.
In late summer, a 12-unit apartment complex with a retail space in Costa Mesa sold for $3.2 million. The brokerage said it has closed at least seven multifamily property sales in Costa Mesa in the past 18 months. Another 12-unit complex, negotiated by Morgan Skenderian Investment Real Estate Group, sold in Costa Mesa for $5.75 million.
DIV Industrial in Irvinve bought 47 acres in Goodyear, Arizona, where it is developing Sarival Business Park, an 847,988-square-foot Class A industrial complex. (Rendering courtesy of DIV Industrial)
DIV plots business park in Arizona
Irvine-based DIV Industrial acquired 47 acres in Goodyear, Arizona, where it is developing Sarival Business Park, an 847,988-square-foot Class A industrial complex.
The firm said the business park will include five freestanding buildings ranging in size from 135,000 square feet to 235,000 square feet.
DIV Industrial said it bought the property and completed a rezone and entitlements during escrow. It declined to provide terms of the property transaction.
The company expects to break ground in late 2024 with the project completed in early 2025.
Hanley Investment Group Real Estate Advisors in Corona Del Mar raised $33,639 during its Movember fundraising campaign in November. (Photo courtesy of Hanley Investment Group)
Hanley raises $33,639 in Movember campaign
Hanley Investment Group Real Estate Advisors in Corona Del Mar raised $33,639 during its Movember fundraising campaign in November.
The firm’s theme this year was “Axe the Stigma, Raise Awareness.” Team members donned flannel and grew (or applied) a “Mo” (mustache) in support for men’s health.
The event marked the 13th consecutive year Hanley has joined the movement, which raises awareness and money for prostate cancer, testicular cancer, mental health and suicide prevention.
Since 2011, Hanley has raised $368,039 for the campaign.
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 sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
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