Real estate news: Untouched Disneyland-adjacent Days Inn hotel sells for $8.6M

This 60-year-old apartment building in Westminster sold to an unidentified Orange County investor for $5.96 million, or $298,000 per unit. (Courtesy of Cushman & Wakefield)

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.

This 60-year-old apartment building in Westminster sold to an unidentified Orange County investor for $5.96 million, or $298,000 per unit. (Courtesy of Cushman & Wakefield)
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 repped 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.

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. (Courtesy of NAI Capital)
R&D building in Irvine fetches $11 million

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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.

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. (Renderings courtesy of Drift 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. (Renderings courtesy of Drift 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 …read more

Source:: Los Angeles Daily News

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