Here’s what LA’s $10M-$30M investment sales market looked like this week
In the world of mid-market Los Angeles investment sales this week, an LLC linked to luxury hotel developer Lewis Wolff bought a 1970-built senior living facility for $18.05 million, Ascent Capital Group sold a Hollywood office complex for $12.6 million, and a Torrance Days Inn traded for $11 million between two local hospitality groups.
An entity connected to St. Louis-based real estate developer Lewis Wolff acquired the 140-unit Brentwood Manor Retirement Residence in West Los Angeles for $18.1 million, or about $129,000 per unit. The seller was multiple private family trusts and individuals, property records show. Built in 1970, the senior housing facility at 1405 Wellesley Avenue has three floors and sits on half an acre of land. Wolff, who owns the Oakland Athletics, is involved in a handful of real estate investment firms, including Wolff Urban Development and Hawkins Way Capital. His hotel investment company — Maritz, Wolff and Co. — boasts a portfolio that includes six Four Seasons hotels, the Fairmont Santa Monica, and the Carlyle in Manhattan.
An entity linked to Ascent Capital Group unloaded a 45,000-square-foot office building in Hollywood for about $12.6 million, or $278 per square foot, property records show. The buyers are two LLCs, Fountain Park Properties and Cahuenga Hollywood Properties. The 1992-built complex sits on a 0.7-acre lot at 6350 Fountain Avenue.
In Torrance, a five-story, 91-key Days Inn hotel off the Pacific Coast Highway traded for $11 million, or about $121,000 per unit. The buyer is the Cerritos-based hotel management company Kamla Hotels, and the seller is Khan Hotels, which is based in Torrance. The 1962-built hotel was renovated just four years ago. Hospitality Unlimited represented both the buyer and the seller in the deal. Khan acquired the nearly 50,000-square-foot hotel for $6.3 million in 2004.
The West Covina-based LW Investments, headed by Ping Lu, bought a 9.5-acre piece of land at 333 S. Hacienda Boulevard for $14.4 million, or about $35 per square foot. The land previously belonged to the Urban Development Agency of the City of Industry, a public body that is now defunct. The land, according to property records, is zoned for industrial use.