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IHG to Open Indigo Hotel in Greenland’s DTLA Metropolis Development

26 May 2015, 3:10 pm

By Alex Girda, Associate Editor

Greenland USA is adding a new hotel to its portfolio at the Metropolis mixed-use development in downtown Los Angeles. The company, a subsidiary of Greenland Group in Shanghai, announced that it inked an agreement with InterContinental Hotels Group for the opening of the city’s first Indigo-branded hotel. The hotel will be integrated into the $1 billion development project that Greenland is currently building in the proximity of the city’s Financial District and L.A. Live. IHG and Greenland are frequent partners, the latter operating seven facilities bearing IHG brands.

Slated for a winter 2016 opening, the new hotel will be located at 899 Francisco Street. Hotel Indigo is a relatively new brand for IHG, one that is recording a large amount of growth, with over 60 locations planned for development across the world. The Hotel Indigo Downtown Los Angeles will be a 350-key, 18-story hotel offering locally-sourced seasonal food, great proximity to the L.A. Convention Center, Staples Center, and the Nokia Theatre. The area’s revitalization is attracting residents and businesses to DTLA once again, and the city is pushing to beef up the amount of rooms available in the vicinity of the Convention Center over the following five years.

The facility was designed by Gensler, with designer Hirsch Bedner Associates/HBA Los Angeles leading the team in charge of the interiors. Owned by Greenland LA Metropolis Hotel Development LLC and managed by an affiliate of IHG, the facility is one of a number of projects that are aiming to bring the Indigo brand to the U.S. Two other properties were also announced recently in Denver and Pittsburgh.

Buena Park Auto Center Adds Tesla Motors as Electric Car Manufacturer Expands

18 May 2015, 4:30 pm

By Alex Girda, Associate Editor

Tesla Motors is definitely what you call a company on the upswing. The Elon Musk-led entity has grown in recent years to a point where its unveilings carry the weight of an Apple keynote. Faced with the need to expand, the company recently sealed an agreement for a dealership space in Buena Park in Orange County, Calif. Tesla leased the space from RST Associates LLC, which was represented in the deal by Avison Young representative Jodi Meade.

Located at 6692 Auto Center Drive in the Buena Park Auto Center, the dealership totals around 23,000 square feet of space. Set to be modified and improved, the asset will serve as a Tesla dealership, and will also provide service for the company’s premium electric vehicle line. The company has already taken possession of the 2.5-acre property and is set to open the new dealership this summer, with the current leasing agreement valid for the following seven years.

The property’s placement within the Buena Park Auto Center means that it is located in the proximity of other major vehicle franchises, including names such as Mercedes Benz, BMW, Toyota, Honda and Ford. The 6692 Auto Center Drive site was previously occupied by Premier Chevrolet and General Motors. The two brands moved to a new five-acre facility also located in the Buena Park Auto Center. According to rentv.com, Tesla was identified by the broker as a prime tenant for the property at the end of 2014.

Units at Eighth & Grand Mixed-Use Community in Downtown L.A., Now Available for Pre-Lease

14 May 2015, 6:24 pm

By Alex Girda, Associate Editor

Eighth & Grand, a new mixed-use community that occupies a three-acre block in downtown Los Angeles, is now available for pre-lease. The developer, San Francisco-based Carmel Partners, has launched the property’s pre-leasing office at 433 West 7th St., effectively starting the occupancy process for the 700 luxury units. The community is located in the vicinity of the city’s South Park neighborhood, one of the fastest growing districts of L.A.

Located at the corner of Eighth Street and Grand Avenue, the mixed-use community will add 700 luxury residential units to the core of the city, as well as 8,000 square feet of retail space. The asset will also house a Whole Foods Market. The property is styled by local design firm Commune, an entity responsible for the United Artists Theater and the Ace Hotel.

The development is a seven-story structure that will offer residents one-, two- and three-bedroom units. Apartments at the community will have 9-foot ceilings, floor-to-ceiling windows, and will range in size between 516 and 1,411 square feet. The development has a planned penthouse floor offering exclusive residences with 12-foot ceilings and offering views of the neighborhood. In-unit features will include hardwood-style flooring, custom Italian cabinets and tiling, Frigidaire appliances, quartz countertops and Brizo fixtures.

Residents at Eight & Grand will be granted access to an amenity package that includes 24-hour concierge service, a 5,400-square-foot fitness facility, a sky lounge, two pools, verdant landscaped terraces with outdoor dining spaces, a Zen garden, as well as a screening room that can accommodate up to 25 viewers.

One Year After Grand Opening, Juanita Tate Marketplace Acquired by Optimus Properties

4 May 2015, 3:55 pm

By Alex Girda, Associate Editor

The Juanita Tate Marketplace in Los Angeles was recently acquired by locally based Optimus Properties LLC. The redevelopment project located at the corner of Slauson Avenue and Central Avenue is a venture that has taken its developers nearly 17 years to complete. Developed by a partnership consisting of Infinity Redevelopment LLC, the Concerned Citizens of South Central Los Angeles and the Community Redevelopment Agency of the City of Los Angeles, Juanita Tate Marketplace is regarded as, “an incredible asset that serves a very underserved community in a first class fashion” by its new owner.

The property is located on a 6.5 acre site at 1040 East Slauson Avenue and totals roughly 77,000 square feet of leasable space. The urban infill retail property comprises one 42,500-square-foot building currently leased out to anchor tenant Northgate Gonzalez Market, a 14,576-square-foot CVS/Pharmacy-occupied building, as well as two free-standing structures offering a combined 20,000 square feet of space, where Starbucks has a sizable presence. Juanita Tate Marketplace has a tenant roster that includes names such as Panda Express, Little Caesar’s Pizza, Yogurtland, LA Nails, Waba Grill Teriyaki House, FatBurger and Wingstop.

Designed by Nadel Architects to mirror the aesthetic of a small-town Main Street asset, the property’s design flourishes and materials used mirror that concept, with brick, tile and plaster being used in the construction process. Hight transom windows, cantilevered metal awnings and stepping roof lines were also included to complete a look that draws from the retail property’s neighboring area.

Silicon Beach Asset in Santa Monica Trades Hands for Highest Per-Square-Foot-Rate in 2015

28 Apr 2015, 1:12 pm

By Alex Girda, Associate Editor

We’ve previously covered the growing strength of the area of Santa Monica known as Silicon Beach, but the tech-centric submarket seems to finally be hitting its stride. Recently, New York-based real estate investment management firm JOSS Realty Partners acquired a creative office asset in Santa Monica for a total of $23.7 million. The property traded at a per square foot rate of $1,004, the highest rate paid for an asset in the greater Los Angeles area in 2015.

Located at 1315 Lincoln Boulevard in downtown Santa Monica, the Class A office property benefits from its placement in a market where office space supply is limited, and demand very high. The area known as Silicon Beach currently features around 600 tech, media, entertainment and creative industry companies, as well as one of the best performing retail streets in the region. The 23,531-square-foot property is a best-in-class asset in the Silicon Beach submarket that offers individual patio areas, ample parking, and is surrounded by residential communities such as Santa Monica, Beverly Hills,  Malibu and Bel Air. The property is currently fully leased with its tenant roster consisting of five companies: City National Bank, Chandler Chicco Agency, Centro Media, O’Gara Coach Company and Dethrone Basecamp.

According to Larry Botel, managing partner of JOSS Realty Partners, this is the company’s first acquisition in the Los Angeles market, but given its location, “we are confident that this new venture will be as successful as our East Coast properties.” Botel also noted that the price paid for the property “rivals the cost of office space in our other markets, New York City and Washington, DC, but the high demand and constrained supply for office space in this area makes this the next logical step for us.”

Image courtesy of parcommercial.com

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