Orange County Business Journal

Real Estate Boutique: Shift From Workouts to Buyouts

Bridgeport Sees Financing Back, Clients Out Buying Mark Mueller Sunday, May 29, 2011

The Triangle Square restaurant is set to be a little less than 8,000 square feet, according to filings with the city of Costa Mesa.

Saddle Ranch joins a 5,660-square-foot El Corazon restaurant and a 24 Hour Fitness gym among new tenants signed to the mall, which is owned by a venture including Richard Kelly Holdings LLC of Costa Mesa and Newport Beach’s Greenlaw Partners.

Hotel Sale

A Cypress hotel was among three Woodfin Suites in California that changed hands in a $76.5 million acquisition earlier this month.

Chicago’s Hyatt Hotels Corp. bought the three hotels, which count a combined 570 rooms, from a venture managed by New York-based Three Wall Capital LLC.

The sale works out to a price of about $134,000 per room.

The local hotel changing hands was the Woodfin Suite Hotel Cypress, a 142-suite hotel for business travellers and tourists.

It’s being renamed Hyatt Summerfield Suites Cypress/Anaheim.

The other two hotels changing hands are in the Bay Area and San Diego. Hyatt said it’s planning $15 million of renovations to the three hotels.

Brokerage Hires

The Orange County office of Jones Lang LaSalle added a pair of managing directors to help bolster the brokerage’s sales of apartments and shopping centers.

The company said this month it hired Michelle Schierberl for its capital markets practice for the Americas. She joins as a managing director and will focus on the retail investment sales sector on the West Coast.

Schierberl has brokered more than $1.5 billion in sales in her career and had been with the Newport Beach office of Grubb & Ellis Co. since 1994.

Jones Lang LaSalle also hired Joe Leon as a managing director for its apartment division.

Leon counts more than 20 years of experience in apartments, including a long stint at Hendricks & Partners. He has worked on $3 billion of deals in that time.

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