Santa Ana-based Nexus Cos. has gotten the go-ahead for a second hotel project in the Douglas Park development in Long Beach.
It got approval last month from Long Beach’s planning commission to build a five-story hotel at Douglas Park, the former Boeing aircraft manufacturing facility near Long Beach Airport that’s being turned into a mix of industrial buildings, retail, and other properties.
Irvine-based Sares-Regis Group is acting as the master developer for a bulk of the 260-acre business park, which it bought from Boeing Realty Corp. in a series of transactions in 2011 and 2012.
Nexus Co.’s 241-room hotel will be a dual Hampton Inn and Homewood Suites hotel with a 1,200-square-foot fitness center, an outdoor swimming pool, spa, two meeting rooms and a dining area, according to city filings.
The Hampton Inn will have 143 rooms, the Homewood Suites 98. The entire project will run about 153,000 square feet, city filings show.
The nearly four-acre project at 3855 Lakewood Boulevard is near a Courtyard Marriott Hotel that Nexus opened in 2013.
The 159-room Courtyard by Marriott is on a 4.5-acre parcel that Nexus bought from Boeing.
Nexus also has a hotel development in the works in Pismo Beach, according to the company’s website.
And it has a 132-room luxury retirement community planned for Palm Springs and modeled on the company’s Vivante on the Coast, a 185-unit retirement community in Costa Mesa near Hoag Memorial Hospital Presbyterian.
Additional development at Douglas Park in Long Beach is expected to soon include a retail project by Newport Beach-based Burnham USA Equities Inc., which last year bought nearly 30 acres from Sares-Regis and is planning one of the largest retail projects in the city in years.
Sares-Regis also has landed Mercedes-Benz as a big tenant for the park. The carmaker opened its Western region prep and distribution center at a former Boeing hanger in 2014 after signing a 1.1 million-square-foot lease, one of the largest leases in Los Angeles County in years.
Golden State Sale
A venture involving Irvine-based LBA Realty is nearing a deal to sell off a big portfolio of industrial buildings in California, according to regulatory filings.
Denver-based Industrial Property Trust Inc. said last month that it had entered into an agreement to buy a 15-property portfolio in the state from a series of sellers operating under the LBA/MET Partners name.
The 1.4 million-square-foot portfolio is expected to sell for $189 million, or $135 per square foot, according to the buyer.
Specific properties involved in the transaction weren’t disclosed.
The buildings are in Southern California, the San Francisco Bay area, and the Central Valley, according to Industrial Property Trust, a real estate investment trust that currently owns about 13.5 million square feet worth of buildings.
The LBA/MET Partners portfolio is on 81.5 acres, according to regulatory filings. The buildings are completely occupied by 40 customers, with average leases of 3.5 years.
Colorado Buy
Newport Beach-based MIG Real Estate has acquired a 15-building industrial park about 20 minutes south of Denver in Centennial, Colo.
The real estate investor paid a little under $27.8 million for the 244,028-square-foot property, according to local news reports. The deal works out to nearly $114 per square foot for the flex industrial buildings, which were 92% leased at the time of the sale.
Westport, Conn.-based Greenfield Partners LLC was the seller. It paid about $23.5 million for the property a little more than a year ago, according to local news reports.
It’s MIG’s 11th investment in the area around Denver. The company also owns hotels and apartments in the region, in addition to other business parks.
MIG said it has bought more than 9.5 million square feet of property totaling more than $1.5 billion of assets since mid-2009.
