A102-room hotel in Whittier has sold for roughly $8 million, Sherman Oaks-based Lee & Associates announced Jan. 2.
West Hollywood-based Y&C Pacific purchased the property from Andy Investment Co., of Whittier.
Lee & Associates Multifamily Advisory Group’s National Director Warren Berzack represented the buyer and the seller in the transaction.
The hotel, a Good Night Inn, is located at 10317 Whittier Blvd.
“This property had been owned by the seller for more than 30 years, and there was no franchise agreement in place, so it presented an ideal reposition and rebranding opportunity for a new buyer,” Berzack said in a statement.
CBRE Hotels’ 2019 Southern California Lodging Forecast estimated the market occupancy in the Whittier/I-5 Corridor at 79.9 percent in 2018. It is expected to fall to 79.5 percent in 2019. The group expects the average daily rate, however, to rise from $150.76 to $154.53.
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Jamison Proposes 157 Units
Koreatown-based developer Jamison Services Inc. has filed plans with the city to develop a building with 157 units and nearly 12,000 square feet of commercial space in Koreatown.
The project will be located at 744, 752 and 762 S. Serrano Ave. The site is currently a parking lot.
Jamison Services has a number of projects taking shape in Koreatown, including a mixed-use project at 700 S. Manhattan Place, which will have 160 apartments. It is expected to open in the summer.
In November, Jamison Services was given construction permits for a 13-story office building at 2500 Wilshire Blvd. that is being redeveloped into 248 residential units with ground level retail.
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Cannon Climbs at Colliers
Commercial real estate firm Colliers International Group Inc. on Jan. 3 named Cody Cannon the group’s executive managing director and market leader for the greater Los Angeles area.
“Growing our Southern California business has been and will continue to be a top priority for Colliers,” said Gil Borok, chief operating officer of Colliers’ U.S. operations, in a statement. “Attracting an experienced industry operator and brokerage leader like Cody is a big win for us, and is an important milestone in our continuing to recruit the best and brightest in the industry. I have no doubt that our Greater Los Angeles operations will continue to grow and gain market share under his leadership.”
Cannon has more than a decade of commercial real estate experience including a role as a regional manager at Marcus & Millichap Inc.
“I am very excited to join Colliers and be a key player in driving the company’s future growth in the Greater Los Angeles region,” Cannon said in a statement.
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Newmark Realty Capital Names EVP
Newmark Realty Capital Inc. has named Paige Serden executive vice president in the firm’s L.A. office. NRC is a private San Francisco-based mortgage banking firm.
Before joining NRC, Serden spent 23 years in leadership roles at City National Bank where she was responsible for managing and placing more than $6 billion in commercial mortgage financing.
“Throughout her career of impressive professional and personal milestones, Paige has documented her commitment to performance results, best practices and peer development initiatives directly aligned with the best practices that define our platform,” said Peter Welsh, principal with Newmark Realty Capital’s Los Angeles office, in a statement. “We look forward to her contributions serving the strategic needs of our clients as our platform and capabilities continue to grow in this organic fashion.”
Staff reporter Hannah Madans can be reached at firstname.lastname@example.org or (323) 556-8337.
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