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The former Palihouse hotel in West Hollywood is set to become a new Soho House, Variety reported. The private members club at 8465 Holloway Drive will include 34 bedrooms, a lounge, office spaces and a restaurant. Called Little House West Hollywood, it is slated to open in early 2022.
Soho House has locations in the Arts District, on Sunset Boulevard in West Hollywood and in Malibu; it also has a coworking space for members on the Sunset Strip, according to the Hollywood Reporter. The Sunset Boulevard location, the first to open in the LA area, does not have hotel rooms — a common amenity of the clubs. The new location will offer nearby rooms for patrons of the Sunset Boulevard spot and other club members looking for a place to stay in West Hollywood.
SALES
Baranger Studios, a historic 13.2K SF office property in South Pasadena, sold to a local investor for $6.8M, or $513 per SF. The per SF price is above the average sale price per SF for office buildings of 10K SF to 20K SF sold in the Pasadena submarket over the past two years, according to CBRE.
CBRE’s Kyle Barratt and Jackie Benavidez represented the seller, a local family which has owned and operated the building since 1984. The sale marks the first time the building has traded hands in 37 years.
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LEASES
Anheuser-Busch leased nearly 105K SF of industrial space at 8201-8221 Woodley Ave. in Van Nuys — a property right next to the company’s existing 95-acre brewery, CoStar reported. The building is owned by Blackstone Group, which purchased it in March 2020 for $48M. AB will move into the space in February, but it is not yet known how they will use the space, according to CoStar.
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Global medical tech company BD leased a 220K SF building at an under-development three-building life sciences campus, Torrey View by Breakthrough. The 10-acre property is led by Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital. Breakthrough is building the Torrey View project with its co-equity partner, Mitsui Fudosan America. With the new lease, Torrey View is 40% occupied.
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Two tenants have inked separate deals totaling 23K SF at a San Diego creative office project AMP&RSAND. The tenants are Hoyle Cohen, a financial services firm, and The Honest Kitchen, a pet food company. AMP&RSAND is the repurposed former San Diego Union-Tribune Publishing Co. campus; it contains a total of 343K SF of creative office space.
FINANCING
NewPoint Real Estate Capital, which launched in Q2 2021, announced that it arranged $8.5M in financing to refinance three Southern California multifamily properties. The garden-style apartment complexes in Fallbrook, Buena Park and Anaheim together have 60 units. NewPoint Managing Director Vincent Langan originated the transactions.
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