Sales Deals of the Week: Turtle Bay Resort Trades Hands for $725M
The top five sales across the country from May 27 to May 31
By The Editors May 31, 2024 10:00 am
reprints
A $725 million resort deal in Hawaii tops the sales sheet this week. Blackstone (BX) flipped the 450-room Turtle Bay Resort after buying the property six years ago for $332 million. There were other major investment sales in Florida, California and New York, but none hold a candle to that profit margin. JLL’s real estate investment arm sold a pair of office buildings in Los Angeles at a loss and a property slated for residential development in Manhattan traded for $21 million.
| Amount | Address | Buyer | Seller | Brokers | Asset |
|---|---|---|---|---|---|
| $725 million | Turtle Bay Resort, Oahu; Hawaii | Host Hotels & Resorts | Blackstone | Eastdil Secured, JLL and Sumitomo Mitsui Banking | Hotel |
| $53.5 million | 8344 Boynton Beach Boulevard; Boynton Beach, Fla. | Erickson Senior Living | Trusts tied to William Mazzoni and Howard W. Smith | N/A | Development site |
| $50.3 million | 5340 Alla Road; Los Angeles, Calif. | Westside Neighborhood School | LaSalle Investment Management | Newmark (NMRK)’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll | Office |
| $24 million | 12901 West Jefferson Boulevard; Los Angeles, Calif. | Pacshore Partners and A2 Capital Management | Lasalle Investment Management | Newmark’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll | Office |
| $21 million | 240 West 54th Street; New York | Hiwin Group USA | Minerva 54 Realty | Ariel Property Advisors' Christoffer Brodhead Howard Raber and Nikola Cosic | Retail |
Sales Deals of the Week reflect deals closed or announced from May 27 to May 31. Information on sales can be sent to editorial@commercialobserver.com.
240 West 54th Street, 5340 Alla Road, 5401 Beethoven Street, 8344 Boynton Beach Boulevard, 944 Collins Avenue, Deals of the Week, A2 Capital Management, Ariel Property Advisors, Blackstone, Blue Suede Hospitality Group, Deals of the Week, Eastdil Secured, Erickson Senior Living, HHM Hotels, Hiwin Group USA, Host Hotels & Resorts, LaSalle Investment Management, Minerva 54 Realty, Newmark, Pacshore Partners, Sumitomo Mitsui Banking
