A new hotel brand is emerging from the pandemic hospitality chill in Newport Beach.
The former Newport Beach Marriott Hotel & Spa is opening this spring as the VEA Newport Beach, also a Marriott-branded hotel.
The hotel at 900 Newport Center Drive is getting a complete remodel, including newly designed guest rooms, two new suite categories, three restaurant and bar concepts, a spa and fitness center. The outdoor and event spaces, plus the pool, also are getting makeovers.
VEA is owned jointly by Eagle Four Partners and Lyon Living, both of which are based in Newport Beach.
“As Newport Beach locals ourselves, we are proud to present something created by the community, for the community,” said Kory Kramer of Eagle Four Partners. “With the reimagination of the longstanding Marriott property, our objective was to create a resort experience authentic to the Newport Beach community, while being a California coastal destination unlike any other.”
The hotel is being redesigned to focus on its ocean view. The work is being done by architecture and design firms HBA, Gensler, Burton Studio and Houston Tyner Architects.
Guests can expect warm tones and muted neutrals, marble and glass. The lobby will feature folding glass walls on the front and back, opening it to the outdoors.
All 400 guestrooms are being redesigned. Amenities will include firepits in some “premium” rooms, Frette robes and Nespresso machines.
A 14,000-square-foot spa will have 14 treatment rooms, a dedicated saltwater pool and fitness center with a yoga studio.
5.11 relocates HQ to Costa Mesa
The outdoor apparel company 5.11 Inc. has shifted its headquarters to Costa Mesa from Irvine.
The company leased 39,650 square feet at the creative office campus known as CANVAS. Terms of the lease with property owner EQ Office were not disclosed.
JLL represented 5.11, and Newmark represented the landlord.
“As innovators, we are embracing the opportunity for our people to work from anywhere – hence, the importance of having an inspiring space to collaborate in person,” said Francisco J. Morales, 5.11’s chief executive.
The indoor-outdoor campus at 3070-3150 Bristol St. is next door to the South Bristol Entertainment Culture and Arts neighborhood, which is known for The Lab and The Camp.
Newport Beach medical complex sells to investor
Newport Lido Medical Center, a two-building medical office complex in Newport Beach, has been sold in an all-cash deal to Lionstone investments, according to JLL Capital Markets.
Terms were not disclosed.
JLL represented the unidentified owner in selling the 146,510-square-foot complex.
“The buyer is a major institution and a brand-new entrant into the medical office sector,” said JLL’s Evan Kovac, a senior managing director.
The complex, which is fully leased, is anchored by Hoag Hospital Newport Beach Surgery Center and Prime Surgical Center.
Industrial building in Anaheim sells for $6.6M
A 25,920-square-foot, 24-unit industrial building on Cosby Way in Anaheim has sold for $6.57 million, according to Lee & Associates Orange.
The seller and the buyer were not identified.
CapRock sells Vegas property
Newport Beach-based CapRock Partners has sold its first large-scale, ground-up development outside of California.
The firm sold CapRock Interchange Industrial Center, a 684,000-square-foot Class A industrial complex in North Las Vegas, for undisclosed terms. The buyer was not identified b CapRock.
The center was fully leased to BarkBox, Boxabl and Evanesce Packaging Solutions. The development includes two industrial warehouses, one with 174,000 square feet and the other 510,000 square feet.
Newmark represented CapRock in the sale.
Including CapRock Interchange Industrial Center, CapRock said it has acquired, developed or been is in the process of building approximately 3 million square feet in Las Vegas since 2017.
People in real estate
Stephen Silverstein has been hired as managing director and principal of U.S. Project Management Services at Avison Young. He will be bicoastally located in the firm’s New Jersey and Irvine offices. He will be responsible for developing and building real estate solutions for office, industrial, retail and institutional clients. Most recently, Silverstein served as global senior managing director for nearly six years at Cushman & Wakefield.
Irvine-based Ware Malcomb has been ranked the #1 Industrial Facility Architecture and Engineering Firm by Building Design & Construction Magazine. This is the second year in a row the firm has held the top ranking. Ware Malcomb also was ranked 13th among the Top 95 Architecture/Engineering Firms, moving up one spot from 2020.
“We are thrilled to top the industrial list again, and continue to see growth in the other categories,” said Jay Todisco, president of Ware Malcomb. “We thank not only our team members but our clients who remain our focus and the foundation of our success.”
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.