You may not be able to buy Twinkies in the supermarket, but you can buy buildings where the sweet treats were once baked, stored and sold.
As part of Hostess Brands Inc.’s decision late last year to liquidate its assets, representatives of the bankrupt company have put more than a dozen California properties on the market over the past few weeks.
In Orange County, the buildings for sale include a former storage facility and retail store at 901 E. Orangethorpe Ave. in Anaheim and a smaller depot at 2024 Placentia Ave. in Costa Mesa.
Disposition firm Hilco Real Estate LLC, the exclusive liquidation agent for the bankruptcy proceedings, is marketing the facilities as part of a portfolio of 139 former Hostess properties being sold nationwide.
Hostess, which made Twinkies, Ding Dongs and other baked goods for more than 80 years, filed for Chapter 11 bankruptcy early last year. After negotiations with its workers’ unions broke down, the company shut down in November.
Last month, private equity investors paid $410 million for Hostess brands, promising to revive the fallen Twinkie. The buyers retained about half of Hostess’ real estate holdings.
The 63-year-old, 18,820-square-foot Anaheim property, which sits on more than 1.5 acres, includes office and warehouse space in addition to a retail storefront. The store sold Wonder Bread and other food. The 8,295-square-foot Costa Mesa facility, built in 1969, also has retail and warehouse space.
Geoffrey Schnipper, vice president of dispositions for Hilco, noted that the two facilities were part of Hostess’ distribution network and are on busy thoroughfares.
“Because these have been around for a long time, they’re very well located. That’s the golden rule in real estate,” he said. “Preliminary indication is that there will be a very strong interest.”
Hilco, which has partnered with Colliers International to dispose of the California assets, is accepting offers until June 12. Property details are available at hostessrealestate.com.
Investor buys two apartment complexes
Steadfast Income REIT, an Irvine-based trust focused on investments in the Midwest and South, has acquired apartment communities in Texas and Oklahoma for a combined $61 million.
The company bought Deep Deuce at Bricktown, a 294-unit property in Oklahoma City, for $38 million. The 12-year-old complex, which is 99 percent occupied, offers one- and two-bedroom units.
Steadfast also purchased Vantage at Buda Ranch, a four-year-old community of 264 apartments in Austin, Texas, for $23 million. The property consists of 14 three-story buildings with one-, two- and three-bedroom units.
The company now owns six apartment communities in Texas and five in Oklahoma.
Ella Shaw Neyland, president of Steadfast, said the real estate investment trust’s strategy is to buy multiple apartment communities in each market “to add synergy to our operating platform, reduce operating costs and increase revenue.”
The company has invested $680 million in 34 apartment complexes in 10 states.
O.C. real estate firms welcome new faces
Two firms active in Orange County’s commercial real estate market have made high-level staffing changes.
Brokerage Newmark Grubb Knight Frank announced that Justin Hodgdon and Drew Netherton have joined the firm’s Newport Beach office as senior managing directors. The pair will focus on tenant advisory services.
Avistone Capital Corp., a commercial real estate investment banking firm headquartered in Laguna Niguel, has hired Karine Clark as managing director. She will focus on loan origination and equity placements for developments such as commercial and hospitality.
Contact the writer: rclough@ocregister.com or 714-796-7922
