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12/06/16
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Onni Group has purchased a 38.3k sf development site in Downtown Los Angeles’ Arts District. The property, located at 2143 Violet Ave, just north of the I-10 between Santa Fe Ave and the Los Angeles River, was acquired from Core Development Group for an undisclosed amount in an off-market transaction.
Vancouver, Canada-based Onni has yet to announce its plans for the property. The company was encouraged in its decision to purchase the site by recently completed deals in the immediate area, including the Warner Music lease at the Ford Factory, owned by Shorenstein Properties, in October of this year and the Hyperloop Campus sale to New York investor Tishman Speyer in the same month.
CBRE’s Brandon Gill, Brandon Burns and Jae Yoo represented Core Development in their original acquisition of the site in April 2014 and in this sale to Onni. CORE previously sold the four-acre site at Palmetto and Mateo to ASB/Blatteis & Schnur in 2014, which is now being developed into AT MATEO, the largest retail development in the Arts District. Core also developed the ART HOUSE at 1200 S. Santa Fe Ave, a project featuring 53 live-work lofts and ground-level commercial space, which is currently fully leased.
Onni, based out of Vancouver, has been successful not only with acquisitions but also with ground-up developments, such as Level Furnished Living and another 50-story tower under construction nearby. Over the past decade, Onni has accumulated a portfolio of properties in various parts of Los Angeles and has become an influential factor to the changes currently underway in downtown.
“They saw this as an opportunity to make a mark on one of the most sought after neighborhoods in downtown where progress has been made very rapidly over the last few years and to expand their territory with this strategic purchase,” said Gill. “We were in escrow while the Warner Music deal was announced. It definitely helped move this transaction forward.”
The Arts District has evolved into a 24/7 neighborhood with a number of residential projects planned or underway. Those currently under construction in the Arts District include AMP Lofts, 6AM, Fairfield/Legendary project at 950 E. 3rd Street, The Garey Bldg, and Carmel Partner’s project at 520 Mateo. To learn more about this rapidly changing area and for a visual tour of the region, make sure to check out RENTV’s video program about the Arts District and the One Santa Fe residential development => click HERE.
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