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3/27/17
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Champion Real Estate Company recently spent $9.5 mil on a value-add retail acquisition in Los Angeles’ Echo Park neighborhood. Champion plans to revitalize and rebrand the existing collection of dilapidated retail buildings into a retail and residential mixed-use development named “BrickWorks”.
The existing property includes 19.8k sf of dated retail buildings on 36k sf of land located at 1485-1501 W. Sunset Blvd, just west of Dodger Stadium on the northeast side of Hwy 101. Champion intends to repurpose and remodel the existing property to include an eclectic collection of distinctive restaurants and residential lofts.
“The property is sandwiched between upscale Silver Lake and Downtown Los Angeles in Echo Park, which was dubbed the ‘Greatest Neighborhood in Los Angeles’ by LA Weekly,” states Garrett Champion, Senior Vice President of Champion. “Combined with its location just blocks from Dodger Stadium, BrickWorks will provide trendsetting food and beverage focused retail to an underserved sub market.”
BrickWorks will boast over 200 linear feet of frontage along the heavily trafficked Sunset Blvd and consist of approximately 15k sf of prime retail space that will create a trendy food court-style collection of the latest eateries and restaurants.
Champion has over 30 years of experience developing retail in Los Angeles and helped pioneer the first vertical retail power centers such as Brentwood Place and the One Westside Shopping Center. Last year, Champion acquired Grand + Alosta in Glendora, CA, a former 80k sf freestanding building that is currently being redeveloped into a specialty grocery center with Marshalls and Sprouts anchoring the project.
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