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11/04/15
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A 44.5k sf mixed-use building in downtown Los Angeles’ Arts District was purchased for $21.6 mil. The property, located at 929 East 2nd St, about four blocks east of Alameda St, consists of an existing two-story building along with additional land for potential development.
Originally built in the 1920s for Challenge Cream and Butter, the building is currently occupied by various creative users. The buyer, EST4TE FOUR, plans on adding additional floors on top of the existing structure and redeveloping it into a hub for the creative industry with a retail component.
CBRE’s Brandon Gill, Brandon Burns and Jae Yoo represented the buyer. The seller, Thirty By Investments Inc, was repped by Dave Stahl with Metro Resources.
“EST4TE FOUR is new to Los Angeles, but has a very successful track record. They developed Zona Tortona in Milan and Red Hook in New York, and were looking to expand to the west coast,” said Gill. “This development was in the perfect location for them, which bodes well not only for their vision of the property but also their ties to the art community. This specific submarket of Downtown Los Angeles is one of the most desirable locations in the country for investors and developers, and is still experiencing an insatiable demand for real estate.”
Currently, EST4TE FOUR is in conversations with prospective tenants who are complementary to the other developments in the area, namely Hauser, Wirth & Schimel, an art community center and gallery. We’re told that the new owner is looking for a high end, co-work membership club to anchor the property.
The development is scheduled to begin construction in 2016 with an anticipated construction time of 12 to 18 months.
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