|
|
10/02/19
|
Tova Capital Inc has acquired the “Allied Model Trains” building, a 12.6k sf retail structure in Culver City, for $8.2 mil ($651/sf). The building is located at 4411 Sepulveda Blvd, east of the 405 Fwy and just south of Culver Blvd. It is currently occupied by Samy’s Camera, which, we’re told, still has roughly three years remaining on its lease.
The distinctive stand-alone building, spanning a full city block, was built in 1989 as the home of Allied Model Trains, regarded as the Holy Grail of train stores by model train hobbyists. The building is a scaled down replica of Los Angeles’ famed Union Station with its curved arched windows, extensive terra cotta tile work and an 18-foot bell tower.
Tova will renovate the building into creative office space while maintaining its distinctive Mission Revival/Art Deco architecture. Plans call for a complete upgrade of the building’s interior, installation of new windows, and the addition of outdoor space. The property is well parked at a 3:1000 parking ratio.
The influx of large tech and media companies like Apple, Amazon and HBO, has caused much of the available creative office space in the market to be absorbed, creating a need for additional creative space, particularly for small and mid-sized tech and media companies looking for a strong presence in the Culver City market, according to Tova CEO Ron Harari.
“The property’s great bones afford us the opportunity to create a truly one of kind office space, one that includes high ceilings, plenty of natural light and an open floor plan,” Harari said. “With more than 200 feet of frontage along Sepulveda Blvd, the building provides incredible visibility for creative office users wanting to establish a distinctive identity.”
Daniel Pickart from Industry Partners represented Tova Capital on the purchase.
“We have been seeing strong demand emerge from tenants seeking creative space in West Culver City because of its ease of access and close proximity to the coveted Westside neighborhoods,” Pickart said. “This property meets all those requirements, along with offering the opportunity for a company to establish a strong foothold in this very competitive market.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
