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10/13/16
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Mike Diamond Plumbing – yes, the “smell good” plumbers – has acquired a 13.3k sf, creative office/warehouse property in the Los Angeles area for $3.55 mil. The asset was sold by Stiletto Entertainment, the longtime management company for singer-songwriter Barry Manilow and Cruise Ship Entertainment.
The property, at 8295 La Cienega Blvd, just north of Florence Ave in the city of Inglewood, sits on a completely enclosed parcel of roughly 24k sf. Nearly half of the building, which is located just north of LAX along the 405 Fwy, is office space.
The deal, which works out to $267/sf, is said to be the second highest for an industrial-flex building in the Inglewood area so far this year. Dan Pickart of Industry Partners repped Mike Diamond Plumbing in the purchase.
CBRE’s Izzy Eichenstein and Todd LaPlante represented Stiletto in the sale. Eichenstein also represented Manilow in the purchase of the building in 1995. The facility served as the headquarters for Stiletto Entertainment. The company, headed by President Garry Kief, will relocate to Culver City.
Inglewood has been seeing a lot of investment and new development ever since learning of the Los Angeles Rams’ plans to relocate to a new stadium in the city. Rams owner, E. Stanley Kroenke, is building an 80,000-seat stadium in the area to accommodate the team, and an entertainment complex is being built nearby as part of a continuing project called Hollywood Park. Surrounding real estate has felt the impact.
“Inglewood is in a great location, just 10 miles from Downtown LA and close to all the west side hotspots and beach neighborhoods,” said Eichenstein. “The plans to build this stadium and adjacent entertainment only reinforces the idea that this area is going to be a good place to visit and do business in, and has helped garner more interest among investors.”
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