The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
SteelWave and Invesco Real Estate Team Up in Purchase of Former LA Times Facility in Costa Mesa

11/28/17

SteelWave and Invesco Real Estate have acquired the former Los Angeles Times printing facility in Costa Mesa. The purchase consists of a 249k sf printing press warehouse with an attached 112.4k sf office building (the former LA Times Orange County press room), and an adjacent 4.0-acre parcel of land. The project is directly adjacent to SteelWave’s Hive project, a 180k sf creative office project, which is the headquarters for the Los Angeles Chargers organization and their training facility.

The joint venture acquired the asset from Tribune Media and Kearny Real Estate Co. Tribune Real Estate Holdings, a subsidiary of former Los Angeles Times owner Tribune Media, and Kearny Real Estate Co partnered up in 2015 with plans to transform the facility into approximately 340k sf of creative office. However, in early 2017, SteelWave approached that partnership with an off-market offer to acquire the project.

The plan is to develop roughly 420k sf of creative office space and retail. The site is entitled for up to approximately 650k sf, leaving approximately 230k sf of remaining entitlements for future development.

The acquisition of The Press marks Steelwave’s first joint venture with Invesco Real Estate. Seth Hiromura with SteelWave led the acquisition. John Rose, Todd Sugimoto, Patrick Burger and Olga Walsh with HFF arranged $133 mil in financing, which was provided by Square Mile Capital Management LLC.

“We saw an immense potential in The Press and our vision is to redevelop the asset to be the single most significant creative office opportunity in Orange County, if not all of Southern California,” says Hiromura.

In addition to office space, the plans include developing a high-end public market. Hiromura believes having a cluster of differentiated creative office adjacent to one major artery through Orange County is important, however, “Where we think this project and submarket can be taken to the next level is by creating a very dramatic public food hall-based retail concept,” says Hiromura.






Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media