|
|
7/10/20
|
4S Bay Partners LLC, out of Chicago, picked up a 3.27-acre redevelopment site in Los Angeles for $35 mil. The property, located at 3731-3761 W. Stocker St, just west of Crenshaw Blvd, was sold by David J. Shophet of Sharp Capital, and David M. Shaaya of One Cole Group, who acquired the land in 2017.
The property is situated in a designated Opportunity Zone with a Transit Oriented Development (TOC) Tier III designation. The site contains four two-story office structures, totaling about 80k sf, built in 1954. The buildings are more than 90% occupied by a variety of LA County and City community services-oriented tenants. The property is in proximity to the planned Metro Crenshaw/LAX light rail transit line.
Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller in the deal. The buyer was repped by James Daughrity of Daughrity Real Estate.
“The buyer intends to occupy a portion of the existing office space to accommodate their growth requirements related to their social impact and economic development initiatives and to support their commitment to the community,” said Lustig-Bower. "Part of the site is being considered for potential redevelopment projects such as a film studio, entertainment campus, and community business incubator to support the buyer’s economic development focus within the Baldwin Hills/Crenshaw community.”
Initially, the offering entailed only two of the site’s buildings, but it quickly became apparent that many buyers were more interested in the larger assemblage encompassing all four buildings, according to Paydar.
4S Bay focuses on humanitarian causes, such as educational opportunities, economic improvement, human rights, wellness and environmental sustainability.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
