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1/20/17
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An affiliate of Brickstar Capital LLC has purchased a 60k sf, mixed-use building in downtown Los Angeles’ Little Tokyo neighborhood. The property, located at 120 S. San Pedro St, south of 1st St and west of Alameda St, was sold by MUFG Union Bank N.A.
Union Bank had owned the six-story building on the highly visible corner of South San Pedro and 2nd streets since it was constructed in 1984. The bank will continue to operate its retail banking branch and serve the Little Tokyo community from its present location.
“Little Tokyo’s rich cultural history, pedestrian-friendly environment, and location between Civic Center and Arts District is further cementing Little Tokyo as one of downtown LA’s most popular neighborhoods to live, work, and play.” said David Mirharooni, principal at LA-based Brickstar.
Union Bank was repped by CBRE in the deal. CBRE’s Joel Frank, Taylor Watson and Alex Bergeson have been retained by Brickstar to manage the lease up. Attorney Sarah Kikla Rosen of Procopio, Cory, Hargreaves & Savitch, LLP acted as legal counsel for Union Bank in the transaction. Brickstar was represented by outside legal counsel Andrew Kirsh, co-founding partner of Sklar Kirsh LLP.
Brickstar now controls, through its affiliates, the entire S. San Pedro block between 1st and 2nd streets, including the adjacent office building at 312 E. 1st Street (312First). Brickstar recently completed a major capital improvement program to reposition the 312First building as creative space. This building features high-speed, fiber-optic-ready collaborative office space, a new tenant lounge and conference room. Both Brickstar-controlled buildings are located immediately adjacent to Japanese Village Plaza and one block from the Little Tokyo Metro Regional Connector station.
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