|
|
1/24/24
|
Here’s news of a notable foreclosure sale in the heart of Los Angeles’s Arts District. The property is AtTraction, a 58.1k sf, historic adaptive reuse asset consisting of two buildings at 800-810 Traction Ave.
The property is being sold through the site’s former lender and now current owner. A Cushman & Wakefield team comprising Mike Condon Jr. and Erica Finck are representing the seller in the disposition.
The previous ownership had acquired the property in 2021 and was deep into an adaptive reuse plan to significantly transform the property into a modern, Class A office and lifestyle project, completing a majority of its planned capital interior and exterior improvements. The versatile building will cater to the growing business needs of this walkable neighborhood. While the original business plan was for a creative office reposition, the prior use was multifamily. Additionally, there is an option to program a boutique hotel or members club concept as well, creating immense optionality for the final development.
“Located at Main & Main in the Arts District on Traction Ave, the project sits on the most walkable and vibrant retail street in the submarket. One particular highlight—aside from the incredible bones—is the exclusive, on-site parking that is a rarity in this location,” said Condon Jr.
“Aside from the real estate being objectively one of the best assets in the market, the deal structure offering an opportunity to buy the Arts Districts’ crown jewel at a basis comparable to the former lender’s, combined with the optionality for seller financing, creates a one of a kind buying opportunity for an investor or user. Finally, the buyer can benefit from finalizing a redevelopment of the project on third base, given millions of dollars have already been spent on many of the base building elements to date, creating substantial additional value,” continued Condon Jr.
The building had originally housed the Joannes Brothers Company, a coffee, tea, and spice processor and wholesaler, followed in the mid 1950s by the Los Angeles Desk Company. 800 Traction is a five-story building totaling 48.1k sf. Floors range between 7.1k sf to 10.1k sf, with high ceilings of approximately 10 ft to over 15 ft. 810 Traction is comprised of a two-story building totaling 10k sf. Each building offers the potential for ground-level retail.
Recent upgrades include a new exterior façade and entrance/storefront of both buildings, which fuse its history and legacy with its reimagined future. Another significant new feature is the addition of a rooftop patio deck on the top of the 800 Traction building offering panoramic views of Downtown Los Angeles and the cityscape. 810 Traction also has a private gated patio space.
There is also a private parking lot serving both buildings, which is a critical benefit of the asset.
The location also provides convenient access to a centralized freeway network as well as walkability to several desired dining, coffee shop/café and entertainment amenities.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
