Bridge Development Buys Industrial Facility for $68M
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Lee & Associates facilitated the sale of a 261,528-square-foot industrial asset located in Los Angeles, near the city’s downtown. The firm represented both the seller and the buyer in the deal.
Bridge Development Partners has purchased The Box Yard, a 261,528-square-foot industrial facility in Los Angeles, for $68 million, Yardi Matrix data shows. Lee & Associates represented both the seller, Atlas Capital Group, and the buyer in the transaction.
Located at 2445 E. 12th St., the industrial facility is near Interstate 10, approximately 2 miles from downtown Los Angeles. The facility is also situated close to the Arts district, as well as to the Financial district. Additionally, the asset is in a residential area with a pipeline of more than 15,000 units.
“Industrial users have been displaced as a result of the large influx of residential, retail, hotel, and office development in the Arts District of Los Angeles,” said Brian Wilson, partner with Bridge Development Partners, in prepared remarks. “The Box Yard is arguably the last pure industrial building located in such proximity to the Arts District, and the vital business and residential districts of downtown Los Angeles.”
Built in 1988, The Box Yard occupies 7.5 acres and features an 11-unit industrial campus and a 24-foot clear warehouse space. The buyer plans to upgrade the facility by improving its exterior and by renovating the building’s two vacant suites. Other upgrades will include electric vehicle charging stations, new signage, new exterior lighting and the renewal of the parking areas.
Lee & Associates’ brokerage team included Principals Mike Smith and Jim Halferty. In January, the firm also arranged the sale of a Good Nite Inn, a 102-key courtyard-style hospitality asset in Whittier, Calif.
Image courtesy of Yardi Matrix