The Luzzatto Co. has taken out a $48.7 million development loan for Exposition 3, a 94,082-square-foot creative office project in Los Angeles.
HIG Realty Partners originated the three-year note, which carries a variable interest rate. The new mortgage refinances a $37.2 million loan from First Choice Bank, according to Yardi Matrix data.
The property occupies a 2-acre parcel at 3101 W. Exposition Blvd. The existing structure served as a dairy plant and distribution center for Unified Grocers. The owner has tapped HLW International to design the creative office campus, which will see the conversion of the industrial facility and the addition of a new eco-friendly building. The company expects to wrap up work on the adaptive reuse project in 2022. Once completed, the property will serve as the new headquarters for Sweetgreen, a food company which signed a long-term lease for the building in 2019.
The JLL debt placement team that assisted the borrower included Senior Managing Director Paul Brindley, Managing Director Jeff Sause and Director Spencer Richley. In September, Sause and Richley were part of the team that arranged a $31.9 million development loan for a 411,485-square-foot industrial project in Louisville, Colo.