{"id":1004368934,"date":"2019-11-18T02:36:07","date_gmt":"2019-11-18T10:36:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004368934"},"modified":"2019-11-18T02:36:07","modified_gmt":"2019-11-18T10:36:07","slug":"los-angeles-adaptive-reuse-scores-119m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/","title":{"rendered":"Los Angeles Adaptive Reuse Scores $119M Loan"},"content":{"rendered":"
\"\"<\/a>

West End. Rendering courtesy of GPI<\/em><\/p><\/div>\n

GPI Cos. has received $119.3 million in construction financing for its West End adaptive reuse project in West Los Angeles. JLL Capital Markets arranged the floating-rate loan, which bears a two-year term and was provided by ACORE Capital.<\/p>\n

Located at 10730 W. Pico Blvd., the 6-acre project is converting the former home of a Macy\u2019s store into a 230,000-square-foot, Class A creative office building with ground-floor retail and restaurant space. The offices will feature large floorplans and windows, while the property will feature floor-to-ceiling heights, a common outdoor space, new parking and outdoor courtyards. The project will also benefit from being closely located to interstates 10 and 405 and the recently expanded Expo Line.<\/p>\n

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READ ALSO:<\/strong> What to Expect This Holiday Shopping Season<\/a><\/p>\n

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GPI originally acquired the Macy\u2019s property in 2017 for $50 million, with the help of a $28.7 million loan secured by HFF. Macy\u2019s was one of the major tenants at Westside Pavilion Mall, which had been struggling with growing retail woes in recent years. In 2018, a joint venture between Hudson Pacific Properties and Macerich decided to transform the property into a state-of-the-art creative office<\/a> development, scheduled for completion by mid-2021.<\/p>\n

The appeal of adaptive reuse<\/h2>\n

The former Macy\u2019s conversion is not the only project of this kind to attract attention in Los Angeles. In a JLL report on the increase in adaptive reuse in the city, the transformation of Westside Pavilion Mall<\/a> was one of nine similar projects set to deliver in the next three years. The other developments underway include a newspaper publishing headquarters, an aerospace campus and two stand-alone big-box retail sites. JLL attributes this rise in adaptive reuse<\/a> to the lack of developable land coupled with the rising demand for creative office space for large tenants.<\/p>\n

JLL Executive Managing Director Kevin MacKenzie, Managing Director Greg Brown, Senior Director Jeff Sause and Director Peter Thompson lead the capital markets team. In a prepared statement, GPI Managing Partner Lee Wagman said the development is set to attract tenants from the media, technology and financial sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"

GPI Cos. will convert a former Macy\u2019s store into creative Class A office space.<\/p>\n","protected":false},"author":883,"featured_media":1004368943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,1594,21742,21747,15],"tags":[36746,35399,38207,44006,34647,33353],"class_list":["post-1004368934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-los-angeles","category-latest","category-office","category-west","tag-acore-capital","tag-gpi-companies","tag-greg-brown","tag-jll-capital-markets","tag-kevin-mackenzie","tag-macys"],"acf":[],"yoast_head":"\nLos Angeles Adaptive Reuse Scores $119M Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Los Angeles Adaptive Reuse Scores $119M Loan\" \/>\n<meta property=\"og:description\" content=\"GPI Cos. will convert a former Macy\u2019s store into creative Class A office space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-18T10:36:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/West-End-rendering-2-courtesy-of-GPI-Email.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"775\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/\",\"name\":\"Los Angeles Adaptive Reuse Scores $119M Loan - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/West-End-rendering-2-courtesy-of-GPI-Email.jpg\",\"datePublished\":\"2019-11-18T10:36:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-adaptive-reuse-scores-119m-loan\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/West-End-rendering-2-courtesy-of-GPI-Email.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/West-End-rendering-2-courtesy-of-GPI-Email.jpg\",\"width\":1000,\"height\":775,\"caption\":\"West End. 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