CULVER CITY, CA–A 30,000-square-foot industrial building set on 2.2 acres here will be converted into creative office space as part of a joint venture deal between two Los Angeles real estate firms. Industry LTD and Saber Realty Advisors have teamed to purchase 5900 Blackwelder St. from owner/user Burke Williams Spa for $8 million in a cash deal that includes assuming an existing Commercial Mortgage Backed Securities loan. The amount of the loan outstanding was not immediately available.
Current tenant Burke Williams Spa was using the building as a corporate headquarters, but plans to move to another building. The property is located adjacent to a 6.4-acre creative-office and media campus, also named Blackwelder.
John Bertram, partner with Saber Realty Advisors, tells GlobeSt.com that Industry Ltd. is a minority partner on the deal. “(They) originally brought the deal to us,” Bertram says. “They're good at marketing creative buildings. We're the majority, 2/3 partner.”
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