LOS ANGELES-A 70,000-square-foot creative office and live/work campus in the Lincoln Heights area near downtown has been acquired for $13 million.
Lacy Studio Lofts was purchased by Convermat Capital Group in an off-market, all-cash deal from an undisclosed seller in bankruptcy. Convermat plans to improve common area landscaping and gardens, as well as upgrade the parking area and exterior lighting.
They also plan additional security cameras, remote controlled parking lot gates, new outdoor garden furniture and “possibly rooftop solar panels,” says Convermat EVP David Gold. “An existing long-term tenant, Attack Marketing, just expanded into approximately 7,500 square feet of creative office space and has completed an extensive tenant improvement program.” Convermat has budgeted $100,000 for initial renovations.
The property features 48 live/work lofts ranging from 900 square feet to 1,500 square feet, totaling 15,000 square feet of creative office space in two converted warehouses. The conversion was completed in 2008.
Lacy Studio Lofts is a rental property, with rents available at less than $2.00 per square foot, including all expenses, Gold tells GlobeSt.com.
“Live/work lofts and creative offices are where Los Angeles' creative class wants to live and work,” said a statement from Shaw Shahery, CEO of Convermat Capital. “Lacy Studio Lofts is a real community that we look forward to enhancing.”
Mike Smith of Lee & Associates will handle leasing for the 5,000-square-foot creative office space still available at the property. Leonardo Management handles the live/work units.
Convermat Capital owns property in New York, San Diego and Los Angeles. It also developed the Great Republic Lofts in downtown L.A.
As previously reported by GlobeSt.com, downtown retail may be at a "tipping point," according to one executive.
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