The Largest DTLA Redevelopment Site Yet

The portfolio is located on 10th Street in the Fashion District.

LOS ANGELES—One of the largest redevelopment sites in Downtown Los Angeles has traded hands. Located on 10^th Street in the Fashion District, the property has eight industrial properties on 4.6 acres and sits on two parcels. The property traded hands between two unnamed investors for $38.8 million.

The site is fully leased and has an in-place income stream. The seller operated it as an industrial property, but decided that this was good market timing to sell. This created a great opportunity for the buyer to operate the property while conceiving a long-term redevelopment plan. “This buyer was looking at the property both near term and long term,” Mike Malick, VP of investments at Marcus & Millichap, tells GlobeSt.com. “As many of the buyers in the Downtown Los Angeles industrial market, they have a foot in both the owner-user and the investor-developer side of the trade, and that is a great combination, because you can develop the property with income while you determine what the best long term strategy is with out the pressures typically faces.”