Larry Iles in the Downtown L.A. office of GVA Daum reports that the property, which Cornerstone bought for $2 million, consists of interconnected two- and three-story brick buildings located at 452-464 and 470 E. Third St., between Central and San Pedro Avenues.
Iles represented both Cornerstone and Modernage Photo Service, the seller. Modernage, a photography and printing company, had been at the site for some 50 years and is relocating to another downtown location Iles.
Iles says Cornerstone plans to spend approximately $450,000 to convert the structures into five separate retail spaces, which he says are already committed. He describes the property as unique in the toy town district in that it features ground level parking for 30 cars.
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