LOS ANGELES—From South Park to the Arts District, investors are pouring into Downtown Los Angeles, but rather than focusing on the headline-stealing nabes, Brickstar Capital is expanding its footprint in Little Tokyo. GlobeSt.com has learned exclusively that the investor has purchased a 60,000-square-foot, mixed-use building at 120 S. San Pedro Street from MUFG Union Bank N.A. for an undisclosed price. The purchase it part of the firm's strategy to expand its presence in the market.
“Besides Little Tokyo's rich cultural history dating back to the early 20th century, Little Tokyo benefits from its excellent location as the heart of lower Downtown Los Angeles with Civic Center on one end and the Arts District on the other,” David Mirharooni, co-owner and founder of Brickstar, tells GlobeSt.com. “Whether it's the arts, the food, or the approachable streetscape, Little Tokyo has the perfect blend of old and new amenities required in today's live/work/play community. Open-air shopping areas like Japanese Village Plaza and Weller Court, first class housing developments like Wakaba and Ava, and the upcoming Metro regional connector have ushered in a new wave of investments into Little Tokyo.”
The firm has spent five years investing in the Little Tokyo market, and this property, which is one of the neighborhoods most iconic buildings, was a perfect fit. “We've grown to love and appreciate the community and it's history. As such, we've always wanted to organically increase our footprint in Little Tokyo,” Mirharooni says.
Brickstar isn't the only investor that sees potential in the market. Mirharooni says that there was a lot of competition for this particular asset. “We definitely spent a considerable amount of time and resources to earn the right to purchase the property. It's a testament to the area and the quality of the asset,” he says.
Andrew Kirsh, co-founding partner of Sklar Kirsh LLP and the buyer's representation in the deal, has also noticed an increase in interest. “We have been very active working on many deals in the surrounding areas of Downtown Los Angeles, including Little Tokyo, Arts District and Chinatown,” says Kirsh. “Given that we had to negotiate a long-term lease with the Seller for a significant portion of the Property at the same time as structuring the acquisition, there were a lot of moving parts that had to come together in order to successfully close this transaction.”
Brickstar plans to renovate the property to give it a modern touch while honoring the original architecture of the property. Joel Frank from CBRE brokered the deal.
LOS ANGELES—From South Park to the Arts District, investors are pouring into Downtown Los Angeles, but rather than focusing on the headline-stealing nabes, Brickstar Capital is expanding its footprint in Little Tokyo. GlobeSt.com has learned exclusively that the investor has purchased a 60,000-square-foot, mixed-use building at 120 S. San Pedro Street from MUFG Union Bank N.A. for an undisclosed price. The purchase it part of the firm's strategy to expand its presence in the market.
“Besides Little Tokyo's rich cultural history dating back to the early 20th century, Little Tokyo benefits from its excellent location as the heart of lower Downtown Los Angeles with Civic Center on one end and the Arts District on the other,” David Mirharooni, co-owner and founder of Brickstar, tells GlobeSt.com. “Whether it's the arts, the food, or the approachable streetscape, Little Tokyo has the perfect blend of old and new amenities required in today's live/work/play community. Open-air shopping areas like Japanese Village Plaza and Weller Court, first class housing developments like Wakaba and Ava, and the upcoming Metro regional connector have ushered in a new wave of investments into Little Tokyo.”
The firm has spent five years investing in the Little Tokyo market, and this property, which is one of the neighborhoods most iconic buildings, was a perfect fit. “We've grown to love and appreciate the community and it's history. As such, we've always wanted to organically increase our footprint in Little Tokyo,” Mirharooni says.
Brickstar isn't the only investor that sees potential in the market. Mirharooni says that there was a lot of competition for this particular asset. “We definitely spent a considerable amount of time and resources to earn the right to purchase the property. It's a testament to the area and the quality of the asset,” he says.
Andrew Kirsh, co-founding partner of Sklar Kirsh LLP and the buyer's representation in the deal, has also noticed an increase in interest. “We have been very active working on many deals in the surrounding areas of Downtown Los Angeles, including Little Tokyo, Arts District and Chinatown,” says Kirsh. “Given that we had to negotiate a long-term lease with the Seller for a significant portion of the Property at the same time as structuring the acquisition, there were a lot of moving parts that had to come together in order to successfully close this transaction.”
Brickstar plans to renovate the property to give it a modern touch while honoring the original architecture of the property. Joel Frank from CBRE brokered the deal.
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