Middle Market Digest: Southwest

Here’s a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

NEW & NOTABLE

TUSTIN, CA—This year, USC’s Marshall School of Business and Price School of Public Policy too home the Silver Shovel at NAIOP SoCal USC vs. UCLA Real Estate Challenge, a real estate competition to determine the highest and best use for a unique land site. The team presented Sky Studios for the challenge site, which encompassed eight acres of land at the corner of Maple and Douglas in El Segundo. The land is part of a 30-plus acre site, which contains four buildings totaling approximately 550,000 square feet, owned by a Hackman Capital affiliate. Acquired from Northrup Grumman, the property was part of the global security giant’s 84-acre office, manufacturing and warehouse complex. Hackman Capital Partners will be embarking on plans to convert the existing buildings, which are across from the Los Angeles Laker’s new practice facility and less than a mile from LAX International Airport, into a one-of-a-kind, creative-office campus. The USC Sky Studios proposal described a project vision that would further transform and revitalize a key location for the city of El Segundo. The proposal further shared that the city is evolving from its roots as the aerospace capital of the world to one of the most sought after creative markets in Los Angeles. Drawing on the rich history and character of the site, the students proposed a state-of-the-art content and media campus to attract creatives to foster a dynamic environment. On its own, Sky Studios will provide one of the most unique spaces in all of Los Angeles in delivering multiple soundstages, an inspiring workplace and engaging amenities. In the context of Hackman Capital’s proposed office conversion and explosive growth in new forms of media, Sky Studios will act as the catalyst for the formation of the region’s newest creative epicenter.