A 7-acre industrial site next to the Arts District in Los Angeles has sold for $68M.
Bridge Development Partners has acquired The BoxYard, a 261K SF industrial property at 2445 East 12th St.
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Bridge purchased the property from Atlas Capital in an off-market transaction, Bridge Development partner of the West Region Brian Wilson said.
Lee & Associates’ Mike Smith and Jim Halferty represented the buyer and seller. Smith and Halferty will continue to work with Bridge as the BoxYard's listing team.
Wilson said Bridge wants to unlock value in this underutilized asset.
"The BoxYard represents an opportunity to revitalize an irreplaceable downtown Los Angeles industrial asset," Wilson wrote in an email. "The BoxYard is arguably the last pure industrial building located in such a close proximity to the Arts District, and the vital business and residential districts of downtown Los Angeles.
"The BoxYard is located at a critical and emerging junction between the thriving development in and around Downtown Los Angeles and major industrial infrastructure that helps drive the region’s economy," he wrote.
Built in 1988, The BoxYard is a five-building, 11-unit industrial campus a block away from the Arts District.
Bridge plans to upgrade and modernize the buildings, including exterior and interior enhancements, a new creative office build-out and installing electric vehicle charging stations. There will be new landscaping, signage, an entrance area and exterior lighting.
In a news release, company officials said they plan to target industrial and e-commerce businesses. The rehab will begin next month and is set to be completed by mid-summer.
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