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A real estate investment company with ties to a former Quixote executive made its latest acquisition, dropping $11M on a property at 5880 Adams Blvd. in Culver City.
The property contains a 25K SF flex industrial building on a 58K SF parcel. Epicenter Landcorp, a privately held real estate investment and operating company, plans to reposition the property, which last sold in 2022 for $30M.
"5880 Adams offers an exceptional opportunity to create value in one of Los Angeles' most desirable markets. As hands-on owners and operators, we look forward to transforming the property into a distinctive, high-quality environment and partnering with an innovative tenant that recognizes its potential,” Epicenter co-founder and Managing Partner Mikel Elliott said in a statement.
Elliott previously co-founded Quixote Studios, a soundstage company that was acquired by Hudson Pacific Properties in 2022 for $360M.
Industrial space in the Los Angeles market stumbled a bit in the third quarter, with leasing falling 21.5% quarter-over-quarter and 16.1% year-over-year, according to Newmark.
Leasing activity in the quarter was 12.6M SF, above the 6.5-year average of 12.3M SF. Class-A space performed much better, accounting for 17.1% of all leasing activity in the first three quarters of the year. That was above the 16-year average of 9.7%.
Hudson Pacific posted a $136.5M loss, which it largely blamed on its studio arm. Earlier this year, HPP shuttered Quixote operations in two cities and sloughed off leased properties when it could.
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