Hackman Capital Partners has purchased a 74,000-square-foot warehouse in West L.A. with a view towards converting it into a creative office development, the company told The Real Deal.
The two-story property, located at 5500 West Jefferson Boulevard on the eastern border of Culver City, traded for $25 million, or $337 per square foot, records show. The seller was Modern Props, Inc., which designs furniture and high-tech props for major studios and production companies in the entertainment industry.
“The acquisition perfectly reflects our strategy of purchasing properties in infill locations with the ability to reposition them for higher and better uses,” said Michael Hackman, founder and CEO of Hackman Capital Partners. “The area is thriving as a destination for multi-media and other creative businesses, especially now with the Exposition Light Rail Line’s expansion to Santa Monica.”
The strategy is not new for Hackman. The company has already converted seven industrial warehouses in Culver City to creative-office campuses, now home to Westwood One Studios and Apple Computer’s Beats by Dre’s headquarters. In 2014, it acquired the Culver Studios, the movie studio sitting on 14.3 acres downtown.
Last week, the company confirmed it had also acquired a 23-acre site comprising four buildings on Douglas Street in El Segundo for $81.5 million with plans to turn it into a creative office campus.
“The building’s incredible bones, unique features, and ability to provide parking offer incredible potential for creative office use,” said Matt Landstrom, vice president of acquisitions of Hackman Capital Partners, of the most recent purchase.