Onni is buying H.D. Buttercup site in Arts District for
$34M: sources

Los Angeles /
Apr.April 07, 2017 04:15 PM

Onni Group’s Downtown buying bender is going strong.

The Vancouver-based firm is in contract to acquire a six-building campus in the Arts District for $34 million, The Real Deal has learned.

The seller, Boulevard Partners, will take in almost $525 a square foot for the 64,774-square-foot property at 2118-2140 E 7th Place, which also includes a parking lot at 2117 Violet street. It abuts a development site Onni purchased in December 2016 at 2143 Violet Street, where it plans to build more than 500 live/work units.

If the deal with Boulevard closes, Onni will own the full square block bounded by Violet and Seventh Place. Onni’s plans for the assemblage are not known, and a representative of the firm could not be reached for comment.

Mike Smith and Armen Kazaryan were the listing agents, but did not respond to requests. Boulevard declined to comment.

The buildings are fully occupied. Furniture store H.D. Buttercup leases four of them. The fifth contains live/work units, and the sixth is a small building leased as one unit. Rental rates at the properties are not known, but the campus was pitched as having under-market rents that could be increased as short-term leases expire, listing materials show.

The per-square-foot price — like most in the Arts District these days — does not top Tishman Speyer’s $660 per square foot purchase of the Hyperloop campus last year. Tishman recently filed plans with the city to develop an office tower on the site.

Onni has been on an L.A. shopping spree in recent years. The company acquired the L.A. Times building, at 202 W 1st Street, last fall, and recently unveiled plans to build a 1,127-unit complex on the site. The developer is also planning a 48-story tower at 1000 S Hill Street in South Park. Earlier this year, the company ventured into West L.A., purchasing the Atria West office campus for $40.7 million.

 

Related Articles

arrow_forward_ios
Marc DeLuca, chief executive officer and regional president, Eastern Region; Chuck J. Schreiber Jr., president and chairman (KBS)
Schreiber gives up corner office at KBS
Schreiber gives up corner office at KBS
AEG CEO Dan Beckerman and the Ritz-Carlton and JW Marriott hotels at the complex at 800 West Olympic Boulevard (Getty, Google Maps)
AEG looks to sell stake in LA Live hotels
AEG looks to sell stake in LA Live hotels
Randy Kendrick, chief executive officer, Xebec Realty, and 12975 Bradley Avenue in Sylmar, CA (Xebec Realty, LoopNet)
Xebec looks to flip Sylmar industrial to self
Xebec looks to flip Sylmar industrial to self
The CitizenM hotel in Los Angeles (Booking)
California starts to refill hotel development pipeline
California starts to refill hotel development pipeline
Distress specialist buys Santa Barbara hotel
Distress specialist buys Santa Barbara hotel
Distress specialist buys Santa Barbara hotel
Richard Lovett, co-chairman / agent, motion picture library literary, CAA (CAA)
CAA picks JMB Realty’s new Century City tower for HQ
CAA picks JMB Realty’s new Century City tower for HQ
Kevin Staley, managing partner, Staley Point Capital; Andrew Terris, managing director, real estate, Bain Capital; and view of 12065 Pike Street (Google Maps, Bain Capital, Staley Point)
Staley Point, Bain spring for beer bash
Staley Point, Bain spring for beer bash
Rexford Industrial Realty co-CEOs Michael Frankel and Howard Schwimmer and property at 4240 West 190th Street (Wexford Industrial Realty, Newmark)
Rexford’s latest in South Bay brings 307K sf
Rexford’s latest in South Bay brings 307K sf
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...