New York firm DLJ Real Estate Capital Partners acquired a century-old loft building in the Arts District and a neighboring brick structure for a combined $20 million, or $305 per square foot.
The seller, Rollins & Rollins, had owned the properties, which comprise a total 15 units and 65,500 square feet of ground-floor commercial space, since 1978.
CBRE’s John Hillman and Greg Stanton represented Rollins in the sale.
Built in 1918, the main five-story property, at 800 Traction Avenue, originally housed the Ben-Hur coffee and spice factory and was designed by Los Angeles architect John Parkinson. The adjacent two-story building, at 810 Traction Avenue, also served industrial tenants. In the 1980s, both structures were converted to artist-in-residence lofts.
It’s unclear how DLJ will reposition the buildings. Marketing materials show that they could be converted into offices, retail space, condos, or a boutique hotel.
Just down the block, Hudson Pacific Properties is nearing completion of its redevelopment of the former Coca-cola warehouse at the corner of Fourth and Traction. And Hillcrest Company recently broke ground on its redevelopment of a 100,000-square-foot building at 1745 E. 7th Street into retail and creative offices.
DLJ owns several properties in L.A, including the Taft office building and Eastown apartments in Hollywood and the Thornton Lofts in Venice, according to the Business Journal. [LABJ] — Cathaleen Chen