Newcastle and Westport buy $14M Culver City showroom for creative office conversion
Not all industrial spaces are gobbled up by e-commerce companies. Some, instead, fall victim to L.A.’s ongoing creative office conversion craze.
In the latest example, Newcastle Partners Inc. and Westport Capital Partners plan to convert a former furniture showroom and warehouse near Culver City to a creative office building.
The firms scooped up the 40,000-square-foot building in a joint venture for $14.1 million from seller Claudia Johnson, according to Real Capital Analytics.
The two-story property at 5830 Rodeo Road was previously home to European furniture retailer Charles & Charles Inc.
The JV enlisted Shubin Donaldson and Del Amo Construction to design the site’s repositioning, Commercial Property Executive reported.
Mike Geller and Josh Bernstein of First Property Corporation have the listing.
Newcastle completed construction on a 147,000-square-foot industrial building earlier this year at 17610 Harvill Avenue in Moreno Valley in Riverside County.
The San Francisco-based firm has completed the acquisition and development of more than 50 projects totaling over 15 million square feet, representing an investment of over $1.1 billion, according to its website. [CPE] — Subrina Hudson