Chicago developer picks up flex warehouse near Arts District for $68M

Atlas Capital Group was the seller of the 8.2-acre property

Jan.January 18, 2019 02:00 PM
Bridge Development Partners CEO Steve Poulos and the BoxYard

Bridge Development Partners has paid Atlas Capital Group $68 million for a large warehouse property near Downtown Los Angeles.

The development, called the BoxYard, has five buildings with a total of 286,000 square feet of rentable flex space, according to Atlas’ website, which says it recently underwent a renovation. It sits on 8.2 acres at 2425 E. 12th Street, south of the Arts District.

Tenants include clothing wholesaler Special A, women’s clothing retailer People’s Project, and The Berrics, a popular skatepark .

Bridge, based in Chicago, is developing a handful of industrial projects around L.A., including in Long Beach, Torrance, and Vernon. In August, the company closed a $100 million sale with Morgan Stanley’s Prime Property Fund for a 512,000-square-foot new construction warehouse in Torrance.

The firm also sold a 10-property portfolio to Duke Realty Corporation in 2017 for $700 million.

An associate with Bridge confirmed the sale but did not provide further comment by press time.

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