Just weeks after purchasing the landmark Ford Factory building, Access Industries picked up a pair of warehouses just around the block in Downtown’s Fashion District.
For its latest haul, the New York-based industrial firm paid $32 million for 2020 E. 7th Place and the adjacent 2045 Violet Street, records show.
The seller was Los Angeles-based Lion Real Estate Group, which focuses on value add properties.
The building at 2020 E. 7th sold for $19.8 million. It was built in 2002 and includes 31,700 square feet and 17 loading docks. The other property sold for $12.2 million. It was built in 1941 and includes almost 11,650 square feet of space. Lion Real Estate purchased the property in 2000 for $684,000.
Last month, Access Industries paid $195 million for the 271,000-square-foot Ford Factory building. The privately-held industrial group owns Warner Music Group, which is the building’s tenant.
The Fashion District and neighboring Arts District have been undergoing transformations since the days when they held mostly empty warehouses.
Lowe development firm is building a 100,000-square-foot office project half a block away at 2130-2148 E. Violet Street.
Next month, Urban Offerings and ESI Ventures are redeveloping the 100-year-old Dearden’s property at 700 S. Main Street. It will transform into a mixed-use space with offices, restaurants and retail. The joint venture is also renovating the nearby Norton Building at 755 S. Los Angeles Street.