Carmel Partners sells West Adams warehouse near its massive resi project

The neighborhood has attracted increasing development due in part to Metro Expo Line expansion

Los Angeles /
May.May 03, 2019 10:00 AM
Ron Zeff CEO of Carmel Partners and 3318 La Cienega Place (Credit: Google Maps)
Ron Zeff CEO of Carmel Partners and 3318 La Cienega Place (Credit: Google Maps)

Carmel Partners has sold a warehouse property next door its massive Cumulus residential project in West Adams, receiving more than twice what it paid.

An LLC controlled by Jim Jacobsen, CEO and chairman of Redcar Properties, acquired the property for $29 million, records show. The 30,400-square-foot warehouse is located at 3318 La Cienega Place, and the property encompasses 1.3 acres.

Deutsche Bank provided the $17.4 million acquisition loan.

San Francisco-based Carmel paid $14 million for the site in 2017.

The warehouse stands next to what will be Carmel’s massive mixed-use project, dubbed Cumulus. It will add 1,210 residential units and span more 1.15 million square feet.

Earlier this year, Santa Monica-based Redcar Properties applied for permits to build a four-story retail and creative office project on West Adams Boulevard.

The neighborhood has attracted increasing development thanks in part to the expansion of the Metro Expo Line. CIM Group is also planning a mixed-use project on West Adams Boulevard, as well as a hotel and media building nearby.


Related Articles

arrow_forward_ios
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
15301 Springdale Street and Crown Associates president Mitchell Bloom. (LinkedIn, CBRE)
SARES REGIS sells Orange County warehouses to Crown Associates for $35.3 million
SARES REGIS sells Orange County warehouses to Crown Associates for $35.3 million
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
arrow_forward_ios

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

Loading...