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
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
Prologis CEO Hamid Moghadam and 1920 West Baseline Road (Google Maps)
Prologis signs digital services firm to sprawling warehouse lease in Inland Empire
Prologis signs digital services firm to sprawling warehouse lease in Inland Empire
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)
Contractors pull out as Oceanwide Center sale falls through again
Contractors pull out as Oceanwide Center sale falls through again
Rexford’s Howard Schwimmer and Michael S. Frankel with 2034-2040 East 27th Street (Google Maps)
Rexford fills holiday basket with another warehouse portfolio
Rexford fills holiday basket with another warehouse portfolio
Howard Schwimmer and Michael S. Frankel (Rexford, iStock)
Rexford adds 600K sf to industrial portfolio in Inland Empire
Rexford adds 600K sf to industrial portfolio in Inland Empire
Howard Schwimmer and Michael S. Frankel with 3629-3963 Workman Mill Road (top) and 13943-13955 Balboa Boulevard (Google Maps)
Rexford pays $340M for 2 industrial parks
Rexford pays $340M for 2 industrial parks
arrow_forward_ios

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

Loading...