Continuum Partners sells Arts District project site to Tom Gores’ Platinum Equity

The site sold for $29M, set for 107K sf mixed-use commercial project

Jul.July 16, 2019 02:08 PM
From left: Tom Gores and Mark Falcone with the project site
From left: Tom Gores and Mark Falcone with the project site

Private equity group Platinum Equity, run by Detroit Pistons owner and billionaire Tom Gores, has purchased a project site in the Arts District from Continuum Partners for $28.9 million.

Continuum had been planning to build a 107,000-square-foot office and retail complex at the site called Produce LA. Earlier this year, the Denver-based developer filed to demolition permit to clear a 71,500-square-foot lot at the site at 640 South Santa Fe Avenue, which currently has a cold storage facility.

Neither Continuum Partners nor Platinum Equity returned calls to comment or confirm the size of the lot sold or if Platinum plans to forward with the Produce LA project. The five-story, mixed-use commercial development was designed by Denver-based ArcS.

The site is near the L.A. River in a mostly industrial area. Across the street, Los Feliz-based developer Koar is building a creative office.

The Arts District is also set to get a new 80,000-square-foot Soho House next month, and Weedmaps’ Ghost Management Group recently signed a lease at Row DTLA complex.

Related Articles

A rendering of the project

Jade Enterprises to build campus-like project near Soho Warehouse

Spotify CEO Daniel Ek and At Mateo (Credit: Spotify)

Spotify expands to 150K sf in the Arts District: sources

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

The building with Cross Campus founder Ronen Olshansky and Suge Knight

From The Chronic to co-working: Cross Campus’ LA expansion now includes former Death Row Records HQ

Ron Burkle owns Soho House

Soho House is expanding into the Arts District

Miro founder Andrey Khusid and Row DTLA

Atlas and Square Mile sign lease with tech startup at Row DTLA

Christian Johnston and ARCspace

Amid LA’s housing shortage, enter the prefab — and stylish — home

Ghost Management CEO Doug Francis and Row DTLA

Weedmaps’ Ghost Management Group inks space at Row DTLA