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

Los Angeles /
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

arrow_forward_ios
Photo illustration of Prologis CEO Hamid Moghadam in front of the Greyhound station at 1716 E 7th St. (Getty)
Prologis buys LA Greyhound station for $91M
Prologis buys LA Greyhound station for $91M
300 S. Santa Fe Ave. (Google Maps)
LA’s top 5 multifamily investment sales of 2020 fell 50%
LA’s top 5 multifamily investment sales of 2020 fell 50%
Continuum CEO Mark Falcone and a rendering of the project (EYRC Architects via Urbanize)
Continuum Partners, Platinum Equities plan Arts District office tower
Continuum Partners, Platinum Equities plan Arts District office tower
Tim Naughton and a rendering of the project (Credit: OFFICEUNTITLED and AvalonBay)
AvalonBay secures $167M loan for Arts District resi project
AvalonBay secures $167M loan for Arts District resi project
Lowe co-CEO’s Mike and Rob Lowe, Related Fund Management’s Justin Metz, 2130 Violet Street
Related affiliate joins with Lowe to build Arts District office complex
Related affiliate joins with Lowe to build Arts District office complex
View of Carmel Partners' 520 Mateo
Huizar arrest fallout: Carmel Partners places exec on leave
Huizar arrest fallout: Carmel Partners places exec on leave
Rossano de Cotiis and the Violet Street development site (Credit: Google Maps)
Onni Group back with a new plan for Arts District project
Onni Group back with a new plan for Arts District project
A rendering of the project
Jade Enterprises to build campus-like project near Soho Warehouse
Jade Enterprises to build campus-like project near Soho Warehouse
arrow_forward_ios

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

Loading...