GPI Companies has acquired a manufacturing complex leased by toymaker Mattel, less than a month after it closed a $300 million commitment for its real estate fund from a state pension fund.
GPI paid $84 million for the El Segundo property at 2031 E. Mariposa Avenue, the company said. Angelo Gordon & Company was the seller.
The facility is home to a research and design division of toymaker Mattel, which is headquartered about a half a mile away on Continental Boulevard.
Angelo Gordon bought the 11-acre property in 2011 for $45 million from Kilroy Realty, property records show. Angelo Gordon did not immediately return requests for comment.
Like many other industrial properties in El Segundo, the Mariposa Avenue property started its life as an aircraft fabrication facility. The South Bay city was and still is a hub for the aerospace industry, but in recent years media, entertainment, and tech companies have moved as a lower-cost alternative to Silicon Beach markets like Venice and Playa Vista.
Angelo Gordon is also looking to sell a Warner Center office campus it owns in a joint venture with Lincoln Property Company. The duo is asking $215 million for the Campus @ Warner Center, a 509,000-square-foot complex they bought in 2016 for $150 million.