Luzzatto scores $49M construction loan for Sweetgreen HQ in West Adams

HIG Realty Partners provided the financing

Los Angeles /
Oct.October 13, 2020 01:00 PM
Adam Belferand Asher Luzzatto with a rendering of the converted dairy
Adam Belfer and Asher Luzzatto with a rendering of the converted dairy

The Luzzatto Company secured $48.7 million in construction financing for its Exposition 3 office complex in West Adams, set to be the future headquarters of fast food chain Sweetgreen.

HIG Realty Partners provided the loan and JLL arranged the financing, according to the Commercial Observer. It’s a three-year loan with a floating interest rate.

Luzzatto expects to complete the 94,100-square-foot office at 3101 West Exposition Boulevard in 2022. The firm closed on the property last July for $14.8 million, two months after signing Sweetgreen to a lease for the future office development. Luzzatto previously borrowed $37.2 million in bridge financing from TerraCotta Group.

Sweetgreen is headquartered at Runyon Group’s Platform complex in nearby Culver City.

Luzzatto has billed itself as a pioneering investor in West Adams, which neighbors Culver City and is emerging as a cheaper alternative for startups and smaller businesses looking to put down roots in the area.

Exposition 3 is part of a larger office campus Luzzatto wants to build in the area. The firm owns six adjacent properties for the larger development.

Last year Luzzatto secured $30 million in financing for a 56,000-square-foot office conversion at 3339 West Exposition Place dubbed Exposition 2. That development is fully leased to online sneaker marketplace GOAT.

HIG Realty Partners is the real estate investment wing of Miami-based investment firm HIG Capital, which has about $40 billion of equity capital under management. The firm has invested in $5 billion worth of real estate. [Commercial Observer]Dennis Lynch


Related Articles

arrow_forward_ios
Riot Games subleases Beachbody Company’s Santa Monica offices
Riot Games subleases Beachbody Company’s Santa Monica offices
Riot Games subleases Beachbody Company’s Santa Monica offices
1 Glen Bell Way (LBA Realty)
LBA Realty sells Irvine office campus where Ford, Taco Bell lease
LBA Realty sells Irvine office campus where Ford, Taco Bell lease
Bardas Investment Group founder David Simon and project renderings of Echelon Studios (Bardas)
Bardas Investment, Bain expand $420M Echelon Studios plan
Bardas Investment, Bain expand $420M Echelon Studios plan
CBS CEO George Cheeks with part of the Studio Center (Getty)
ViacomCBC looks to sell 38-acre production studio campus
ViacomCBC looks to sell 38-acre production studio campus
2221 Park Place (Cardinal Investments)
A pair of El Segundo office conversions sell in eight-figure deals
A pair of El Segundo office conversions sell in eight-figure deals
BLT Enterprises founder Bernard Huberman dies at 65
Bernard Huberman, who built a 3M-sf property portfolio, dies
Bernard Huberman, who built a 3M-sf property portfolio, dies
Alo Yoga founders Danny Harris and Marco DeGeorge with 9830 Wilshire Blvd (Instagram via DeGeorge, The Vendry)
WeWork signs yoga retailer to 70K sf at Beverly Hills office
WeWork signs yoga retailer to 70K sf at Beverly Hills office
Apple delays return to office by a month
Apple delays return to office by a month
Apple delays return to office by a month
arrow_forward_ios

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

Loading...