Ocean West Capital buys 152K sf industrial campus in El Segundo

Investor teams up with Barings to buy five acre campus for $27M

Los Angeles /
Mar.March 18, 2022 11:53 AM
Rendering of 1550 E. Franklin Ave. (Ware Malcomb, iStock)

Ocean West Capital Partners has bought a 152,000 square-foot industrial campus in El Segundo for $27 million.

The El Segundo-based real estate investor teamed up with North Carolina-based Barings to acquire the Smoky Hollow Flex Campus at 1550 E. Franklin Ave. in an off-market deal, the Los Angeles Business Journal reported.

The joint venture paid $27 million for the 5.1-acre property, according to property records unearthed by The Real Deal.

The industrial campus was built in the 1960s as a research and development facility for Wyle Laboratories. It represents “a rare contiguous block of available space in one of the most highly desired industrial markets in Southern California,” according to Ocean West Capital.

The company plans to spend millions of dollars to redevelop the property as a premier campus for the aerospace, defense, technology, life sciences and entertainment industries.

Updates would include new parking facilities, outdoor spaces and an additional building.

“The flex campus will be an ideal home for companies in the defense, aerospace, automotive, entertainment, and biotech industries that want to provide their workers with an innovative and collaborative work environment while at the same time offering modern manufacturing and R&D space,” said Ryan Tucker, principal at Ocean West Capital, in a statement.

Ocean West owns a multi-tenant office building at 777 Aviation Blvd. in El Segundo, according to the Business Journal, which it bought in 2019 with Lionstone Investments for $170 million.

El Segundo has been a hot market for office tech, with an influx of developers and investors looking to capitalize on the city’s appeal to office tenants over Silicon Beach’s pricier markets. The city has an attractive business tax scheme and aging industrial buildings ripe for office conversions.

Griffin Capital plans to build a 243,000-square-foot creative office complex amid the city’s push to transform itself from an industrial area to a technology hub.

In August, Hyundai Motor America paid $70 million for a 90,000-square-foot building, while a family office paid $52 million for 52,000-square-foot office property on the north end.

[Los Angeles Business Journal] – Dana Bartholomew





    Related Articles

    arrow_forward_ios
    Phil A. Belling with One Culver, 10000 Washington Blvd (Hoaghospitalfoundation, iStock)
    LBA, Blackstone in recap on Culver One studio complex
    LBA, Blackstone in recap on Culver One studio complex
    Nike doubles down at Rockwood’s Water’s Edge campus in Playa Vista
    Nike doubles down at Rockwood’s Water’s Edge campus in Playa Vista
    Nike doubles down at Rockwood’s Water’s Edge campus in Playa Vista
    Planned LA Chargers HQ scores financing package
    Planned LA Chargers HQ scores financing package
    Planned LA Chargers HQ scores financing package
    Takeoff! Rocket startup signs for 100K sf in El Segundo
    Takeoff! Rocket startup signs for 100K sf in El Segundo
    Takeoff! Rocket startup signs for 100K sf in El Segundo
    PGIM parts ways with Class A office for $64M
    PGIM parts ways with Class A office for $64M
    PGIM parts ways with Class A office for $64M
    LA Chargers unveil new HQ in El Segundo
    LA Chargers unveil new HQ in El Segundo
    LA Chargers unveil new HQ in El Segundo
    Kilroy Realty CEO John Kilroy, DirecTV CEO Bill Morrow and Swift Real Estate Partners founder Christopher Peatross (LoopNet, Kilroy, DirecTV, Swift)
    DirecTV wants to sublease 500K sf of its El Segundo HQ
    DirecTV wants to sublease 500K sf of its El Segundo HQ
    Rivian CEO RJ Scaringe and 401 Coral Circle (Getty, Hackman)
    EV carmaker Rivian powers into El Segundo office
    EV carmaker Rivian powers into El Segundo office
    arrow_forward_ios

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

    Loading...