UPDATED, June 29, 2022, 1:02 p.m.: LaTerra Development, a firm known for building apartment and mixed-use complexes across L.A., has bought a creative office complex in Marina del Rey.
The company spent $37 million on three buildings on Del Rey Avenue totaling 33,500 square feet, according to public property records filed with L.A. County earlier this month. LaTerra scored a $24.2 million loan from Western Alliance Bank to purchase the property.
The deal came out to around $1,104 per square foot, suggesting the high price investors are willing to pay for space in the Silicon Beach area of L.A., named for the high-tech and digitally-oriented businesses clustered from Santa Monica to the Beach Cities of the South Bay.
Formerly a manufacturing facility, the three buildings have been converted into creative office space. The property was formerly owned by an entity linked to a local family trust.
One of the buildings is currently leased by co-working firm BizHaus, which offers private offices for rent from $960 per month, according to its website.
It’s not immediately clear what LaTerra plans to do with the property, which is zoned for commercial uses, multifamily and light manufacturing. LaTerra did not respond to a request for comment.
The company has been on a self-storage streak over the last month, filing three applications for self-storage facilities in North Hollywood, Van Nuys and Mar Vista. No plans for the Marina del Rey complex have been filed, as of June 29.
LaTerra’s specialties still lie in multifamily and mixed-use developments. In Burbank, the company is building a 573-unit apartment complex with joint venture partner QuadReal Property Group, and another mixed-use property with an anticipated 862 apartments.