Blackstone and Worthe Real Estate Group have listed a 1.5 million-square-foot office and industrial campus in Lincoln Heights for sale, with bids expected up to $200 million.
The New York-based alternative asset manager and the Santa Monica-based developer led by Jeff Worthe have put the former Forever 21 headquarters at 3880 North Mission Road on the market, Bisnow reported.
The joint venture bought the eight-building campus east of Downtown Los Angeles in late 2018 for $166 million. The industrial complex includes 265,000 square feet of offices. A $200 million sale would work out to $133 per square foot.
The 39-acre property has been approved for a 1 million-square-foot development of three mostly industrial buildings, according to Green Street’s Real Estate Alert.
In 2022, Blackstone and Worthe sought permits to bulldoze and redevelop the site, according to Bisnow.
Brokers Jeff Stephens and Cameron Merrill of CBRE hold the listing. Marketing for the triangular property focuses on the ability of a buyer to have a shovel-ready industrial project with all the permits needed to break ground.
Under the approved plan, seven of the property’s eight buildings would be demolished.
In 2022, Forever 21 moved its headquarters from Lincoln Heights to Downtown. Sparc Group, parent company of the apparel retailer, inked a lease for 164,000 square feet of offices at the California Market Center at 110 East 9th Street.
Worthe Real Estate has a deal to redevelop the 30-acre Warner Bros. Ranch in Burbank and a plan to build 60 apartments in Santa Monica.
— Dana Bartholomew
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