Hudson Pacific Buys Arts District’s Coke PlantMonday, June 8, 2015
That didn’t take long.
The partnership of Goldstein Plating Investments and Atlas Capital Group has flipped the Coca-Cola manufacturing plant at 963 E. Fourth St. in downtown L.A.’s Arts District it acquired a little more than a year ago.
West L.A. real estate investment trust Hudson Pacific Properties Inc. bought the roughly 120,000-square-foot warehouse in a deal that closed in late May, sources said.
GPI and Atlas purchased the iconic three-story industrial property for $19 million in April 2014 and announced plans to repurpose the building into roughly 150,000 square feet of creative office space with a restaurant on the ground floor. New York architecture firm HLW International is designing the project, dubbed Fourth & Traction.
At the time of Hudson Pacific’s purchase, however, construction on the building, which was slated for this month, had not yet commenced. Santa Monica firm Industry Partners’ Andrew Jennison, Jim Jacobson and Carle Pierose are responsible for leasing the property.
The property sits near several other developments in the Arts District. Just blocks away, San Francisco-based real estate firm Shorenstein Properties is converting the 300,000-square-foot, 103-year-old former Ford Motor Factory building at 2060 E. Seventh St., which it purchased in April 2014 for $37 million, into creative office space. The 438-unit apartment complex One Santa Fe, at 300 S. Santa Fe Ave., which opened to residents in September, is also nearby.
The off-market deal for the Coca-Cola plant was completed without brokers representing the buyer or seller, sources said.
Hudson Pacific, GPI and Atlas did not immediately respond to request for comment.