Champion Real Estate Company has acquired a collection of aging retail buildings on Sunset Boulevard in Echo Park for $9.5 million. The company plans to repurpose them into a mixed-use development of retail, restaurants, and residential lofts called BrickWorks.
The existing property includes nearly 19,800 square feet of retail space on 36,000 square feet of land. The buildings included in the deal comprise what are currently an Asian supermarket, a former Chinese barbeque restaurant space, a nearby two-story building, and a parking lot. The land was listed for sale in 2015.
BrickWorks will span 1485 to 1501 W. Sunset Blvd. It will include 15,000 square feet of retail space and a food court-style collection of eateries and restaurants. The number of residential units is currently being planned.
“The acquisition of BrickWorks is consistent with Champion’s strategy of acquiring properties at discounts in ‘A’ locations and we continue to focus on sourcing similar deals in surrounding neighborhoods,” Garrett Champion, senior vice president of Champion said.
Residential real estate reporter Helen Zhao can be reached at email@example.com. Follow her on Twitter @zhaomeow.