Forever 21 has sold its headquarters building to Blackstone Group, industry sources confirmed. The Lincoln Heights property sold for just under $166 million, according to CoStar data.
Forever 21 did not return requests for comment. It is unclear if the fast fashion retailer will remain in the building.
Blackstone declined to comment.
Forever 21’s headquarters at 3880 N. Mission Rd. is a 2.1 million-square-foot industrial facility. Forever 21 purchased the building from Macy’s for $38 million in 2010.
Forever 21 is a private company founded by Do Won Chang and Jin Sook Chang. The company had roughly $4 billion in revenue in 2017, according to Business Journal estimates. It was the sixth largest private company in L.A. County.
Industrial facilities in valuable infill markets have been in high demand as e-commerce grows. In the fourth quarter of 2018 13.6 million square feet was sold or leased, up from 11.7 million square feet during the fourth quarter of 2017, according to Jones Lang LaSalle Inc. data.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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