The property was sold by Sticks Holdings and an affiliate of Optimus Properties.
Daughrity Real Estate’s James Daughrity represented the buyer and seller in the transaction.
“We purchased the property in 2003 with a strong conviction in the future growth of Baldwin Hills. This sale is evidence of how much the area continues to attract new development,” Curtis Fralin, chief executive of seller Sticks Holdings, said in a statement.
The property is in a designated opportunity zone and transit-oriented development area.
Opportunity zones are a federal tax incentive aimed at boosting development in economically distressed communities. They allow investors to defer taxes on capital gains by investing in opportunity zone funds.
Transit Oriented Districts also come with benefits. In exchange for including a portion of affordable units in developments near public transit, developers can receive incentives like density bonuses.
The site at 3701 W. Stocker St. is one block from a future Metro Crenshaw/LAX light rail line station.
As of now, it has one four-story building that measures roughly 45,000 square feet and was built in 1954.
4S Bay Partners previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. nearby.
The site will be redeveloped and Pantheon Business Consulting will manage the development.
“PBC has deep roots in South Los Angeles and recognizes the importance of community collaboration and dialogue for redevelopment projects. That will be our number one priority,” Stanley Washington, Pantheon Business Consulting chief executive, said in a statement.
Exact plans for the area have not been announced, but the properties could be converted into a film studio, entertainment campus and business incubator.
“This investment project supports the revitalization of the Baldwin Hills Crenshaw corridor and will serve as a center of creativity and innovation for the black community. Additionally, it creates economic opportunities for diverse and women filmmakers, creative arts workers and community nonprofits,” Jim Casselberry, chief investment officer of 4S Bay Partners said in a statement.
