The $42 million sale of a 152,000-square-foot warehouse property on a little more than two acres near the 110 Freeway just west of the Los Angeles Convention Center is expected to close Friday, according to the broker working on the deal.
The two-story Jeffries Bank Note Building at 1330 W. Pico Blvd. once housed operations for the printing of stocks and bonds and later the Los Angeles Unified School District Police Department, said Mark Tarczynski, executive vice president in Colliers International office downtown.
“In an urban environment, this is one of the largest pieces of land in Downtown Los Angeles and it is immediately west of the 110 freeway,” Tarczynski said. “It has excellent access to the freeway and excellent freeway visibility, so the buyer’s intent is to redevelop the property and take their time visioning what the new property will look like and entitle it.”
The seller is a private entity and the buyer is Westwood-based Sandstone Properties Inc., said Tarczynski, who represented both the buyer and seller.
Real estate reporter Neil Nisperos can be reached at firstname.lastname@example.org. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.