The Box Yard, a 261,528-square-foot industrial property in downtown has sold for $68 million. Bridge Development Partners purchased the property from Atlas Capital.
The sale was announced by Bridge Development Partners Jan. 31.
Lee & Associates’ Mike Smith and Jim Halferty represented both the buyer and the seller. They will be the Box Yard’s listing agents.
The Box Yard, at 2445 East 12th St., is an 11-unit campus.
“Industrial users have been displaced as a result of the large influx of residential, retail, hotel, and office development in the Arts District of Los Angeles,” said Brian Wilson, a partner for the West Region at Bridge Development Partners, in a statement. “The Box Yard is arguably the last pure industrial building located in such a proximity to the Arts District, and the vital business and residential districts of Downtown Los Angeles. We’re planning to transform the site into the premier industrial destination for forward-thinking tenants—including those that have been displaced in recent years—with a range of unique business needs.”
Bridge Development Partners will make substantial changes to the property including build-outs, electric vehicle charging stations, landscaping and new signs.
The center will be targeted at e-commerce tenants.
Updates are expected to be complete by mid-summer.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans