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Thursday, Sep 28, 2023

LaTerra Gets Creative In Office Deal

LaTerra Development has purchased a three-building creative office complex totaling 33,550 square feet in Marina del Rey for $37 million.
The purchase of the property, at 4112 Del Rey Ave., was financed through a loan from Western Alliance Bank for $24.2 million.

The site, formerly a manufacturing facility, had been converted into office spaces. It was previously owned by a corporate entity that was part of a family trust.
Coworking business BizHaus is one of the companies currently leasing space in the building.

Based in Century City, LaTerra, which plans to build an apartment complex with 200 or more residential units at the Marina del Rey address, has several high-profile projects in development.

In Burbank, at the former site of the Fry’s Electronics store at 2311 N. Hollywood Way, LaTerra is building the Burbank Aero Crossing, a mixed-use property that will see 862 apartment units, 152,000 square feet of office space, and 9,700 square feet of restaurant space. The project is expected to be completed in 2025.

LaTerra also has 573 apartments going up at 777 N. Front St. in Burbank in a joint venture with QuadReal Property Group.
LaTerra recently proposed two self-storage facilities totaling 135,065 square feet in Van Nuys and Mar Vista. The Van Nuys facility, to be built at 14876 W. Raymer St., would see the demolition of two structures — spanning 23,120 square feet and 2,396 square feet, respectively — in order to make way for a three-story, 76,885-square-foot self-storage complex. LaTerra will also build a 55,000-square-foot self-storage facility in Mar Vista.

“Self-storage is complementary to our core apartment development business,” Chris Tourtellotte, managing director for LaTerra, said in a statement at the time. “Self-storage is part of the neighborhood ecosystem and supports housing density and small businesses, a primary goal for LaTerra.”

Tourtellotte said creating the facilities made good business sense.
“Self-storage continues to demonstrate its resiliency across the cycle,” Tourtellotte continued. “The pandemic accelerated demand as people relocated and cleared rooms to make way for home offices while small businesses stored inventory, excess furnishings and other items. Los Angeles has the lowest existing supply of self-storage per capita of almost any city in the United States.”

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