A three-building industrial asset in Los Angeles’ Arts District has recently been placed on the market, offering potential investors the opportunity to acquire more than 17,000 square feet of warehouse and storage space. Listed by Cushman & Wakefield, the property is located at 1811 E. 7th Street and is currently fully occupied by multiple tenants.
While the property is listed as unpriced, public records show that it last traded in 2017 for $7.3 million. At that time, it was acquired by Maxxam Enterprises, a real estate investment company based in Beverly Hills.
Currently, the property is occupied by several tenants, including JCJ Import Inc., Rspringa Inc. and Motley Furniture. Together, tenants’ rental rates reach $20,698 per month, which equates to $1.21 per square foot. However, leases can be terminated at any time with proper notice, offering added flexibility for a potential buyer.
These leasing terms could provide new owners with potential to develop on the 0.5-acre property. According to the listing, the property’s existing zoning and land use designation allows for the development of a range of heavy industrial uses totaling 34,056 square feet.
Located within Los Angeles’ Arts District, the property also offers tenants a number of nearby shopping and dining amenities. The property is also located across the street from a Greyhound bus terminal, which is owned by Prologis. The logistics developer is planning to redevelop the space with studio and production space.
“The Arts District is the submarket of choice for creative office tenants and residents looking for a live/work/play environment that fits their unique brands. Capital has poured into the submarket over recent years, a testament to the long-term positive outlook for the neighborhood,” the offering document states.
