Bridge Development is pitching a business park in Downton Los Angeles to investors with value-added strategies.
The property, called The BoxYard, comprises four buildings totaling 262,000 sf in the city’s Arts District. Bids are expected to hit $90 million, or $341/sf. Newmark has the listing for Chicago-based BRIDGE, which renovated the complex last year.
The property is 77% occupied by eight tenants with a weighted average remaining lease term of 2.8 years. In-place rents are 43% below market, and the pitch is a buyer could boost income by leasing up vacant space and raising rents upon rollover.