LOS ANGELES (Jan. 31, 2019) – Bridge Development Partners, LLC announced that it has acquired ‘The Box Yard’, a 261,528-square-foot industrial property located on 7.54 acres at 2445 East 12th Street in Los Angeles, California.
Bridge’s significant plans for the project—which the developer has entirely reimagined—include exterior upgrades to the 11-unit industrial campus, as well as interior updates to the two vacant suites with all new office build-outs and a refresh of the 24-foot clear warehouse space. A sampling of the other new improvements includes electric vehicle charging stations, beautiful landscaping, extensive upgrades to the exterior, the creation of architectural interest at the suite entrance areas, new signage, new exterior lighting, and a refresh of the parking areas.
Bridge plans to create a modern, destination industrial facility targeted toward industrial and e-commerce users with varying business requirements. Improvements are scheduled to begin within the next month, and are expected to be complete by mid-summer 2019.
“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, Partner – West Region for Bridge Development Partners. “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.”
2445 East 12th St. is centrally located, within walking distance to downtown Los Angeles’ bustling Arts district and a 10-minute drive from both Downtown Los Angeles’ Financial District and the Staples Center, anchored by the entertainment hub of LA Live. With a residential pipeline of more than 15,000 units, downtown Los Angeles’ South Park district has the highest density of ongoing residential development in the city.
Mike Smith and Jim Halferty of Lee & Associates represented both Bridge Development Partners and the seller in the transaction and will continue to work with Bridge as the Box Yard’s listing team.