Bridge Industrial Closes Sale of The BoxYard in DTLA to Publicly Traded REIT
Bridge Industrial (“Bridge”) announced today that it has sold ‘The BoxYard’ — its four-building, 261,528-square-foot industrial project in Downtown Los Angeles — to a publicly traded real estate investment trust. The property, located at 2445 East 12th Street, previously underwent a $4 million renovation and boasts a variety of e-commerce and retail tenants.
Newmark’s West Region Industrial Capital Markets Team represented Bridge in the transaction.
“The BoxYard is a unique asset as one of the last purely industrial properties located in the Arts District of Downtown Los Angeles — in executing our value-add business plan the building is now set apart as a one-of-a-kind facility capable of accommodating today’s continuously evolving ecommerce companies,” said Brian Wilson, Partner, West Region for Bridge Industrial. “The explosion in demand for and limited supply of Class A, state-of-the-art warehouses in the Los Angeles submarket, particularly since the pandemic, made The BoxYard an ideal destination for forward-thinking users seeking a contemporary space in a strategic location. This asset will continue to be a destination for growing tenants as well as the Buyer.”
Bridge initially acquired the 7.54-acre property in 2019 with plans to create a high-image industrial destination tailored toward attracting leading edge e-commerce and distribution tenants, as well as creative users with varying business requirements.
In January 2020, Bridge completed its extensive renovation to transform both the interior and exterior of the property, including the addition of turn-key office space in each of The BoxYard’s 11 units. Each office space features upgraded finishes, dramatic entries and staircases, new restrooms, polished concrete floors, large conference rooms, and open as well as private offices comparable to any new creative office building. Bridge also installed enhanced wayfinding signage; upgraded landscaping; enhanced site lighting; created a new entrance to the park; refreshed parking areas and improved site security.
Current tenants at The BoxYard include Rockstar Apparel, a direct-to-consumer e-commerce retail company; Bureau Apparel, a sustainable and recycled apparel company; MP Clothing, an LA-based wholesale denim company; Undefeated, a world-renowned boutique sneaker store and apparel brand; The Berrics, a skate culture media brand; and Daily Look, an e-commerce based personal fashion styling service and apparel subscription company.
“Bridge is ecstatic with the execution of The BoxYard’s business plan, repositioning and leasing the property with a leading edge vision combining headquarters, digital content production, direct to consumer ecommerce sales, warehousing, and distribution space,” said Kevin Finnegan, Director of Acquisitions and Leasing at Bridge Industrial.
The BoxYard is centrally located, within downtown Los Angeles’ bustling Arts district and a short 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.
