Details & Info
2130 Violet Street, Los Angeles, CA
32,322 sf of industrial land on a dead-end street in The Arts District
Challenge
The seller wanted to market the property quietly and avoid inquiries into other portfolio assets. Required terms included all due diligence to be performed outside of escrow, the release of a large deposit at the opening of escrow and an all cash transaction. The property’s location next to ten tracks of AmTrak freight lines, its industrial recycler tenant with a month-to-month lease, and its lack of upzoning, as had occurred in other parts of the neighborhood, created sound and environmental issues, and challenged development even in a quickly rising market.
Solution
- Presented the opportunity directly to our First Look list of previously qualified developers who we knew to be active in the area, had experience converting industrial land to other uses, and were well capitalized.
- Brought attention to the neighborhood’s potential for development and the area’s need for ground-up office space, which would provide more efficient infrastructure, increased parking ratios, improved work environments and spectacular views, as compared to the office conversion projects that were taking place.
- Had the seller assemble all the due diligence materials in advance, allowing target buyers to evaluate the opportunity without delay and open escrow having waived all contingencies.
Result
- Identified a qualified buyer within two weeks and successfully met all the contractual goals of the seller.