East End Capital has spent $240 million on a 15-acre site in the Arts District of Downtown Los Angeles, where it’s planning to build a studio complex, The Real Deal has learned.
The New York-based firm bought two warehouses at 1338 East 6th Street and 1321 Wholesale Street, according to public property records filed with Los Angeles County.
Dell Technologies Inc. founder Michael Dell’s MSD Capital joined with private industrial investment firm Access Industries Management and an entity linked to Irvine-based developer SunCal to sell the property, records show.
A limited liability company linked to Oxford Properties Group provided a $160 million loan in connection with the purchase. Terms of the lease were not disclosed.
East End is planning to build up to 17 soundstages on the site, as well as up to 400,000 square feet of ancillary office and support space.
Last month, East End said the purchase was made at an undisclosed price through its partnership with investment firm King Street, Canadian pension fund Alberta Investment Management Corporation, and an unnamed sovereign wealth fund. In October, the groups announced plans to collectively buy and develop up to 750,000 square feet of production space across L.A.
The new facility is located about a mile from another one of East End’s planned studios. At 2233 Jesse Street, the firm is converting a cold storage facility into a 237,000-square-foot complex with four soundstages.
Though the new Arts District studio will operate independently, co-tenancy and shared parking may be available across both complexes, East End’s Jonathon Yormak told TRD last month.
East End has three other studio projects under development, though this new one will by far be the largest.
In Glendale, the company is adding two soundstages to an existing production studio at 1239 South Glendale Avenue, and building a 410,000-square-foot complex at 5426 San Fernando Road.
The Glendale Avenue project is set to be finished in the next 18 months, while the San Fernando Road development is still going through permitting stages.
The post East End Capital’s tab on DTLA site for studio complex: $240M appeared first on The Real Deal Los Angeles.
Powered by WPeMatico