A Texas investor snapped up a Los Angeles adaptive-reuse project a year after it was delivered. Houston-based investment firm Civicap Partners bought Redcar Properties’ 122,700-square-foot office and retail building at 843 North Spring Street in Chinatown for $35.8 million, Commercial Observer reported. The price works out to $292 per square foot. Civicap secured a loan modification for $42.3 million in construction financing from Bank OZK, the outlet said. Bank OZK originally provided a $43.7 million construction loan in 2020. Santa Monica-based Redcar purchased the property for $15 million in 2018, when it was a retail warehouse. Redcar and design firm […]
This article originally appeared on The Real Deal. Click here to read the full story.
Powered by WPeMatico