July 17, 2017
San Francisco-based Newcastle Partners, in connection with Westport Capital Partners, formed a joint venture to acquire a two-story creative office building located at 5830 Rodeo Rd. in Los Angeles for roughly $15 million. The JV is planning a full-scale $5 million-renovation of the 40,000-square-foot office property, which was acquired from an unnamed user that owned the building for some 30 years.
After operating as an antique showroom and warehouse, the property is now vacant allowing for an immediate value-add renovation to reposition it into creative office. The asset is located just east of the Hayden Tract in Culver City.
First Property Realty Corporation’s Josh Bernstein and Mike Geller represented the seller, while the buyer was self-represented.
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