January 13, 2016
JLL has reportedly completed a record-setting sale, for $700 per square foot, for an industrial building in DTLA’s Arts District. The transaction was completed on behalf of NBVBN, LLC. Built in 1941, the property spans 5,000 square feet, and was sold for a total of $3.5 million to L.A.-based private investor, 802 Mateo St, LLC.
The purchaser plans to redevelop the building into event or retail space. The transaction reflects a continued trend of investors snatching up reuse opportunities, presented by older buildings, located in good demographic areas.
JLL’s Lorena Tomb and Danielle Cornwell represented the seller, NBVBN, LLC. Tomb also represented the buyer in the transaction.