December 7, 2016 Comments Off on Onni Acquires Dev Site in DTLA Arts District Views: 428 California News, Los Angeles, West

Onni Acquires Dev Site in DTLA Arts District

Vancouver, Canada-based Onni Group acquired a 38,266-square-foot development site in DTLA’s Arts District from Core Development Group for reportedly more than $10 million in an off-market transaction. Onni has yet to disclose specific plans for the property at 2143 Violet.

The acquisition was fueled by recently completed deals in the area, including the Warner Music lease at Shorenstein Properties’ Ford Factory, and New York investor Tishman Speyer’s Hyperloop Campus sale.

CBRE’s Brandon Gill, Brandon Burns and Jae Yoo represented Core Development in their original acquisition of the site in April 2014, and in this sale to Onni.

Yoo says, “Core has great foresight. Two years ago, anything south of 7th Street was considered an ‘unproven’ area, but they were a step ahead of the market and wanted to capitalize on what is now considered to be the trendiest strip of the Arts District.”

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