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January 13, 2021 Comments (0) Views: 722 California News, Los Angeles

Prologis Buys DTLA Redevelopment Site from Greyhound

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Prologis LP acquired an 8.29-acre site in Downtown Los Angeles from Greyhound Inc. reportedly for a price in the neighborhood of $90 million. Greyhound will lease back the property at 1526, 1614, and 1716 E. 7th St., across the street from a future Metro Station, on a short-term basis to provide the transit company time to relocate.

Prologis’ Kim Snyder says, “This acquisition is part of our broader strategy of acquiring well-located assets in major gateway cities in close proximity to the urban core. The property could serve a variety of uses including single and multi-story industrial, transportation logistics development, or renovation of the existing improvements to create a low-coverage last-touch facility.”

Kidder Mathews’ Mark Vanis, Jon Reno, and Trevor Gale represented the buyer. CBRE’s Phillip Sample, Chris Caras, Michael Shustak, and Guy Ponticiello represented Greyhound.

Sample says, “This site is the gateway into the Arts District and represents one of the largest land sales in Downtown Los Angeles and the Arts District. This property is adjacent to several other massive redevelopment projects in the Arts District to add to the ever-evolving Downtown Los Angeles urban renaissance.”

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