JV Acquires Los Angeles Creative Office Building
Newcastle Partners and Westport Capital Partners formed a joint venture to acquire a 40,000-square-foot asset in Los Angeles’ Jefferson Corridor submarket.
Rendering of the redeveloped 5830 Rodeo Road in Los Angeles
After completing the construction of a 147,000-square-foot Los Angeles industrial building earlier this year, Newcastle Partners teamed up with Westport Capital Partners to acquire a two-story creative office building in the Jefferson Corridor submarket. The joint venture is set to completely renovate the property. Shubin Donaldson and Del Amo Construction will execute the property repositioning.
Located at 5830 Rodeo Road, the 40,000-square-foot building served as an antique showroom and warehouse. The asset offers easy access to multiple public transportation, dining and shopping options, including the Taco Bell, Louisiana Famous Fried Chicken and Target.
“Culver City has emerged as a transit-oriented core submarket for tech, media, and entertainment users in West LA. This building has great potential for a creative office conversion with the large 20,000-square-foot rectangular floor plates,” Brad Cummings of Newcastle Partners said in a prepared statement.
Mike Geller and Josh Bernstein of First Property Corporation will be in charge of marketing the asset.
Image courtesy of Newcastle Partners
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