Mark borman
3317-3325 Exposition Place, Los Angeles, CA 90018
ADDRESS
3317-3325 Exposition Place, Los Angeles, CA 90018
LOCATION
Crenshaw / West Adams
HISTORY
Two adjacent one and two story brick and concrete buildings totaling 29,759 square feet on 26,818 square feet of land built in 1949 and expanded in 1964.
DESCRIPTION
Change of use from warehouse to creative office and full renovation of the buildings, new doors and windows, and reconfiguring the interior space to appeal to a range of creative office users.
SQUARE FOOTAGE
29,759 sf building / 26,818 sf land
GENERAL FEATURES
Polished concrete floors / New custom monumental door and window
system / Restoration of original building elements / Custom kitchens,
executive offices, conference rooms and restrooms / Energy efficient roof
CASE STUDY
Situated mid-block on a street lined with vintage bow-truss buildings in the Crenshaw / West Adams area, 3317-3325 Exposition Place is a combination of one and two story brick and CMU buildings totaling 30,000 square feet on 26,818 square feet of land.
As an active developer of repurposing older industrial buildings into creative offices in transitional areas, The Borman Group saw the opportunity to provide a high quality offering within walking distance of Metro’s popular Exposition Line (59,000 weekday ridership) and the soon to be completed Crenshaw / LAX Line (expected 16,000 daily ridership). The converging Metro lines service prominent Los Angeles
destinations: The Arts District, Little Tokyo, Geffen MOCA, Walt Disney Concert Hall, LA CBD, Staples Center, USC, Crenshaw Corridor, Culver City, Santa Monica and LAX.
In an off market transaction in November 2017, The Borman Group acquired the property. At the time of purchase the property had suffered from years of neglect and underutilization.
Work included change of use from warehouse and parking structure to creative office and reactivating the roof parking, which had been closed for over fifty years. Natural light was brought into the buildings by cutting holes in strategic locations, new custom doors and windows, HVAC and plumbing. Fit and finish included custom kitchens, bathrooms, executive offices and conference rooms.
Both buildings were fully leased to a single tenant that specializes in reselling vintage women’s and men’s fashions, The Real Real (NASDAQ: REAL).
FINANCIAL RESULTS
Acquired: 2017
Purchase Price: $7,300,000 / $245 psf bldg / $272 psf lnd
CAPEX, TI, LC Costs: $2,901,795 / $98 psf bldg
Total Cost: $10,201,795 $343 psf bldg / $380 psf lnd
Annual Rental Income: $1,328,553 (13% ROC)
PHOTOS
BEFORE
AFTER
