2145-2159 Sacramento Street /

2136-2159 Bay Street, Los Angeles, CA 90021

ADDRESS

2145-2159 Sacramento Street / 2136-2159 Bay Street, Los Angeles, CA 90021

LOCATION

Arts District

HISTORY

Constructed in the 1920’s, 30’s and 40’s 2145-2159 Sacramento / 2136-2159 Bay Street is a collection of four vintage industrial buildings totaling 37,978 square feet on 74,063 square feet of land with historical uses including ice manufacturing, egg distribution, an artist co-op and the corporate office of Hill Brothers Chemical.

DESCRIPTION

Assemble buildings and land into a single, dynamic, creative office campus by combining construction materials, elevated walkways, parking system, and open space.

SQUARE FOOTAGE

37,978 sf building / 74,063 sf land

GENERAL FEATURES

Polished concrete floors / Exposed brick walls / Wood post-and-beam / Bow truss ceiling / Custom monumental door and window system / New kitchen, office, conference and restrooms / Parking stacker system / Storm water mitigation / Insulated roof / High efficiency heating and air conditioning systems

CASE STUDY

Located in the Arts District of Los Angeles, 2145-2159 Sacramento Street / 2136-2159 Bay Street is a collection of four, one and two story distinctive, vintage industrial buildings totaling 37,978 square feet situated on 74,063 square feet of land and bound by Sacramento and Bay Streets and the Los Angeles River.

Shortly after the purchase of 2145-2159 Sacramento in 2014, The Borman Group led the acquisition of 2136-2159 Bay Street in 2015 with the vision of combining both properties into one creative office campus. Reimagined in multiple construction phases over an eighteen-month period, the property underwent full MEP, seismic, and utility service upgrades while focusing on environmentally friendly building materials and methods such as energy-efficient roofs and site stormwater mitigation.

The end product is a rare 1.7 acre property with fully restored historic era buildings, ample parking, open space and security that serves as the world headquarters for a single tenant - an innovation transportation company, Hyperloop-One.

FINANCIAL RESULTS

Total return of Creative Office

Combined purchase price: $7,800,000 $205 psf bldg / $105 psf lnd

CAPEX, TI, LC costs: $5,128,273 / $135 psf bldg

Total Expenses: $12,928,273 / $340 psf bldg

Total Sales Price: $24,500,000 / $645 psf bldg / $340 psf lnd

Unlevered Return: 1.9x

Unlevered IRR: 51%

Sold: 2016

PHOTOS

BEFORE

AFTER

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