As industrial rent continues to soar in the LA Arts District, apparel companies are acquiring property outside of downtown Los Angeles.
Maple DTLA LLC, a local apparel company, has purchased the Rosenthal Property Portfolio in Boyle Heights from Rosenthal Property Owners for $15.5M.
The 102,859 SF Rosenthal portfolio is a collection of manufacturing buildings for the apparel industry in the East Los Angeles and Boyle Heights area. Kidder Mathews’ Jon Reno, Robert Thornburgh, Tom Holland and Trevor Gale represented the seller. The Quantum Associates’ Iqbal Hassan represented the buyer.
Kidder Mathews officials said neighborhoods outside of downtown Los Angeles are in a transitioning area and a landing spot for industries being pushed out of the Arts District due to redevelopment projects and higher-end uses.
With rents increasing, many traditional users are heading to the East Los Angeles/Boyle Heights district, said Reno, a Kidder Mathews senior vice president. He added that these manufacturing properties are being refurbished for manufacturing apparel.
“Through our unique marketing platform, we were able to generate multiple offers for this project, resulting in a managed bid process,” Reno said. “This transaction confirms the high demand for older, functionally challenged industrial properties with upside potential and proximity to downtown Los Angeles.”
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