M West Completes Acquisition of Lofts In L.A. Arts District
- Mar 16, 2012
Los Angeles—Once, the 62,000 square foot structure in downtown Los Angeles served as the distribution warehouse for the Los Angeles grocery chain J.R. Newberry Company, founded in the late 19th Century. In the 1980s, it was completely renovated and converted into 45 artist lofts featuring exposed brick walls and the building’s original wood columns. Last week, what had since come to be called 900 East 1st Street Lofts was acquired by M West Holdings, a diversified real estate company that has invested in commercial real estate for the past 21 years.
The 900 East 1st Street Lofts will be rebranded as The Newberry Lofts, in a nod to the historical significance in Los Angeles of J.R. Newberry Co.
The building’s extra large loft units will also undergo an immediate renovation at the hands of M West. High-end kitchens and bathrooms consistent with those in Class-A condos in the submarket will be added to the Arts District building.
“We are very excited to acquire one of Los Angeles’ original warehouse buildings,” says M West president Karl Slovin.
“We believe that this property has the potential to command some of the highest rents within its submarket and will continue to benefit from the area’s continued population growth and solid long-term economic drivers.”
Adds M West senior vice president Matthew Ellis, “We have been long-time fans of the Arts District, and believe the submarket will continue to attract a dynamic and creative crowd that will fuel the area’s long-term growth prospects.”
The loft building sits at the center of the Arts District, a remarkable community undergoing a stunning metamorphosis. New art galleries and restaurants are being unveiled every day in the vibrant district.
A notable development is the $160 million One Santa Fe Project, situated a mere block from The Newberry Lofts. Designed by acclaimed architect Michael Maltzan, the development will feature 438 apartments, 50,000 square feet of public outdoor space and 78,620 spare feet of commercial space.