Lee & Associates Negotiates the Purchase of the Coca-Cola Production Facility in Downtown Los Angeles
LOS ANGELES—April 14, 2014—Lee & Associates, the largest broker-owned firm in the nation, negotiated the $19 million, all cash sale of the former Coca-Cola production facility located at 963 East 4th St. in the Art District of Los Angeles.
Mollie Dietsch and Matthew Artukovich, both senior vice presidents at Lee & Associates Central Los Angeles’ Commerce office, represented the buyer, Atlas LA 4th St. LLC. CB Richard Ellis represented the seller, Harmony Investments.
The building, originally occupied by Coca-Cola’s production facility, is a 123,600 square-foot multi-story building that was constructed in 1915. Located in the heart of the burgeoning Arts District of Downtown Los Angeles, the building occupies 1.21 acres of land.
“This sale represents the largest transaction in the Arts District of the last three years,” said Dietsch. “Investment demand in the LA Art District is very strong with escalating values. I expect the area, and surrounding space near-by to remain hot as the Art District continues to expand.”
According to Dietsch, the owner has plans to convert the structure into creative office space and retail.
The building served as Coca-Cola’s West Coast headquarters until 1929 when it moved to 1334 S. Central Ave. From that point on it became a production facility. The last occupant was T.T. Toys.
In the last few years, the Los Angeles Art District has literally transformed from a desolate industrial pocket in downtown Los Angeles to a hub of acclaimed restaurants and mixed-use development.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin that house more than 750 brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com