Pacific Coast Capital Partners, a real estate investment firm and lender in El Segundo, Calif., today announced a $20 million equity investment with its sponsor, Industrial Realty Group, for the acquisition and redevelopment of a portion of Downey Landing.
The mixed-use project in Downey, Calif., is valued at $80 million. The project is situated on 78-acres of land with two existing buildings totaling approximately 1 million square feet, including 288,000 square feet of office space and 822,000 square feet of studio/industrial space, plus more than 20 acres of raw developable land.
Located along Lakewood and Bellflower boulevards, Downey Landing is the former NASA Space Shuttle Assembly Plant. PCCP and IRG’s development plan centers around the creation of a full-service movie production facility to be known as Downey Studios & Commerce Center. Downey Studios has already attracted a number of feature film productions. Additional uses at the site will include traditional office and light industrial facilities.
“This transaction provides PCCP with an opportunity to acquire a large infill site in Los Angeles County at a significant discount to current market value and to return a former government property into an economic engine for the local area,” said Nicholas Colonna, founding partner of Pacific Coast Capital Partners.
Pacific Coast Capital Partners has offices in San Francisco and Los Angeles. The partnership has invested more than $1 billion in California and other western states properties and continues to seek investment opportunities.
Industrial Realty Group privately owns and operates 50 million square feet of industrial space and controls more than sixty major developments in twenty-five states. Management offices are located in Los Angeles, Sacramento, Chicago, Akron, Ohio, Detroit, and New York.
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