LOS ANGELES, CA—Hackman Capital Partners, LLC, a Los-Angeles based real estate investment and operating company, announced today the purchase of 401 Coral Circle, a 56,815-square-foot industrial building situated on 2.14 acres of land near the near the Rosecrans Corridor, a highly desirable commercial area, in El Segundo, California.
CBRE’s Greg Dyer, Bob Healey, and John Lane represented the seller in the transaction and have been retained as the property’s listing brokers.
The building, which Hackman Capital Partners plans to improve, offers an array of amenities, including heavy power, high bays and an air-conditioned warehouse. It also offers a prime location, with easy access to multiple transportation modes—a short walk to the MTA Green Line, minutes to the 405 and 105 Freeways and less than five miles to the Los Angeles International Airport.
“We’re thrilled with the acquisition,” said Matt Landstrom, Vice President of Acquisitions at Hackman Capital. “We’re continuing to focus a lot of our attention on urban infill industrial properties in high barrier-to-entry markets, including the vibrant submarket of El Segundo.”
The property at 401 Coral Circle is about a mile south from 888 Douglas, four buildings totaling 550,000 square feet, which Hackman Capital purchased through an affiliate from Northrup Grumman in November 2016. The company plans to reposition and transform that property, situated on Douglas Street, adjacent to the new L.A. Times headquarters, into a state-of-the-art campus for companies seeking creative-office space in a campus-like environment on Los Angeles’ Westside. Hackman Capital expects to break ground on the redevelopment later this year.
“El Segundo is a key target market for us. It offers a healthy and business-friendly economy, affordable cost of doing business, and it’s one of the fastest growing centers for innovators in emerging technologies,” Landstrom continued.
A long-time hub for California’s aerospace and defense sectors, El Segundo is quickly emerging as a coveted destination for technology, media and entertainment businesses.
Key growth factors point to dwindling inventories in surrounding submarkets of West Los Angeles, Silicon Beach and Playa Vista, but El Segundo’s many benefits stand strong on their own—its diversified mix of companies that include both Fortune 500 and small, growth-oriented companies, plus its proximity to air, highway and mass transportation, as well as extensive amenities, including charming residential neighborhoods, dedicated fire and police departments and award-winning schools.
MORE ABOUT HACKMAN CAPITAL PARTNERS
Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on commercial and industrial properties in major U.S. markets. Founded in 1986, the company has invested more than $2.6 billion in properties across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet. More than 6.2 million square feet of those properties have been located in California.
The company’s most notable Southern California projects include The Culver Studios, a 14.3-acre film and television studio campus and home of Amazon Studios, The Culver Steps, a 1.16-acre, mixed-use development, directly adjacent to The Culver Studios, a 75,000-square-foot creative office conversion at 5500 West Jefferson Boulevard in Los Angeles, a 550,000-square-foot creative campus conversion in El Segundo, the Beats/Apple Southern California headquarters, and Westwood One Studios.
Hackman Capital Partners is headquartered in Los Angeles, California and has additional offices in Chicago, Illinois and Columbus, Ohio. With its related entities, it employs a staff of more than 60 professionals.
