33,550 square feet of space purchased by developer
By Dolores Quintana
LaTerra Development has made an additional purchase in Marina Del Rey as reported by The Real Deal.com. The development company bought a three-building creative office complex at 4112 Del Rey Avenue. They are known for building apartment and mixed-use complexes all over Los Angeles.
The cost was $37 million for a total of 33,550 square feet of space according to public records.
The purchase was financed through a loan from Western Alliance Bank for $24.2 million dollars. Per foot, the cost was about $1,104 each, which does divulge to the observer that developers are definitely interested in buying space in Silicon Beach even at high prices.
The site used to be a manufacturing facility but the buildings were converted into creative office spaces and was previously owned by a corporate entity that was part of a family trust.
BizHaus is one of the companies that is currently leasing space in the building and they are a co-working business that rents out private offices for $960 a month, per their website. As reported by Urbanized LA, LaTerra intends to build an apartment complex with 200 or more residential units on the property.