Lion Real Estate Group Completes Sale of 3317 Exposition Place in Los Angeles for $22.5 Million

DALLAS, April 1st 2021 / PRNewswire / – Lion Real Estate Group, LLC (“LREG”), a real estate investment and asset management firm focused on acquiring value-adding, opportunistic, multi-family real estate, today announced the sale of 3317 Exposition Place in The angel to Luzzatto Company, Inc. for $ 22,515,000. The transaction is a triple multiple of the capital invested in just over three years, making the estimated value of LREG’s managed property and cash under management approximate $ 1 billion As of March 31, 2021.

Located in The angel’ Located in the West Adams District and near Metro Rail’s Expo / Crenshaw station, 3317 Exposition Place is a two-story building with two buildings covering an area of ​​29,759 square feet. The property has since been occupied by the current tenant and luxury online retailer TheRealReal May 2019.

“Our decision to sell 3317 Exposition Place was based on our company’s focus on investing in value-added multi-family facilities in the US in high-growth markets,” he said Mory Barak, Co-founder and managing director of LREG. “We are satisfied with the sales result, which was well above our underwriting at the time of the acquisition.”

The transaction represents another significant return on LREG’s previous office investments as the company releases capital to implement in its preferred core strategy.

“We are actively seeking to purchase apartment buildings in areas with favorable economic growth prospects, relatively close to urban centers and with easy access to major transportation hubs,” continued Barak.

LREG initially acquired the asset in a $ 7.3 million Co-investment deal with The Borman Group in December 2017. Since that time, the two companies have invested in renovations to convert the former industrial area into a modern creative office location, adding value and making the curb more attractive. This includes improved mechanical systems; renovated bathrooms, kitchens and conference rooms; new seismic and environmentally friendly building standards in accordance with city codes; as well as reactivation of roof parking spaces.

“We’re excited to see how our upgrades to 3317 Exposition Place have helped fuel the economic transformation of a vintage building and its surrounding community,” he said Mark Borman.

Newmark acted as financial advisor to LREG on the transaction.

About Lion Real Estate Group

The Lion Real Estate Group is a Los Angeles-based real estate investment firm founded in 2007 by Jeff Weller and Mory Barak. California. The Lion Real Estate Group focuses on the acquisition of value-adding and opportunistic multi-family and creative office properties by using the experience of their clients to create value for their investors through renovation, repositioning, better management and optimal capitalization of their properties. Lion has participated in joint venture, equity and mezzanine real estate transactions valued at more than $ 1.5 billion. The company currently owns and operates approximately 5,800 units in 27 apartment buildings and two office properties in Dallas. The angel, Vancouver, Phoenix, Wheaton, Nashville, Denver, Durham, Austin, Atlanta and Salt Lake City areas. More information is available at www.lionreg.com.

About the Borman Group

Borman Group, LLC, is an award-winning real estate remediation company focused on preserving vintage buildings and revitalizing urban submarkets in Southern California. Founded in 2003, the Borman Group is a multidisciplinary, value-adding real estate design and development company that has repurposed more than 500,000 square feet of creative office, retail and multi-family units in the city center The angel. More information is available at www.thebormangroup.com.

Contact

Mickey almond tree, Prosek partner
(310) 709-8900
[email protected]

Aidan O’Connor, Prosek partner
(646) 818-9283
[email protected]

SOURCE Lion Real Estate Group

similar links

https://www.lionreg.com