Cushman & Wakefield has been tasked with marketing the foreclosure sale of AtTraction, a historic adaptive reuse property located in Los Angeles’s Arts District. The 58,118-square-foot asset is comprised of two buildings and is currently owned by the site’s former lender.
The seller is being represented by a team from Cushman & Wakefield led by Mike Condon Jr. and Erica Finck. Originally built as the Joannes Brothers Company coffee, tea, and spice processing facility in the early 1900s, followed by use as an office furniture manufacturer in the mid-1950s under Los Angeles Desk Company ownership.
In 2021, previous owners began an adaptive reuse plan for AtTraction before ultimately defaulting on their loan to become current owner through foreclosure proceedings.
According to Condon Jr., “Aside from its prime location within one of LA’s most sought-after markets,the unique deal structure offers investors or users an opportunity to acquire this crown jewel at a competitive price compared to what was owed on it previously.” He added that significant value can be realized due to millions already invested into base building elements during prior redevelopment efforts.
This highly desirable Arts District property presents a rare buying opportunity with potential for additional value creation through completion of its redevelopment plans. With substantial investment already made towards base building improvements and attractive financing options available from the seller themselves,this offering stands out among other properties on offer.
