September 19, 2019 – JLL announces it has arranged $37.2 million in bridge financing to complete the acquisition and redevelopment of Exposition 3 into a multi-phase creative office campus adjacent to two metro stations and within an Opportunity Zone in Los Angeles’ West Adams submarket.
JLL worked on behalf of the borrower, The Luzzatto Company, Inc., to arrange the 30-month, floating-rate loan with TerraCotta Group. Loan proceeds will be used to complete the acquisition, fund the construction costs to redevelop the property and cover transaction costs.
After the loan was under application, The Luzzatto Company, Inc. was able to pre-lease the building to Sweetgreen for its new headquarters. The property most recently used as a dairy facility for milk-bottling and distribution. The existing 57,000-square-foot, two-story building has a creative variance of ceiling height, natural lighting and open outdoor space. Situated on 2.18 acres at 3101 W Exposition Boulevard, Exposition 3 is in the West Adams submarket, which is quickly emerging as one of the fastest-growing, most dynamic tech and creative markets in Los Angeles. The property is adjacent to both the new Exposition/Crenshaw light rail station of the LAX line and the existing Exposition/Crenshaw light rail station of the Expo line, which connects three of the region’s predominant employment centers, Santa Monica, Culver City and Downtown Los Angeles.
The JLL Capital Markets team representing the borrower was led by Senior Director Jeff Sause, Senior Managing Director Paul Brindley and Associate Spencer Richley.