ArcWest Partners, a joint venture between Arc Capital Partners LLC and Belay Investment Group, LLC, has acquired 2807 Sunset Boulevard, a Los Angeles-based historic office building with ground floor retail. No financial terms were disclosed.
LOS ANGELES, CALIFORNIA (PRWEB) JUNE 27, 2017
ArcWest Partners, a joint venture between Arc Capital Partners LLC (Arc Capital Partners) and Belay Investment Group, LLC announced today that it has acquired 2807 Sunset Boulevard, a 30,000 square foot historic office building with ground floor retail located in Silver Lake, Los Angeles. This is the second acquisition in Los Angeles by the joint venture formed to target urban infill properties in the path of Millennial growth. ArcWest Partners previously acquired and is restoring Chapman Market, a historic retail center in Koreatown, Los Angeles.
“Built in 1928, this building is one of the few historic commercial properties in Silver Lake,” said Neville Rhone, Managing Partner of Arc Capital Partners. “We are repositioning the asset into vibrant creative office and retail space on this prime stretch of Sunset Boulevard.”
Barbara Bestor of Bestor Architects will serve as the lead architect for the building repositioning. Based in Silver Lake, Bestor is responsible for some of the neighborhood’s most recognizable locations such as Intelligentsia Coffee in Sunset Junction and the Silver Lake Conservatory of Music. The Assembly Group, a partnership between Steve Edwards and Beau Laughlin, with its principals behind local restaurant hot spots Kettle Black and Sawyer and a future boutique hotel in Venice, was engaged to program the building’s repositioning.
“We see this as a tremendous opportunity to remake this building to be one of Silver Lake’s crown jewels,” said Quincy Allen, Managing Partner of Arc Capital Partners. “With Barbara, we are uncovering the building’s historic character while truly upgrading the interiors and sense of arrival.”
Carle Pierose of Industry Partners has been retained as the property’s office leasing broker, while Marc Finkel of RKF will lead retail leasing. Martin Agnew of Marcus and Millichap represented the seller.
“In this neighborhood, we have seen incredibly strong demand for architecturally distinctive space, but there is no supply. This project will be compelling for the many creative tenants that live on the east side of LA and we are already getting calls,” said Pierose.
About Arc Capital Partners
Arc Capital Partners is a Los Angeles-based boutique real estate company co-founded by Quincy Allen and Neville Rhone to acquire and reposition urban infill properties that are in the path of Millennial growth. The firm targets middle-market assets ($10 million – $70 million in value) in Western U.S. metros that typically require value-add and opportunistic business plans.
About Belay Investment Group
Belay Investment Group, LLC is a Los Angeles-based Registered Investment Advisor that pursues value-added investment opportunities, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay is wholly owned and operated by its four Managing Principals, who average 25 years of buy- and sell-side real estate experience as principal investors and senior management of institutional investment management and advisory firms.