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Modernica's Arts District Complex Becoming Retail/Office Hub

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Talk about a steal: Culver City real estate company Boulevard Partners, working with another unnamed company, has bought a seven-building Arts District campus for a song, or $12 million, Los Angeles Business Journal reports (sub. req.). Furniture purveyors Modernica owned the plot on Seventh Place, and had offices there, but is now looking for a new home. The buildings, totaling 68,000 square feet, has not only offices and manufacturing space, but also live/work lofts. Boulevard plans to renovate the property and wants to turn much of the manufacturing space into retail and workspace for creative companies, but major work won't begin until Modernica ships out.
· Arts District Growth Attracts Campus Buyer [LABJ]