The Tribune Company-owned printing plant south of the Arts District is now the property of a partnership lead by Harridge Development Group. The Real Deal reports Harridge spent $120 million to acquire the 26-acre property, which prints the Los Angeles Times. It sits between Eighth Street and Olympic Boulevard off of Alameda Street, and it came on the market in November of last year.
Seven acres on the site are "immediately developable," says The Real Deal, which also reports that Harridge aims to use some of that space to put up some retail, including a "mid-level" grocery store. (Does mid-level include Whole Foods?) Harridge is betting that in a sea of high-end residential projects and expensive shops, a nice, reasonable grocery store will pay off.
Tribune’s media arm (tronc) still holds leases on four of the building on-site, and those leases are good until 2023. What’s coming after that is still undecided, though Harridge isn’t considering residential for that area either.
The property is south of the traditional 7th Street border of the Arts District, but the neighborhood's popularity with developers has pushed fancy projects farther and farther south. Carl Muhlstein of JLL, who worked to close the deal, tells the real estate news outlet:
"The Arts District is more a state of mind than a hard border."
The printing plant property is a few blocks southwest of a newly announced multi-use project next to the Soho Warehouse, a new location of the high-end, members-only Soho House chain. It’s also just a few blocks south of the enormous 6AM project from developers SunCal, which would bring two 58-story towers to the Arts District.
The LA Times’s block-sized complex in Civic Center just sold to Canadian developer Onni.