Joint Venture Purchases Culver City Industrial Building for $8 Million

A joint venture of Los Angeles-based commercial real estate firms  - Industry LTD and Saber Realty Advisors – recently acquired a 30,000 square-foot industrial building at 5900 Blackwelder St. in Culver City from owner/user Burke Williams Spa for $8 million.

The partners plan to convert the1980s industrial building into creative office space, which will include 10,000 square feet of new mezzanine space, according to Greg Sackler, partner with Saber Realty Advisors. Other improvements will include outdoor meeting and public gathering areas, and polished concrete floors.

The 2.2-acre site sits next to the 6.4-acre creative office and media campus Blackwelder.

“Culver City is drawing a lot of attention from creative office users due to an improving amenity base in the area and lack of inventory in Santa Monica,” said John Bertram, partner with Saber Realty Advisors. “Culver City’s more attractive rental rates, are also contributing to the exodus from Santa Monica,” 
 he added.

According to the Creative Westside Market Report published by Santa Monica-based creative office brokerage firm Industry Partners, at year end the average rental rate for creative office space in Culver City was $2.58 per square foot compared with Santa Monica, which stood at $4.01 per square foot.

Industry Partners will handle the leasing for 5900 Blackwelder.

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