1.85- acre property in Los Angeles
Sold - $24,000,000
LOS ANGELES, March 9, 2021 /PRNewswire/ -- 4S Bay Partners LLC, a Chicago area based family office, announces the acquisition of a 1.85- acre property along 3701 W. Stocker Street. The purchase is part of a redevelopment project in the Baldwin Hills Crenshaw Corridor. James Daughrity of Daughrity Real Estate represented the buyer and the seller, 4S Bay Partners LLC, and Sticks Holdings, LLC & Optimus Properties, LLC. The law firm of Russ, August & Kabat represented the buyer in the acquisition, and will continue to support the project as it moves forward.
"We purchased the property in 2003 with a strong conviction in the future growth of Baldwin Hills. This sale is evidence of how much the area continues to attract new development," says Curtis Fralin, Chief Executive Officer, of seller Sticks Holdings. K. Joseph Shabani, an affiliate of Optimus Properties, LLC described the transaction as an "innovative future development for the community." The property at 3701 W. Stocker Street is in a designated Opportunity Zone with a Transit Oriented Development designation, which are areas designated by the county for pedestrian friendly and community-serving uses. The property contains one four-story office building, approximately 45,000 sq. ft., built in 1954. The site is one block from the future Martin Luther King Jr. Station on the Metro Crenshaw/LAX light rail line. This acquisition is in addition to the properties at 3731, 3741, 3751 and 3761 W. Stocker Street, previously purchased by 4S Bay Partners, LLC, and within the Baldwin Hills Crenshaw Corridor. Pantheon Business Consulting, LLC (PBC), a California corporation headquartered in Los Angeles, will manage its development. "PBC has deep roots in South Los Angeles and recognizes the importance of community collaboration and dialogue for redevelopment projects. That will be our number one priority," stated Stanley Washington, Project Executive, and President & Chief Executive Officer, Pantheon Business Consulting, LLC. Potential plans include a multi-use film studio, entertainment campus, and business incubator redevelopment project in line with the buyer's social impact and community development mission to increase economic development within underserved and urban communities. The project's vision is to partner with creatives, thought-leaders, and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about communities of color. Jim Casselberry, Chief Investment Officer, 4S Bay Partners LLC, says, "This investment project supports the revitalization of the Baldwin Hills Crenshaw corridor and will serve as a center of creativity and innovation for the black community. Additionally, it creates economic opportunities for diverse and women filmmakers, creative arts workers, and community nonprofits."
"We purchased the property in 2003 with a strong conviction in the future growth of Baldwin Hills. This sale is evidence of how much the area continues to attract new development," says Curtis Fralin, Chief Executive Officer, of seller Sticks Holdings. K. Joseph Shabani, an affiliate of Optimus Properties, LLC described the transaction as an "innovative future development for the community." The property at 3701 W. Stocker Street is in a designated Opportunity Zone with a Transit Oriented Development designation, which are areas designated by the county for pedestrian friendly and community-serving uses. The property contains one four-story office building, approximately 45,000 sq. ft., built in 1954. The site is one block from the future Martin Luther King Jr. Station on the Metro Crenshaw/LAX light rail line. This acquisition is in addition to the properties at 3731, 3741, 3751 and 3761 W. Stocker Street, previously purchased by 4S Bay Partners, LLC, and within the Baldwin Hills Crenshaw Corridor. Pantheon Business Consulting, LLC (PBC), a California corporation headquartered in Los Angeles, will manage its development. "PBC has deep roots in South Los Angeles and recognizes the importance of community collaboration and dialogue for redevelopment projects. That will be our number one priority," stated Stanley Washington, Project Executive, and President & Chief Executive Officer, Pantheon Business Consulting, LLC. Potential plans include a multi-use film studio, entertainment campus, and business incubator redevelopment project in line with the buyer's social impact and community development mission to increase economic development within underserved and urban communities. The project's vision is to partner with creatives, thought-leaders, and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about communities of color. Jim Casselberry, Chief Investment Officer, 4S Bay Partners LLC, says, "This investment project supports the revitalization of the Baldwin Hills Crenshaw corridor and will serve as a center of creativity and innovation for the black community. Additionally, it creates economic opportunities for diverse and women filmmakers, creative arts workers, and community nonprofits."