Champion Real Estate Company announced its latest value-add retail acquisition for $9.5 million, with plans to revitalize and rebrand the existing collection of dilapidated retail buildings into a retail and residential mixed-use development named "BrickWorks".
The existing property includes 19,772 square feet of dated retail buildings on 36,049 square feet of land in the burgeoning neighborhood of Echo Park. Champion intends to repurpose and remodel the existing property to include an eclectic collection of distinctive restaurants and residential lofts.
"The property is sandwiched between upscale Silver Lake and Downtown Los Angeles in Echo Park, which was dubbed the 'Greatest Neighborhood in Los Angeles' by LA Weekly," states Garrett Champion, Senior Vice President of Champion. "Combined with its location just blocks from Dodger Stadium, BrickWorks will provide trendsetting food and beverage focused retail to an underserved sub market."
BrickWorks will boast over 200 linear feet of frontage along the heavily trafficked Sunset Boulevard and consist of approximately 15,000 square feet of prime retail space that will create a trendy food court-style collection of the latest eateries and restaurants.
"The acquisition of BrickWorks is consistent with Champion's strategy of acquiring properties at discounts in 'A' locations and we continue to focus on sourcing similar deals in surrounding neighborhoods," states Garrett.
Champion has over 30 years of experience developing retail in Los Angeles and helped pioneer the first vertical retail power centers such as Brentwood Place and the One Westside Shopping Center.
Last year, Champion acquired Grand + Alosta in Glendora, CA, a former 80,000 square foot freestanding building that is currently being redeveloped into a specialty grocery center with Marshalls and Sprouts anchoring the project.
BrickWorks is located at 1485-1501 W. Sunset Blvd in Echo Park and was acquired by an affiliate of Champion.