Camera's new home sold to local investors
Last Updated: 15:37 November 21, 2012
Karlin Real Estate, a Los Angles-based real-estate development and investment company, this month sold the office buildings at 1780 Conestoga St. and 5450 Western Ave. to Square Six LLC, a local real estate investment group.
Karlin is best known locally as the owner of the former downtown headquarters of The Daily Camera at 1048 Pearl St. Karlin plans to redevelop that property and the adjoining building at 1023 Walnut St. into a 160,000-square-foot mixed-use project that will include about 132,000 square feet of office space.
The Daily Camera and its parent company, Prairie Mountain Publishing, occupy 5450 Western Ave., a 25,432-square-foot building. Ball Aerospace & Technologies occupies 1780 Conestoga St., a 24,898-square-foot building. Both buildings were built in 1984.
Karlin acquired those buildings in 2009 as a "value-add investment," vice president Vicky Canto said. At the time there were 25,000 square feet of vacancy, Canto said. Karlin's strategy all along was to make upgrades to the buildings, fill them and then sell them. Canto declined to say how much Karlin spent on the buildings, but its website said it negotiated a price with the prior owner's lender after it could no longer pay its debt.
The properties, especially 5450 Western Ave., required extensive work, said Lynda Gibbons, president of Gibbons-White Inc. and the broker for both the buyer and seller.
"They brought the building down to its bare bones and completely redid the interior for The Daily Camera, including a new HVAC system, new electrical, new interior finishes and added windows and customized the improvements throughout," Gibbons wrote in an email. "Having added the value and stabilized the portfolio, they then sold it."
More breaking news...
Level 3 posts profit, announces $600M private offering
Craft beer sales up 18 percent through June
Dot Hill Systems to discuss 2Q earnings Aug. 7
A conference call is