4S Bay Partners LLC Completes Purchase of Baldwin Hills Redevelopment Site
LOS ANGELES, Feb. 22, 2021 /PRNewswire/ -- 4S Bay Partners, LLC, a Chicago based family business, 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 & an affiliate of Optimus Properties, LLC, respectively. 4S Bay acquired the property for approximately $24 million.
"We purchased the property in 2003 with a strong conviction in the future growth of Baldwin Hills. The sale is evidence of how much the area continues to attract new development" says Curtis Fralin, Chief Executive Officer, 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 structure, approximately 45,000 sq. ft., built-in circa 1954. The site is in proximity to the planned Metro Crenshaw/LAX light rail transit line.
The property acquisition is in addition to properties 3731, 3741, 3751, 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 non-profits."
About 4S Bay Partners LLC
4S Bay Partners LLC (4S Bay) is a family office management company that oversees several private businesses, real estate, and investments across multiple industries. 4S Bay's mission is to renew hope, promote economic growth, and improve social conditions for individuals, communities, and the environment. Their investment business model focuses on deploying creative capital investments to underserved communities.
About Sticks Holdings, LLC
Sticks Holdings, LLC (Sticks) is a Real Estate Development and Investment Company specializing in underserved and primarily ethnic geographical areas. We enable, facilitate and procure the placement of national credit tenants in historically ignored urban areas where they have been unwilling to place stores. We reduce blight and increase the beautification of urban areas by constructing and rehabilitating buildings above normal building standards. We promote and hire minority individuals in urban areas whose specialties include marketing, leasing, architecture, city planning, entitlements and development.
About Optimus Properties LLC
Optimus Properties, LLC is headquartered in Los Angeles, California, and is engaged in the acquisition, development, leasing and management of multi-family, retail and commercial real estate. The Company employs a disciplined investment approach focused on value creation and capital preservation. The Company's investments are characterized by direct principal involvement and a meaningful contribution of its principals' capital. The Company's current portfolio consists of retail, office, medical office and multi-family properties in California, Washington and New Mexico.
SOURCE Optimus Properties, LLC
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