Lion Real Estate Group Completes Sale of 3317 Exposition Place in Los Angeles for $22.5 Million

DALLAS, April 1 2021 /PRNewswire/ -- Lion Real Estate Group, LLC ("LREG"), a real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, today announced the sale of 3317 Exposition Place in Los Angeles to Luzzatto Company, Inc. for $22,515,000. The transaction reflects a three-fold multiple on capital invested just over three years, bringing the estimated value of LREG's real estate and cash assets under management to approximately $1 billion as of March 31, 2021.

Located in Los Angeles' West Adams District and close to Metro Rail's Expo/Crenshaw station, 3317 Exposition Place is a two-story, dual-building site comprised of 29,759 square feet. The property has been occupied by current tenant and luxury online retailer, TheRealReal, since May 2019.

"Our decision to sell 3317 Exposition Place was due to our firm's focus on investing in value-add multifamily assets across the US in high-growth markets," said Mory Barak, Co-Founder and Managing Principal of LREG. "We are pleased with the sale outcome, which was well above our underwriting at acquisition."

The transaction marks another significant return on LREG's previous office investments, as the firm frees up capital to deploy into its preferred core strategy.

"We are actively looking to acquire multifamily properties in areas with favorable economic growth projections that are relatively close to urban centers and provide convenient access to major transportation hubs," Barak continued.

LREG first acquired the asset in a $7.3 million co-investment deal alongside The Borman Group in December 2017. Since that time, the two companies have invested in renovations to convert the former industrial space into a modern creative office location, increase its value, and improve curb appeal. This includes upgraded mechanical systems; refurbished bathrooms, kitchens, and conference rooms; new seismic and green building standards in line with city codes; as well as reactivation of rooftop parking.

"We are delighted to see how our upgrades to 3317 Exposition Place have helped fuel the economic transformation of a vintage building, as well as its surrounding community," said Mark Borman.

Newmark acted as financial advisor to LREG in the transaction.

About Lion Real Estate Group 

Lion Real Estate Group is a real estate investment firm founded in 2007 by Jeff Weller and Mory Barak and based in Los Angeles, California. Lion Real Estate Group focuses on acquisition of value-add and opportunistic multifamily and creative office properties by leveraging its principals' experience in order to create value for its investors through renovation, repositioning, better management and optimum capitalization of its properties. Lion has participated in more than $1.5 billion of joint venture, equity and mezzanine real estate transactions. The firm currently owns and operates approximately 5,800 units across 27 multifamily properties and two office properties located in the Dallas, Los Angeles, Vancouver, Phoenix, Wheaton, Nashville, Denver, Durham, Austin, Atlanta and Salt Lake City areas. For more information, visit www.lionreg.com.  

About The Borman Group 

The Borman Group, LLC, is an award-winning real estate re-development company focused on the preservation of vintage buildings and the revitalization of urban submarkets in Southern California. Founded in 2003, The Borman Group is a multi-disciplinary, value-add real estate design and development company that has repurposed more than 500,000 square feet of creative office, retail and multi-family units in downtown Los Angeles. For more information, visit www.thebormangroup.com.

Contact

Mickey Mandelbaum, Prosek Partners
(310) 709-8900 
[email protected]

Aidan O'Connor, Prosek Partners
(646) 818-9283
[email protected] 

SOURCE Lion Real Estate Group

Related Links

https://www.lionreg.com