Arts District Redevelopment Comes to Market in Foreclosure Sale
Cushman & Wakefield has been retained to market the foreclosure sale of AtTraction, a historic 58,118-square-foot historic, adaptive reuse asset located in two buildings at 800-810 Traction Ave. in Los Angeles’s Arts District. The property is being sold through the site’s former lender and now current owner.
A Cushman & Wakefield team comprising Mike Condon Jr. and Erica Finck are representing the seller. The building had originally housed the Joannes Brothers Company, a coffee, tea, and spice processor and wholesaler, followed in the mid 1950s by the Los Angeles Desk Company. The previous ownership had acquired the property in 2021 and was deep into an adaptive reuse plan .
“Aside from the real estate being objectively one of the best assets in the market, the deal structure offering an opportunity to buy the Arts District’s crown jewel at a basis comparable to the former lender’s, combined with the optionality for seller financing, creates a one-of-a-kind buying opportunity for an investor or user,” said Condon. “Finally, the buyer can benefit from finalizing a redevelopment of the project on third base, given millions of dollars have already been spent on many of the base building elements to date, creating substantial additional value.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).