Real Estate Monday Cover

Eastside Real Estate & Development News

In this issue of Real Estate Monday, a former Christian college in Glassell Park is in escrow, Eagle Rock Plaza could sell for more than $100 million and several Hollywood writers and producers have settled into to a Historic Filipinotown commercial complex.

Read on for details!

Glassell Park

The former site of Shepherd University is now in escrow, nearly two years after the nonprofit Christian college went out of business, according to a listing on Loopnet. No word yet on who’s taking over the 5.86-acre property at 3200 North San Fernando Road, or what price is being offered; the property was last listed for $30 million. Assets include two adjacent equal-size, single-story structures totaling 84,276 square feet, as well as 262 Parking Spaces. The buildings were completed in 1972 and 1973, and Shepherd University was founded there in 1999, offering degrees in theology, music and nursing. But it filed for bankruptcy in August 2017, according to The Real Deal, and went out of business in Jan. 2018 after donation pledges had slowed down, according to the Wall Street Journal.

Boyle Heights

The county has begun planning the second phase for the new Restorative Care Village at the Los Angeles County + USC Medical Center, Urbanize reports. The County Board of Supervisors have now voted to establish the capital projects for the proposed second phase of the campus, and to authorize laying the groundwork for construction. This phase of the project is to include a Mental Health Outpatient Center, a Mental Health Urgent Care Center, and a Recovery and Respite Center with temporary shelter for people who are inebriated or going through substance withdrawal. The Restorative Care Village is being designed to serve the area's homeless population. Phase One was approved earlier this year, with a 96-bed recuperative care center and a 64-bed residential treatment center.

Eagle Rock

Eagle Rock Plaza is for sale, according to the Commercial Observer. Although no listing price is reported, the Observer reports that the 1970s-era enclosed mall could go higher than $100 million. The approximately 462,000-square-foot mall on Colorado Boulevard at the 2 Freeway is about 90 percent occupied, with Macy’s and Target serving as anchor stores.  Listing broker Thomas Dobrowski of Newmark Knight Frank told Commercial Observer that many potential buyers would look at redeveloping the site. “A mixed-use densification play is probably how most folks will look at this site; given the fact you can do multifamily, office, creative office and you have retail. You have the pick of the litter in terms of uses.” 

East Hollywood

The laundromat at 611-615 N. Virgil Avenue could be replaced with a five-story mixed used apartment building, Urbanize reported. Plans that have been submitted to the city say it would have 30 residential units, including three to be set aside for extremely low-income. Urbanize notes project applicant is affiliated with Continental Development Group, which is also planning a similar mixed-use project a block north at 700 N. Virgil Avenue.

Echo Park

A developer has revamped plans for a housing project on Temple near Glendale, making it larger than originally proposed, says UrbanizeLA. The original concept, proposed more than three years ago, called for a five-story building with 55 apartments to be constructed on the site of a parking lot and one-story commercial building at 1614-1626 W. Temple. Now, developer Olive Hill Group is seeking city permission to build a six-story building with 72 units, six of which would be set aside for low-income tenants. 

El Sereno

The Bioscience Corridor has attracted a new occupant, according to L.A. Biz. The nonprofit LA Bioscience Hub a has opened a new office in HATCHlabs, a multi-tenant lab and office space. L.A. Biz described LA Bioscience Hub as "the advocacy, policy and communication arm of the Los Angeles Bioscience Corridor."

Historic Filipinotown

Though it looks like a movie set for a western, Rideback Ranch is actually a communal work space for Hollywood writers and producers. The New York Times drops by for a visit, noting the creative development space includes a "barn" (in quotes), a saloon (not in quotes), and barstools made of saddles. The two-year-old complex was put together by producer Dan Lin, whose credits include "Aladdin," "It," "The Lego Movie" and, more recently, "The Two Popes." "If you put a bunch of creative people from different backgrounds into one space, something magical will happen," Lin told the Times. 

That’s it for this issue of Real Estate Monday.

— Barry Lank & Jesús Sanchez

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