SEGAL COMMERCIAL PROPERTIES ANNOUNCES MAJOR TRANSACTION
El Segundo, CA – October 25, 2019 - Segal Commercial Properties, Inc. has closed a six-acre research & development sales transaction in El Segundo with Smoky Hollow Industries, LLC and LIMO Company, LP. The Research & Development campus called Standard Works is located at 1301-1475 E. El Segundo Blvd. in the Smoky Hollow District.
The transaction consisted originally of six brick and concrete mid-century industrial properties developed by the LIMO Company starting in the 1950s’. The Limo Company and Smoky Hollow Industries entered into a three-year lease in 2016 with an option to purchase; in addition, the lease allowed Smoky Hollow Industries to remodel the buildings.
Smoky Hollow Industries refurbished and redeveloped a 20,000-square-foot single tenant Brick and concrete Industrial building into approximately 28.000 square feet of Research & Development space at 1301 E. El Segundo Blvd. The new building is divided into four units that are 100% leased.
Smoky Hollow Industries constructed a four-story 500-car parking garage to accommodate parking for the new development. The project will include the construction of a three-story building at 136-142 Oregon Street, which will feature 90,000 square feet of research space utilizing part of the shell from the building.
In addition, they plan on converting two additional buildings located at 1320 E. Franklin Ave. and 1475 E. Franklin Ave. into 65,000 square feet each of R&D space.
Lee Segal, President of Segal Commercial properties said, “Smoky Hollow Industries is taking these mid-century modern industrial brick and concrete buildings and transforming them into a contemporary R&D park in this progressive historical district.”
The tenants in the Standard Works Campus include: Beyond Meat, IPC, Homedics, One Hope Foundation, ABL Space Systems and Saviynt, Inc.
Lee Segal of Segal Commercial Represented the seller LIMO Company, LP and Matt Crabbs of Compass Commercial represented the buyer Smoky Hollow Industries. Both Lee Segal and Matt Crabbs will be representing Smoky Hollow Industries in leasing the Standard Works Campus.
If you need more information about this topic, or to schedule an interview with Lee Segal, please call Lee Segal at 310-748-5777 or Kelli Frye at 310-663-8549.