January 21, 2015: BISNOW
One developer eager to take advantage of the boom in El Segundo (which we have told you about several times) is Lee Segal. He’s managing general partner of LIMO Properties, which owns six industrial buildings totaling about 120k SF in the Smoky Hollow area, all of which are at El Segundo and Oregon. Lee tells Bisnow that as leases expire at the properties, he’s going to convert each of them to creative office. Two of the properties, 1330 East Franklin Ave and 140 Oregon St, will term out this year, and Lee says he already has an architect in place working on the conversion.
The market is so hot he says there have been at least five unsolicited offers on his properties in the last year alone. As we told you at our Future of El Segundo event last month, the city is set for a $1B makeover. One hurdle for Smoky Hollow, however, is parking. As the submarket looks to transition from industrial to office, there just aren’t enough spots for those types of tenants. Lee has plans for that. With about 140k SF of undeveloped land between his buildings, he’s planning to construct a two-story parking structure that he thinks will separate his properties from the rest in the market.