Blackstone, Worthe Real Estate Selling Former Forever 21 Site, Bids Could Top $200M
A joint venture of Blackstone and Worthe Real Estate Group is selling the former Forever 21 headquarters in Lincoln Heights, a property that could receive bids up to $200M.
The site is entitled for a three-building redevelopment totaling 1M SF, almost all of which would be industrial space, according to Real Estate Alert, which is published by Green Street. The JV sought permits to demolish and redevelop the site in 2022.
The property at 3880 N. Mission Road holds 1.5M SF across eight buildings. It consists mostly of industrial uses now, with just 265K SF of office space. It was purchased by the JV for just under $166M in December 2018, according to Real Estate Alert.
CBRE is representing Blackstone and Worthe. Its marketing campaign centers on the ability of the would-be buyer to have a shovel-ready project that comes with all the permits needed to begin a new industrial project. Under the approved plan, all but one of the existing buildings would be demolished.
The 39-acre site, which is less than 5 miles from Downtown, is in a low-vacancy submarket, according to CBRE's fourth-quarter report.
