LOS ANGELES, CA — OCTOBER 17, 2019 — Centre Urban Real Estate Partners has been selected as one of four finalists for the joint-development of the future Metro Little Tokyo / Arts District Station, as part of the larger Regional Connector project. In January 2019, Metro received eight different responses from interested parties, which was later whittled down to the top four teams in June.
As part of the joint-development process, Metro held two community open houses on October 17, 2019 at the Nishi Hongwanji Buddhist Temple where the four finalists presented early looks at their visions for what could rise above the Little Tokyo / Arts District Station. Community members were asked to provide feedback, which was recorded by Metro staff and will be presented to each development team. Metro hopes to recommend a developer to the Board of Directors in early 2020. The Regional Connector is expected to open in mid-2022.
As reported by L.A. Downtown News, "Centre Urban Real Estate Partners’ concept focuses on melding elements from Little Tokyo and the Arts District’s past with the future, according to Martin M. Q. Nguyen, principal at the Downtown-based development firm.
“This is a key site and key player to both Little Tokyo and the Arts District,” Nguyen said during the presentation. “This is the crossroad of the historic and traditional history of Little Tokyo, yet the start of the innovative and new concepts that come out of the Arts District.”
Centre Urban’s vision for the site, alongside their development partners, Stantec and Kritzinger & Rao, features 20,000 square-feet of creative office space spread across a two-floor building. Visitors will have to cross a large lawn to enter the offices, which will be focused on independent start-ups from the community.
An “urban village” will anchor the offices, Nguyen said. A total of six independent retail spaces totaling 2,500-square-feet, a 3,400-square-foot restaurant and an 18,000 square-foot “food village” than can house 22 different stalls and a bar will make up the village.
There is also a 1,700-square-feet space for a historic cafe on the Central Avenue side of the site. During the meeting, Nguyen floated the idea of the space eventually holding a revived Atomic Café. The legendary cafe’s historic brick building sat at the construction site for 100-years before being demolished in 2015 to make way for the new station.
Additional features include a 500-square-foot mobility hub, a “smart market,” and potential for a rooftop event space."
Centre Urban is excited to play a part in this process and hopes to be able to play its part in the positive evolution of the Little Tokyo and Arts District communities.
For more information:
Centre Urban Marketing
LOS ANGELES, CA — OCTOBER 14, 2019 — Centre Urban Real Estate Partners has successfully sold Pierson Plaza in Riverside County for $11.3 million or $296 per square foot. Pierson Plaza is a legacy asset of Tahiti Partners Properties Corporation, which successfully acquired, designed, entitled, and constructed the 38,084 square-foot office building which was completed in 2017. Tahiti Partners developed Pierson Plaza as a build-to-suit tailored for the Riverside County’s Department of Public Social Services with tenant improvements costing nearly $3.0 million and ultimately stabilized the asset by signing the County to a 10-year lease.
The buyer is a Palm Springs-based real estate investment company that exchanged out of a multifamily property to acquire Pierson Plaza. Centre Urban was represented by CBRE and the buyer was represented by the McLean Company in the transaction.
Pierson Plaza is located in the heart of the downtown area, across the street from Desert Hot Springs High School and Desert Hot Springs Library. The asset is also seven miles north of the I-10 freeway that connects the Coachella Valley to Riverside and Los Angeles Counties.
“This listing provided the extremely rare opportunity to acquire a brand new, single-tenant office building in the Coachella Valley,” said Gary Stache of CBRE. “The Coachella Valley has extremely strong market fundamentals, and the area is forecasted to grow from 369,000 to nearly 500,000 total seasonal/full-time residents by 2020. The buyer realized the incredible value in acquiring such a unique asset in one of Southern California’s fastest-growing submarkets.”
More than 160,000 square-feet have been leased in the second quarter, following a moderate start to the year, further lowering the Inland Empire’s overall office vacancy rate to 8.6 percent, according to a CBRE research report. This marked the Inland Empire’s fifth consecutive quarter in single-digit vacancy.
For more information:
Centre Urban Marketing