Prologis, an investment and development company based in San Francisco, is hoping to expand its presence in Southern California. The company has recently submitted plans to the City that would turn a current Greyhound bus terminal into a nearly 470,000 square foot production campus – a project that has been dubbed Alameda Crossing.
“We are excited about the opportunity to redevelop what was the Greyhound Bus Terminal in LA’s Arts District. We will work with the city on our plans and engage with the community throughout the process. Prologis is a long-time member of the Los Angeles business community. We own and operate 17 buildings in the City of Los Angeles, resulting in over 1,000 jobs and supporting more than 60 customers,” said Lauren Achtemeier, vice president and investment officer with Prologis.
Plans for the project, located at 1716 E. 7th Street in Los Angeles’ Arts District, come from Relativity Architects. Those plans show a production campus with 10 soundstages and about 291,000 square feet of office and support spaces on the 9.4-acre site. Plans also include 941 vehicle parking spaces and 136 bicycle parking spaces.
In total, the campus encompasses 469,854 square feet of floor area and would consist of three buildings. The first would be a one-story building with three sound stages; the second would be a seven-story building with five soundstages on the ground floor as well as supportive parking, a lobby, mill, and other support space. The second building also includes three levels of integrated parking and three levels of office space above. The third building would reach one-story tall and include the remaining two soundstages, according to project plans.
However, plans for the project also include a second option that would allow for a logistics facility to be used for warehousing and distribution of goods. The alternate development scheme also proposes to add research and development space as well as ground floor commercial retail space within the five-story, 619,500 square foot logistics building.
Located in the heart of Los Angeles Arts District, either path could make sense for the development team as the property is surrounded by a mix of creative office, industrial and retail buildings. The property is also situated close to several freeways, including Interstates 10, 101 and 5.
Founded in 1983, Prologis currently has a total of $165 billion worth of assets under management, with a portfolio of approximately 1 billion square feet.
In Southern California, the company has been active in investing in several properties throughout the past year. In one deal, Prologis purchased a 303,100 square foot industrial asset in Riverside for $83.5 million, or about $275 per square foot, according to previous reporting from The Registry. The property, which is located on 30.19 acres at 6975 Sycamore Canyon Boulevard, was sold by MAT Holdings Inc., an Illinois-based manufacturing company. In another deal that took place earlier this year, Prologis paid $96 million, or about $298 per square foot, for Pacific Vista, a 322,262 square foot office campus in Lake Forest. The property is located at 25500-25550 Commercentre Drive.
