MWest Holdings Buys San Fernando Building in Los Angeles for $37M
LOS ANGELES — MWest Holdings has purchased the San Fernando Building, an 89,500-square-foot building in the Old Bank District of downtown Los Angeles, for $37 million.
The historic building was originally constructed in 1907 as an office building. It was converted into 70 large, loft-style multifamily units with about 11,500 square feet of ground-floor retail and restaurant space in 2000.
The San Fernando Building is located at 400 S. Main St. It is currently 92 percent leased. The building has also been featured in several films, including Bull Durham and 500 Days of Summer.
Fred Cordova, Lee Shapiro, Ryan Eddy, Justin Weiss, Michael Puleo and Jake Sachse of Kennedy Wilson represented the seller, Gilmore Associates, in this transaction. Mesa West Capital provided the $21.6 million acquisition loan for the property. Sklar Kirsh was the legal representation for MWest Holdings, while Shumaker Mallory represented Gilmore Associates in this transaction.