Carmel Partners has sold a warehouse property next door its massive Cumulus residential project in West Adams, receiving more than twice what it paid.
An LLC controlled by Jim Jacobsen, CEO and chairman of Redcar Properties, acquired the property for $29 million, records show. The 30,400-square-foot warehouse is located at 3318 La Cienega Place, and the property encompasses 1.3 acres.
Deutsche Bank provided the $17.4 million acquisition loan.
San Francisco-based Carmel paid $14 million for the site in 2017.
The warehouse stands next to what will be Carmel’s massive mixed-use project, dubbed Cumulus. It will add 1,210 residential units and span more 1.15 million square feet.
Earlier this year, Santa Monica-based Redcar Properties applied for permits to build a four-story retail and creative office project on West Adams Boulevard.
The neighborhood has attracted increasing development thanks in part to the expansion of the Metro Expo Line. CIM Group is also planning a mixed-use project on West Adams Boulevard, as well as a hotel and media building nearby.