Ratkovich purchases two Baldwin Hills buildings

The Ratkovich Co. and institutional investors advised by JP Morgan Global Alternatives have purchased the Bowcroft Collection — two industrial buildings spanning from 5950 Bowcroft Street to 5978 near the intersection of Jefferson and Obama Boulevards in the Baldwin Hills area — for a undisclosed sum acquired.

The interconnected buildings will total 73,035 square feet and will be converted into a campus that caters to companies in the creative industries. The property borders directly on Culver City, near the trendy Hayden Tract neighborhood and a short distance from a cluster of large companies such as Amazon, Apple, WarnerMedia, Sony, TikTok, Nike and Adobe.

“Downtown Culver City and surrounding areas is the most talked about office market in the region, and the Bowcroft Collection is emblematic of the type of real estate entertainment and technology companies are seeking,” Brian Saenger, President and CEO of The Ratkovich Co., said in a statement. “In these industries, low-rise campuses, not high-rises, have tremendous value. This property can become a true showcase for a company looking to make their mark in the entertainment capital of the world.”

JP Morgan’s Nick Gallucci added, “We believe that well-executed new and creative office products will continue to excel, particularly in West Los Angeles.”

The Bowcroft Collection has approximately 140 surface parking stalls. The property is close to Interstate 10 and the Expo Line, as well as restaurants in downtown Culver City.

“When I first saw the Bowcroft Collection, I immediately envisioned what an amazing next-generation entertainment campus this will be,” Milan Ratkovich, the company’s executive vice president, said in a statement. “I had the same feeling when I saw The Hercules Campus in Playa Vista, which is now home to Google, YouTube and 72andSunny. We are confident that we will create an unprecedented asset at Bowcroft, befitting one of the city’s hottest real estate markets.”

The Bowcroft Collection occupies a three-acre site with several buildings.
“The property consists of four interconnected buildings, three of which feature arch truss construction with ceiling heights exceeding 20 feet — which are in high demand from creative firms,” ​​Cyrus Chini, who leads acquisitions for The Ratkovich Co., said in a statement. “The buildings fit well with TRC’s expertise in reinventing architecturally interesting buildings and provide a perfect canvas to create an innovative technology or media campus in the emerging hub of the creative industries.”

Aleks Trifunovic, President of Lee & Associates/Los Angeles West Inc., represented TRC in the Bowcroft transaction.

Ratkovich specializes in urban infill real estate and historic landmark property rehabilitation. The company has developed major projects that cater to the entertainment and technology industries, such as the Hercules campus in Playa Vista and an overhaul of Spruce Goose’s historic hangar.

“With truly creative office space at a premium price in Los Angeles, properties over 20,000 square feet in prime locations are hard to find. Rent rates in its submarket have topped pre-pandemic numbers, which is notable in this office submarket,” said Lee’s Trifunovic. “Having long been a site of light industry, the Bowcroft Collection offers a unique new addition opportunity of significant size in an area that has evolved into a true technology and media hub.”

The Bowcroft Collection was purchased by the South Division Jefferson Industrial Center, a company controlled by Justin Altemus and David Altemus as managing directors. The Altemus family has owned the property since it was developed and sold through their brokerage/real estate management arm, The Altemus Co. Inc., in the mid 1950’s.

“This has been a very special asset to our family for the past 70 years and we could not imagine a better organization within the Ratkovich Company to be the new stewards of the Bowcroft property and lead it into the next chapter of its life. ‘ Justin Altemus said in a statement.

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