Urban Stearns Acquires Adaptive Reuse Property In San Pedro For $28.85M

The sale of an adaptive reuse property at 226 West 6th Street in San Pedro has recently closed. The property, with a total area of 294,468 square feet, was sold for a price of $28,850,000. This translates to a per square foot price of $98. The property consists of 228 units, resulting in a per unit price of $126,535.

Summary of transaction details

• Property Type: Adaptive Reuse
• Transaction Amount: $28,850,000
• Address: 226 West 6th Street, San Pedro
• Market: San Pedro
• Buyer: Urban Stearns
• Seller: Harbor Associates
• Brokers: Chris Benton, Anthony Muhlstein, Kevin Shannon, Ken White, Scott Schumacher & Gabe Munson - Newmark
• Units: 228
• Price per Unit (PPU): $126,535
• Square Footage: 294,468
• Price per Square Foot (PPSF): $98

The deal was facilitated by the brokers Chris Benton, Anthony Muhlstein, Kevin Shannon, Ken White, Scott Schumacher, and Gabe Munson from Newmark. Their efforts contributed to the successful completion of the transaction between Urban Stearns, the buyer, and Harbor Associates, the seller. The sale of this adaptive reuse property highlights the potential for repurposing existing structures, meeting the demand for unique and versatile spaces in the real estate market.