Colliers Closes $7.75 Million Purchase Transaction
Jolie, Current/Elliott and Equipment Clothing Near Downtown Los Angeles Purchases A Two-Building Site
Founder and CEO of the popular Joie, Current/Elliott and Equipment clothing lines Serge Azria has purchased a two-building site near downtown Los Angeles where he plans to house expanded corporate offices, a design center, a separate retail store and a warehousing operation in a transaction valued at $7.75 million , Colliers International has announced.
Comprised of two buildings at 5251 Santa Fe Avenue, in the City of Vernon, the site is located directly opposite from the company’s current headquarters. The larger of the two buildings will be used to house the company’s expanded corporate headquarters, a design studio and a limited amount of warehousing space, while the smaller, free-standing facility will be used as a retail store, according to Colliers Vice President Will Smith, who represented Azria in the transaction. The property owner, Blue Banner, LLC, was represented by Iqbal Hassan of Quantum Associates.
Azria, who has been called a “visionary” in what is known in the fashion industry’s “new contemporary luxury” segment, is also the creative force behind all of his lines and has created a portfolio of brands that have rapidly established a leadership position in the market, delivering significant growth and consistent profitability, according to published comments from fashion industry sources.
That rapid growth also has created a need for more space to house his growing operations in the Los Angeles area, where Azria has long had an established presence, Smith noted. The two newly acquired buildings total approximately 73,000 square feet together and are comprised of a 60,000-square-foot, three-story office/design building that includes some warehousing space and a 13,000-square-foot, two-story building that will house a retail store.
“The fully improved and upgraded offices on the upper two levels of the larger building undoubtedly have the most beautiful interiors of any building in this market,” said Smith. “It has the most dramatically contemporary and updated interiors of any building in this industrial area and it’s easy to understand, once you’ve seen the space, why Mr. Azria would want to put his design center and corporate offices here.”
According to Smith, the site was first made available to Azria several years ago, but at that time he decided not to purchase the property. But, as his clothing lines grew, especially with the acquisition of Equipment in 2010, his companies began to outgrow their space.
“He regretted that he had not acquired the property when it was offered to him years ago, and, when the opportunity to purchase it finally did come around again, I immediately brought it to his attention and he acted quickly to acquire it,” said Smith. “It will extend the company’s growing presence in the Los Angeles area and is a perfect complement to the company’s headquarters site just across the street.”