Hackman Capital, a privately-held investment company, announced today its acquisition of 3644 Eastham Drive, a 13,704 square foot building, located in the Hayden Tract of Culver City, California. The building is now one of seven Culver City properties in the company's portfolio, a portfolio Hackman Capital still plans to expand.
"We believe in Culver City," said Michael Hackman, founder and CEO of the privately-held real estate investment firm. "The area is a progressive and rapidly growing destination for businesses, especially those in the creative industries. We want to expand our footprint here."
Hackman Capital, which is based in Los Angeles, has been investing in industrial and office real estate since 1986. Although the company and its affiliates have a large national presence, with more than 56 properties across the country, Hackman Capital is actively implementing one of its primary investment strategiestargeting acquisition opportunities in Southern California, Culver City and the Hayden Tract.
"We heard about the opportunity at Eastham Drive because the building is in such close proximity to properties we currently own in the Hayden Tract. When you're active in an area, you get leads."
And according to Hackman, there is natural synergy between the neighboring buildings.
"We already have plans in the works to renovate our properties at the corner of Hayden Place and Higuera Street, Hackman explained. Those plans will eventually result in an ultra-modern, 120,000-square-foot creative office complex, with the addition of a free-standing, five-story parking garage, plus surface parking. Now we also plan to transform the Eastham building into creative office space."
To design the space at Eastham Drive, Hackman Capital has engaged Abramson Teiger, an award winning architectural firm based in Culver City. Initial plans have been drawn to leverage the best features of the original building, which was built in 1949 for light manufacturing, including a striking wooden-bow truss roof. Architects also suggest removing an area at the front of the building to accommodate executive and visitor parking, and creating a mezzanine over the parking area, which will increase the total building area to approximately 14,500 square feet.
"Implementing both the Eastham and Hayden+ Higuera redevelopment projects, simultaneously, allows us to better address market demand," Hackman said. "For example, our Hayden + Higuera project will create parking for over 700 carsthat's parking availability that can be shared with Eastham Drive tenants."
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