Blackstone Picks Up Forever 21’s Lincoln Heights HQ for $166M
Forever 21 has sold its headquarters building in Los Angeles to the Blackstone Group for close to $166 million—more than four times what the fast-fashion retailer paid for it— according to the Los Angeles Business Journal, which broke the news yesterday.
Forever 21 purchased the 2.1-million-square-foot industrial property at 3880 North Mission Road in the Lincoln Heights area from Macy’s in 2010 for $38 million, property records show. It was unclear if the retailer—which occupies the entire building—would remain at the property or relocate.
Representatives for Forever 21 and the Blackstone (BX) Group did not respond to requests for comment.
Forever 21 ranked as the sixth-largest private company in Los Angeles County in 2017 with roughly $4 billion in revenue, according to LABJ.
“Industrial facilities in valuable infill markets have been in high demand as e-commerce grows,” said the Journal. “In the fourth quarter of 2018, 13.6 million square feet was sold or leased, up from 11.7 million square feet during the fourth quarter of 2017, according to [JLL (JLL)] data.”
Editor’s note: This story has been corrected since publication and includes a link to the original source.