Planned Parenthood Buys LA Industrial Facility Near USC
By Greg Cornfield March 25, 2024 4:30 pm
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Planned Parenthood has acquired an industrial facility adjacent to the University of Southern California in Los Angeles.
The health care nonprofit put down $37.9 million for the 73,600-square-foot property over 2.4 acres just off Interstate 110, property records show. Fortress Investment Group sold the development at 320 and 336 West 31st Street after acquiring it for $22.8 million in May 2021 from the Rimokh family, which owns Signal Brands, records show.
“Planned Parenthood Los Angeles is expanding its footprint and our headquarters as we prepare for the future,” read a statement sent to Commercial Observer. “We look forward to providing sexual and reproductive health care and education well into the future.”
It appears the deal was not subject to L.A.’s Measure ULA transfer tax likely because of Planned Parenthood’s status as a nonprofit corporation. The Registry first reported the deal.
Planned Parenthood did not share specific plans for the facility that also includes 25,400 square feet of office space, according to marketing materials. The seller also did not return a request for comment.
New York-based Fortress managed more than $46 billion in assets as of Sept. 30 last year, according to its website.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
