Hackman Capital Takes Over Management of L.A. Mixed-Use Portfolio
By Nick Trombola September 17, 2024 4:09 pm
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Prominent studio and office investment firm Hackman Capital Partners (HCP) has formed a new partnership to manage a 26-building, mixed-use portfolio in its hometown of Culver City, Calif.
HCP has allied with developer Laurie Samitaur Smith to manage the Conjunctive Points portfolio, a cluster of commercial buildings in and around the Hayden Tract neighborhood of Culver City. The 800,000-square-foot portfolio was developed and has been owned for more than 35 years by Samitaur Constructs, the firm Samitaur Smith operated with her late husband Frederick.
JLL (JLL) will join HCP to help manage the portfolio, while JLL’s Micheal Geller and Gabe Brown, along with Cushman & Wakefield (CWK)’s Josh Bernstein and Alexa Delahooke, will manage property leasing. Current office tenants include Nike, game developer Scopely, Jukin Media, restaurant Vespertine and food ordering platform ChowNow.
“[HCP] was the obvious and most strategic choice, given their existing commitment to the submarket, to help Laurie manage the massive Conjunctive Points portfolio,” Kevin Shannon, co-head of U.S. Capital Markets for Newmark (NMRK) said in a statement. Shannon helped facilitate the new partnership, according to HCP.
Jonathan Firestone, co-president of Global Debt and Structured Finance for Newmark, also helped arrange new financing for the portfolio, though details on that financing were not immediately available.
Initially developed as an industrial zone in the 1940s, much of Hayden Tract was abandoned over the decades. The Samitaur Smiths, along with architect Eric Owen Moss, began redeveloping the area in the 1980s with a focus on adaptive reuse and eclectic design.
“Laurie and her late husband Frederick were really the first pioneers of the Hayden Tract, when they acquired land in the 1970s and began to reposition the vintage industrial area into the diverse and vibrant mixed-use neighborhood it has become today,” Michael Hackman, founder and CEO of HCP, said.
Samitaur Constructs in 2018 secured a $231.6 million loan from what is now Affinius Capital and Deutsche Bank toward a part of the Conjunctive Points portfolio, including the (W)rapper Tower, a 16-story creative office building notable for its steel band exoskeleton.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
