Partners Trust commercial associate Morgan McMullin, who’s toppled $220 million in investment transactions over the past decade, just closed one of the highest-priced development deals in Lincoln Heights this year with the sale of Columbia Mills for $20,000,000. Featuring 9 buildings totaling 90,000 square feet of space and situated on 2.06 acres of land, Columbia Mills has been operating as Lacy Street Production Center for the past 35 years, where such motion pictures as Catch Me If You Can, Seabiscuit, Saw, LA Confidential, The Addams Family, Beethoven, Cagney & Lacey, dead Presidents, and many more were filmed here.
Located in Lincoln Heights at the corner of Lacy Street and West Avenue 26 and the intersection of the 5 and 110 Freeways, Columbia Mills is positioned in one of the most accessible locations in all of Los Angeles. Comprising more than 2 acres of land, the property is directly across the street from the Lincoln/Cypress Metro Station along the Gold Line, making Downtown LA and Old Town Pasadena accessible in mere minutes in either direction. Additionally, with destinations including South Pasadena, Heritage Square, and the increasingly popular Highland Park situated nearby, the studio lot occupies a unique position that allows for endless creative, adaptive reuse, and development opportunities.
Of special note is the unprecedented arrangement set by the Cornfield Arroyo Seco Specific Plan (CASP), of which Columbia Mills is a part of. This visionary proposal, incorporated December 13, 2012, set the planning guidelines through 2035 and was designed to create an iconic mixed-use neighborhood. The plan is the first of its kind in the city of Los Angeles to not mandate parking requirements—a direct reflection of the changing culture in Los Angeles and the declining need for parking.
McMullin represented the seller, a family trust, which purchased the property over forty years ago.
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Photo courtesy of Urbanize LA