Bow West Capital, a Los Angeles-based real estate investment firm, has purchased a 55,000-square-foot commercial building in the Downtown Jewelry District for $14 million with an eye towards renovating the property as creative offices, according to an announcement today from Cushman & Wakefield.

The property, located at 718-722 S. Hill Street was purchased just two-and-a-half years ago by its prior owners for $8.54 million.  Since then, the company initiated renovation plans by moving its tenants to month-to-month leases and obtaining alcohol permits, according to a statement from Mike Condon, Jr. of Cushman & Wakefield, who represented the sellers along with Kelli Snyder, Brianna Demus, and Arianna Nienow.

Moving forward, Bow West intends to begin immediately converting the upper floors of the seven-story building into offices, with an art gallery at its mezzanine level and retail and restaurant tenants on the ground floor.

Built in 1913, 718 S. Hill Street is located in close proximity to Pershing Square and the Broadway Trade Center, which is itself being redeveloped with office space, retail, and a boutique hotel.

Image courtesy of Cushman & Wakefield

From the Web

125-Unit Affordable Housing Development Completed in Westlake

LINC Housing Corp. built the $57-million project.

LINC Housing has completed construction of Mosaic Gardens at Westlake, a new affordable housing community located just west of Downtown Los Angeles.

The $57-million development rose from a long-vacant lot at the corner of Beverly Boulevard and Lucas Avenue, and consists of a six-story building featuring 125 one-, two-, and three-bedroom apartments serving the formerly homeless, low-income families, and seniors.  Rents in the building are set between $398 and