Investment Group 430 W 6th - SP, LLC Announces Successful Sale Amid Sweeping San Pedro Waterfront Revitalization
**SAN PEDRO, CA – July 26, 2023** – Under the expert stewardship of Christel Sicé, 430 W 6th - SP, LLC announces the successful sale of a prime commercial property situated at the epicenter of San Pedro's urban transformation.
Acquired in December 2017, the 10,224 square foot property at 430 W 6th Street has been purchased by 5 Blox, a prestigious Southern California home renovation agency. This transaction attests to the exceptional market insight of the Managing Partner, Christel Sicé, in demonstrating her acumen in pinpointing and capitalizing on high-growth markets, despite a recent downturn in the Los Angeles commercial real estate market and three years of pandemic-related challenges.
San Pedro, traditionally a bustling port district, is currently witnessing a significant urban resurgence. The West Harbor development on the L.A. Waterfront, an ambitious initiative by The Ratkovich Company and Jerico Development, is at the helm of this revitalization. Upon completion in 2024, this 42-acre project will unveil 330,000 square feet of retail, dining, and commercial spaces, solidifying San Pedro as a vibrant commercial and residential hub.
West Harbor promises an array of high-profile tenants, including the first satellite location of Hollywood's Yamashiro restaurant, market hall, Bark Social off-leash dog park café, and a 6,200-seat waterfront amphitheater by the Nederlander Organization. This transformative initiative follows over $600 million invested by the Port of Los Angeles into the waterfront between 2005 and 2015, with an additional $400 million earmarked for investment by 2025. The development, along with several other mid-rise residential developments, is poised to rejuvenate the retail and restaurant areas, contributing to a vibrant community culture.
"Recognizing early the growth potential in downtown San Pedro, our group invested strategically," says Christel Sicé, Managing Partner at 430 W 6th - SP, LLC. "The sale of the 430 W 6th Street property is a testament to our ability to anticipate market trends, enabling us to deliver superior returns to our investors despite external headwinds."
She further added, "We are pleased that 5 Blox, will carry the torch forward. Their contributions will undeniably enhance the exciting evolution underway in San Pedro's downtown area."
🌟✨ Thank you, San Pedro! 🌟✨ For five and half incredible years of unwavering support and encouragement. We are eternally grateful for the memories, the friendships, and the sense of belonging you have given us. San Pedro, you have truly embraced us as a part of your vibrant community, and we couldn’t have asked for a better place to call home.
In July 2023, we bid farewell to our beloved building as it embarks on a new chapter with the amazing @5blox_inc. While our paths may diverge for now, we want to assure you that our hearts remain deeply connected to this incredible community.
To the new owners, @5blox_inc, we extend a warm welcome to the San Pedro community. May your journey be filled with success, growth, and the same incredible support that has made this place so special. We look forward to seeing the positive impact you will undoubtedly bring to this remarkable community.💫
San Pedro’s historic Warner Grand Theatre is set to close sometime early next year for major renovations that will take about two years to complete — and keep the theater shuttered throughout that time.
The closure, planned for more than two years, has been significantly delayed, with the theater originally expected to close for the work in January 2022.
See article for complete story
A mixed-use project is under construction at 336 West 7th Street In Downtown San Pedro. The project proposal includes the construction of an apartment building with retail space, replacing a surface parking lot and a small commercial building.
High Street Residential will soon break ground on a 137-unit apartment complex on San Pedro’s waterfront, not far from a mile-long harbor redevelopment
A DEAL APPEARS TO BE IN THE WORKS TO PROVIDE TEMPORARY SPACE FOR THE SAN PEDRO FISH MARKET SOMEWHERE WITHIN THE 40 ACRES OF THE WEST HARBOR WATERFRONT DEVELOPMENT SITE. THE BUSINESS MUST VACATE ITS LONG-STANDING WATERFRONT PREMISES BY MARCH 3, IN SAN PEDRO ON WEDNESDAY, FEBRUARY 8, 2023.
Arches on 6th, at 430 W 6th Street, is a proud sponsor and host venue for the SPIFF Filmmaker's Lounge and other Party festivities February 3-5, 2023
San Pedro Photographers Association will be hosting 1st Thursday artist display and sales at Arches on 6th, at 430 W 6th Street,
Check out the ground breaking event video!
A joint venture of The Ratkovich Company and Jerico Development has broken ground on a 42-acre redevelopment project on the San Pedro waterfront landing a $90M financing package.
The loans for the West Harbor project, a retail and entertainment, includes $55M in Commercial Property Assessed Clean Energy (C-PACE) financing from Austin-based Petros PACE Finance and a $35M senior construction loan.
The new financing is in addition to $65M in backing from Sacramento-based Osprey Investors.
The 300K SF West Harbor project will reconnect the former Ports O’ Call Village to the San Pedro waterfront. Plans call for indoor and outdoor dining, a bar that extends over the water, a market hall and an artisan craft brewery.
The development will include more than 150K SF of shops and restaurants, four acres of parks and a 6,200-seat amphitheater for live entertainment.
The waterfront entertainment complex will offer harbor cruises, whale watching and sport fishing boat rides and a 1,200-foot dock for private boats. Tenants at the complex will include Mike Hess Brewing, which will operate a brewhouse and a 20K SF beer garden.
The West Harbor project has a 66-year ground lease from the City of Los Angeles and the Port of Los Angeles, which has already spent $100M on infrastructure upgrades at the site.
The C-PACE financing will pay for energy- and water-efficient new construction at terms more favorable than other sources of finance, including a blended interest rate that is lower than traditional construction loans.
Ratkovich has spearheaded several redevelopment projects, including the adaptive reuse of DTLA’s Oviatt Building, an Art Deco-style landmark, and the Chapman Market in Koreatown.
When Ratkovich and Jerico originally filed plans for the waterfront redevelopment in 2016, they were planning to call the venue the San Pedro Public Market. The project is a focal point for the efforts the Port of Los Angeles has made over the last decade to create a pedestrian friendly public waterfront from Banning’s Landing to Cabrillo Beach