HOUSTON -- The Lionstone Group, a real estate investment firm, announced today that it has purchased a 392,000-square-foot industrial/office facility in West Los Angeles formerly operated by the United States Postal Service. The building is located on a 19.7-acre site at 13031 W. Jefferson Boulevard on the northwest corner of Jefferson and Alla Road.

“We are very excited to have acquired this property for our investors,” said Lionstone Principal Tom Bacon. “We think this is an exceptional business location due to its proximity to Santa Monica, Marina del Rey, and LAX. It also enjoys great street access via West Jefferson and Lincoln as well as via I-10, I-405 and Hwy-90. We have already been approached by several prospective tenants who are interested in adaptive reuse of the existing building,” he added.

The seller of the property is Home Depot U.S.A., represented by Pacific Retail Partners. The agents for the purchaser are CB Richard Ellis and Lee & Associates.

Lionstone purchased the property as part of Lionstone Urban Investments One - a $185-million discretionary fund that acquires real estate assets in high amenity urban areas. Formed in 2001 by partners Tom Bacon, Dan Dubrowski, and Glenn Lowenstein, the Lionstone Group serves the interests of real estate capital by performing extensive market research to find unique value for investors. The firm owns multiple properties in West Los Angeles through another investment vehicle.