 |
| Milano Lofts, Los Angeles, CA |
LOS ANGELES, CA – Janet Neman and Bryan Glenn
of Charles Dunn Company, one of the largest full-service regional real estate
firms in the western United States, completed the sale of Milano Lofts,
a 12-story, art deco style, mixed-use property totaling 131,433 square feet.
The property consists of 99 luxury, residential apartment
units and over 6,000 square feet of ground floor retail space occupied by two
restaurants: Industriel and Yorkshire Grill. The property was 100 percent
occupied at the close of escrow and is located at 609 S. Grand Avenue in the
financial district of Downtown Los Angeles.
 |
| Janet Neman |
Janet Neman, senior managing director, and Bryan Glenn,
senior director, of Charles Dunn Company represented the seller, Grand Pacific
Lofts, LP, as well as the buyer, Equity Residential in an off-market
transaction.
“Our strong track record and intimate knowledge of the
Downtown submarket allowed us to quickly identify a buyer that we knew would
recognize the incredible location and historical value of this asset,” said Neman. “It was a smooth, all-cash
transaction with a buyer that sees the bright future for Downtown and for this
property.”
 |
| Bryan Glenn |
The Milano Lofts property was built in 1925 as the Edwards
& Wildey building.
The property was converted under the Downtown Los
Angeles adaptive reuse ordinance to high-end, loft-style condominiums in 2005
by the developer, Grand Pacific Lofts, who later decided to lease them as
luxury apartments.
Additionally, the property benefits from the Mills Act Historical
Property Contract Program which recognizes the historical and architectural
value of the building and provides a reduced property tax basis.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
D.G. Communications, Inc.
No comments:
Post a Comment