Friday, January 25, 2013

Charles Dunn Completes Sale of Milano Lofts, an Historic Residential/Retail Property in Downtown Los Angeles, in Off-Market Transaction



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