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| Downtown Los Angeles, CA luxury apartments |
LOS ANGELES, Calif. November 12, 2013 – Charles Dunn
Company, one of the largest full-service regional real estate firms in the western
United States, has been selected by G.H. Palmer Associates to market its
portfolio of Downtown Los Angeles retail space.
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| Geoffrey Harrison Palmer |
The available space totals 95,300 square feet and is
situated on the ground floor of six luxury apartment projects spanning from
Sunset Blvd. to the north, to Adams Blvd. to the south in locations just off
the 110 Harbor Freeway.
The Charles Dunn leasing team includes Chris Runyen, Mark
Takeichi, and Tracy Taft who are out of the firm’s Downtown Los
Angeles headquarters.
“With an ever-increasing residential, business, and visitor
population, Downtown LA currently has an unmet consumer demand for a wide
variety of retail needs,” said Tracy Taft, director with Charles Dunn.
“The quality space that is offered in G.H. Palmer’s portfolio
is poised to help meet that demand with locations situated in growing
neighborhoods that are largely retail deficient.”
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| Chris Runyen |
G.H. Palmer’s six high-end luxury apartment projects total
4,338 residential units. Two of the projects are currently under construction
with delivery in 2014.
G.H. Palmer began making its investment in Downtown LA in
2003 with The Medici, its first residential/retail project. Over the years, as
downtown has grown in population, its projects have attracted residents,
bringing their occupancy to approximately 90 percent.
“We selected Charles Dunn to lease our retail portfolio
because the firm is a proven market leader and we’re optimistic the leasing
team will attract the right retailers to our buildings. Being locally based in downtown was also a
big plus—they can walk to our assets,” said Geoffrey Harrison Palmer,
owner of G.H. Palmer.
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| Mark Takeichi |
Palmer added: “Our properties offer an elegant resort-style
experience for our residents and the retail component is not only an important
amenity, but also a huge asset to the overall community.
“This is an exciting time for G.H. Palmer Associates—our
portfolio of mixed-use projects in Downtown LA is growing, and our unique
retail space presents an opportunity to bring new and vibrant retailers into
the market.”
Charles Dunn will seek to attract a diverse tenant mix of
local, regional and national retailers throughout the various properties.
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| Tracy Taft |
The properties in the portfolio include:
1. The
Orsini, 505, 550 & 606 North Figueroa Street. The property includes
1,073 apartment units and 42,562 square feet of available retail space.
2. The
Piero, 609-616 St. Paul Avenue. The property includes 825 units and 7,170
square feet of available retail space.
3. The Da
Vinci, 909 West Temple Street. Currently under construction with completion
in 2014, the property will include 526 units and 10,255 square feet of
available retail space.
4. The
Visconti, 1221 West Third Street. The property includes 297 units and 6,506
square feet of available retail space.
5. The
Medici, 722-725 South Bixel Street. The property includes 632 units and
6,897 square feet of available retail space.
6. The
Lorenzo, 325 West 23rd Street. Currently under construction with completion
in 2014, the property includes 913 units and 27,366 square feet of available
retail space.
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| The Piero Apartments, Downrtown Los Angeles |
The downtown area is
continuing its trend of gentrification and revitalization. In a 2013 Downtown
Los Angeles demographic study conducted by The Downtown Center Business
Improvement District (BID), there are approximately 52,400 residents in the
area, which is up six percent from 2011.
Additionally, there are 30,600 residential units – up 15
percent from 2011. Downtown also boasts a high median annual income of residents
and its 500,000 daily employees at more than $98,000. There are also an
estimated 10 million visitors to downtown per year.
For
a complete copy of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
