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| Janet D. Neman |
Built in 1924 and redeveloped in 2008, the 12-story, 118,162-square-foot property was the former branch of National City Bank.
Janet Neman and Bryan Glenn of Charles Dunn Company represented the seller, Los Angeles-based National City Towers, LLC, as well as the buyer, RC Acquisitions, LLC from Canada.
Charles Dunn implemented an aggressive national and international marketing campaign for National City Tower, a trophy asset in the high-growth market of Downtown Los Angeles which has been receiving a massive infusion of capital from investors and developers over the past several years.
Neman and Glenn secured multiple offers on the property and selected the qualified Canadian buyer who owns other high-end residential properties in Southern California and has been looking to enter the Downtown market.
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| Bryan Glenn |
“National City Tower is a core asset in Downtown LA that will reap the rewards of ownership as the area continues to revitalize.
"I remember selling the Higgins Building at Second and Main in the late 1990s.
" It was vacant for decades and was sold at just $10 per square foot, and has since been converted to residential lofts.
“What a long way Downtown has come in just 15 years ... and it shows no signs of slowing down for investors, businesses, owners and residents.”
Neman noted that the buyer was attracted to the stabilized property which was 97 percent occupied for the residential portion, while the retail portion was fully occupied.
Terroni, a successful gourmet Italian restaurant chain opened its doors on the ground floor of the property about 16 months ago.
For a complete copy of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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