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| National City Tower, Los Angeles, CA |
Built in 1924 and
redeveloped in 2008, the 12-story, 118,162-square-foot property was the former
branch of National City Bank. The property is being offered at $45 million and
has a projected initial capitalization rate of 4.7 percent.
Janet Neman and Bryan Glenn of Charles Dunn
Company are the exclusive brokers to market the property on behalf of the
private ownership, Los Angeles-based National City Towers, LLC.
“The timing for this property to hit the market couldn’t be
better,” stated Neman. “The ground floor and basement retail space is now occupied
by three restaurant tenants who are doing very well, drawing a strong base of
residential and business customers.
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| Janet Neman |
Over the past 12 months, the retail portion of the asset has
become fully leased. Terroni, a successful gourmet Italian restaurant chain
opened its doors on the ground floor of the property.
Terroni consists of approximately 6,000 square feet of space
and boasts floor-to-ceiling windows, dramatic French columns and an ornate
ceiling.
The basement space totaling nearly 4,200 square feet of space which is
accessible from the street, is also fully occupied.
Tenants include Peking Tavern, a restaurant and bar that
serves Northern Chinese cuisine and a unique cocktail menu, and Crane’s
Downtown Bar, which is located in the original vault of National City Bank and utilizes
the vault door as it entry.
“With pent up demand and capital seeking trophy assets in
core markets, we have already been garnering a significant amount of interest
from a wide range of potential buyers including those in 1031 Exchanges,
foreign investors and institutions,” commented Glenn. “National City Tower also
offers the opportunity to add value as the rents are currently below market
rates.”
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| Bryan Glenn |
Located in the heart of the Historic Financial District at
810 South Spring Street, the tower was designed in the Beaux Arts style. In
2008, it was redeveloped and elegantly transformed into one of Downtown’s
finest in luxury living loft developments.
National City Tower’s 93 residential units include 12
studios, 61 one-bedroom units, 16 two-bedroom units, two, two-bedroom
penthouses and two three-bedroom penthouses. Unit sizes range from
approximately 617 square feet to the largest two-story, penthouse unit of
approximately 1,884 square feet.
The open floor plans offer maximum flexibility in design and
arrangement to the resident. Units are characterized by their high ceilings,
gourmet kitchens, dramatic views, polished concrete floors, and elegant, modern
finishes.
Abundant windows create unparalleled light throughout the
units and give way to exquisite unobstructed views of the Downtown Los Angeles
skyline. The property features attractive amenities that include a rooftop
garden, spa and barbeque surrounded by city views, as well as a fitness and
media room.
Adding to the attractiveness of the investment, National
City Tower is a property that benefits from The Mills Act Historical Property
Contract Program allowing qualifying owners to receive a potential property tax
reduction and use the savings to help rehabilitate, restore and maintain the
building.
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| Terroni Restaurant, Downtown Los Angeles, CA |
According to a 2013 Annual Report by the Los Angeles
Downtown Center Business Improvement District, of the $17.3 billion dollars
invested in Downtown between 1999 and 2013, the largest percentage of that –
more than $6 billion – was represented in residential building, followed by
$5.2 million in mixed-use building as the area’s population has grown from
18,700 residents in 1999 to 53,320 residents in 2013.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
