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| 2601 Wilshire Boulevard, Downeown Los Angeles, CA |
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| Blake A. Rogers |
LOS ANGELES, CA -- March
21, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the
sale of 2601 Wilshire Boulevard, a
1.21-acre site with two office buildings totaling 62,000 square feet in Los
Angeles, California.
HFF marketed the property
on behalf of the seller, an entity advised by Cohen Asset Management, Inc.
(CAM). Jamison Properties purchased the
asset for $20 million.
Originally built in 1951
and renovated in 1999, 2601 Wilshire Boulevard consists of a one-story and
connected four-story building, plus an adjacent four-story, five-level parking
garage.
The County of Los Angeles
leases the property in its entirety through April 2019. The property is well-suited for a future
multi-housing development, with the ability to construct up to 248 units based
on the current zoning.
Situated along Wilshire Boulevard on the
eastern border of Koreatown, the property is easily accessible to the
Vermont/Wilshire and Westlake/MacArthur Metro Red Line subway stations, as well
the 110 and 101 Freeways, two of California’s most heavily traveled arterial
freeways. The neighborhood has a
WalkScore® of 95, making it one of the top three most walkable areas in Los
Angeles.
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| Andrew Harper |
The HFF investment sales
team representing the seller was led by directors Blake A. Rogers and Andrew Harper.
“The potential to
redevelop this asset is tremendous given the strength of the market and the
lack of supply. The Wilshire/Koreatown
submarket boasts some of the highest rent growth in all of Los Angeles County,
and continues to outpace the Los Angeles metro as a whole with new construction
rents achieving a minimum of a 20 percent premium compared to the rest of the
market,” said Rogers.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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