Hanley Investment (HI) Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, announced today that Carlos J. Lopez, President of HI Urban Retail Advisors represented the seller in the sale of the 4,539-square-foot ground-floor retail condominium of the 24-story, 311-unit luxury residential building, known as Evo, located in the heart of Downtown Los Angeles, Calif. The purchase price was $1,225,000.
Irvine, CA -- (SBWIRE) -- 10/23/2013 -- Hanley Investment (HI) Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, specializing in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States, announced today that Carlos J. Lopez, President of HI Urban Retail Advisors represented the seller in the sale of the 4,539-square-foot ground-floor retail condominium of the 24-story, 311-unit luxury residential building, known as Evo, located in the heart of Downtown Los Angeles, Calif. The purchase price was $1,225,000.
Situated at the corner of 12th and Grand Avenue, at 1155 S. Grand Avenue in South Park, Evo is located 2 blocks from Staples Center and LA Live. Built in 2008, the 311-luxury condominium units of Evo completed a 3-building development within the South Park district. The combined buildings, which include Luma (236 units) and Elleven (176 units), create an adjacent community of LEED certified residential buildings. Evo is a LEED Silver certified building.
The buyer was Great Broadway Investment LLC of Los Angeles, and was represented by Fidelity Realtors. The seller was Lot 114 Investors LLC, and was represented by Lopez.
"The Evo building is one of the most recognized luxury buildings in Downtown Los Angeles and within the City of Los Angeles," said Lopez. "Due to the nature of the building being a luxury condominium tower, the 4,539-square-foot ground-floor retail condominium space of Evo was specifically kept vacant until we could identify the ideal owner and operator of the ground floor retail space. After numerous full price offers, we selected the buyer/operator that the seller felt would be a valuable 'amenity' to the building and its residents, and appropriate to the high caliber of this landmark building."
This transaction represents the fifth retail property transaction that HI Urban Retail Advisors has executed in Downtown Los Angeles in the past 24 months. Lopez recently represented the buyer and seller in the sale of 55,000-square-foot landmark retail development anchored by Ralphs Fresh Fare known as Market Lofts at 645 West 9th Street. Lopez also negotiated sale transactions for retail properties located at Evo's sister buildings Luma and Elleven as well as another Evo ground-floor retail condominium property that is occupied by Cork Bar and was sold to a separate investor.
At the intersection of 6th and Hope streets in Downtown Los Angeles, HI Urban Retail Advisors has the exclusive listing and is marketing for sale The Shops at Library Court, 9,903 square feet of ground floor retail beneath 90 spacious lofts. Tenants include Ocha Mexican Grill, Loose Leaf, Subway, Mitaki, Library Bar and Sixth Street Tavern. HI Urban has the property listed for $7,075,000.
In nearby Koreatown, HI Urban Retail Advisors currently has the listing to market and sell The Shops @ The Mercury, which consists of 23,328 square feet of retail located beneath 238 luxury residential condominiums. The retail property, which is listed for $16,250,000, is located at the iconic intersection of Wilshire and Western in the heart of Koreatown. Tenants within the offering include: Coffee Bean & Tea Leaf, Jamba Juice, T-Mobile, Wells Fargo Bank and United Dental Group.
In June 2013, Lopez negotiated the sale of an iconic 3-story retail/office building along the Hollywood Walk of Fame, 6904 Hollywood Boulevard. In the Old Pasadena District, Lopez represented the seller in the sale of two landmark retail buildings located at 39 & 43 Colorado Boulevard totaling 7,200 sq. ft.
"Retail condos can present a tremendous opportunity to own and operate real estate in some of the most dynamic markets in the country," said Lopez. "While market forces may have limited the ongoing development of high-density, mixed-use developments in the short term, scarcity of land as well as municipal forces seeking to develop pedestrian-oriented developments, will continue in the long term. As a result, the retail condominium will be a product in the marketplace as common as multi-tenant apartment buildings, multi-tenant shopping centers and single-tenant investments, and we expect that the values of these retail condominiums will remain strong."
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a two billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group's expertise, commitment and unwavering focus of putting the client's needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company's website at http://www.hanleyinvestment.com or call (949) 585-7610.
About HI Urban Retail Advisors
HI Urban Retail Advisors is a retail investment division of Hanley Investment Group Real Estate Advisors specializing in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States. Built on unsurpassed dedication and an impressive track record of performance and results, HI Urban Retail Advisors consistently exceeds client expectations through its unparalleled, comprehensive knowledge of urban retail from a national and global perspective.
Whether it is situated in a well-located, dynamic commercial district, or in conjunction with a mixed-use project, urban retail is a very specific product type within the overall retail marketplace. HI Urban Retail Advisors guides clients in attaining the highest returns through its exceptional experience and responsive team that thoroughly comprehends this unique and growing market segment. HI Urban Retail Advisors utilizes its innovative expertise to lead property owners through complex issues relating to land use and the progressive revitalization of high density urban areas to effectively help clients understand the significant characteristics of each urban retail asset and its optimum positioning and value.
HI Urban Retail Advisors works closely with investors to develop and maintain long-term relationships and has successfully accumulated a highly targeted database of mixed-use and urban retail property investors and owners from every major urban market in the country that is unmatched in the industry. HI Urban Retail Advisors' concentrated expertise and exclusive focus on mixed-use and urban retail properties translate into measurable results and is the reason that clients rely on HI Urban Retail Advisors to be the most dependable source for valuation services, market information and urban retail investment sales. For more information, visit the Company's website at http://www.hiurbanretail.com or call (949) 585-7610.
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