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3/22/16
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Jamison Properties completed a two-building office buy in Los Angeles, paying $20 mil for a 62k sf ($323/sf) complex on 1.21 acres. The acquisition consists of a one-story and connected four-story building, plus an adjacent four-story, five-level parking garage located at 2601 Wilshire Blvd, between Hoover and Alvarado Streets.
The County of Los Angeles leases the property in its entirety through April 2019. Originally built in 1951 and renovated in 1999, 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 Blvd 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.
Blake A. Rogers and Andrew Harper of HFF represented the seller, an entity advised by Cohen Asset Management Inc, in the deal.
“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.
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