|
4/01/16
|
The Foreman & Clark Building, a 147.3k sf, historically significant property in Downtown Los Angeles, sold for $52 mil, or $353/sf. Built in 1929, the 13-story, beaux art-style building is located at 404 West 7th St.
The asset is situated on nearly 0.28 acres at a signalized intersection near Hill St and is adjacent to some key new projects, including The Bloc mixed-use development and Whole Foods grocery store. The buyer, Bonnis Properties, is planning to rehabilitate and restore the historic core property. Details of the redevelopment are in early planning stages.
“This is a significant property acquisition for the Downtown L.A. market, and the renovation and impact of the retail and residential units will further bolster the rapid growth and improvement of the Jewelry District, which is poised to transform into a thriving retail and residential hub,” comments Moore.
The building was originally built for Foreman & Clark, a department store. Designed by Curlett & Beelman Architects, it was most recently used as a jewelry mart, but was vacated in mid-2015 as plans for a boutique hotel were in place by the seller.
Derrick Moore of Avison Young represented the buyer in the deal. The seller, Olive Hill Group, the investment and property management company headed by local high net-worth investor Kyung Ku Cho, who acquired the property in 2012, was repped by Phillip Sample, Chris Caras and Mike Shustak of CBRE. CBRE’s Urban Investment Group, headed by Sample, also helped in the sale of the historic Broadway Trade Center, formerly the Hamburger’s Department store and a May Company Department Store, which will become a mixed-use creative office campus.
|
|
Return to the Archive page
|
|
|
|
|