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11/07/16
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The Merritt Building in downtown Los Angeles was acquired by an international investor in a recent $24 mil transaction. Located at 761 S. Broadway (aka 301 W. 8th Street), The Merritt Building is a historic, multi-story 55.9k sf ($429/sf) building located in the heart of the vibrant SoBro (South Broadway) district in downtown.
The Merritt Building is located on a 7.1k sf lot (±0.16 acres) on the northwest corner of Broadway and 8th St. The building was originally designed by the Reid Brothers in 1915 as a rendition of Minerva’s Temple sitting atop an ornate three-story base. In 1957, the building was purchased by the Home Savings & Loan Association, who covered many of the lower windows to create a grand entrance on Broadway.
The property as it stands today is a nine-story commercial building plus a basement level, currently only occupied by retail users on the ground floor. The interior, like its outer facade, boasts many original and unique architectural features, including intricate masonry, stained-glass skylights, and a bank vault.
The seller, LIZ, was represented in the transaction by Mike Condon Jr. and Kelli Snyder with Cushman & Wakefield.
“This well located, highly visible property offers tremendous potential opportunity from an investor perspective, and as such we were able to achieve favorable pricing on this unique trophy asset,” Condon noted. He also pointed out that any specific plans for the property’s future have yet to be determined and the new owner is currently weighing a variety of options.
Downtown Los Angeles is a transit-oriented and economically growing area that is quickly emerging as the cultural center of Los Angeles. Situated in the Historic Core, the neighborhood is ripe for redevelopment through the addition of the Los Angeles Streetcar, the revitalization of nearby Pershing Square, and the Bringing Back Broadway initiative aimed at reactivating Downtown’s historic stretch of theaters and commercial space.
Condon added, “The Merritt Building is located in downtown’s emerging SoBro district, an area poised to be one of the most influential driving forces in culture and entertainment for the city’s nighttime entertainment. The SoBro District has the highest concentration of boutique hotel brands, exciting new retail tenants and is poised for growth with mega redevelopment projects. This district really captures all the aspects of downtown’s live, work, play philosophy.”
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