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March 21, 2018
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Zion Enterprises and TA Partners Buy 1.37-Acre Dev Site in Downtown Los Angeles


Zion Enterprises and TA Partners have acquired a 1.37-acre site in downtown Los Angeles slated for multi-family development. The price was not disclosed.

The property, situated at Grand Ave and Cesar Chavez Ave, is entitled for a 22-story, 299-unit multifamily tower with 8k sf of ground-floor retail. The site, which currently features a fast-food franchise, sits at the northern gateway into Downtown LA’s Grand Avenue civic, arts, and entertainment district and is in proximity to Chinatown and Union Station.

CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, an affiliate of Los Angeles-based Cimmarusti Holdings. The buyer received development entitlements during escrow.

“Developers recognized the opportunity for continued revitalization of this area of Downtown Los Angeles and to capitalize on the demand for multifamily units,” said Lustig-Bower. “We received offers from domestic and off-shore developers seeking to invest in this vibrant Los Angeles submarket.”

The transformation of downtown Los Angeles has been ongoing for some time now. In addition to a growing residential population and retail presence, the neighborhood also benefits from a variety of modes of transportation, and from a diversity of office space unmatched across the rest of LA. Since 1999, Downtown has received more than $7.3 bil in residential, $1.2 bil in arts & entertainment, and $2.6 bil in civic and institutional investments.

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