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8/28/12
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In news of a high-profile retail listing in downtown Los Angeles to hit the market, Carlos J. Lopez, President of HI Urban Retail Advisors, is shopping the 60k sf ground-floor retail portion of the Market Lofts development. Situated at the intersection of 9th and Flower streets, the award-winning, high-end, mixed-use condominium development was completed in 2007.
Anchored by a Ralphs Fresh Fare, the retail property is 100% occupied and also includes a subterranean parking garage and such tenants as Coffee Bean & Tea Leaf, Quiznos, Robeks, Simply Salad, Supercuts, and UPS Store.
Market Lofts, developed for $70 mil by Lee Homes and CIM Group of Los Angeles, was designed by KTGY Group Inc Architecture and Planning. The property includes six stories of for-sale loft units above the street-level retail and the garage. The unit mix consists of 267 one- and two-bedroom lofts ranging in size from approximately 695 sf to 1.6k sf. Residents enjoy a landscaped courtyard complete with swimming pool and spa, social room with gourmet kitchen, fitness center, screening room and private residents entry.
Located in the highly desirable South Park neighborhood, Lopez tells us that the property enjoys exceptional strong foot traffic derived from a large weekday employment population in excess of 500,000 with 40 msf of Class A office buildings surrounding the project and close to the Staples Center, L.A. Live entertainment complex, and FIG at 7TH.
"The offering at Market Lofts represents an extremely rare opportunity to purchase the only full-service supermarket-anchored property in Downtown Los Angeles," said Lopez. "Ralphs Fresh Fare was the first grocery store to open in Downtown Los Angeles in over 50 years." The property is listed as a best price offering.
Lopez has been very busy of late in LA’s South Park neighborhood, having repped the buyers and sellers in the purchase of three ground floor retail developments in three Downtown Los Angeles green, luxury condominium residential towers developed by The South Group, Luma, Evo and Elleven. The sales prices could not be disclosed.
At Luma, Lopez represented the buyer and seller in the sale of its retail shops, which consisted of 6.2k sf of ground-floor retail as part of a LEED Gold certified, 263 unit, 19-story luxury condominium building at 1100 South Hope St. Luma opened in 2007.
Lopez also represented the buyer and seller in the sale of a portion of the ground floor retail at Evo South, a LEED Silver certified 23-story, 311-unit luxury condominium building at 1155 South Grand Ave in Los Angeles, which opened in 2008. An additional portion of the ground floor retail of the building is currently in negotiation to sell, according to Lopez.
At Elleven, Lopez represented the seller in the sale of its retail shops, which consisted of 5.2k sf of ground floor retail as part of a LEED Gold certified, 176-unit luxury, 13-story condominium building at 1111 South Grand Ave, at the corner of 11th St and South Grand Ave. Elleven opened in 2006 and includes the first Starbucks to open in the South Park District of Downtown Los Angeles.
“Whether they are local investors based in Southern California or from regions such as Asia, investors now understand that Downtown Los Angeles has truly evolved into a live/work/play environment such as those found in other major urban cities throughout the United States and internationally. Moreover, the future is just as bright with much anticipated development on the horizon for Downtown Los Angeles," added Lopez.
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