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7/30/18
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Charlotte, NC-based Asana Partners has purchased The Fig Collection @ Highland Park, a three-property mixed-use portfolio in the L.A. submarket of Highland Park. The properties were sold by Engine Real Estate, a Los Angeles-based private investor, for $23.25 mil.
JLL's Dana Brody handled the sale on behalf of the seller. Geoff Tranchina, also with JLL, repped the buyer.
“This portfolio was attractive to the buyer because of the opportunity to buy a stable asset in a growing submarket of Los Angeles,” said Brody. Highland Park is known as a hip neighborhood within Los Angeles which has a “small-town” feel. The submarket also features access to mass transit and proximity to major employment centers such as Downtown LA and Burbank.
The portfolio includes:
• 5900 N. Figueroa St and 111 S. Avenue 59 -- a two-building multifamily and retail property. The main building at 5900 N. Figueroa St includes 12 well-maintained studio and one-bedroom apartment units above 11.3k sf of ground floor retail. It includes a total of five retail spaces which are 86% leased to two tenants -- vegetarian eatery Kitchen Mouse (occupying three spaces) and Tinfoil Liquor, a trendy bodega. The adjacent, smaller building, 111 S. Avenue 59, is an iconic 4.2k sf bow-truss structure that is home to Los Angeles' first outpost of Mr. Holmes Bakehouse, a San Francisco-born modern bakery.
• 5711 N. Figueroa Street -- a single-story, 2.3k sf retail building that is 100% leased to Sonomama, a high-end gift and apothecary shop, and Afters Ice Cream, a hip ice cream shop with outposts across Southern California and a strong social media following.
• 5715-5717 N. Figueroa -- a neighborhood landmark which is well known for its “Frank’s Camera” sign on its exterior. The two-story-with-basement building features 22.5k sf of recently remodeled retail and commercial office space which is 100% leased to six tenants. The basement is leased to LemonTree, an audio production facility and recording studio. The ground floor is leased to Blind Barber, a barber shop with a speakeasy bar, Chops Market, a deli, and Otono Restaurant. The second floor consists of commercial office space which is leased to Pacific Union, the luxury residential real estate brokerage firm, and Arrive Enterprises.
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