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LOS ANGELES COUNTY NEWS
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Corner Parcel in Downtown L.A.’s Fashion District Sells for $8.75 Mil

8/28/19

A 15.8k sf corner parcel in the heart of the Fashion District of Los Angeles has sold for $8.75 mil. The asset is located at 310 E 9th St, at the signalized, southwest corner of 9th St and Maple Ave.

The subject property is located one block from the Los Angeles Flower Market, two blocks from the City Market Development, and less than one mile away from STAPLES Center & LA Live. The property was subject to a ground lease with nine years remaining. The purchase was for the land only, and the improvements revert to the landowner at ground lease expiration.

310 E 9th Street was a unique opportunity to purchase a management free, stable and secure cash flow in a transitioning neighborhood in one of the city’s most attractive submarkets, with the ultimate upside of taking control of the improvements in 2027.

There are 10% rent increases to the ground lease every three years. The land is zoned LAM2. The existing building is 15.2k sf in size. At the time of the transaction, the ground rent was $514,461.36 annually, which increases to $565,907.40 in July, 2021. We’re told this transaction came in at a record price for this asset type within the Downtown Los Angeles submarket.

Brandon Michaels and Ben Brownstein with Marcus & Millichap represented the buyer, a limited liability company, and the seller, a limited partnership.






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