Colliers recently facilitated the successful sale of a mixed-use retail and office property in Downtown Los Angeles’ Fashion District for $13,450,000. The 43,700-square-foot building located at 1001 Towne Ave was represented by Colliers Executive Vice President Mark Schuessler, Vice Chair Sean Fulp and EVP Ryan Plummer.
According to Colliers, this property presented an attractive opportunity for investors with its potential for added value through existing cash flow and leasing up of vacant space.
Schuessler stated that they were pleased to achieve a successful outcome for the special servicer through an auction process that garnered over 100 confidentiality agreements and strong interest from bidders. This sale serves as an example of how auctions can be beneficial for suitable assets.
At the time of purchase, 1001 Towne was already leased out to various retail and wholesale apparel businesses at a rate of 82%. The buyer was represented by KORUS Real Estate’s Mark Hong.
