Colliers recently facilitated the successful sale of a mixed-use retail/office property in Downtown Los Angeles’ Fashion District for $13,450,000. The 43,700-square-foot property at 1001 Towne Ave was represented by Colliers Executive Vice President Mark Schuessler and Vice Chair Sean Fulp along with EVP Ryan Plummer.
According to Colliers, the property presented an attractive opportunity for investors looking to add value as it already had substantial cash flow and potential for additional income through leasing out vacant spaces.
Schuessler expressed his satisfaction with the outcome of the auction process which saw over 100 confidentiality agreements signed and a high level of interest from bidders. He also highlighted how this transaction serves as a prime example of how auctions can be beneficial for certain types of assets.
At the time of sale, 82% percent of 1001 Towne was occupied by various retail and wholesale apparel businesses. The buyer was a local private individual represented by Mark Hong from KORUS Real Estate.
