High-Profile Res/Retail Asset in Downtown Los Angeles Trades Hands
A private investor from Arcadia, CA purchased The Shops at Library Court, a high-profile, mixed-use development in Los Angeles, for $6.95 mil. Located at 630 W. 6th St, the property is situated just west of Grand Ave, in the heart of the Financial District in Downtown L.A. It consists of 9.9k sf of highly visible retail units beneath 90 luxury loft condominiums.
The Shops at Library Court is centrally located with easy access to dining, entertainment and corporate offices. With weekday employment population in excess of 500,000 people, the property benefits from strong foot traffic. The Shops at Library Court is ideally positioned as a trophy Downtown Los Angeles asset. It was 100% occupied at the close of escrow and includes Ocho Mexican Grill, Loose Leaf, Subway, Mitaki, Library Bar and Sixth Street Tavern.
Hanley Investment Group’s Senior Vice President Eric P. Wohl, along with HI Urban Retail Advisors’ President Carlos J. Lopez, represented the buyer and seller, a private investor from San Francisco, in the transaction. Hanley Investment (HI) Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, specializes in the sale and advisory of mixed-use and urban retail properties in dynamic commercial districts across the United States.
“Downtown Los Angeles has truly evolved into a 24-hour bustling metropolis,” said Lopez. “The future growth is unparalleled to any other major downtown city in the United States. The Shops at Library Court sits in the middle of all the dynamics of Downtown Los Angeles including finance, hospitality, high density residential and entertainment.”
“Utilizing our extensive database, we were able to procure a qualified 1031 exchange buyer who paid a very aggressive cap rate, despite having to assume a CMBS loan at an above market interest rate, and dealing with one of the tenants requesting a major rent concession,” said Wohl.
This sale marks the 14th sale in over a year that Lopez has brokered in Los Angeles County. As a specialist in the sale of urban retail/commercial buildings in the Los Angeles area, in the last 12 months Lopez has sold more than $120 mil in retail properties in Los Angeles County, primarily in Downtown Los Angeles, Pasadena, Hollywood and West Los Angeles.