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REO Sale of DTLA Mixed-Use Draws Deep Pool of Bidders
Colliers arranged the $13,450,000 REO sale of a 43,700-square-foot mixed-use retail/office property, 1001 Towne Ave., located in the Fashion District of Downtown Los Angeles. EVP Mark Schuessler, vice chair Sean Fulp and EVP Ryan Plummer represented the Seller.
The property offered an attractive value-added opportunity for an investor to acquire the asset with substantial in-place cash flow and additional upside by leasing up the existing vacancy, according to Colliers.
“We were thrilled to deliver a successful exit and significant recovery for the special servicer,” said Schuessler. “The auction process was a huge success with over 100 signed confidentiality agreements and a deep pool of bidder interest. This was a great example of how the auction process can work for the right assets.”
At the time of sale, 1001 Towne was 82% leased to a diverse mix of retail and wholesale apparel businesses. The property was acquired by a local private individual, represented by Mark Hong of KORUS Real Estate.
- ◦Sale/Acquisition
