case studies

Property/Project: Old Bank District Redevelopment

Location: Fourth to Fifth Streets, and Main to Spring Streets

Description: 800,000 square feet

 

Challenge: Assemble a block of properties including the San Fernando Building, The Continental Building, The Rowan Building, The Hellman Building and Farmers and Merchant Bank Building for a developer.

Solution: Negotiate purchase of a ground lease in a historic cafeteria to establish buyer’s entry to marketplace. Negotiate purchase of single asset San Fernando Building sale across from subject block. Negotiate master lease on subject block to allow the buyer an active management presence for public agencies, historic societies, and funding sources. Exercise purchase option at close of lease. Enter subsequent escrows with adjacent ownerships to complete assemblage.

Result: The Old Bank District, transformational loft project for downtown Los Angeles

 

Seller: Bank of Long Beach, 4th & Main, LLC, Amana Corporation, Spring Street Associates

Buyer: Gilmore Associates

Role: Team Lead

Property/Project: Eastern Columbia Building and Land Development Cycle (2004, 2010, 2015/2016)

Description (2004): 200,000 square feet building, 35,000 square feet of land

Description: (2010): 31,000 square feet lot, 250 car parking structure, 12,000 square feet of retail condominiums

Description: (2015): 32,000 square feet lot

Location: Ninth Street and Broadway

 

2004

Challenge: Sell a beautiful landmark with difficult conversion prospects to the right buyer.

Solution: Develop sales strategy accomodating seller pricing and buyer’s due diligence horizons. Obtain buyers pre-escrow internal buyer approval of rough draft drawings. Negotiate three part transaction of building sale, land lease, and land purchase option for project.

Result: Eastern Columbia restoration

 

Seller: Denley Investments, Lubert Adler

Buyer: The Kor Group

Role: Team Lead

 

2010

Challenge: Obtain timely exit for developer in post subprime financial environment.

Solution: Locate creative buyer to purchase balance of undeveloped land, condominiumized retail stores and parking structure. Closed deal in timely manner.

Result: Completion of development cycle for client.

 

Seller: Lubert Adler Fund

Role: Buyer Representative

 

2015

Challenge: Monetize balance of historic asset.

Solution: Ground lease for new apartment tower on 32,000 s.f. lot.

 

Client: Coast Meridien Properties, Trammell Crow Residential Development

Property/Project: Barry Shy development sites assemblage

Location: Olympic and Broadway; 9th and Hill Streets

Description: 165,000 s.f. historic property and 40,000 s.f. of development sites

 

Challenge: Sell a historic office building owned by a long term downtown property along with two parking lots on a different street to a rehab developer with the proviso that the lots must be included in the office building sale. Sell a corner lot adjacent to the office building which is owned by a third-party arms length removed from the first transaction.

Solution: Obtain authorization to carry on direct negotiations with long term owner on part of developer. Assign reach out to third-party on a commission earning basis to third-party broker. Set up face-to-face meetings with third-party owner and developer. Use offices of original owner to establish overall price levels and contract administration. We establish and repair altered closing schedules.

Result: Three new projects under entitlement in the Ace Hotel block: Rehab of a historic office building and two new residential apartment blocks. Original acquisition costs: $30 million

 

Seller: Anjac Properties and The L&R Group

Role: Team Lead