Los Angeles, Calif. March 11, 2024 – Colliers today announced the $13,450,000 REO sale of a 43,700-square-foot mixed-use retail/office property, 1001 Towne Avenue, Los Angeles, CA 90021, located in the vibrant and diverse Fashion District of Downtown Los Angeles. Colliers Executive Vice President Mark Schuessler, Vice Chair Sean Fulp, and Executive Vice President Ryan Plummer represented the Seller.
The four-story building is located in the heart of the fashion district and was occupied by a mix of retail and office tenants. 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.
“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,” he added.
Built in 2005, 1001 Towne offers a range of suite sizes from 481 to 4,843 square feet, aligning with tenant demands of the City’s fashion industry. Its central locale provides immediate access to the 10 Freeway and the soon-to-be expanded Purple Line light-rail system. At the time of sale, the building was 82 percent 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.
