427 WEST 5TH STREET
Park Fifth Development Site | Los Angeles, CA | ????
months on the market
TIME ON MARKET
Africa Israel, USA retained our team as the exclusive advisor in the sale of the fee simple interest for a 2.27 acre development site located in the Central Business District of Downtown Los Angeles. Park Fifth was a previously marketed site with a checkered past, once entitled, but needing re-entitlement and carrying unpaid obligations for density that were counted on by city institutions. Also challenging was a limited sponsors and equity investors base who had at one point or another reviewed the site in one of its many previous marketing campaigns.
Our team worked with the City of Los Angeles and politicians to gain an understanding of the city’s reaction to re-entitlement, and the ultimate loss of the T-FAR payment they were counting on to revitalize the area and support local programs. Once an updated understanding was established, the team took the asset, contacts and city supported understanding to market the asset un-priced, due to the complexity and variation of the entitlement process and allowable construction on the site. Targeted marketing focused on sponsorship as well as equity through direct marketing and online mediums to ensure maximum exposure to qualified sponsors and equity providers. A best and final process yielded multiple offers and pricing in excess of the established pricing bogey.
DEAL STORY 4: LA PAZ OFFICE
Office | Laguna Hills, CA | ????
Institutionally owned 180,259 SF low rise garden style office complex.