$20 million sale closed by HFF of 2601 Wilshire Boulevard in Los Angeles
LOS ANGELES – March 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 2601 Wilshire Boulevard, a 1.21-acre site with two office buildings totaling 62,000 square feet in Los Angeles, California.
HFF marketed the property on behalf of the seller, an entity advised by Cohen Asset Management, Inc. (CAM). Jamison Properties purchased the asset for $20 million.
Originally built in 1951 and renovated in 1999, 2601 Wilshire Boulevard consists of a one-story and connected four-story building, plus an adjacent four-story, five-level parking garage. The County of Los Angeles leases the property in its entirety through April 2019. The property is well-suited for a future multi-housing development, with the ability to construct up to 248 units based on the current zoning. Situated along Wilshire Boulevard on the eastern border of Koreatown, the property is easily accessible to the Vermont/Wilshire and Westlake/MacArthur Metro Red Line subway stations, as well the 110 and 101 Freeways, two of California’s most heavily traveled arterial freeways. The neighborhood has a WalkScore® of 95, making it one of the top three most walkable areas in Los Angeles.
The HFF investment sales team representing the seller was led by directors Blake A. Rogers and Andrew Harper.
“The potential to redevelop this asset is tremendous given the strength of the market and the lack of supply. The Wilshire/Koreatown submarket boasts some of the highest rent growth in all of Los Angeles County, and continues to outpace the Los Angeles metro as a whole with new construction rents achieving a minimum of a 20 percent premium compared to the rest of the market,” said Rogers.
About Cohen Asset Management, Inc.
Established in 1992, CAM is a proven, national real estate owner and operator. CAM is headquartered in Southern California and has a regional office in Northern New Jersey, enabling CAM to actively manage a national portfolio exceeding 10 million square feet. CAM's primary focus is the industrial real estate sector. CAM has acquired, developed and sold real estate throughout the United States and its principals have hands-on experience over many market cycles, having spent virtually their entire business careers in value-added real estate. CAM’s multi-disciplinary team includes in-house acquisition, asset management, administration, compliance and accounting capabilities.
About Jamison Services, Inc.
Jamison Services, Inc. is a privately managed company engaged in ownership, management, development and acquisition of commercial real estate. Headquartered in Los Angeles, California, it currently manages and leases over 100 commercial buildings comprising of about 22 million square feet. With a market capitalization over $3 billion dollars, Jamison Services, Inc. continues to expand by actively pursuing commercial real estate in the Los Angeles market.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.