Rosenthal Property Portfolio in Downtown Los Angeles Sells for $15.5M
Los Angeles, Calif. (March 5, 2018) – Maple DTLA, LLC, a local apparel company and investor in the downtown Los Angeles market, has purchased the Rosenthal Property Portfolio for $15,500,000. The seller, Rosenthal Property Owners is a private investment group. Kidder Mathews commercial real estate brokers, Jon Reno, SIOR, CCIM, Robert Thornburgh, SIOR, CCIM, Tom Holland, SIOR, CCIM, and Trevor Gale, represented the seller in the transaction. Iqbal Hassan of The Quantum Associates represented the buyer.
The 102,859 square-foot Rosenthal Portfolio is located in the East Los Angeles / Boyle Heights area, known for older, manufacturing buildings catering to the apparel industry. It is rare that a property of this size sells in this submarket.
This is a transitioning area and a landing spot for those industries being pushed out of the Art’s District due to redevelopment projects and higher end uses flooding the area. Increasing rents are driving the traditional users from this area into the East Los Angeles / Boyle Heights district. These properties are now being refurbished into high-end apparel fashion buildings creating upside in value.
“Through our unique marketing platform, we were able to generate multiple offers for this project, resulting in a managed bid process,” said Reno, a senior vice president with Kidder Mathews. This transaction confirms the high demand for older, functionally challenged industrial properties with upside potential and proximity to downtown Los Angeles”.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with more than 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages nearly 50 million square feet of space, and conducts 1,500 appraisals annually. For more information, visit kiddermathews.com.