Colliers International Completes 65-Unit Apartment Sale Totaling $11.980 Million in Costa Mesa, Calif.
Los Angeles, CA – October 11, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, has completed the sale of a seven story mid-rise, 110,000-square-feet office building, which will be converted to residential housing. The property is located at 1111 Sunset Blvd., Los Angeles, and the transaction is valued at $6.8 million.
Armando Aguirre, Senior Vice President, and Jesse Munoz, Senior Associate, both based in Colliers International’s Downtown Los Angeles office represented the Buyer, 1111 Sunset LLC, a Downtown Los Angeles-based real estate developer of mixed use, urban infill communities. The Seller is 1111 Sunset Blvd., LP, represented by Phillip Sample, Chris Caras and Brendon Monaghan of Grubb & Ellis.
The property was a portion of the former Metropolitan Water District Headquarters in the early 1990s. The seven story office building which has spectacular views of the city was previously entitled for residential. It is proposed to be converted to +/- 92 Units of residential housing by the Buyer. It is conveniently located just west of the Harbor (110) Freeway and north of the Ventura (101) Freeway on the northwest border of both Downtown Los Angeles and Chinatown.
*This transaction required a collaborative effort from all parties involved,” said Aguirre. “Both Buyer and Seller had to overcome difficult hurdles, including municipality regulations, title issues and challenging market conditions.”
*The building is located where Angelino Heights and Chinatown converge, bordering the Central Business District of Downtown Los Angeles. This area, shadowing Dodger Stadium above, provides excellent economic fundamentals with tremendous number of employment centers, transportation, and lies in close proximity to shopping and restaurants, and other major development projects,” added Munoz.
About Colliers International
Colliers International is the second-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
###
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
angela.hwang (at) colliers (dot) com
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com
