LOS ANGELES--(EON: Enhanced Online News)--EVOQ Properties, Inc. (Pink Sheets:EVOQ), a publicly owned real estate firm headquartered in Downtown Los Angeles, today announced the sale of seven parcels covering approximately six acres located in the burgeoning South Park area of Downtown Los Angeles for $82 million to a partnership led by Mack Urban. This is one of the largest land deals in the city center in recent years.
“These dispositions just as importantly allow us to generate capital which, where appropriate, may be re-invested in our core operating assets. In doing so, we would hope to provide the company the best risk-adjusted value opportunities”
Additionally, EVOQ announced the sale of three other Los Angeles properties, including 3185 Washington, 303 Hewitt and 1919 Vineburn.
Total gross proceeds from the sales were $100.5 million. A portion of the net proceeds was used to retire approximately $43 million of secured principal debt.
“By orchestrating this sale, EVOQ is facilitating transformative growth in Downtown Los Angeles,” said Martin Caverly, CEO of EVOQ Properties. “By strategically selling land to prominent developers, such as Mack Urban, with access to capital and expertise, new projects will now get built that will re-shape the Downtown skyline and contribute to the area’s ongoing renaissance.
“These dispositions just as importantly allow us to generate capital which, where appropriate, may be re-invested in our core operating assets. In doing so, we would hope to provide the company the best risk-adjusted value opportunities,” Caverly added. “In just over two years, we have re-shaped the financial condition of the company and its portfolio make-up.”
Among the properties that EVOQ has been investing in is the sprawling Alameda Square complex near the popular Arts and Fashion Districts in Downtown Los Angeles. EVOQ has made multi-million dollar improvements at the 1.4 million square-foot complex, which is rapidly becoming a hub for fashion and other creative industries companies. Tenants include the headquarters of fashion brands American Apparel, Ella Moss, Groceries Apparel and Splendid. It also is home to Nordstrom-owned HauteLook’s photo studio and part of its corporate operations.
Marc Renard of Cushman & Wakefield represented EVOQ in the transaction.
About EVOQ Properties Inc.
EVOQ is a property owner in Downtown Los Angeles, with holdings in industrial, office, retail, residential and mixed-use real estate. For additional information on EVOQ and its properties, please visit the Company’s website at EvoqProperties.com.
Forward Looking Statements
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