Investor sells two contiguous freestanding buildings in Los Angeles for near record price of $634 per square foot
JLL completes sale of two contiguous freestanding retail buildings encompassing 9,101 s.f. in Highland Park area of Los Angeles for $5.8 million
LOS ANGELES, July 3, 2019 – JLL’s Capital Markets team announced that it has completed the sale of two contiguous freestanding buildings encompassing 9,101 square feet in the Highland Park area of Los Angeles. A private investor paid $5,775,000 ($634 per square foot) for the buildings located at 5532 and 5526 North Figueroa Street. This is one of the highest per square foot prices ever paid for a value-add office and retail building in Highland Park.
JLL’s Dana Brody and Nicole Mihalka represented the seller. Aram Pogosian of Industry Partners represented the buyer.
"This premium price further solidifies at Figueroa Street in Highland Park as the next Abbot Kenney,” said Brody. "With a comprehensive marketing program, we were able to secure multiple offers from a cross section of investors. Highland Park is one of LA’s fastest growing neighborhoods with appreciating property values and strong fundamentals. The buyer now has a blank slate to lease to tenants that complement the existing businesses of the area.”
5532 North Figueroa offers over 6,637 square feet of retail and office space. The recently improved creative office space on the second floor features exposed ceilings, polished concrete floors, and abundant glass and natural light throughout.
Located next to 5532 North Figueroa, 5526 North Figueroa is an approximate 2,464 square feet building built in 1963 on a 5,500 square foot lot. The property has the potential to become a prime retail space, creative office or a restaurant.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2018 alone, the firm’s 2,580 Capital Markets specialists completed $179 billion in investment sale and debt and equity transactions globally.
For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
For more content including videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.