Hanley Investment Group Real Estate Advisors and SRS Real Estate Partners closed the $20.9-million sale of a 54,948-square-foot Ralphs-anchored ground-floor retail component at Market Lofts, a mixed-use condominium development in Downtown Los Angeles. Hanley SVP Lee Csenar and SRS Capital Markets EVP Carlos Lopez represented the seller, MDC Realty Advisors of Denver, and the buyer, Mushmel Properties of Los Angeles.
“We generated multiple qualified offers from 1031 exchange investors, private family offices and institutional investors, ultimately selecting a private, all-cash buyer with whom we had previously transacted,” said Csenar. “The buyer agreed to a 15-day due diligence period, giving the seller strong confidence in closing.”
Completed in 2007, Ralphs at Market Lofts is located at 645 W. 9th St. and was the first grocery store to open in Downtown Los Angeles since the 1950s. Developed by Lee Homes and CIM Group and designed by KTGY, the seven-story mixed-use Market Lofts community features 267 residential lofts, built above ground-level retail and a subterranean parking garage.
The post Hanley, SRS Arrange $21M Sale of DTLA Ralphs appeared first on Connect CRE.
