LOS ANGELES—Janet Neman and Bryan Glenn of Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, completed the sale of Milano Lofts, a 12-story, art deco style, mixed-use property totaling 131,433 square feet. The property consists of 99 luxury, residential apartment units and over 6,000 square feet of ground floor retail space occupied by two restaurants: Industriel and Yorkshire Grill. The property was 100 percent occupied at the close of escrow and is located at 609 S. Grand Avenue in the financial district of Downtown Los Angeles.
Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented the seller, Grand Pacific Lofts, LP, as well as the buyer, Equity Residential in an off-market transaction.
“Our strong track record and intimate knowledge of the Downtown submarket allowed us to quickly identify a buyer that we knew would recognize the incredible location and historical value of this asset,” said Neman. “It was a smooth, all-cash transaction with a buyer that sees the bright future for Downtown and for this property.”
The Milano Lofts property was built in 1925 as the Edwards & Wildey building. The property was converted under the Downtown Los Angeles adaptive reuse ordinance to high-end, loft-style condominiums in 2005 by the developer, Grand Pacific Lofts.
“The sale of Milano Lofts is further evidence that Downtown Los Angeles has become one of the most desirable submarkets for multifamily investment in Southern California” said Glenn. “This sale follows on the heels of some other significant Downtown mixed-use sales and we are pleased to be actively completing investment sales in this thriving submarket.”
Milano Lofts is conveniently located within walking distance to a large variety of restaurants, retail and public transit and is near the 10 and 110 freeways.
Charles Dunn Company is one of the largest full-service regional real estate firms in the western United States. Established in 1921 and headquartered in Los Angeles, the firm’s brokerage practice continues to be a market leader. The firm also manages more than 20 million square feet of office.