LOS ANGELES—Canadian-based investor RCAcquisitions has acquired the National CityTower in Downtown Los Angeles for $43.3 million fromNational City Towers LLC. The 12-story,118,162-square-foot building is a historic adaptive reusedevelopment with 93 multifamily units and groundfloor retail space.

“With Downtown Los Angeles hitting peak levels of capitalinfusion over the past year, we advised the seller on the benefitsof asset disposition at this particular point in time,”Bryan Glenn, a broker with Charles DunnCo., tells GlobeSt.com. “Interest rates remain low;however, next year they are predicted to increase. Investors areaggressively seeking to spend pent up capital before rates rise andget into core markets like this one.” Glenn represented the sellerand the buyer in the transaction along with his Charles Dunncolleague, Janet Neman. SklarKirsh attorney Andrew Kirsh providedlegal counsel to the buyer in the transaction.

Glenn and Neman received significant interest in the listing,which resulted in seven offers from a range of investors, includinginstitutional, private and foreign. “The buyer was selected becauseit was a well-capitalized and experienced owner that made acompetitive offer,” Glenn explains. The property's retail portionis fully occupied, while the residential units are 97% occupied.This, no doubt, attracted the high level of interest frominvestors. Neman tells GlobeSt.com that this buyer was attracted tothe property because it “owns other high-end residential propertiesin Southern California and had been seeking a residentialopportunity in Downtown.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.