LOS ANGELES—Cushman & Wakefield is facilitating the sale of 50 assets from the CRA/LA portfolio.  CRA/LA is a Designated Local Authority and successor to The Community Redevelopment Agency of the City of Los Angeles. California law requires that CRA/LA dispose of these assets, which include land, leased fees, easements and air rights. The properties are to be sold at fair market value. The assets for sale are dispersed across the city of Los Angeles.

“The process to be implemented by Cushman & Wakefield will ensure transparency and an orderly disposition of assets. By widely exposing these properties, CRA/LA is assuring taxing entities will receive maximum values for the benefit of local schools, police, fire and other important public services while continuing the efficient and complex wind down of Los Angeles' former redevelopment agency,” said Nelson Rising, chair of the CRA/LA's Governing Board.

Exclusive disposition rights to the CRA/LA Property Portfolio are assigned to Cushman & Wakefield,  under the direction of Jimmy Chai, associate director; Marc Renard, vice chairman & executive managing director; and Manfred Schaub, senior director.

“Cushman & Wakefield is very excited to be representing CRA/LA in the marketing of this portfolio of unique assets, which includes some of the highest profile locations and properties in the City of Los Angeles.  Based on compelling capital market conditions and strong economic trends, we expect tremendous interest in the portfolio from a wide range of investors and developers,” said Renard. 

The portfolio sale launched July 15, and all offers are due no later than September 15.

In addition to the portfolio being marketed for sale by Cushman & Wakefield, the CRA/LA's approved long range property management plan includes properties that have been optioned to the city for future development.