EVOQ Sells More PropertiesMonday, November 19, 2012
EVOQ Properties Inc. on Monday announced the sale of two industrial buildings in Los Angeles as the downtown L.A. company continues to shed non-core properties in Southern California.
EVOQ, formerly Meruelo Maddux Properties Inc., said that it sold 718 Jackson Street and 644 Gladys Avenue, bringing to nine the number of properties sold so far this year. Proceeds from all the sales totaled $55.4 million, but the company did not detail how much of that came from the two most recent sales.
A portion of net proceeds was used to retire about $35.8 million of secured debt. The company, which changed its name in March, owned as many as 55 buildings and undeveloped parcels before the commercial real estate downturn. It intends to retain about 30 properties.
“EVOQ’s strategy is to strategically dispose of non-core assets, refocus our efforts and re-invest in our properties with significant value-add potential in downtown Los Angeles,” Chief Executive Martin Caverly said in a statement.
Shares were unchanged at $2.72 on the Pink Sheets.