Editor's Note: This story has been updated to correctly identify AFI USA as the seller in the transaction.
Real estate firm MacFarlane Partners has completed its purchase of vacant downtown property near the intersection of Fifth and Olive streets in downtown Los Angeles where the company plans to build a pair of residential buildings.
The seller's representative, NGKF Capital Markets announced the closing on Wednesday. The purchase price was not disclosed. The seller was AFI USA.
MacFarlane Partners, which is headquartered in San Francisco and has a regional office in Los Angeles, plans to build a 600,000-square-foot development consisting of a high-rise and a mid-rise building containing more than 600 residential units. Macfarlane also plans to develop 17,000 square feet of retail space.
Los Angeles officials have already approved the plans and construction is scheduled to begin in mid-2015, NGKF Capital Markets reported.
NGKF Capital Markets is headquartered in New York and has multiple offices in Los Angeles.