Three Mixed-Use Buildings in Highland Park Sell for $23.3 Million
Wednesday, July 25, 2018
Figueroa Street in Highland Park
Asana Partners, a Charlotte, N.C.-based real estate investment firm, has purchased a three-building mixed-use portfolio in Highland Park for $23.3 million from Engine Real Estate, a downtown Los Angeles-based private investor.
The portfolio includes:
• 5900 N. Figueroa St.: 12 studio and one-bedroom apartments located above 11,300 square feet of ground-floor retail space which is 86 percent leased to two tenants, Tinfoil Liquor and vegetarian eatery Kitchen Mouse.
• 111 S. Avenue 59: A smaller, adjacent building to 5900 N. Figueroa that is a 4,200-square-foot bow-truss structure that is home to Mr. Holmes Bakehouse.
• 5711 N. Figueroa St.: A one-story, 2,250-square-foot retail building leased to gift shop Sonomama and Afters Ice Cream.
• 5715-5717 N. Figueroa St.: A two-story, 22,500-square-foot building with “Frank’s Camera” on its exterior. It has been recently remodeled and is leased to six tenants, including luxury real estate brokerage Pacific Union International.
The properties have close access to the Arroyo Seco Parkway, also known as the Pasadena Freeway or the 110 freeway.
Dana Brody, a senior vice president at Jones Lang LaSalle Inc., represented the seller. Geoff Tranchina, an executive vice president at JLL, represented the buyer.
Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.