Details & Info
158 Glendale Boulevard, Los Angeles, CA
Two-story, 18,400 sf, flex brick building
Challenge
Owner had begun the high-end renovation of a former sweatshop in an industrial corridor connecting two well-developed neighborhoods with the intent to reposition the property as creative office/showroom/design space. Built lot line to lot line and in need of parking, the owner wished to sell in advance of receiving a certificate of occupancy. The immediate neighborhood was very much in transition, did not always present well and the property was an active construction site.
Solution
- Began the sales process by securing a one-year lease for parking on the adjacent lot, and then brokered a permanent parking solution through the acquisition of the lot.
- Reoriented approach to the neighborhood from pass-through corridor to vibrant neighborhood center by mapping the area amenities and their proximities to Echo Park, Historic Filipino Town, Chinatown, and the north side of DTLA. Emphasized in marketing package and tours.
- Brought every prospective buyer to the property for a highly curated tour of the asset and surrounding area. Suspended construction. Removed construction materials. Cleaned site of dust and debris. Lit with portable lights. Recommended travel routes to and from property. Toured street, as well as interior, to highlight area developments, amenities, local hipsters and impressive downtown skyline.
Result
- Created value for the seller by achieving the highest sales comparison in the neighborhood, and for the buyer with pricing significantly below similar assets in the adjacent neighborhoods.