Broadway Plaza Parking
400-419 S. Broadway, Los Angeles, CA 90013
Broadway parking plaza consisted of a two story parking garage over 14,316 SF of retail along the Broadway Corridor in Downtown Los Angeles. The site was encumbered with a cross-collaterized loan and was operating at a loss for the current ownership structure at the time of listing.
Bolstered by the approval of the pending Broadway Trolley and street improvement district, We we able to find a local developer familiar with the Broadway corridor capable of closing all cash in a short time frame.
ASG Real Estate ROLE
The ASG Real Estate Team and JV partner Vista Advisors acted as both listing and selling brokers in the transaction. The deal was completed first quarter 2013 with a developer who owned several other multifamily conversions on Broadway.
A local Downtown LA developer was able to secure a deal with neighboring property owners to transfer additional air rights to the property after close of escrow and has begun pursuing entitlements for a 22-story mixed-use market rate housing over retail project.
According to the developer he was able to sell the site to his equity partners during the entitlement process and the new owners began construction in 2017.