NGKF Capital Markets has completed the sale of 427 West Fifth Street in downtown Los Angeles to MacFarlane Partners for an undisclosed sum. The transaction is the first step in transforming the desirable vacant lot into a major residential development.
NGKF President Jimmy Kuhn, and Los Angeles-based NGKF Capital Markets advisors Josh Levy, Christopher Cooney and Matt Dobson, exclusively represented the seller, AFI USA, along with securing the buyer.
San Francisco-based MacFarlane Partners plans to develop the site at the northeast corner of Fifth and Olive Streets into an approximately 600,000-square-foot mixed-use development consisting of over 600 residential units within two buildings-a midrise and a high-rise-with an additional 17,000 square feet of retail space on the ground level. The project, which will incorporate smart growth and new urbanism concepts, is fully entitled and was approved by the city this spring. Construction is expected to start in mid-2015.
“This tract is unquestionably one of the best-located multifamily development sites in the metro area, and the buyer is poised to benefit from downtown Los Angeles’ dynamic housing revival,” Mr. Levy said.
Located near Bunker Hill in the Financial District where nearly 200,000 people visit each day, the site is ideally located near public transportation and across from the luxury and historic Millennium Biltmore Hotel and Pershing Square, a public park that features year-round concerts and events.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.