Description de l'actif
The subject Property is a roughly 253,000 square foot leasehold interest in the Sears Boyle Heights building as well as control over designated parking areas. The lease area is comprised of the entire first floor, second floor, and basement of the building. The building itself is situated southwest of the intersection of Olympic Boulevard and Soto Street in an area identified as a “Major Opportunity Site” for commercial development by Los Angeles’ Boyle Heights Community Plan.
Caractéristiques de l'actif
Média
Points clés d'investissement
• Located in historic Boyle Heights, one of the densest markets in Los Angeles, with limited competing product in the trade area. Olympic and Soto was identified as a “Major Opportunity Site” for commercial development by the City of Los Angeles.
• The continued Downtown Los Angeles renaissance has helped raise the profile of the Boyle Heights submarket. The Property is easily accessible from Downtown’s employment hubs as well as from the Arts District and South Park.
• Opportunity to control a large historic site with multiple potential uses for the next 90 years. The Property would likely qualify for the Historic Preservation Tax Incentives program as well as the Mills Act, which allows for partial property tax abatement.
• Exceptional regional access given proximity and visibility to Los Angeles major freeways. Olympic & Soto’s frontage on two main thoroughfares provide convenient ingress and egress to the surrounding neighborhoods.
• The Southeast Los Angeles retail submarket, which includes Boyle Heights, is going through a resurgence. Marquee projects such as the The Groves in Whittier and the New Wyvernwood in Boyle Heights will revitalize aging properties and help boost economic growth in the region.
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