Centre Urban Advises on $14 Million Sale of 2.60 Acre Portfolio in Lincoln Heights
LOS ANGELES, CA -- October 27, 2021 — Centre Urban Real Estate Services executed the sale of 2010 Lincoln Park Avenue, consisting of a portfolio totaling approximately 113,490 square feet of land located within the Lincoln Heights neighborhood near Downtown Los Angeles. The 2.60-acre portfolio was sold for $14,000,000, or $123.36 per square foot of land. The full portfolio includes a social service campus located on a full city block, an ancillary surface parking lot, a single-family home, two retail units and a three-unit multifamily building. The buyer was Ronald Mayer, a private real estate investor, and the seller was PAMC, Ltd.
Centre Urban’s Eugene F. Page and Martin M. Q. Nguyen served as advisors to the seller in a transaction process that was executed through the height of the COVID-19 pandemic. The buyer was represented by Louis Chavez of Century 21 Allstars and Alex Jimenez.
Located just outside Downtown Los Angeles, Lincoln Heights is one of L.A.’s oldest neighborhoods. It dates back to the 1870s and was founded within one of the original four Spanish leagues pueblo of the Los Angeles land grant. The portfolio is ¼ mile from the University of Southern California’s prestigious 79-acre Health Sciences Campus, which is undergoing massive expansion. Established in 1885, the USC Keck School of Medicine is the oldest medical school in Southern California.
As advisors, Centre Urban managed a marketing and listing strategy that produced a competitive number of qualified offers.
Centre Urban, as a fully integrated commercial real estate firm, continues to seek new third-party advisory and brokerage opportunities while raising capital for its direct investment opportunities located in Southern California and Honolulu. “Centre Urban is able to leverage its unique experience as both principals and advisors for the benefit of its clients and investors,” said Page, who notes the Lincoln Heights Portfolio assignment required Centre Urban to examine the site from multiple perspectives to convey the vision of what a potential buyer could bring to fruition. “Whether we are deploying investment capital on behalf of investors or advising a family office’s real estate portfolio, we approach every client’s investments with the same intensity and level of care as our own,” concluded Page.
About Centre Urban Real Estate Services
Centre Urban Real Estate Services is the brokerage, property management and advisory arm of Los Angele-based Centre Urban Real Estate Partners, Inc., a privately held, vertically integrated commercial real estate investment, development, advisory, and asset management company that traces its roots to 2000. Centre Urban’s principals take decades of institutional experience and pair it with an entrepreneurial mindset to further the on-going evolution of Southern California’s urban fabric. Centre Urban and its legacy companies have completed more than $500 million in full-cycle transaction value and its principals have in excess of 85 years of combined real estate experience as advisors, brokers, and principals.
For more information:
Eugene F. Page
Principal, Brokerage & Advisory
Centre Urban Marketing