LOS ANGELES, CA -- January 29, 2021 — Centre Urban Real Estate Services executed the sale of 717-759 North Hill Street, consisting of approximately 82,120 square feet of land located within the rapidly expanding Chinatown market near Downtown Los Angeles. The 1.89-acre property was sold for an undisclosed price. The buyer was TRJLA LLC, a privately held real estate development company, and the seller was PAMC, Ltd.
The property is currently zoned C2-2D Regional Commercial and Transit Oriented Community (TOC) Tier 3, a key designation for sites within a half mile of a transit station. 717-759 North Hill Street is near the Metro Gold Line’s Chinatown Station. Furthermore, the property is located within the DTLA 2040 Community Plan update area, which allows for further development opportunities. Project details are expected to be available later in 2021.
Centre Urban’s Eugene F. Page and Martin M. Q. Nguyen served as advisors to the seller in a transaction process that was executed without the parties being able to meet in-person as a result of the health pandemic.
“Centre Urban recognized the potential for this site to serve as a catalyst in Chinatown and is confident we found a buyer who also understands the value and the opportunity this crucial development site represents for one of Los Angeles’s most historic districts,” said Page. “Getting a deal of this size across the finish line was remarkable given the health pandemic restrictions that prevented us from meeting the buyer in-person. I believe this is the first assignment in which I’ve been involved dating back to the 1970s where that happened.”
As advisors, Centre Urban managed a formal Request for Proposal (RFP) process that produced a competitive number of qualified offers, despite the economic uncertainty caused by the onset of the COVID-19 pandemic during the process.
Nguyen added, “This sale is the most significant development land transaction in Downtown Los Angeles since the COVID-19 pandemic started in March 2020. Chinatown has faced many challenges in the past year, and the opportunity is now there for this high-profile development site to further Chinatown’s burgeoning renaissance. The buyer understood the site represents an opportunity to transform an overlooked site in an underserved market into a project that truly serves the community.”
Kevin Chen, TRJLA CEO, stated, “This is a lifetime opportunity to contribute to Chinatown’s revitalization and improve the Hill Street corridor. We are evaluating development options, which we trust will improve the quality of Chinatown’s physical environment and add to Los Angeles’ character as a diverse, sustainable and global destination.” Joseph Chang, TRJLA CFO, added, “We have partnered with AC Martin, a Los Angeles-based architecture firm with over 170 employees and a strong history in DTLA, to design the mixed-use project.”
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 Hill Street assignment in Chinatown required Centre Urban to examine the site from a development perspective in order to convey the vision of what a developer 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 80 years of combined real estate experience as advisors, brokers, and principals.
For more information:
Eugene F. Page
Principal, Brokerage & Advisory
Centre Urban Marketing