FOR IMMEDIATE RELEASE
Media Contact: David Ebeling
Markwood Enterprises Buys Remaining 50 Percent Stake in LA’s 900 S. Hill St.
Beverly Hills Firm Believes in the City’s CBD Revitalization
LOS ANGELES, April. 28, 2014 –Markwood Enterprises, a private investment firm focused on acquiring value-added commercial real estate in Southern California, today announced it has purchased the remaining 50 percent stake in 900 South Hill St., from its Tenant-in-Common partner, Rock-Hill Holdings, for $9.5 million becoming sole owner of the asset. Markwood Enterprises had owned 50 percent of the building since 2006.
Ideally located on the corner of 9th and Hill, 900 S. Hill St. is a nine-story parking structure with approximately 200,000 square feet of space including nearly 12,000 square feet of wrap-around ground floor retail. Gilbert Gonzalez and John Anthony at Charles Dunn Company are marketing the retail space for lease.
“The downtown Los Angeles revitalization efforts are in full swing and we are excited to be a part of those efforts,” said David Wright, director of operations for Markwood. “Markwood Enterprises is actively looking to acquire opportunistic assets similar to 900 S. Hill St.”
Los Angeles’ 1999 Adaptive Reuse Ordinance enabled the affordable conversion of rundown offices and industrial building into thousands of new residential units. These new developments have created a second wave of development in retail and restaurant business with more than 400 new stores and food venues opened since 2008 with 50 more expected this year. The recent opening of the Ace Hotel is considered a boon for the revitalization efforts.
Wright added, “This building – and many others in the area – is ripe with potential. We are currently looking at all of our options with 900 S. Hill St., and redevelopment and/or developing the unused development rights to do an upward expansion of the property are two possibilities. The area is buzzing with energy. It is a great time to be involved in the city’s urban renaissance.” Mike Smith at Lee and Associates brokered the transaction on behalf of Markwood Enterprises and Rock-Hill Holdings.
About Markwood Enterprises
Based in Los Angeles, Calif., Markwood Enterprises is a private investment and management firm specializing in value-added commercial real estate in Southern California.