Asana Partners Buys LA Mixed-Use Portfolio
- Jul 27, 2018
Asana Partners has acquired The Fig Collection at Highland Park, a three-property mixed-use portfolio in Los Angeles for $23.3 million. JLL’s Capital Markets experts marketed the sale on behalf of the seller, Engine Real Estate and represented the buyer in the deal. The portfolio includes multifamily, retail and office space.
Located at 5900 N. Figueroa St. and 111 S. Avenue 59, the two-building apartment community comprises 12 studios and one-bedroom units. The building at Figueroa Street features 11,305 square feet of ground-floor retail. The commercial space is 86 percent leased to two tenants, Kitchen Mouse and Tinfoil Liquor. The adjacent building at 111 S. Avenue 59 is a 4,167-square-foot bow-truss structure, which hosts a bakery.
The second property at 5711 N. Figueroa St., is a 2,250-square-foot retail asset and is fully leased to Sonomama, a high-end gift and apothecary shop and Afters Ice Cream. Located at 5715-5717 N. Figueroa St., the third asset of the portfolio encompasses 22,500 square feet of commercial space, which is also 100 percent leased. The recently remodeled two-story building, featuring a basement, hosts LemonTree, Blind Barber, Chops Market and Ontono Restaurant. The second floor of the asset comprises an office space and it’s occupied by Pacific Union and Arrive Enterprises.
The properties are positioned adjacent to each other near Freeway 110, approximately 6 miles from downtown Los Angeles. The Fig Collection at Highland Park offers access to mass transit and employment centers downtown and in Burbank.
“This portfolio was attractive to the buyer because of the opportunity to buy a stable asset in a growing submarket of Los Angeles,” said Dana Brody, senior vice president at JLL, in prepared remarks.
Brody represented the seller and Geoff Tranchina, executive vice president of retail brokerage at JLL, worked on behalf of the buyer.
Image courtesy of JLL