Bruce Galloway acquired Spring Street for $1 million. The property is a historically significant mixed-use (apartments, retail, structured parking) building in a transit oriented and development rich area that has emerged as the cultural center of Los Angeles.
“We believed the property would leverage the emerging energy in LA’s Historic Core”
The asset was repositioned from a historic textile mill into an artist loft / mixed use asset based on the belief that the property could leverage the emerging energy in the Historic Core, later to include the LA Streetcar, the Bringing Back Broadway initiative, and revitalization of Pershing Square, and that future residents would want to live in this vibrant submarket.
The property has outperformed initial projections and remains as part of the long-term portfolio. Ownership has turned down several unsolicited purchase offers (several of which are materially above underwriting projections)
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