LOS ANGELES – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has been selected by G.H. Palmer Associates to market its portfolio of Downtown Los Angeles retail space. The available space totals 95,300 square feet and is situated on the ground floor of six luxury apartment projects spanning from Sunset Blvd. to the north, to Adams Blvd. to the south in locations just off the 110 Harbor Freeway. The Charles Dunn leasing team includes Chris Runyen, Mark Takeichi, and Tracy Taft who are out of the firm’s Downtown Los Angeles headquarters.
“With an ever-increasing residential, business, and visitor population, Downtown LA currently has an unmet consumer demand for a wide variety of retail needs,” said Tracy Taft, director with Charles Dunn. “The quality space that is offered in G.H. Palmer’s portfolio is poised to help meet that demand with locations situated in growing neighborhoods that are largely retail deficient.”
G.H. Palmer’s six high-end luxury apartment projects total 4,338 residential units. Two of the projects are currently under construction with delivery in 2014. G.H. Palmer began making its investment in Downtown LA in 2003 with The Medici, its first residential/retail project. Over the years, as downtown has grown in population, its projects have attracted residents, bringing their occupancy to approximately 90 percent.
“We selected Charles Dunn to lease our retail portfolio because the firm is a proven market leader and we’re optimistic the leasing team will attract the right retailers to our buildings. Being locally based in downtown was also a big plus—they can walk to our assets,” said Geoffrey Harrison Palmer, owner of G.H. Palmer.
Palmer added: “Our properties offer an elegant resort-style experience for our residents and the retail component is not only an important amenity, but also a huge asset to the overall community. This is an exciting time for G.H. Palmer Associates—our portfolio of mixed-use projects in Downtown LA is growing, and our unique retail space presents an opportunity to bring new and vibrant retailers into the market.”
Charles Dunn will seek to attract a diverse tenant mix of local, regional and national retailers throughout the various properties.
The properties in the portfolio include:
The Orsini, 505, 550 & 606 North Figueroa Street. The property includes 1,073 apartment units and 42,562 square feet of available retail space.
The Piero, 609-616 St. Paul Avenue. The property includes 825 units and 7,170 square feet of available retail space.
The Da Vinci, 909 West Temple Street. Currently under construction with completion in 2014, the property will include 526 units and 10,255 square feet of available retail space.
The Visconti, 1221 West Third Street. The property includes 297 units and 6,506 square feet of available retail space.
The Medici, 722-725 South Bixel Street. The property includes 632 units and 6,897 square feet of available retail space.
The Lorenzo, 325 West 23rd Street. Currently under construction with completion in 2014, the property includes 913 units and 27,366 square feet of available retail space.
The downtown area is continuing its trend of gentrification and revitalization. In a 2013 Downtown Los Angeles demographic study conducted by The Downtown Center Business Improvement District (BID), there are approximately 52,400 residents in the area, which is up six percent from 2011. Additionally, there are 30,600 residential units – up 15 percent from 2011. Downtown also boasts a high median annual income of residents and its 500,000 daily employees at more than $98,000. There are also an estimated 10 million visitors to downtown per year.
Charles Dunn Company is one of the largest full-service regional real estate firms in the Western United States. Established in 1921 and headquartered in Los Angeles, the firm’s brokerage practice continues to be a market leader. The firm also manages more than 21 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients and provides construction management, architecture and design, general contracting and capital markets services. With more than 260 team members in nine offices, Charles Dunn Company’s reach extends far beyond its physical locations, as its experienced professionals leverage their market knowledge, relationships, and expertise to achieve and exceed client expectations. www.charlesdunn.com
G. H. Palmer Associates, established in 1975, is a diversified real estate company with an aggressive commitment to the future of high-quality, investment grade real estate. The firm has been involved in a variety of properties as a general partner for acquisition of land for residential, commercial and industrial properties. To these partnerships, the company has contributed the creative and administrative leadership as well as the financial depth to assure each property’s successful development, construction, operation and performance.
G. H. Palmer Associates currently owns a portfolio of over 9,273 Southern-California apartment units, valued in excess of 2.5 billion dollars and is actively seeking to diversify into other markets through acquisition and development of multifamily properties in an alliance with nationally recognized institutional lenders and underwriters for securitization of taxable and tax-exempt mortgage revenue bonds.