Los Angeles—Gilmore Associates has closed on the sale of one of its most high-profile Los Angeles-area assets, the San Fernando Building in downtown L.A.’s Old Bank District. M West Holdings bought the property for $37 million. Mesa West Capital provided $21.6 million in acquisition financing for the deal, which was arranged by Kennedy Wilson. Polaris Property Management is handling property management duties.
Located at 400 South Main St. in the Civic Center submarket, the 70-unit building features loft-style units averaging 887 square feet. The property also includes 11,500 square feet of ground-floor retail. Built in 1907, the property was converted to residential use in 2000. Occupancy is currently about 95 percent, according to Yardi Matrix.
Other nearby historic buildings include the Hellman Building, Continental Building and Farmers & Merchants National Bank. The San Fernando Building was named to the National Register of Historic Places in 1986, and has since been designated a Los Angeles Historic-Cultural Monument.
The Kennedy Wilson team that arranged the sale was led by Executive Vice Presidents of brokerage Fred Cordova and Lee Shapiro, and also included Vice President Ryan Eddy, Senior Associates Justin Weiss and Michael Puleo, and Associate Jake Sachse.
Image courtesy of Yardi Matrix