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OFFERING MEMORANDUM ™
O F F E R I N G M E M O R A N D U M
™
LOS ANGELES, CA
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L I S T E D B Y
CALVIN SHORTSVP & SENIOR DIRECTOR
DIRECT (949) 432-4506MOBILE (310) [email protected] # 01927216 (CA)
BROKER OF RECORDKYLE MATTHEWSLIC # 1972189 (CA)
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TEN48 LOS ANGELES ST
04 | EXECUTIVE OVERVIEW 06 | PROPERTY OVERVIEW
12 | FINANCIAL OVERVIEW 16 | AREA OVERVIEW
1048-1050 S. LOS ANGELES ST | LOS ANGELES, CA 90015
LOS ANGELES, CA
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S E C T I O N I
EXECUTIVE OVERVIEW
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TEN48 LOS ANGELES ST
INVESTMENT HIGHLIGHTSMatthews Real Estate Investment Services is pleased to present for sale the Ten 48 building on S. Los Angeles Street located in the Arts District of Downtown Los Angeles. This 2-story mixed use building measures approximately 15,300 square feet and is situated on a hard-corner with over 25,000 cars per day and within walking distance to the famed Santee Alley. This unique opportunity provides for a value-add component via longer-term lease up, owner/user opportunity or redevelopment opportunity via applying for a rezoning from M2-2D. Downtown Los Angeles has been at the forefront of retail, office and multi-family growth since 1990 as a continue revitalization initiative that has transformed DLTA into an urban hub for the commercial and residential population. By 2040 the city is predicting that DLTA will add approximately 70,000 housing units 55,000 jobs and over 125,000 people.
» Iconic Fashion District Multi-Tenant Building – Ten 48 is located in the heart of one of the most iconic fashion destinations in the world for
wholesale buyers and retail shoppers. The area is incredibly walkable with places such as Santee Alley, LA Flower Market, FIDM, The Garment
District, California Market Center which will undergo a $170 million redevelopment in 2021 and numerous major freeways including the 5, 10, 110
and 101.
» Rare Owner/User or Redevelopment Opportunity – All existing tenants are month-to-month or on short term leases expiring by September 2021,
allowing for an owner/user potential, value-add via lease up or continued cash flow while working through entitlements and zoning changes.
Total rentable square footage is roughly 15,300 between both ground floor and 2nd floor office space, on ±7,814 SF of land currently zoned M2-
2D (Light Manufacturing).
» Tremendous Growth Influx – Over 42,000 multi-family units under construction or in the planning phase for downtown Los Angeles, as well as
nearly 4 million square feet of retail space to compliment. Major projects in the downtown area include The Grand ($1 billion residential, hotel
and shopping complex designed by Frank Gehry), Oceanwide Plaza ($1 billion project setting international records with its 850-foot LED screen
and a 100 foot, two-acre sky park), and 1100 S. Main Street (379 apartments and 26,000 SF of ground floor retail and office space).
OFFERING PRICE:$7,500,000
LOS ANGELES, CA
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S E C T I O N I I
PROPERTY OVERVIEW
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TEN48 LOS ANGELES ST
PROPERTY NAMEDTLA Fashion Building
ADDRESS1048-1050 S. Los Angeles Street
LOCATIONLos Angeles, CA 90015
PARCEL5145-020-005
NET RENTABLE AREA± 15,500 SF
ZONINGM2-2D
HEIGHT RESTRICTIONNone
DESIGNATED PARKINGNone
YEAR BUILTComplete Multi-Million Dollar Remodel in 2009
PHYSICAL DESCRIPTION
PARCEL MAP
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LOS ANGELES, CA
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S E C T I O N I I I
FINANCIAL OVERVIEW
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TEN48 LOS ANGELES ST
RENT ROLL
Suite Tenant Lease end SF % of glaContract Rental Rate Rent $ PSF
Year Month $ PSF/YR
A Jen's Pirates Bootie MTM 1,824 13.5% $25,200 $2,100 $13.82
B Jen's Pirates Bootie MTM 1,021 7.6% $14,400 $1,200 $14.10
C Jona's MTM 912 6.7% $13,200 $1,100 $14.47
D Precision Studio MTM 751 5.6% $11,400 $950 $15.18
E Beatrice Prado MTM 744 5.5% $11,940 $995 $16.05
F Marina MTM 660 4.9% $9,600 $800 $14.55
H Vacant - 160 1.2% - - -
1050 Chan's Blankets MTM 508 3.8% $24,000 $2,000 $47.24
1052 Chan's Blankets MTM 1,595 11.8% $51,000 $4,250 $31.97
203 Smile Space* MTM 1,222 9.0% $36,000 $3,000 $29.46
203A Snack Shop MTM 400 3.0% $16,080 $1,340 $40.20
205 Energy Reset Sep-21 988 7.3% $38,400 $3,200 $38.87
207 Vacant - 916 6.8% - - -
209 317 Shipping Sep-21 1,008 7.5% $38,400 $3,200 $38.10
211 Tom's Tailor MTM 806 6.0% $25,200 $2,100 $31.27
Occupied Totals - In Place 12,439 92.0% $314,820 $26,235 $25.31
Vacant Totals 1,076 8.0% $0 $0 $0.00
Totals 13,515 100.0% $314,820 $26,235 $23.29
*Smile Space rent is $36,000 annually for the first year, then bumps to $47,400 annually, thereafter.
LOS ANGELES, CA
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IN-PLACETOTAL $/SF
Income
Rental Income $314,820 $23.29
Other Income - -
Vacancy Factor - -
Effective Gross Income $314,820 $23.29
Expenses
Real Estate Taxes $80,000 $5.92
Insurance $8,710 $0.64
General Repairs $6,000 $0.44
Waste Removal $3,200 $0.24
EGR (%) 1.0%
Total Operating Expense $97,910 $7.24
Net Operating Income $216,910 $16.05
Operating Expense Ratio 31.1%
FINANCIAL OVERVIEW - IN PLACEPROFORMA
TOTAL $/SFIncome
Rental Income $331,900 $24.56
Other Income - -
Vacancy Factor - -
Effective Gross Income $331,900 $24.56
Expenses
Real Estate Taxes $80,000 $5.92
Insurance $8,710 $0.64
General Repairs $6,000 $0.44
Waste Removal $3,200 $0.24
EGR (%) 1.0%
Total Operating Expense $97,910 $7.24
Net Operating Income $233,990 $17.31
Operating Expense Ratio 29.5%
FINANCIAL OVERVIEW - PROFORMA
*Real estate taxes based on reassessment on sale.
TEN48 LOS ANGELES ST
LOS ANGELES, CA
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S E C T I O N I V
AREA OVERVIEW
DTLA FASHION BUILDING
Hip and historic, downtown Los Angeles (or simply DTLA) offers big-city excitement with restaurants, cultural attractions, and major league sports. An influx of new residents has helped energize the area, and downtown’s re-emergence has also been spurred by such attractions as Grand Park, an urban oasis with views stretching from the Music Center (including Walt Disney Concert Hall) to City Hall. Downtown LA is undergoing an unprecedented evolution. From new retail and residences to expanding commercial and infrastructure projects, DTLA is growing to meet the needs of hundreds of new businesses and thousands of new residents. View our sector snapshots to find out what is fueling growth in each of these business areas.
The reinvented Grand Central Market, originally opened in 1917, now has artisanal food purveyors selling of-the-moment items next to long-time vendors, like Wexler’s Deli. Vintage buildings have also been transformed, including the ornate 1927 United Artists building on Broadway, where the Ace Hotel Downtown Los Angeles offers stylish digs and a restaurant. Crowds flock to the sports and entertainment combo of Staples Center and LA LIVE, where you can also see music artifacts (Elvis’s sheet music, Michael’s glove) at the Grammy Museum and catch concerts at the Nokia Theatre. And Grand Avenue is the city’s cultural hub, thanks to Los Angeles Philharmonic performances at spectacular Walt Disney Concert Hall and the sandstone-clad Museum of Contemporary Art (MOCA).
DOWNTOWN LOS ANGELES
Population 1-Mile 3-Mile 5-Mile
2025 Projection 48,791 550,982 1,319,147
2020 Estimate 45,837 534,715 1,289,176
2010 Census 34,824 500,776 1,240,537
Growth 2020-2025 6.45% 3.04% 2.33%
Growth 2010-2020 31.63% 6.78% 3.92%
Households 1-Mile 3-Mile 5-Mile
2025 Projection 25,088 180,185 414,598
2020 Estimate 23,362 173,519 403,566
2010 Census 17,111 157,983 383,030
Growth 2020-2025 7.39% 3.84% 2.73%
Growth 2010-2020 36.53% 9.83% 5.36%
income 1-Mile 3-Mile 5-Mile
Average Household Income $88,960 $60,872 $67,374
DEMOGRAPHICS
22 MILLION+ VISITORS TO DOWNTOWN ANNUALLY
22 MILLION+ SQ FT OF RETAIL SPACE
85,000+ ESTIMATED RESIDENTIAL POPULATION
68 MILLION+ SQ FT OF OFFICE SPACE
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LOS ANGELES, CA
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DTLA SOUTH PARKWhat was once filled with commercial buildings and empty parking lots has rapidly transformed into one of the biggest infill developments for residential and entertainment in Downtown Los Angeles. In the beginning of the 21st century, the neighborhood began to fill with luxury apartments and condominiums with ground floor retail. Its proximity to the University of Southern California, expo lines and some of the biggest corporate offices make it an enticing place to live for young professionals. The neighborhood houses some of Los Angeles’ biggest visitor attractions including LA Live, the STAPLES center and the Los Angeles Convention Center along with arguably the largest residential community in Downtown with its growing number of hotels, apartment complexes, condominiums, companies, restaurants and other amenities.
DTLA ARTS DISTRICTThe Arts District was once a warehouse wasteland and a cheap alternative to living for LA artists but in recent years, has completely transformed into a for the city’s young creatives.
The community features galleries, renowned coffee shops, and some of the best restaurants and bars in Los Angeles. What were once industrial warehouses and ex-factories have been converted into posh lofts and creative spaces. The district is extremely walkable with restaurants, bars and museums all within a close proximity to one another.
DTLA FINANCIAL DISTRICTThe Financial District is the heart of Downtown Los Angeles, situated in the dense and dynamic area of some of Los Angeles’ most prominent company offices, shopping and hotels. It is also located at the center of the regional Metro rail system, offering convenience to commuters, shoppers and tourists.
The area contains major retailers like Target, Whole Foods, Macy’s, Zara, H&M along with hotels like the newly constructed NoMad, Intercontinental and Sheraton. The increase of condominiums and apartment complexes in the nearby area keeps the residential population busy throughout the day and into the evening as well.
DTLA FASHION DISTRICTThe LA Fashion District is one of the top destinations for wholesale buyers, retail shoppers, fashion students, designers and Los Angeles stylists. The Fashion District is comprised of 100 blocks of independently-owned businesses and showrooms which includes the Fabric District, Flower District and Santee Alley.
The district contains contemporary showrooms and other retail shopping which are available to the public. There are over 1,000 stores that sell goods at a wholesale discounted price to its consumers. The wholesale business comprises of approximately 70% of the Fashion District and is available to the trade-only buyers. It is an essential destination for buyers, retailers, wholesalers and designers to create a synergistic area for the fashion scene.
The neighborhood is rapidly increasing as a residential area and a home to the growing number of commercial tenants. The adaptive reuse conversions of historic buildings are continuing to pop up with over 700 housing units in the District, which will bring a new element to the well-known apparel area.
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DOWNTOWN LOS ANGELES DEVELOPMENTS
FIGUEROA CENTREThis 66-story skyscraper is poised to become one of the tallest buildings in Los Angeles. Proposed by developer Justin L. M. Leong, it’s set to rise next to Hotel Figueroa and would feature 220 hotel rooms, 200 condos, and 94,080 square feet of commercial space. Groundbreaking is expected in 2020.
MORRISON HOTEL
OLYMPIC AND HILL
Made famous by the Doors album of the same name, the 102-year-old Morrison Hotel is set to reopen as a boutique hotel. Developer Relevant Group is also planning a 14-story tower next door and a 27-story tower further down the line. An initial study published last year anticipates a groundbreaking in 2020 with work wrapping up in 2023.
Another project from Onni Group, this one would include 700 apartments and 15,000 square feet of ground-floor commercial space. Rising 60 stories and 760 feet, it would be among the tallest skyscrapers in Los Angeles if finished today. The project was approved by city council in June.
OLYMPIA
OLYMPIC TOWER
1111 HILL
This multi-tower project could dramatically reshape Downtown’s skyline, with three new skyscrapers rising 65 stories, 53 stories, and 43 stories, respectively. Developed by City Century, the project is set to hold up to 879 condos, 1,000 hotel rooms, 20,000 square feet of restaurant space, and 20,000 square feet of commercial space.
Planned for the site of a former carwash, this giant 60-story skyscraper would include a 373-room hotel and 374 residential units, along with plenty of restaurant and retail space. The project is working its way through the approvals process.
1045 OLIVE
This 70-story high-rise from developer Crescent Heights would hold 794 apartments and 12,504 square feet of ground-floor commercial space. The project would replace a warehouse building.
EMERALD
LOS ANGELES CONVENTION CENTERLA
Developer Jade Enterprises has been peppering the neighborhood with precious gem-inspired mixed use projects for years now, and Emerald is their latest offering. It’s set rise from a parking lot and would include 154 apartments and 10,700 square feet of commercial space. It’s under construction now.
This project by Australian developer Crown Group would be designed by Koichi Takada Architects, also based in Australia. Inspired by the California redwoods, it would hold 528 housing units, plus resident amenities and 5,500 square feet of retail space.
City officials hope to overhaul the aging convention center within the next few years—in time for it to serve as a venue for the 2028 Olympics. Now, operator AEG is proposing a $1.2 billion project that would expand the convention center by 350,000 square feet and add a 40-story tower to the neighboring JW Marriott Hotel.
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DOWNTOWN LOS ANGELES DEVELOPMENTS
1201 GRANDOriginally proposed as a 37-story condo tower, this high-rise—again, from City Century—is now poised to include 40 stories and 312 residential units (whether they’ll be condos or apartments isn’t clear). Plans also call for 7,100 square feet of retail space.
1600 FIGUEROA
CAMBRIA HOTEL
Set to rise from the site of an old Toyota lot, this quirky, Gensler-designed project would rise 52 stories and serve as a “gateway” to Downtown LA, according to project consultant Joel Miller. It’s set to include 336 residential units, a 250-room hotel, 9,000 square feet of retail space, 6,500 square feet of office space, and a restaurant.
This 18-story hotel near the convention center would include 247 rooms offered at lower prices than other Downtown hotels (around $200 per night). Set to be operated by Choice Hotels International, the Cambria would also include a lobby lounge, cafe, and rooftop pool.
1233 GRAND
FIG & PICO
SHENZEN HAZENS TOWERS
City Century is also behind this 24-story high-rise. It’s set to include 161 units of housing and a little over 2,000 square feet of retail space.
While the city figures out what to do with the convention center, plans are shaping up for a two-tower hotel project right next door. Operated by three different hotel brands, the complex would include 1,100 rooms and 20,000 square feet of retail space.
OCEANWIDE PLAZA
The enormous development is planned to include three towers—the tallest of which will rise 53 stories (the other two will have 40 floors). The complex will include 504 condos, 166,000 square feet of retail space, and a 184-room Park Hyatt hotel. Originally set to be complete in 2019, there has been limited visible progress since work halted in January 2019.
1600 FLOWER STREET
1300 FIGUEROA
This project would bring two towers, rising 22 and 23 stories, respectively, to a site right alongside the 10 freeway. The shorter structure would hold a 300-room hotel, while the larger building would have 250 residential units. The two buildings would also offer a combined 13,000 square feet of commercial space.
Initially proposed as a trio of towers, developer Shenzhen Hazens changed plans for this project, which is now set to include a 49-story residential high-rise and a 29-story W Hotel. A podium and plaza connecting the buildings would have nearly 60,000 square feet of space dedicated to shops, bars, and restaurants.
This massive hotel project is a testament to South Park’s unbelievable rate of growth. After building a 100-unit apartment project on this site less than 20 years ago, developer TriCal is now planning to replace that complex with a towering 53-story hotel.
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AREA DEVELOPMENT MAP
BUILDING STATUS
Planned/Proposed Residential
Under Construction Residential
Planned/Proposed Major Mixed Use
Under Construction Major Mixed use
Planned/Proposed Hotel
Under Construction Hotel
Planned/Proposed Office/Retail
Under Construction Office/Retail
Planned/Proposed Civic & Cultural
Under Construction Civic & Cultural
Planned/Proposed Hospital
Planned/Proposed Medical Office
LA METRO RAIL STOPS & ENTRANCES
Metro Stop
LA METRO LINES
Blue Line
Red Line
Expo Line
Gold Line
Purple Line
Regional Connector
2323
PROJECTS IN THE PIPELINEPROJECTS UNDER CONSTRUCTION
ARTS & ENTERTAINMENT
CIVIC & INSTITUTIONAL
COMMERICAL
MIXED-USE
RESIDENTIAL
FIGUEROA CORRIDOR/EXPO PARK
$2.5 BILLION
$12.5 BILLION
$6.8 BILLION
$1.9 BILLION
$2.2 BILLION
$4.6 BILLION
TOTAL: $30.5 BILLION
1 2 , 0 0 0 +BUSINESS ESTABLISHMENTS IN DOWNTOWN LA
$ 2 8 B I L L I O NINVESTED IN NEW DOWNTOWN CONSTRUCTION SINCE 1999
INVESTMENT IN DTLA 1999-2018
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LOS ANGELES ECONOMYThe LA economy is famously and heavily based on the entertainment industry, with a particular focus on television, motion pictures, interactive games, and recorded music - the Hollywood district of Los Angeles and its surrounding areas are known as the “Movie Capital of the United States” due to the region’s extreme commercial and historical importance to the American motion picture industry. Other significant sectors include shipping/ international trade - particularly at the adjacent Port of Los Angeles and Port of Long Beach, together comprising the United States’ busiest seaport - as well as aerospace, technology, petroleum, fashion and apparel, and tourism.
L.A. County is an entertainment, manufacturing and international trade behemoth, with a fast-growing high-tech and digital media industry cluster largely centered in West L.A. and, increasingly, in the Hollywood area and beyond. With $807 billion in annual output, Los Angeles County ranks among the world’s largest economies. Its GDP, which would rank No. 19 in the world if it were a standalone nation, is larger than Switzerland and Saudi Arabia, and right behind Netherlands and Turkey, underscoring the magnitude of the region’s economy.
LOS ANGELES, CALos Angeles officially the City of Los Angeles and often known by its initials L.A., is the most populous city in California; the second most populous city in the United States, after New York City; and the third most populous city in North America, after Mexico City and New York City. With an estimated population of nearly four million people, Los Angeles is the cultural, financial, and commercial center of Southern California. The city is known for its Mediterranean climate, ethnic diversity, the entertainment industry, and its sprawling metropolis.
The City of Los Angeles holds many distinctions. L.A. is the entertainment capital of the world, a cultural mecca boasting more than 100 museums, many of them world-class, and a paradise of idyllic weather. From tourist attractions like the Walk of Fame’s collection of stars (numbering more than 2,614 and growing by one or two a month) to career opportunities like those presented in the expanding tech industry, Los Angeles is the place to be. It is the only city in North America to have hosted the Summer Olympics twice - and by 2028 the third time. Downtown L.A. is the largest government center outside of Washington, D.C. Los Angeles has the only remaining wooden lighthouse in the state (located in San Pedro’s Fermin Park) and the largest historical theater district on the National Register of Historic Places (located Downtown on Broadway).
Los Angeles is on the leading edge of several growth industries. The Los Angeles metropolitan area, with more than 23,000 art jobs, is the country’s leading artistic center, surpassing the previous champion, New York. In other words, Los Angeles has both a larger concentration and an absolute number of artists than New York. The L.A. five-county area is also a major tech center, with more than 700,000 people at work in health services/biomedical activities and 190,000 people in aerospace. Here are some more facts and figures about Los Angeles: the city, the county, and the region.
2525
Tourism accelerated Los Angeles County’s economic prosperity in 2018 as visitors pumped an all-time high $23.9 billion directly into the L.A. economy, generating a record $36.6 billion in total economic impact. A new economic impact report released today by Los Angeles Tourism & Convention Board demonstrates the power of tourism in Los Angeles during National Travel & Tourism Week, an annual event established by Congress and organized by the U.S. Travel Association to celebrate the impact of travel.
Tourism supported 534,258 jobs in L.A. County’s Leisure & Hospitality sector, its highest total on record, employing 1 in every 8.5 workers in the county. Reaffirming the strength of the sector, tourism added 9,700 new jobs last year.
TOURISM50 MILLION 50 Million People who traveled to Los Angeles last year
$22 BILLION LA visitors spent $22 billion on hotels, restaurants, shopping, attractions and more
525,000 There are 525,000 jobs supported by the Los Angeles tourism industry
8 YEARS LA has celebrated 8 consecutive years of record growth
ATTRACTIONSSome of the world’s best-known and most iconic landmarks and attractions call Los Angeles home: the Hollywood Sign; Griffith Observatory; the Getty Center; the Walt Disney Concert Hall at the Music Center in Downtown L.A.; the Hollywood Walk of Fame; the TCL Chinese Theatre; Space Shuttle Endeavour at the California Science Center; the Battleship USS Iowa located at the Port of Los Angeles in San Pedro; Air Force One at the Ronald Reagan Library; and Universal Studios Hollywood, with its dynamic immersive experience, The Wizarding World of Harry Potter™.
ARTS & CULTUREWith various museums and exhibits, Los Angeles is full of inspiring art and diverse cultural experiences. In fact, Los Angeles has more museums and theatres than any other city in the U.S., making it the perfect place to be immersed in arts and culture. Los Angeles is home to more than 105 museums, 225 theaters, 55 magnificent structures by the world’s top architects and 16 of the world’s most beautiful gardens. It also boasts more than 1,500 theatrical productions annually. The city also has one of the premier contemporary art museums in the world, the Broad, located in Downtown L.A., and also one of the largest collections of cars in the nation at the Peterson Automotive Museum.
SPORTSWith famous venues like the Staples Center at L.A. LIVE, home to the NBA’s Los Angeles Lakers and Los Angeles Clippers, NHL’s L.A. Kings, and Dodger’s Stadium, where the Los Angeles Dodgers serve as a main attraction sports fans flock to in L.A. Los Angeles is also home to several esteemed universities that have large sports followings such as USC and UCLA.
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CONFIDENTIALITY AGREEMENT & DISCLAIMERThis Offering Memorandum contains select information pertaining to the business and affairs of Ten48 Los Angeles Street located at 1048-1050 S. Los Angeles St, Los Angeles, CA (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive oßr contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or
its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
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TEN48 LOS ANGELES ST
L I S T E D B Y
CALVIN SHORTSVP & SENIOR DIRECTOR
DIRECT (949) 432-4506MOBILE (310) 567-3525
[email protected] # 01927216 (CA)
BROKER OF RECORDKYLE MATTHEWSLIC # 1972189 (CA)
1048-1050 S. LOS ANGELES ST | LOS ANGELES, CA 90015
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