Brookfield's latest selloff: FIGat7th

"The latest Brookfield-tied property to hit the market in the Financial District of downtown Los Angeles is not a distressed office tower, but still looks to be a bargain compared to some recent deals. JLL is shopping FIGat7th, according to an offering memorandum viewed by The Real Deal. The property, at 735 South Figueroa Street, includes 330,000 square feet of gross leasable area anchored by tenants such as Target, Sephora and Zara. The center is 85.8 percent occupied, per the broker."

"The mall could fetch $70 million, according to Green Street. That would put the price around $210 per square foot, well off the $915 per square foot fetched by the Runway Playa Vista retail component a couple months ago, per a CBRE report, and the $711 per square foot price of One Westside in the Sawtelle neighborhood. Brookfield's property, meanwhile, is at the heart of L.A kitty-corner from the 7th Street Metro Center and adjacent to the Korean Air building, the tallest of the city's skyscrapers."

"Brookfield is nearly at the end of a three-year extension on a $58.5 million loan it got from MetLife. In any case, Brookfield is vacating the Financial District, which generally is considered to include Bunker Hill, where the commercial giant, lenders, special servicers and receivers have individual hands in peddling four distressed offices, with a combined square footage that accounts for about 18 percent of Class A space in the area."

JLL is marketing FIGat7th, a retail center at 735 South Figueroa Street in downtown Los Angeles, featuring 330,000 square feet of gross leasable area. The center is 85.8 percent occupied and anchored by Target, Sephora and Zara. Green Street estimates a potential sale price of about $70 million, roughly $210 per square foot, significantly below recent local retail transactions. FIGat7th sits near the 7th Street Metro Center and adjacent to the Korean Air building. Brookfield is winding down its presence in the Financial District and has multiple office and retail properties, including Bank of America Plaza and the Halo, tied to loans in default.

Read at therealdeal.com