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EVOQ Properties Sheds $100M in Assets

LOS ANGELES-EVOQ Properties settles $43 million in secured principle debt with capital generated through the disposition of four assets.

By Kelsi Maree Borland | Updated on October 09, 2013

LOS ANGELES-EVOQ Properties has sold four Los Angeles assets totaling $100.5 million. The four dispositions include six acres of downtown land purchased by a joint venture between Mack Urban and AECOM Capital for $82 million, which GlobeSt.com reported in an earlier story. The remaining three dispositions were located at 3185 Washington, 303 Hewitt and 1919 Vineburn, and generated the remaining $18 million in capital.

The disposition of these assets is part of EVOQ Properties’ strategic move de-risk the company and shift away from development space. “We made a conscious decision to bring land to market when thought it was viable, and to pass it on to people who specialize in development,” Martin Caverly, CEO of EVOQ Properties, tells GlobeSt.com. “[Selling these assets] was a combination of our strategy, which is to de-risk the company and use that capital to generate income-producing assets, and the downtown renaissance. We felt it was an interesting time to see if we could make that sort of trade, and we were fortunate the right guys to do it with.”

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