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.”

The capital generated from the transactions will be used to settle $43 million of secured debt and in potential reinvestments, although EVOQ Properties hasn't made any firm decisions. Going forward, the company will focus on risk-adjusted opportunities and partnerships, but “nothing speculative,” says Caverly. Should the firm choose to reinvest, they will continue to look for opportunities in the downtown market.