LOS ANGELES-Forest City Enterprises has purchased the 94,000-square-foot next to the former Herald Examiner Building in Downtown Los Angeles from the Hearst Corp. The company plans to develop two mixed-use properties.

The purchase contains two parcels, a 46,220-square-foot lost on the corner of 11th and Hill St. and a 47,916-square-foot lot on the corner of 12th and Broadway. The two developments will feature apartment units and ground floor retail.

The Hearst Corp. plans to redevelop the Herald Examiner Building, which housed the former Los Angeles-based paper until 1989. “With Forest City's developments planned for the two parcels and Hearst's redevelopment of the Herald Examiner Building located next to each other, this was a complex deal that required the two parties to work together to make sure their upcoming projects support and complement each other,” says JLL VP Rob McRitchie, who along with EVP Jeff Adkison and managing director Mike McRoskey represented the Hearst Corp. and advise the company on their redevelopment plans.

The sale is yet another notch on Downtown Los Angeles ongoing revitalization and further evidence that developers are actively seeking available land in the submarket. “There has been a limited supply of available sites for sale at price points that make sense. So when well-located sites like this have become available, the development community has bid aggressively,” says Adkison.

This is true also for foreign developers, who are also actively looking for development and redevelopment sites. Last month, Chinese developer Oceanwide Real Estate Group closed escrow on a 4.6-acre lot in Downtown Los Angeles, also with plans to develop a mixed-use complex.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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