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National City Tower Fetches $43M

LOS ANGELES—RC Acquisitions acquires the 12-story 118,000-square-foot historic adaptive reuse building in Downtown Los Angeles from National City Towers LLC.

By Kelsi Maree Borland | Updated on October 17, 2014

LOS ANGELES—Canadian-based investor RC Acquisitions has acquired the National City Tower in Downtown Los Angeles for $43.3 million from National City Towers LLC. The 12-story, 118,162-square-foot building is a historic adaptive reuse development with 93 multifamily units and ground floor retail space.

“With Downtown Los Angeles hitting peak levels of capital infusion over the past year, we advised the seller on the benefits of asset disposition at this particular point in time,” Bryan Glenn, a broker with Charles Dunn Co., tells GlobeSt.com. “Interest rates remain low; however, next year they are predicted to increase. Investors are aggressively seeking to spend pent up capital before rates rise and get into core markets like this one.” Glenn represented the seller and the buyer in the transaction along with his Charles Dunn colleague, Janet Neman. Sklar Kirsh attorney Andrew Kirsh provided legal counsel to the buyer in the transaction.

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