LOS ANGELES—Trojan Fig Partners has purchased a two-building retail hub adjacent to the University of Southern California known as 901 Bar & Grill from Figueroa Retail LLC, a private family investor who has owned the property since 1971. The purchase price of the property was not disclosed, but industry sources unrelated to the deal say that it was approximately $15.6 million, or $1,560 per square foot.

Located at 2902, 2904, 2912 S. Figueroa Street in Downtown Los Angeles, the property is occupied by a Carl's Jr., El Pollo Loco and 901 Bar & Grill. The buyers plan to keep the property open for now, much to the excitement of the USC students, but redevelopment may be possible in the future, according to Chris Caras, VP at CBRE. Caras represented the seller in the transaction along with his CBRE colleagues, Phillip Sample, SVP, and SVP Michael Shustak.

"There is a ton of positive things happening in downtown Los Angeles that are sort of creating a wake in the perimeter parts of downtown," Caras tells GlobeSt.com. "USC is no small fish either, and to have a property that is right across from the campus along with the other properties being built up and down Figueroa, it just seemed logical that now was a good time to sell this property." He adds that the property was viewed mainly as a land sale, and as such, the team reached out to both developers and long-time holders to buy the property.

The 10,000-square-foot, two-building property was originally built in 1921, and the 901 Bar & Grill has been at the site since 1947. It is a popular hangout for the USC students. According to unnamed industry sources, the buyer secured a $10.9 million loan to purchase the property. Although it has alluded to possible redevelopment in the future, no plans have been made officially.

With downtown revitalization well underway, retail properties are presenting prime investment opportunities, especially those well located with a direct consumer base nearby.  And, with retail lending back in full swing, investors are scooping up opportunities. According to a report from CBRE, retail lending in the first three quarters of 2014 were up 50% from the same period in the previous year. This dramatic increase is attributed to a combination of refinances and a healthy demand from investors looking for high-yield investment opportunities. In 2015, experts expect more of the same, with plenty of capital for investors to strike.