EVOQ Properties Announces Sale of Three Properties in Los Angeles…

Image

 

According to a Press Release which we received this morning from EVOQ Properties (Former Meruelo Maddux), they have disposed of three of their non-core assets in the Downtown market, including 915-949 S. Hill, a series of vacant lots and industrial buildings, and industrial buildings located at 759 Ceres Avenue and 643 Gladys Avenue, as part of their strategy to pay off debt and recapitalize into higher growth opportunities.

Press Release shown below:

 

“”EVOQ Properties Announces Sale of Three Properties in Los Angeles

LOS ANGELES, JANUARY 30, 2013 – EVOQ Properties, Inc. (OTC – EVOQ.PK), a publicly owned real estate firm headquartered in Downtown Los Angeles, today announced the disposition of three non-core assets located in Los Angeles. The sales occurred in December and January.

 

The sales included 915-949 S. Hill, a series of vacant lots and industrial buildings, and industrial buildings located at 759 Ceres Avenue and 643 Gladys Avenue. All of the properties are in Los Angeles.

Total gross proceeds from the sales were $19.5 million. A portion of the net proceeds was used to retire approximately $15.3 million of secured principal debt and $1.7 million of contingent deferred interest.

 

“We continue to actively pursue our plan to strategically dispose of non-core assets, which allows us to re-invest the capital into opportunities that have the strongest potential for growth and return on investment,” said Martin Caverly, CEO of EVOQ Properties. “We believe our focus on our core assets in Downtown Los Angeles will bring long-term value not only to our company, but to the development of those neighborhoods into a stronger community.”

About EVOQ Properties Inc. 
EVOQ is one of the largest property owners in downtown Los Angeles, with holdings in industrial, office, retail, residential, and mixed-use real estate. For additional information on EVOQ and its properties, please visit the Company’s website at EvoqProperties.com.

Forward Looking Statements
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company’s operations and its financial condition. We undertake no obligation to update information contained in this release.””

Advertisements

About Jed Tarr
Founder of The Urban Observer, President of The Tarr Organization - Commercial Real Estate Development, Los Angeles

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: