DOWNTOWN LOS ANGELES — Evoq Properties, the retooled and renamed Meruelo Maddux Properties, has put seven South Park development sites on the market.
The parcels measure a combined 5.79 acres and have the potential for up to 2.3 million square feet of residential or mixed-used development, according to material from broker Cushman & Wakefield, which is marketing the portfolio.
The move continues Evoq’s strategy of reducing the debt load that forced Meruelo Maddux into Chapter 11 bankruptcy in 2009. Since emerging from its reorganization under new leadership, the firm has been selling non-core assets, including some development sites.
It recently sold three sites, including a parcel at Olympic Boulevard and Hill Street being developed by the Hanover Company, for a combined $19.5 million.
Putting the South Park portfolio on the market is not an all-out property dump, said Evoq CEO Marty Caverly. The firm is entertaining all types of offers, including proposals from developers to enter into joint ventures, he said.
“We said, let’s take it to market and see what the market does,” Caverly said. “A lot of this may be [joint ventures]. We think it’s a unique opportunity in the capital markets.”
Evoq still has significant Downtown holdings, among them the American Apparel-anchored Alameda Square complex and properties in the Arts District and Chinatown.
The parcels on the market include 1150 S. Grand Ave., a 1.69-acre site entitled for 347 housing units and 17,500 square feet of retail; two parcels on Pico Boulevard between Olive and Hill streets; and a 1.07-acre parking lot at 11th and Olive streets.
No asking price has been identified for the parcels.
Contact Ryan Vaillancourt at firstname.lastname@example.org.