EVOQ Sells Los Angeles Sites for $19M

LOS ANGELES—EVOQ Properties Inc., based here, has sold a set of sites, including vacant and industrial properties, in the city for $19.5 million.

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.

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.

Martin Caverly, CEO, said in a statement that the public firm will continue to dispose of non-core assets, in order to to reinvest the capital into opportunities that have the strongest potential for growth and return on investment. “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,” he said.

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