The brokerage business isn’t just about the big deals. It’s about the little ones too.
From 2015 to 2016, a Cushman & Wakefield team led by Marc Renard, Manfred Schaub, and Jimmy Chai served as the exclusive advisor to the CRA/LA, a Designated Local Authority and Successor Agency to the Community Redevelopment Agency of the City of Los Angeles. They advised CRA/LA in the liquidation of 52 assets, with the largest deals being the $50-million-dollar sale of the Arclight Hollywood parking structure and the ground lease sale for 1 and 2 Cal Plaza in Downtown Los Angeles for $103 million.
The smallest deal in the portfolio was the sale of a 26-square-foot land parcel located at 5336 North Monterey Road in Los Angeles. No, that isn’t a typo. The property, a triangle-shaped patch of sidewalk in the Monterey Hills area, is really 26 square feet. It sold for $301.
“No matter the size of the deal, we treat all transactions with the same amount of professionalism and attention,” said Jimmy Chai, Associate Director.
Despite the modest size of the asset, the team was happy to assist CRA/LA with their real estate requirements.