{"id":1004091530,"date":"2014-02-20T07:27:42","date_gmt":"2014-02-20T15:27:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004091530"},"modified":"2022-12-03T00:35:53","modified_gmt":"2022-12-03T08:35:53","slug":"auction-com-to-auction-woolworth-building-in-downtown-la","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/auction-com-to-auction-woolworth-building-in-downtown-la\/","title":{"rendered":"Auction.com to Auction Woolworth Building in Downtown LA"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/719Broadway-01-1.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004091533\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/auction-com-to-auction-woolworth-building-in-downtown-la\/719broadway-01-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/719Broadway-01-1.jpg\" data-orig-size=\"800,533\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS REBEL T3&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1389329617&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;12&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"719Broadway-01 (1)\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/719Broadway-01-1.jpg?w=800\" class=\"alignleft size-medium wp-image-1004091533\" alt=\"719Broadway-01 (1)\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/719Broadway-01-1.jpg\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/719Broadway-01-1.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/719Broadway-01-1.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/719Broadway-01-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>The historic Woolworth Building at 719-725 South Broadway in downtown Los Angeles will go up for auction on March 10, Auction.com announced Tuesday.<\/p>\n<p>The online auction, on behalf of a private owner, also involves Starwood Mortgage Capital, which is a potential source of debt financing to the successful purchaser, Eric Paulsen, executive vice president and general manager of commercial real estate for Auction.com, told <i>Commercial Property Executive<\/i>.<\/p>\n<p>The starting bid for the four-story, 76,000-square-foot retail property is set at $4 million.<\/p>\n<p>The building was completed in 1920 to a design by the architectural firm of Weeks and Day, which is probably best remembered for numerous hotels, apartment buildings and theaters in the San Francisco Bay area.<\/p>\n<p>\u201cThe Woolworth Building is an iconic structure reminiscent of Old Hollywood,\u201d Paulsen said in the release. \u201cIt\u2019s intriguing to be able to sell a piece of history using real estate\u2019s most cutting-edge online sales platform.\u201d<\/p>\n<p>The building has undergone more than $5 million in renovations in the past few years, Paulsen told <i>CPE<\/i>. Much of that was in 2011 in connection with the Los Angeles \u201cBringing Back Broadway\u201d initiative, which aimed at restoring the historic downtown theater district.<\/p>\n<p>The building\u2019s renovation included an update to its 120-foot frontage and an interior update to highlight its Art Deco past with two historic staircases consisting of original terrazzo floors connecting the first floor with the basement.<\/p>\n<p>The single-tenant retail space currently houses Ross Dress For Less, a national discount clothing retailer, with a guaranteed long-term net lease by Ross Stores Inc. Other recent or pending national retailers in the area include Acne Studios, Urban Outfitters and Whole Foods Markets.<\/p>\n<p>Property tours are scheduled for Feb. 27, March 4 and March 6. The online auction starts at 9 a.m. PST on March 10 and concludes at 9 a.m. PT on March 12.<\/p>\n<p>Though he notes that early indications of interest in an auction are not a reliable sign of who actually shows up to bid, Paulsen is optimistic that the Woolworth Building will see \u201cheavy activity.\u201d<\/p>\n<p>\u201cI\u2019ve got a lot of eyeballs on it\u201d already, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The historic Woolworth Building at 719-725 South Broadway in downtown Los Angeles will go up for auction on March 10, according to Auction.com.<\/p>\n","protected":false},"author":882,"featured_media":1004091533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1594,21742,21749,15],"tags":[],"class_list":["post-1004091530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-los-angeles","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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