The Siegel Group Completes Disposition of Trophy Studio City Asset
February 1, 2016
LAS VEGAS — The Siegel Group Nevada, Inc., a real estate investment and management company founded by Stephen Siegel, announced today that it had completed the disposition of Laurel Plaza, a mixed-use commercial property occupied by retail and office tenants that also housed the company’s Los Angeles office. The property is located in the epicenter of Studio City which has evolved into one of the most popular submarkets in Los Angeles.
Acquired by an affiliate of The Siegel Group in 2003, the property lies in an area of Los Angeles that is undergoing significant redevelopment and capital investment. Interest in the area over the last 12 months had become so intense that a number of private investment groups continued to aggressively approach The Siegel Group with offers to acquire the property. Each time The Siegel Group rejected one of these offers, the investment groups responded with an increase in purchase price and more favorable terms. Eventually, The Siegel Group agreed to sell the property for $7 million net with all costs and brokerage fees paid by the buyer.
Stephen Siegel, President of The Siegel Group, stated: “I never intended to sell this trophy asset which has served as the base of my LA operations for over ten years. However, when you receive numerous offers that are so dramatically above market, there comes a time when you realize it is best to sell.”
The Siegel Group is actively looking to acquire value-added properties throughout the United States and is working closely with lenders and private parties to take over distressed assets. If you have a property you would like to submit for consideration, please email properties@siegelcompanies.com.
About The Siegel Group Nevada, Inc.
The Siegel Group, a real estate investment and management company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential. The company’s extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires. These assets include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, flexible-stay, boutique resorts, hotel-casinos, retail, office, restaurant, bars, and nightclubs. For more information on The Siegel Group and its affiliates, visit the Company’s website at https://siegelcompanies.com.
