EVOQ Properties Announces Sale of Three Properties in Los Angeles
LOS ANGELES -- January 30, 2013
EVOQ Properties, Inc. (OTC - EVOQ.PK), a publicly owned real estate firm
headquartered in Downtown Los Angeles, today announced the disposition of
three non-core assets located in Los Angeles. The sales occurred in December
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. All of the properties are in Los Angeles.
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.
“We continue to actively pursue our plan to strategically dispose of non-core
assets, which allows us to re-invest the capital into opportunities that have
the strongest potential for growth and return on investment,” said Martin
Caverly, CEO of EVOQ Properties. “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.”
About EVOQ Properties Inc.
EVOQ is one of the largest property owners in downtown Los Angeles, with
holdings in industrial, office, retail, residential, and mixed-use real
estate. For additional information on EVOQ and its properties, please visit
the Company’s website at EvoqProperties.com.
Forward Looking Statements
This release contains forward-looking statements that are made in reliance
upon the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements are generally accompanied by words such as
"anticipate," "continues," "expect," "forecast," "outlook," "believe,"
"estimate," "should" and "will" and words of similar effect that convey future
meaning, concerning the Company's operations, economic performance and
management's best judgment as to what may occur in the future. Future events
involve risks and uncertainties that may cause actual results to differ
materially from those we currently anticipate. The actual results for the
current and future periods and other corporate developments will depend upon a
number of economic, competitive and other influences. Many of these risks and
uncertainties are beyond the control of the Company, and any one of which, or
a combination of which, could materially and adversely affect the results of
the Company's operations and its financial condition. We undertake no
obligation to update information contained in this release.
For EVOQ Properties
Press spacebar to pause and continue. Press esc to stop.