The Company, in association with Villanueva Capital was selected by the United States Postal Service to manage the planning, entitlement and marketing for USPSâ€™s Terminal Annex property in downtown Los Angeles. The property included a 500,000 square foot building and 18-acres of land. In July 2000, the Company engineered a sale of the historic building to Dallas-based INFOMART Holdings. In March of 2002, the Company arranged the sale of six acres of land to The California Endowment, a private, statewide health foundation, on which the Endowment has constructed its headquarters.
Appraised at $24.0 million by the USPS, the total sale proceeds one year after the appraisal exceeded $53.0 million and enabled the USPS to retain sufficient acreage to construct a new mail distribution center on the remaining land.