The buyer of Frank’s Camera and two other buildings on Figueroa St. in Highland Park is a limited partnership named “AP Highland Park.” AP Highland Park is, in turn, part of a larger real estate investment portfolio run by Asana Partners Fund, based in Charlotte, North Carolina.
The Boulevard Sentinel reported on the $23 million sale of the three properties last month, but at that time, the name of the buyer was not yet public record.
According to its website, Asana Partners, formed in 2015, invests in retail properties with stable business tenants offering upscale services and products in dynamic areas. The businesses in the buildings on Figueroa fit that description, including restaurants, a barber shop-plus-speakeasy, fancy muffins, hand crafted ice cream and a major real estate firm.
The buildings on Figueroa St. – at 5711, 5715 and 5900 — are Asana’s first purchase in Los Angeles. The firm’s other investments have been in Charlotte, Cambridge, Mass., Atlanta, Miami Beach, Dallas and Alexandria, Virg.
Some of the Asana-owned buildings in other cities resemble the buildings on Figueroa St. One thing the businesses in these buildings have in common is that, for the most part, they are higher end service-related businesses, such as restaurants, bars, financial services and personal services, or higher-end specialty retail, such as eyeglasses and designer furniture. Such businesses are not as threatened by online shopping as traditional retailers.
The Boulevard Sentinel called Sam Judd, managing partner at Asana, and asked about the company’s plans for the buildings on Figueroa, his impressions on where Highland Park is headed as a neighborhood and if there were any particular reasons for choosing to invest in Highland Park versus other L.A. neighborhoods. His response: “I appreciate your questions but it is our policy not to comment on acquisitions.”
– Bill Hendrickson