L.A. firm buys retail space at Orpheum Lofts, Tapestry

May 29, 2006
The Business Journal of Phoenix
by Mike PadgettThe Business Journal

A real estate investment company in Los Angeles is buying the retail spaces in two of central Phoenix's newest residential condominium buildings.

YBM Properties Inc. in Los Angeles is buying the 10,750 square feet of retail space in Orpheum Lofts at 114 W. Adams St., and the 15,000 square feet of commercial space at the Tapestry on Central condos at Central Avenue and Encanto Boulevard.

Escrow for the Orpheum Lofts property opened May 16 and will close within 90 days. Escrow for the Tapestry property, which has seven commercial spaces facing Central, is expected to close in October.

The broker for both deals is Dennis Kolodin at Realty Executives. Kolodin also will be the leasing agent for YBM Properties.

"We're going to be leasing the space to businesses that we think are synergistic to the Orpheum residents and to the immediate area," Kolodin said.

He said the Tapestry properties could be converted into "a trendy coffee shop, book store, video store, a drop-off dry cleaner, art galleries, a trendy wine bar, those type of uses."

One of the condo owners at Orpheum is John Pasquinelli, who said he would oppose any kind of loan or bank office in the residential building.

"One thing I'd like to see downtown is a good quality market, like a Whole Foods kind of market," he said. "I would like to see something pedestrian friendly."

The seller at Orpheum Lofts was TASB LLC in Denver, the original developer of the Orpheum Lofts. At Tapestry on Central, the seller was GDC Development Corp. in Arizona.

For more: The Kolodin Group 602-315-9292 or 480-603-8220.