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Looks like ....
EVOQ is in liquidation mode
Evoq sells 6 acres in the Central Business District for 80 million +..
UP 136% YTD.. Los Angeles coming back strong.
Very very nice .....
How 'bout that DGIT today ......
$50 million in cash generated from operations for the first six months .. looking for another $50 million in the next six months
Who knew .... sometimes you just gotta do a lil homework ...
More gains to come from here .... JMHO ... will double from here
Put this on your radar ..... NOW
Also ... get some ITI on your sheets at current levels cuz it's a sleeper until it's not ...
Good luck to all.
BTW, EVOQ is burning cash in it's operations. Not good. Someone needs to put out the fire at EVOQ. The new mgmt team just aint gittin her dun.
What a pile of .... EVOQ
So the 2012 statements are now published .... can you say UGGGLY
$23 million down the 2012 drain ....
2012 is a WHOPPING $23 million cash LOSS from operations.
That is $7 million more $$$$ in LOSSES than 2011.
It's been two years for the new management .... Bad Bad & Bad
We are now 7 months into 2013 ..... wonder if that means another $12 million in cash DOWN the drain. Of course who knows, since new mgmt has completely failed at communicating ....
New mgmt just aint gittng her dun ...
What a pile of .... EVOQ this is ...
FEDERAL TAX WITHHOLDING
The great irony of our time...
Massive government intrusion into private can only be combatted by massive private intrusion into government. Like most things in life...its and M&A deal!
Its all about people! So we are either one big group or all individuals. Hurry up and figure it out!
NEW OLD WORLD ORDER
Whats the market rate of providing emergency services to one of these billionaire idiots if there life or a loved ones life was in danger. These usurious scoundrels should be shown how it feels to beg and plead for livelihood...our rate is 20% of net worth...payable before any services take place!
Now it's David Murdocks turn to justify forcing owners to sell stock involuntarily. How about going into the market and buying the shares like everybody else does! Time for all these elite idiots to worry about operating rather than acquiring or re-acquiring.
Rock and a hard spot
No one seems very concerned...Gotta love the Meruelos. Who are these people! Rumor is the mom is the real killer.
The only concern remains figuring out what to do with a modern -day sweat shop disguised as 'Made in America' propaganda. Antiquated facility, undocumented workers, questionable work standards...not even sure you could get a fire truck to the right areas in an emergency. Even if they had a 99 yr lease...they gotta go!
Is his name 'Jack' Maddox!
Paying both sides ....
So it looks like EVOQ decided to sue Maddux and ...
gets to pay both sides of the legal bills ...
and will also pay his legal bills for losing their appeal ...
Oooouchhhhh!
Not very good business practices in play ...
Who's in charge anyways ...
WE LOVE CARLOS QUENTIN
Gotta stand corrected...AGonzalez is a classic player.
JHamilton has no head and APujols has no body.
Its going to be a great season...
All-Star Design Experts Join Team For Repurpose Of Los Angeles' Alameda Square (4/11/13)
Joey Shimoda and Mathew Foster Partner with Creative Space in Re-imagination of Historic 1.4 Million Square Foot Campus
LOS ANGELES, April 11, 2013 /PRNewswire/ -- Creative Space, an integrated development and marketing firm, announced today that seasoned architect and Contract Magazine's Designer of the Year, Joey Shimoda , along with branding expert Mathew Foster , have partnered with Creative Space to revitalize the iconic 1.4 million square foot Alameda Square campus strategically centered between Downtown Los Angeles' Fashion and Arts Districts. The two Arts District based- firms have joined forces with Creative Space to lead the site planning, architecture, and branding for the property.
Joey Shimoda AIA of Shimoda Design Group will contribute his architectural expertise to the restoration of the historic factory buildings. Shimoda is known for commercial and interior architecture for such clients as Steelcase, Mikimoto, Rolex, TOMS Shoes, MTV Networks and Bad Robot headquarters. Shimoda plans to provide a road map that allows for Alameda Square to take advantage of its existing architecture while injecting a new sense of place into the spaces in between the old and the new. His team is envisioning templates that allow for the project to encourage place making and social gathering. The catalyst includes special events, fresh food and open air retail with an emphasis on the globally home grown fashion community.
Rounding out this all-star team is Mathew Foster who brings his expertise in design and branding to Alameda Square. Formerly of Portland, Oregon, Foster has been instrumental in developing identities for a host of independent brands, and has worked with some of the best companies on the West Coast– including Wieden+Kennedy, Ace Hotel, 72 & Sunny and GAP.
"We are thrilled to have both Joey and Mathew partner with us on this highly-anticipated project," said Tyler Stonebreaker , chief executive officer and co-founder, Creative Space. " Alameda Square is one of the largest industrial complexes in Los Angeles with deep roots in the city's produce industry and more recently the fashion/apparel world. Our goal is to broaden its footprint and appeal to both local and global fashion/apparel companies while simultaneously bringing fresh perspective to the historic produce market on the western portion of the 32-acre campus."
Built in the early 1900s, Alameda Square has been home to a railroad terminal, produce market, food manufacturing plant and, most recently, fashion/apparel headquarters. Said Foster, "My goal is to create a mixture of classic and historic masculinity that reflects Alameda Square 's railroad and warehouse origins balanced with the bright, irreverence and playfulness of grocery, produce and fashion."
Creative Space was brought in by EVOQ Properties, Inc. ("EVOQ"), a publicly owned real estate private equity firm, to oversee the revamp of the factory buildings into the region's central hub for fashion innovation. The massive four-building complex at Seventh and Alameda Street in Downtown Los Angeles currently houses American Apparel, which occupies half of the space and Groceries, who recently moved from the adjacent Arts District and is occupying 30,000 square feet in Building 2. Splendid® and Ella Moss® contemporary lifestyle brands will be the next major tenants to relocate their corporate headquarters to Alameda Square in April 2013 and will occupy 84,000 square feet in Building 1.
Creative Space
Creative Space is fundamentally transforming the industry by rethinking the entire framework of the real estate process for businesses and property owners. Headquartered in Downtown Los Angeles's Arts District, Creative Space was founded by Tyler Stonebreaker , a trailblazer in bridging the creative world and real estate, and Michael Smith , an accomplished music and media entrepreneur. Creative Space has worked with varied clients in the hospitality, entertainment, fashion and craft industries including Poketo, Handsome Coffee Roasters, OHWOW, Beckley Boutique and Warner Music Group. To learn more about Creative Space, please visit www.creativespace.us.
Media Contact:
Melissa Barto
JCUTLER media group
Melissa@jcutlermedia.com
SOURCE Creative Space
RELATED LINKS
http://creativespace.us
All-Star Design Experts Join Team For Repurpose Of Los Angeles' Alameda Square (4/11/13)
Joey Shimoda and Mathew Foster Partner with Creative Space in Re-imagination of Historic 1.4 Million Square Foot Campus
LOS ANGELES, April 11, 2013 /PRNewswire/ -- Creative Space, an integrated development and marketing firm, announced today that seasoned architect and Contract Magazine's Designer of the Year, Joey Shimoda , along with branding expert Mathew Foster , have partnered with Creative Space to revitalize the iconic 1.4 million square foot Alameda Square campus strategically centered between Downtown Los Angeles' Fashion and Arts Districts. The two Arts District based- firms have joined forces with Creative Space to lead the site planning, architecture, and branding for the property.
Joey Shimoda AIA of Shimoda Design Group will contribute his architectural expertise to the restoration of the historic factory buildings. Shimoda is known for commercial and interior architecture for such clients as Steelcase, Mikimoto, Rolex, TOMS Shoes, MTV Networks and Bad Robot headquarters. Shimoda plans to provide a road map that allows for Alameda Square to take advantage of its existing architecture while injecting a new sense of place into the spaces in between the old and the new. His team is envisioning templates that allow for the project to encourage place making and social gathering. The catalyst includes special events, fresh food and open air retail with an emphasis on the globally home grown fashion community.
Rounding out this all-star team is Mathew Foster who brings his expertise in design and branding to Alameda Square. Formerly of Portland, Oregon, Foster has been instrumental in developing identities for a host of independent brands, and has worked with some of the best companies on the West Coast– including Wieden+Kennedy, Ace Hotel, 72 & Sunny and GAP.
"We are thrilled to have both Joey and Mathew partner with us on this highly-anticipated project," said Tyler Stonebreaker , chief executive officer and co-founder, Creative Space. " Alameda Square is one of the largest industrial complexes in Los Angeles with deep roots in the city's produce industry and more recently the fashion/apparel world. Our goal is to broaden its footprint and appeal to both local and global fashion/apparel companies while simultaneously bringing fresh perspective to the historic produce market on the western portion of the 32-acre campus."
Built in the early 1900s, Alameda Square has been home to a railroad terminal, produce market, food manufacturing plant and, most recently, fashion/apparel headquarters. Said Foster, "My goal is to create a mixture of classic and historic masculinity that reflects Alameda Square 's railroad and warehouse origins balanced with the bright, irreverence and playfulness of grocery, produce and fashion."
Creative Space was brought in by EVOQ Properties, Inc. ("EVOQ"), a publicly owned real estate private equity firm, to oversee the revamp of the factory buildings into the region's central hub for fashion innovation. The massive four-building complex at Seventh and Alameda Street in Downtown Los Angeles currently houses American Apparel, which occupies half of the space and Groceries, who recently moved from the adjacent Arts District and is occupying 30,000 square feet in Building 2. Splendid® and Ella Moss® contemporary lifestyle brands will be the next major tenants to relocate their corporate headquarters to Alameda Square in April 2013 and will occupy 84,000 square feet in Building 1.
Creative Space
Creative Space is fundamentally transforming the industry by rethinking the entire framework of the real estate process for businesses and property owners. Headquartered in Downtown Los Angeles's Arts District, Creative Space was founded by Tyler Stonebreaker , a trailblazer in bridging the creative world and real estate, and Michael Smith , an accomplished music and media entrepreneur. Creative Space has worked with varied clients in the hospitality, entertainment, fashion and craft industries including Poketo, Handsome Coffee Roasters, OHWOW, Beckley Boutique and Warner Music Group. To learn more about Creative Space, please visit www.creativespace.us.
Media Contact:
Melissa Barto
JCUTLER media group
Melissa@jcutlermedia.com
SOURCE Creative Space
RELATED LINKS
http://creativespace.us
A KISS ....
Keep It Simple Stupid ....
Considering this company is failing as a "public" company in all respects at communicating timely information as a "PUBLICY" held company ...
can someone tell me WHAT THE HELL this actually says ...
>>>> Total gross proceeds from the sale were $16.25 million. A portion of the net proceeds was used for general corporate purposes and additional leasing costs at other company properties.
“Capital from this sale will enable us to continue focusing on our core assets, including Alameda Square, in Downtown Los Angeles. Investing in improvements to those properties will attract creative companies that are looking for a unique space at the cross-section of the burgeoning arts and fashion hubs in Los Angeles,” said Martin Caverly, CEO of EVOQ Properties. <<<<
A portion ???? what portion 99% or 2%
Net proceeds ??? a dollar, a thousand dollars, a million dollars
Investing ??? really ... WOW! Builing tenant improvements is considered investing ... wtf ... c'mon they're treating their own investors as idiots ...
This is horribly written and doesn't say crap .... nobody other than current insiders could make sense of this. Better off not to release this kind of crappy communication.
New management is in trouble here ... JMHO
Bad, Bad and even worse than prior mgmt.
EVOQ Properties Announces Sale of Desmond Building in Downtown Los Angeles (4/04/13)
LOS ANGELES--(BUSINESS WIRE)--EVOQ Properties, Inc. (OTC - EVOQ.PK), a publicly owned real estate firm headquartered in Downtown Los Angeles, today announced the disposition of the Desmond Building, located at 425 West 11th Street in Los Angeles.
Total gross proceeds from the sale were $16.25 million. A portion of the net proceeds was used for general corporate purposes and additional leasing costs at other company properties.
“Capital from this sale will enable us to continue focusing on our core assets, including Alameda Square, in Downtown Los Angeles. Investing in improvements to those properties will attract creative companies that are looking for a unique space at the cross-section of the burgeoning arts and fashion hubs in Los Angeles,” said Martin Caverly, CEO of EVOQ Properties.
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.
Contacts
For EVOQ Properties
Christie Ly
Mobile: 917-617-2437
christiely3@gmail.com
http://www.businesswire.com/news/home/20130404006348/en/EVOQ-Properties-Announces-Sale-Desmond-Building-Downtown
A cool $10 million and a thank you ...
Meruelo now down a cool $10 million on DGIT ...
A big thank you to the seller of DGIT as I am a buyer and simply taking shares in ... THANKS ...
Hey what's UP with EVOQ ... stock price is UP ... hey this company is alive and breathing .... WOW!
I am a buyer today again ...
of DGIT .... A Meruelo company
and IMO stay away from EVOQ as it's an inside job (NOW) ...
Good Luck to All ..
I am a buyer today ...
I'm buying DGIT today ....
The setup looks great ....
Is anyone else looking at DGIT or in the name ... (hint IMO you can use both hands today to buy)
BTW, IMO EVOQ is not investable as new mgmt is worse than old and will end up with the spoils ...
Good luck to all ..
The DGIT move was in 2012 ...
Did you find it ... do you know A Meruelo
It was followed by the DGIT announcement referenced ...
and another move of significance was made shortly after the DGIT announcement ...
but not by Meruelo .... go find it ... cuz it's a signature move ...
This DGIT was and is a great tip for you 56Chevy to seize and get your due diligence completed ...
I'm now long more that 20,000 shares of DGIT at or near current levels .. peanuts in comparison ...
I plan to get even longer ...
BTW, did I see an ad for filming posted on an EVOQ proerty today? where it says call 1-800 film evq or something like this ... has anyone else seen this? the property is on 8th street ..
Good luck to everyone ....
Is this the move at DGIT Meruelo made?
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Digital Generation, Inc.
NEW YORK, March 20, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Digital Generation, Inc. ("Digital Generation" or the "Company") (NasdaqGS: DGIT -News). The investigation focuses on whether the Company and its executives violated federal securities laws.
On February 19, 2013, shares of Digital Generation fell $2.53 or 28% to close at $6.45 after the company announced its failure to find a buyer or strategic partner and on the company's fourth quarter and 2012 annual report, where annual consolidated revenue decreased by 4% year to year, and the company took a $20.8 million loss, including a $11.4 million goodwill impairment charge. The 2012 loss from continuing operations (including a goodwill impairment charge of $219.6 million) was $238.8 million.
http://ih.advfn.com/p.php?pid=nmona&article=56826843
Huge insider buying ....
There were huge insider buying this week ....
in DGIT with approximately $2.3 million shares purchased in the open market by COB, CEO et al.
It represents about 1% of the shares ....
Meruelo still in for $27 million ...
Quite different from EVOQ ... where you wouldn't have a clue WTF is going on ... cuz certain people lack integrity ...
Dropped a cool $7 million ...
Looks like Meruelo dropped a cool $7 mil on DGIT since last week.
I bot more DGIT shares in the $6 range this week while out of town in Arizona. Hey it was raining and snowing in Phoenix. ??
And DGIT was burying Meruleo this week.
Now long DGIT ....
Following Meruelo into DGIT ....
Nuff said.
Looks to me like .....
Meruelo got a better deal on Trump Plaza than Taylor et al got on taking over MMPI .....
Trump Plaza comes with a (gambling) license to legally steal money from the public ....
The article said the buildings original cost to build was over $200 million and so it looks like he's buying it at 10 cents on the dollar .... not sure if any debt was assumed but it doesn't look like it ....
On another note .... I got bids just below the market on DGIT as I follow Meruelo into the name ...
Also, please keep in mind Richard and Alex are brothers with separate business interests ..
Good Luck to all
Just amazing they could do that deal after the BK in LA.
Meruelo tells Donald Trump you're FIRED ...
Meruelo buys Trump Plaza amongst other things ...
http://www.npr.org/templates/story/story.php?storyId=172031001
Alex Meruelo is on the move ...
Meruelo on the move .....
Did anyone notice that Meruelo is making a move on DGIT ....
Kinda interesting ......
EVOQ Announces Sale of Three Properties in Los Angeles (1/30/13)
LOS ANGELES--(BUSINESS WIRE)--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 and January.
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.
Contacts
For EVOQ Properties
Christie Ly
Mobile: 917-617-2437
christiely3@gmail.com
http://www.businesswire.com/news/home/20130130005408/en/EVOQ-Properties-Announces-Sale-Properties-Los-Angeles
YOUR DAYS ARE NUMBERED
Curious if all the parking AA employees enjoy is included in the lease agreement? Got to think if those scumbags moved their production to a more suitable location AA would be better off...Might even be able to pay the labor a little better, or god forbid hire legal workers. So its either move now and possibly salvage the company and maybe even own a tangible asset, or move in 6 yrs(if you make it that long) with nothing. Wouldn't mind owning a lil APP stock! Dov is the decision still yours? Anybody been to the municipal facilities on Bauchet St.? Would love to take a bulldozer...
Are you sure the company is still called EVOQ. Thought it was BREAD AND CIRCUS LP. Wasted time, wasted money, wasted energy but lots of memories and few regrets.
Healthcare, Housing, Media, Water and Energy...
Viva Green-T Bills!
By the way...there are two or three individuals who could apply the tourniquet and save the appendage...but first the company has to recognize the problem and realize they need help!
EVOQ needs a tourniquet ...
I get the sense this lil piggy is bleeding badly and needs big time help ....
A touniquet will stop the bleeding but it really needs a blood transfusion which means DILUTION.
Steer clear of this private piglet of a company lead by three blind expensive mice.
In a funny note .... Today, Los Angeles Mayor Antonio Villaraigosa joined the Campaign to Fix the National Debt Steering Committee.
How ironic as ....
The City of Los Angeles will file BK within 3 years because of Tony Valar.
At least-- were getting news from the company
EVOQ Announces Disposition of Nine Non-Core Assets (11/19/12)
LOS ANGELES--(BUSINESS WIRE)--EVOQ Properties, Inc. (OTC - EVOQ.PK), a publicly owned real estate firm headquartered in Downtown Los Angeles, today announced the disposition of nine non-core assets located throughout Southern California. The sales all occurred in 2012.
The sales included the Union Lofts building in Downtown Los Angeles; 2415 Washington Boulevard, 5707 South Alameda Street, 1000 East Cesar Chavez Boulevard, 718 Jackson Street and 644 Gladys Avenue, which are industrial buildings in Los Angeles; a parking lot at 648 Stanford Street in Los Angeles; and two vacant land sites in Covina and Sylmar.
Total gross proceeds from the sales were $55.4 million. A portion of the net proceeds was used to retire approximately $35.8 million of secured debt.
“EVOQ’s strategy is to strategically dispose of non-core assets, refocus our efforts and re-invest in our properties with significant value-add potential in Downtown Los Angeles,” said Martin Caverly, CEO of EVOQ Properties.
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.
Contacts
Grayling for EVOQ Properties
Christie Ly
christie.ly@grayling.com
213-802-1153
Mobile: 213-268-1136
http://www.businesswire.com/news/home/20121119005329/en/EVOQ-Properties-Announces-Disposition-Non-Core-Assets
Martin Caverly the CEO of EVOQ? The managing partner of 2120Partners with the web address of www.2120Partners.com which has a Meruelo Maddux skyline picture? Something continues to smell around this whole situation. Or maybe that's the way it works in corporate America...Anyway, I sold all my share a long time ago, but this one really intrigued me way back when and it's fun to check in and read the posts every few months...
Groceries Apparel Moving, Expanding Corporate Headquarters at Alameda Square in Downtown Los Angeles (11/05/12)
“Green” fashion apparel brand builds on area’s fashionable roots, aims to add more local manufacturing jobs
LOS ANGELES--(BUSINESS WIRE)--Up-and-coming fashion brand Groceries Apparel is moving and expanding its corporate headquarters and manufacturing facilities to Alameda Square in Downtown Los Angeles, adding to the area’s growing fashion scene and enclave of creative businesses.
Groceries Apparel signed a five-year lease with EVOQ Properties, Inc. (OTC BB - EVOQ.PK) to occupy 33,000 square feet of Building 2 at Alameda Square (located at 767 Alameda). The company is expected to complete the move in early November.
Started in 2010, Groceries Apparel is a pioneering men’s and women’s apparel manufacturer, distributor and wholesaler that only uses certified organic ingredients and recycled materials. It also is committed to using chemical-free and renewably sourced textiles. Based in Los Angeles, the company manufactures all its apparel in the city, and also supports local up-and-coming designers.
“As a Downtown Los Angeles company, it was important that we stay and be part of this movement of businesses coming back to the city center,” said Robert Lohman, President of Groceries Apparel. “We want to contribute to the growth of our local economy, and to support our local citizens and environment. Our move to Alameda Square will help us succeed by allowing us to become more efficient and to increase our volume.”
The larger space will enable Groceries Apparel to almost double the number of its employees to 60 and to triple its output by year end. All the corporate administrative functions, creative and design work, sewing, cutting and manufacturing work will be housed at the new location. It currently sells its clothing to more than 300 high-end boutiques and department stores, such as Barneys Japan, Planet Blue and Kitson, across the United States, Canada, Europe and Japan.
“Groceries Apparel is another example of the buzz surrounding this area of Downtown, and we are delighted that Alameda Square offers the kind of space and amenities to allow this creative company to grow,” said Martin Caverly, CEO of EVOQ Properties. “It is important that we think outside of the box, and create the kind of infrastructure that attracts companies that have not been traditionally based in Downtown.”
“Consumers are more socially-conscious with their dollars and want to support companies that are forward-thinking and thoughtful about their products,” added Lohman. “We believe Groceries Apparel can help drive consumer demand for more sustainable clothing, and organic and recycled fabric.”
Located near the hip Arts and Fashion Districts, Alameda Square includes four buildings covering 1.4 million square feet with American Apparel’s headquarters occupying half of the space. In October, EVOQ Properties announced that Splendid® and Ella Moss® contemporary lifestyle brands will relocate their corporate headquarters to Alameda Square in spring 2013 and will occupy 82,000 feet in Building 1.
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.
About Groceries Apparel
Groceries Apparel is a vertically-integrated apparel manufacturer based in downtown Los Angeles. Known for its high quality and competitively-priced basics, Groceries Apparel is unique within its industry in that it uses only organic and recycled fabrics. Created in 2010 out of a Venice Beach garage, Groceries Apparel has manufactured a half-million organic and recycled shirts in its goal to become a pioneering supplier for green apparel. All of its operations support the local economy, local citizens, and neighboring businesses. For additional brand information please contact: hello@groceriesapparel.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.
Contacts
Grayling for EVOQ Properties
Christie Ly
213-802-1153
christie.ly@grayling.com
http://www.businesswire.com/news/home/20121105005384/en/Groceries-Apparel-Moving-Expanding-Corporate-Headquarters-Alameda
Did Caverly say liquidation ...
I thought I read Caverly using the word liquidation.
Since this is essentially no longer a public company, the net proceeds of liquidation will first go to the new insiders disguised as fees etc.
Anywas, no reason to invest in a company like EVOQ. The BK Judge made this uninvestable.
Splendid® and Ella Moss® Relocating Corporate Headquarters to Thriving Fashion Hub in Downtown Los Angeles (10/18/12)
L.A. fashion brands bolster area’s growing reputation as “place to be” for the creative and trendy community
LOS ANGELES--(BUSINESS WIRE)--Contemporary lifestyle fashion labels Splendid® and Ella Moss® are relocating their corporate headquarters to Alameda Square in Downtown Los Angeles, building on the area’s growing reputation as a center for fashion on the West Coast.
Splendid® and Ella Moss®, brands owned by the global leader in branded lifestyle apparel and footwear VF Corporation, have signed a 10-year lease with EVOQ Properties, Inc. (OTC BB - EVOQ.PK) to occupy 82,000 square feet of Building 1 at Alameda Square (located at 777 Alameda). The two brands are expected to move during the first quarter of 2013.
“We started and grew up in Los Angeles, so it is important that we remain true to our heritage,” said Jonathan Saven, President of Splendid® and Ella Moss®. “The growth of our brands in the last decade has been remarkable, and the larger space will help us expand. The Alameda Square building is a perfect fit for us because of its historic nature, natural light and 360-degree views.”
The building’s location near the burgeoning Arts District – home to numerous inventive businesses, including fashion houses, artists, designers, architects and galleries – and the Fashion District puts it at the center of the Downtown creative community. Other fashion brands in the area include American Apparel and Lucky Brands.
The new Splendid® and Ella Moss® corporate headquarters, which covers two full floors, will house approximately 200 employees in product development, design, marketing and sales, finance, retail operations, customer service as well as other administrative functions. Approximately 100 employees will remain in its current space at 3751 South Hill Street in Los Angeles where they will continue to operate their finished goods & fabric warehouse.
EVOQ Properties is one of the largest commercial property owners in Downtown with holdings in industrial, office, retail, residential and mixed-use real estate.
“We found a company that shares a similar vision for Downtown Los Angeles – to stay and make it better,” said Martin Caverly, CEO of EVOQ Properties. “Like EVOQ, Splendid® and Ella Moss® have seen the Downtown renaissance in the last decade and are committed to being part of this momentum for the next 10 years.”
“The moves by marquee brands like Splendid® and Ella Moss® add to the growing roster of businesses that want to stay and invest in Los Angeles,” said Los Angeles City Mayor Antonio Villaraigosa. "We fought hard to bring and keep State Enterprise Zones in Downtown Los Angeles so that businesses can stay competitive while bringing hundreds of jobs to the City. The commitment of Splendid® and Ella Moss® to the area spotlight Los Angeles as an attractive city for businesses and their employees.”
“Like many visionaries and entrepreneurs who have paved the way for Downtown’s revitalization, Splendid® and Ella Moss®’ long-term investment in the area is reflective of the growing movement of expanding business operations throughout Downtown, bringing jobs, services and an economic boost to the entire region," said Councilmember José Huizar. "By setting up operations at Alameda Square, Splendid® and Ella Moss® are sending a clear signal to other creative companies that Downtown is open for business and the place to be.”
Saven added that the company’s decision to remain in Downtown Los Angeles was impacted by the ability to stay in an Enterprise Zone area and this designation was important as they evaluated multiple locations.
To meet the specific needs of Splendid® and Ella Moss®, EVOQ is making multi-million dollar improvements to the building and the overall campus. Renovations have already started, and include conversion of the historic building to a state-of-the-art creative office with large warehouse windows, exposed concrete floors / ceiling and open floor plan; conversion of the ground floor and loading dock into retail, restaurant and outdoor public space; and addition of a 6000-square-foot roof deck and kitchen with dramatic views of the Downtown skyline.
EVOQ’s Alameda Square complex includes four buildings covering 1.4 million square feet with American Apparel’s headquarters occupying half of the space. The property has a rich history as a key commercial hub in the region. The warehouse complex and adjacent product market was designed for the Los Angeles Union Terminal Company. Southern Pacific Railroad completed the construction in 1923 and operated the property as a major intermodal produce market and distribution center connecting Downtown to the rest of the L.A. region.
“The revitalization of Alameda Square reflects our company’s mission of bringing forth a new vision with new investment and new companies to Downtown L.A., creating a community where creative industries can thrive,” added Caverly.
Phil Lombardo of Cushman & Wakefield represented VF Corporation while John Zanetos and Will Adams of CB Richard Ellis represented EVOQ in the transaction.
Splendid® is a complete lifestyle brand offering collections for women, men and children with an unmatched approach to casual dressing. Known for its signature stripes and vibrant color, the brand delivers comfortable, classic, effortless style. Ella Moss®offers contemporary fashion for women and girls and is noted for its bold patterns, dramatic dresses and modern styling.
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.
About Ella Moss®
Ella Moss® is a contemporary fashion brand featuring feminine, flirty, whimsical designs inspired by travel, art and music. The collection captures the laid-back sophistication of its Los Angeles roots while offering coveted must-haves for the modern girl’s dream closet. The brand’s unique prints, daring styling and modern twists on vintage finds allows for creating distinctive personal style. Founded in 2001 by designer Pamella Protzel Scott, the Ella Moss® assortment includes ready-to-wear, footwear and swim and can be found at the Ella Moss boutique in Newport Beach, CA as well as at better department and specialty stores domestically, abroad and online. For further brand information or to shop online visit EllaMoss.com.
About Splendid®
The Splendid® brand is the culmination of a ten year quest to create the ultimate t-shirt. The success in designing an extraordinarily soft material cut into perfectly chic silhouettes was the platform for what is now a complete lifestyle collection of ultra-comfortable, effortlessly stylish collections for women, men, kids and babies. Known for its vibrant palette and bold stripes, Splendid®offers classic, colorful styles across multiple product categories including apparel, outerwear, footwear and swim. Splendid®can be found at its twelve retail locations in the US and Canada as well as at high-end department and specialty stores domestically, internationally and online. For a full listing of stores, to shop online or for additional brand information visit Splendid.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.
Contacts
Grayling for EVOQ Properties
Christie Ly, 213-802-1153
christie.ly@grayling.com
or
Splendid® and Ella Moss®
Julia Austin, 212-730-7333 ext. 212
julia_austin@ellamoss.com
http://www.businesswire.com/news/home/20121018005567/en/Splendid%C2%AE-Ella-Moss%C2%AE-Relocating-Corporate-Headquarters-Thriving
Whats the commission paid on $34.5M? I'm sure Union Lofts was a really tough sale...The professionals probably had to work really hard and definately earned their money!
And drsandcrs if you really had such a big position in the company why didn't you have more of an impact. We forget about the gift sales of the Tower and Sci-Arc before even an attempt to sell numerous unemcumbered properties or improve cash-flows on performing assets. Starting to think you might be a banker or a lawyer who might not always play with your own money.
The corporate minutes ....
EVOQ apparently released the prior 2007, 2008 and 2009 corporate minutes of MMPI as part of a declaration of the new in-house legal counsel ..
Something is in the minutes they do not want disclosed and are moving to get the information expunged from the court ...
OOPS! The f..kd up and publicly disclosed the info.
I have a pdf copy.
If you would like a copy please feel free to provide an email and I will send you a pdf copy.
I do ....
I have some EVOQ ....
Banked over seven figure gains on MMPI and redeployed most of the proceeds into my new favorite ...
The BK attorneys made multi seven figure numbers on MMPI
This is dead money now IMO.
I'm curious, who here has, or still has, a position? Many of us sold out at during the previous run-up I feel.
LA will impose new sales taxes on RE sales ...
The City of LA is bankrupt and they are now proposing raising sales taxes on real estate sales to approximately 1% to fill a budget deficit.
The power to tax is the power to destroy.
Watch out down below.
Staying on the sidelines as this company slowly liquidates and pays fees and commissions and compensation to the new insiders.
Good luck to all.
New article today:
http://www.ladowntownnews.com/news/where-meruelo-maddux-failed-evoq-hopes-to-thrive/article_cb3e692c-14cc-11e2-b18f-001a4bcf887a.html#.UHwLKuEjJvM.twitter
Where Meruelo Maddux Failed, Evoq Hopes to Thrive
DOWNTOWN LOS ANGELES - Downtown Los Angeles has been home to numerous rise and fall stories, but few drew as much attention or saw as rapid a plummet as that of Meruelo Maddux Properties, Inc. and its politically connected co-founder Richard Meruelo.
From the mid-1990s through the latter part of the last decade, the firm acquired an empire of Downtown development sites and industrial properties, from produce distribution complexes to apparel factories. It became the largest landowner in the Central City.
The potential seemed limitless, and after raising $400 million by going public in 2007, Meruelo, well known as a backer and friend of Mayor Antonio Villaraigosa, and co-founder John Maddux turned their sights to residential development. They spent $28.6 million to build out the Union Lofts, a 92-unit adaptive reuse project at Eighth and Hill streets. Then, they began work on a $110 million, 35-story South Park apartment tower, the tallest purely residential edifice in Downtown.
They would never see the opening. By late 2008, MMPI was suffocating under a mountain of loans it had used to buy property. Facing $368 million in debt as the real estate market settled into an unprecedented paralysis, the firm filed for bankruptcy in March 2009. The tower went bankrupt too; it would later be sold to Watermarke Properties.
After a two-year court process, Meruelo and Maddux were ousted as part of a reorganization plan that allowed an outside investment group armed with $23.6 million in private equity to take a majority share of the company. New management was implemented, with Martin Caverly, who previously ran a real estate consulting firm, taking over as CEO.
Now the new team, which last year rechristened the company Evoq Properties, is tasked with turning around what’s left of MMPI. More precisely, they have to dig the company out of its debt hole. So far, their strategy has been pretty simple: Sell the non-core assets, and when the price is right, part with some of the portfolio gems too.
Caverly said the vision for the company is of a real estate entity focused strictly within the freeways that wrap around Downtown and, on the east side, the Los Angeles River. The company’s core holdings include properties in South Park, Chinatown and the Industrial and Arts districts, among them Alameda Square, the massive four-building warehouse complex at Seventh and Alameda streets that houses American Apparel.
“We’ve refocused the company on those areas,” said Caverly, “and in the process are going through a, liquidation is too strong a word because it’s not a forced sale, but strategically we’re getting rid of assets that don’t fit the core market.”
The Cash Cow
According to the company’s 2011 annual report — its most recent public filing with the Securities and Exchange Commission — Evoq trimmed its loan debt by nearly $130 million to $238.3 million by selling an array of properties in the latter half of the year.
Under the still heavy debt load, the firm posted a net loss of $60.3 million last year. So far in 2012, Evoq has sold seven more properties for a total of $54.1 million, Caverly said. They included holdings in Vernon, Sylmar and Covina.
The stark debt reality has prompted the company to part not only with geographic outliers in its portfolio, but also with some properties that would otherwise fit perfectly in the Downtown long-term vision. For example, one of Evoq’s first plays was to jack up rents at the Union Lofts, doubling its net operating income, then selling it for $34 million — $5.4 more than it owed on the building.
After pledging to renovate the Desmond Building at 11th and Hope streets and turn it into creative office space, the firm recently put the edifice two blocks from Staples Center on the market. It is being packaged with an adjacent parking lot where Meruelo had pulled permits to build a 19-story apartment tower.
Evoq is also in escrow on the sale of a parking lot at Olympic Boulevard and Hill Street. The buyer is the Hanover Company, which is in the process of securing approvals for a 281-unit apartment complex on the site.
Cash generated from those sales, Caverly said, will be more valuable invested in what the firm has identified as its top priority: a major renovation of Alameda Square.
Although American Apparel occupies two buildings and 700,000 square feet of space, the other two structures in the 1.4 million-square-foot complex have long been mostly vacant. The most significant move Evoq has made so far on the property is a deal with VF Corp. The Fortune 500 clothing company plans to move the headquarters of two of its brands into a whole floor, or 80,000 square feet, of one of the empty buildings.
From a real estate perspective, the 10-year, roughly $18 million deal is crucial because, with the promise of future revenue from a second anchor tenant, it now makes financial sense to upgrade the rest of the building and ready the other floors for additional tenants.
If all goes as planned, more fashion-related creative office users will flock to the complex. It may already be working. Last month, up-and-coming garment maker Groceries, which has been compared to a young American Apparel because it manufacturers its clothes in L.A., signed a deal for 35,000 square feet at Alameda Square, Caverly said.
The ground floors will be reserved for restaurants and stores to serve the employee base, in theory converting the sprawling complex into an active mixed-use hub. It’s a five-year vision, said Caverly, and if successful it would allow Alameda Square to function as a cash cow that feeds other Evoq projects.
Broker Iqbal Hassan, a principal with Quantum Associates who specializes in the Fashion District, said building out creative office space makes sense. More and more apparel companies are interested in old buildings because of their large windows and the historic aesthetic, he said.
“If there were a stronger push to get designers or manufacturers or the creative end of the industry into those buildings, I’d be all for it,” Hassan said. “There hasn’t been that strong of a play yet for people to come into that environment.”
Downtown Dreams
It is unclear when Evoq will have the money to invest in other projects, though it has several concepts in place. One involves converting a patchwork of cold storage, parking and light industrial parcels at Center and Jackson streets in the Arts District into 88 residential units and 68,000 square feet of creative office space. The firm has partnered on the project with developer Jeff Lee. Caverly said work could begin by late 2013.
Evoq also envisions a 614-unit residential complex on a parking lot at Spring and College streets, near the southern entrance to the Los Angeles State Historic Park. The project would require a zone change of the 4.9-acre site.
Concepts and future plans, however, will remain on hold until Evoq can generate the revenue needed to launch new projects, said Surj Soni, managing member at Legendary Developments. Legendary acquired the debt on a package of MMPI properties during the bankruptcy process, including the parking lot adjacent to SCI-Arc, which the company then sold to the architectural school.
“I think they are still bleeding very heavily and there’s a limit on how long an organization can do that, but I think they’re going to find their mojo,” Soni said. “The assets that they have are game-changer assets.”
What Soni considers game-changer parcels, however, come with a downside — to realize their value, the company needs cash.
“Money is something that’s in short supply for them,” Soni said. “I don’t think they have come out of the tunnel yet.”
The firm is also not entirely free from legal matters. Evoq remains in litigation with Meruelo over terms of the bankruptcy. Caverly, who declined to comment on the case, said it will not interfere with the company moving forward with its new strategy.
Contact Ryan Vaillancourt at ryan@downtownnews.com.
©Los Angeles Downtown News.
Taking my ball and playing on another field ...
As you all may know I have substantially reduced my EVOQ holdings as it's too risky with sub par management IMO and LA is bankrupt and can't even repair potholes in the streets.
I have proof of the LA pothole problems as my daughter blew out TWO tires (front and rear on driver side) on my MBZ as she was driving to get a milkshake in BH of all places.
EVOQ will not be able to avoid the potholes in front of it either.
I'm taking my ball and playing elsewhere but will poke my head in here to keep all of you amused at times.
You can catch me here ...
http://investorshub.advfn.com/Iteris-Inc-ITI-25685/
Good luck to all.
Some good news this week ...
Shared a name and idea with EI that has the real potential for at least a double or even a triple in the next couple of years as it sits on a pile of cash, is debt free, is growing in double digits, national and international footprint, is profitable and cash flow positive and is buying back shares adding value to every share remaining (anti-dilutive) and no it's not APPL. :)
Has anyone looked at my long recommendation. It's the only stock I plan to own in the next several years and a 2 bagger is easy and it may just turn into a 3 bagger or home run. I've mentioned the name several times here and highly recommend you take a good hard look at it. The shareholder meeting went extremely well. Up and away it'll go.
Good news this week on my recommendation.
It's only the beginning and I highly recommend you take a serious look and get very long this name. I am very very long this name and sleep well at night knowing this.
I owe EI on EVOQ for reasons you/he may not fully understand and I hope he's getting long this name in a big way.
Nuff good things happening here with the new name that I hope EI takes advantage of the new name
As far the new name -- Good news begets more good news.
Good luck to all.
State takes over ....
So the State of CA declares an emergency and takes over the financially strapped Inglewood School District ....
http://www.dailybreeze.com/news/ci_21548079/state-takes-over-financially-strapped-inglewood-unified-school
The state loaned the district $55 million ... the funny thing about this is the state doesn't have $55 million as it's own bank accounts were overdrawn by $20 BILLION as of August 31, 2012.
So here's the landscape ....
Alex Cherniss, chief business officer with the Los Angeles County Office of Education, says he believes as many as 10 school districts in Los Angeles County are teetering on the brink
A Conga line with all the LA school districts doing a Kabuki dance into BK.
Can't wait for an entire takeover of the 10 districts by CA ...
Ye of little faith...
There is no economy in the history of mankind as viable and dynamic as Californias. You are right...there isn't much opportunity for bottom feeding sharks...too bad!
Treasuries and gold are what people should be selling not California real estate. Gold is a good investment if you are a materialistic scoundrel with little intellect and treasuries if you are just a scoundrel who likes the current size of our federal government.
Think renewable energy, infrastructure improvement, and urban redevelopment if you are looking for opportunities. Think tax free munis.
Pay the people!
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EVOQ Properties, Inc. ("EVOQ Properties" or "EVOQ") is a publicly owned real estate private equity firm headquartered in Downtown Los Angeles. EVOQ's existing portfolio of 35 assets includes approximately 3.5 million square feet in the greater Los Angeles area with a focus on industrial, creative office and multifamily residential assets. Properties include a mix of operating, redevelopment and land assets, with significant value-add opportunities across the portfolio.
The firm has a current market capitalization of approximately $40 - $50 million and is backed by strong institutional sponsorship. EVOQ is well capitalized and positioned to deliver superior risk adjusted returns to investors through the management and redevelopment of core assets within the acquired portfolio, the strategic disposition of select non-core assets, and the execution of joint venture development partnerships to build best-in-class properties.
In March 2009, the company, then know as Meruelo Maddux Properties Inc, and numerous of its subsidiaries have filed for voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in California. The company exited Chapter 11 on July 25, 2011.EVOQ Properties is the successor business to Meruelo Maddux Properties, Inc. ("MMPI"). MMPI was a full service real estate company that developed and owned commercial properties in downtown Los Angeles - the company owned 55 assets at its peak and was reported to be the largest non-government land owner in LA County. MMPI was originally sponsored with a $150 million revolving credit facility from CalPERS that was repaid in full in early 2007 following the company's IPO.
A series of management missteps and a deteriorating commercial real estate market forced MMPI to petition for relief under Chapter 11 of the U.S. Bankruptcy Code approximately two years later on March 26, 2009. In addition to reorganization plans filed by secured creditors and the Debtor, a third, competing plan was filed by independent equity holders unaffiliated with management. This plan, known as the "Charlestown Plan," was confirmed by the Bankruptcy Court in early 2011 and capitalized by EVOQ's current sponsorship group which purchased 55% of the outstanding shares of common stock in MMPI. Sponsorship replaced former management and the company's Board of Directors entirely, and the company emerged from bankruptcy protection on July 25, 2011 with new capital and a new management team already in place.
Filing Date Forward Chart (3/27/09):
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