DDI US Successfully Acquires Commercial Project 540 in LA
After the completion of Detroit project, DDI overseas team in US has invested the profit earned into Commercial Project 540 in Pasadena, a famous satellite city of LA, fully in accordance with the Tax Saving Law of the United States.
Mountains embrace Pasadena from north and give the city beautiful sceneries and pleasant weather in four seasons. Chinese communities are most distributed in the south. Pasadena is a downtown full of wealth and prosperity in LA. Project 540 is located at the business center of Pasadena and close to No.210 Highway, enjoying advantageous geographical location. Consisting of four buildings and one parking area, the project covers 0.96 acre, with a total usable area of 13,900 m2 for rent. It is designed to be a combination of office area and retail business. All places are rented out so far. Thanks to the great strength of our tenants, the annual net rental income of the project is about $600,000.
DDI acquires Project 540 in a price of $14.5 million and is transforming it into a complex of commerce and residence. In this way, DDI can maintain the stable rental income and obtain further profits by selling apartments. There are 3 design schemes available now, i.e., independent planning for the project, acquisition of and joint renovation together with lands nearby, and acquisition of lands nearby plus independent planning respectively for the project and lands nearby. One of them could bring 61 sets of high-end apartments. At present, DDI has asked a specialized design company to provide design scheme and financial forecasting for project renovation.
Project 540 has great commercial potential and strong operability. It will definitely lay a sound foundation for DDI’s real estate development in LA.