The company that took over the downtown Los Angeles development sites and buildings of Meruelo Maddux Properties, Inc. after its 2011 bankruptcy announced it is exploring potential strategic options, including a possible sale. The board of directors of EVOQ Properties, Inc. announced the decision on Wednesday, adding the company will continue to operate during the process. EVOQ, which trades publicly on the OTC exchanges, had about $36.7 million cash at year-end 2013.