A tentative agreement to sell the 720,000-sf complex at South Broadway and Washington Boulevard was reached a few months ago, brokers involved in the deal say, but several contingencies had to be met before the transaction could close. The sprawling complex features 13 floors of furniture, home accessory and gift wholesalers.
L.A. Mart was developed in 1958 by the Los Angeles Home Furniture Manufacturers Association, which had long pined for a single spot where buyers from around the nation could view the products of hundreds of companies under a single roof. It thrived through the 1980s, but then suffered—-as did the region's other wholesale marts—-during the deep recession of the early 1990s.
Now the Mart's back on its feet, and its space is nearly fully leased, according to an official at L.A. Mart LLC, the group of private investors that has owned the complex for several years. Analysts say the sale to Vornado could mean even brighter times ahead, because the REIT operates a chain of such properties nationwide and has a massive marketing budget to match its strong industry relationships.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.