Brits Buy Stake in 3M-SF California Mart

LOS ANGELES-DMG World Media of Britain has purchased what it calls “a significant share” of the California Market Center, a three-million-sf showroom facility in Downtown Los Angeles, from the Hertz Group of Los Angeles.

Terms of the transaction were not disclosed, but DMG is believed to have purchased less than a controlling interest in the facility, which Hertz acquired from New York City-based Equitable Life Assurance Society of America in 2001. Hertz paid about $90 million for the trio of 13-story buildings at Olympic Boulevard and Main Street, so even a 20% or 30% interest in the property would likely be a deal in the tens of millions of dollars.