L.A. Mart sold to investment group
Home Accents Today Staff -- Home Accents Today, August 27, 2012
The L.A. Mart has been sold by Vornado Realty Trust, parent company of MMPI, to a local investment group, PHR LA Mart LLC, for a reported sum of $55 million, according to the CoStar Group.
The building, located at 1933 S. Broadway, is currently 60% occupied by a combination of whole gift, home and design showrooms, and office spaces, including a large amount of space leased by the County of Los Angeles for its Children and Family Services Department.
The new owner is committed to stabilizing and growing the showroom business and the gift and home industry at L.A. Mart within the year, according to Jim Nahin, vice president leasing at LA Mart. "After a year or more of uncertainty here at the L.A. Mart, we finally have a solid foundation," Nahin told sister publication Gifts & Decorative Accessories. "We finally have solid ground. It's great news for the tenants, employees and the industry."
"L.A. Mart is an extraordinary, enduring resource destination with a rich heritage that retailers and designers across the West and around the globe make their must-shop marketplace," said Avo Tavitian, president, PHR LA Mart LLC. "Our vision for L.A. Mart is to invigorate the business by leveraging our success in operating commercial properties that attract buyers and sellers, and applying that know-how to advance L.A. Mart's growth and value. This property has a proud tradition of service to its customers and we are excited to steward the facility toward a new and prosperous era."
"As we begin a new chapter in our history led by the new ownership, the Gift + Home industry can rest assured L.A. Mart is on a sound foundation for the future," Nahin said.