June 12, 2017
New York-based Brookfield acquired an undisclosed majority stake in California Market Center in Downton Los Angeles, a property valued at nearly $440 million. The 1.8-million-square-foot fashion showroom facility, which has primarily served the apparel industry, is envisioned as a potential workplace for companies outside the fashion industry.
Brookfield plans to invest millions to improve the 1960’s-era facility, and create an appealing destination for firms seeking creative work environments. The largest wholesale mart in the region has more than 1,000 showrooms in three main, interconnected 13-story buildings at 9th and Los Angeles streets.
California Market Center is 50% leased, a condition that reflects the changes sweeping across the retail industry. Fewer wholesale buyers visit the mart from big department stores and malls these days, as a result of online shopping trends.
NKF’s Kevin Shannon helped negotiate the deal with Jamison Realty Inc., which remains a co-owner of California Market Center.
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