Langdon Street Capital has acquired Grand Central Square, including the iconic Grand Central Market, from the Yellin Company, for an undisclosed sum, the Commercial Observer has learned.
The sale also includes the historic 12-story Million Dollar Theatre tower next door to the market, the Grand Central Square Apartments and the Grand Central Square parking structure. The Million Dollar Theater, closed for years and last used as a church, will be reopened by an undisclosed new tenant that will also control the building’s empty shops on Broadway, according to The Los Angeles Times.
Langdon, a Beverly Hills-based real estate investment company, adds Grand Central Square to its portfolio consisting of urban infill retail, multifamily and creative offices throughout California, Nevada, New York and Texas.
Langdon President Adam Daneshgar expressed his plans to safeguard the historic character of the market in an official release, while also promising to upgrade its offerings, telling the LA Times that he would spend several million dollars on maintenance and improvements such as updating lighting and painting the walls. He also said he may add one or two more stalls to the 40 existing vendors at the property, which draws an estimated 2 million people annually.
“We are grateful and excited to become only the fourth owner in the unparalleled history of Grand Central Market. The authenticity of the market, its connection to the roots of our community and its spirit of inclusiveness are a major part of what makes this Los Angeles institution irreplaceable,” Daneshgar said in a statement to Commercial Observer.
Daneshgar declined to offer specifics to CO other than those provided to the LA Times earlier in the week. Representatives for the Yellin Company also declined to comment further.
Grand Central Market, located on Broadway and Hill Street, has played a central role in the revitalization of downtown Los Angeles under the stewardship of Adele Yellin and her late husband Ira Yellin, a civic leader and real estate developer credited for spearheading the restoration of iconic landmarks including the Bradbury Building and Union Station.
Ira Yellin purchased the market along with investors and a $44 million bond package backed by the Metropolitan Transportation Authority and the Los Angeles Community Redevelopment Agency in 1984.
In recent years, the market, which marked its centennial in October has served as an incubator for popular food offerings including Egg Slut, Wexler’s Deli and G&B Coffee, while being anchored by old-school, long-time tenants like China Café, dating back to the 1950s, and Tacos Tumbras a Tomas.
David Passman of The Passman Group represented Langdon in the deal. Monkeyfoot International was the de facto representation for the seller on the sale.