Waterbridge buys former L.A. dept. store

TRD New York /
Apr.April 12, 2014 03:00 PM

A New York real estate firm is buying a former department store in downtown Los Angeles with plans of converting the property into a mixed-use development.

Waterbridge Capital has agreed to buy the 1.1 million square-foot property surrounded by Broadway, Hill Street and 8th Street known as Broadway Trade Center. The price was not disclosed, but experts familiar with the market expect the property to garner between $115 million and $130 million.

The building owned by Beverly Hills investors is likely to end up having multiple uses, which include offices, a hotel, stores and apartments or condominiums.

Phillip Sample and Chris Caras of CBRE Group represented the seller in the deal.

Opened in 1908 as the Hamburger department store, the building sold clothing and home furnishings and featured a soda fountain, restaurant, grocery store, post office and roof garden. The third floor also housed the L.A. Public Library for a few years.

The department store grew even bigger after its 1923 purchase by the May Co., a St. Louis department store chain.

Additions made by May Co. include a nine-story tower connected to the original five-story structure and a garage at 9th and Hill streets. [LAT] —TRD


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

ICSC’s annual New York show will feature twice as much programming as in years past.

Here’s what to expect at ICSC’s 2019 NYC event

Target ads (right) seen on the corner of 42nd Street Eighth Avenue (Credit: Google Maps)

Target sets bullseye on Times Square with new lease

Federal Realty Investment Trust CEO Donald C. Wood and Georgetowne Shopping Center (Credit: Google Maps)

Fairway-anchored Bergen Beach shopping center sells for $85M

The Daily Digest - Tuesday

Commercial rent stabilization bill makes a comeback, retail leasing gets boost from falling rents

William Shanahan (Photo by Studio Scrivo)

The Closing: Bill Shanahan

From left: Jack Terzi, 31 East 28th Street, and Michael Shah (Credit: Jack Terzi, Delshah Capital and Google Maps)

Take Two: After dismissal, Delshah strikes back with second foreclosure suit against Terzi’s NoMad retail condo

arrow_forward_ios