Retailer Dearden’s shuttered properties hit the market

Furniture chain’s Downtown site valued at $50M

June 20, 2017 12:00 PM
Dearden’s at 700 S. Main Street (Google Maps)

Three of furniture chain Dearden’s stores have hit the market, weeks after the company announced it would be shuttering its eight locations throughout Southern California.

Deardon’s owner Ronny Bensimon said the company had listed its retail spaces in Downtown Los Angeles and Van Nuys  as well as a ranch in Rancho Cucamonga. The retailer owns the DTLA and Rancho Cucamongo properties through Dearden Properties, while it appears to own the Van Nuys property directly.

The Downtown site, at 700 S. Main Street, consists of two adjoining buildings totaling 138,000 square feet on a 1.75-acre lot, the Los Angeles Business Journal reported. Rob McRitchie of JLL has the listing.

Mark Tarczynski of Colliers International estimated the land value to be about $50 million. It may appeal to investors looking to replace the building with a residential tower, he said.

The 107-year-old retail chain expects to close its shops by early August, citing mounting competition from online retailers like Amazon as its cause of death. [LABJ]Subrina Hudson

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