Retailer Dearden’s shuttered properties hit the market

Furniture chain’s Downtown site valued at $50M

Jun.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

Related Articles

From left: Michael Shabani, James Randall, and 8840 Beverly Boulevard (Credit: Getty Images)

Investor James Randall pays $36M for WeHo furniture showroom

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

A rendering of City Century's Olympia in DTLA (Credit: Visualhouse / City Century)

Chinese developer City Century closes on land for $1B DTLA megaproject

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Eric Garcetti’s administration wants to encourage downtown development by axing parking requirements.

To build more housing downtown, LA wants to kill the car