The Real Deal Los Angeles

Iconic Grand Central Market sells to
Beverly Hills investor

The sale includes the 12-story Million Dollar Theater next door
November 01, 2017 01:00PM

Grand Central Market with Adam Daneshgar (Credit: Langdon Street Capital, Wikimedia Commons)

Grand Central Market, the historic food hall in Downtown Los Angeles that draws 2 million people annually, sold to Beverly Hills real estate investor Adam Daneshgar of Langdon Street Capital, the Los Angeles Times reported.

Tuesday’s purchase also includes the 12-story Million Dollar Theater next door at 307 South Broadway, Grand Central Square Apartments and Grand Central Parking Structure.

Danesghar, who declined to disclose how much his firm paid for the properties, plans on sprucing up the property through “surgical” improvements such as new paint and lighting fixtures. “We are not looking to go in and change or overhaul anything,” he told LAT.

The seller was Yellin Co., founded by late Downtown developer Ira Yellin. The market has remained in the hands of the Yellin family since the mid-1980s.

Grand Central Market is a bustling site for both tourists and locals alike, offering everything from produce to trendy eateries including “Eggslut” and “Wexler’s Deli.” Its doors are open every day and recently extended its hours to stay open later.

Langdon will be the fourth owner of the market, which opened in 1917. The Los Angeles-based investment company also owns a 10,500-square-foot creative office building in Hollywood dubbed “Melrose at Larchmont,” a multifamily complex in Highland Park and an office building at 1547 Ninth Street in Santa Monica. [LAT] Natalie Hoberman